Predictive Business Analytics Career Guide 2019

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Predictive Business Analytics

Career Guide 2019

© EduPristine Business Analytics Career Guide

Predictive Business Analytics Program

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What is Predictive business analytics?

▪ We are now living in a world surrounded by data. Right from the moment you wake up to the time you fall asleep, you juggle with a humungous amount of data knowingly or unknowingly. Every single feed that you scroll across on your phone or the weather and traffic updates you check every day are nothing, but a huge amount of data structured in a way that a layman can understand and use.

▪ In the earlier days companies and organization, accumulated data and knowledge through observation but they did not really know the real potential of the data. Later, with the aid of technical enhancements and improvements in computation capabilities, companies are not only gathering information but are also experimenting with it to get the most out of it.

▪ Predictive Business Analytics is advanced analytics that uses both new and historical data to forecast activity, behavior and trends. It involves using statistical tools and machine learning algorithms for identifying past occurrences, understanding present outcomes and predicting future consequences.

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What is Predictive business analytics?

Huge corporate organizations and business models use such predictive business analytics software applications which uses variables that particularly measures and analyzes the likely behavior of individuals, machineries or other entities. Predictive business analytics requires a high level of knowledge with statistical methods and the capacity to build predictive data models. Predictive analytics rely on methodologies such as Logistic Regression, Time series analysis and decision trees.

Image Source: https://searchbusinessanalytics.techtarget.com/definition/predictive-analytics

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https://searchbusinessanalytics.techtarget.com/definition/predictive-analytics


Eligibility

If you think you have innate analytical ability or inclination towards analytics and want to put it to the best use in terms of career, then this course is for you. Students or professionals with background in business management, engineering, mathematics, statistics or economics are best suitable for the course as it needs a basic understanding of statistics and familiarity with the different aspects of Excel and R software.

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Industry Landscape- Demand

▪ The global Predictive Analytics market was valued at $ 3426.75 million in 2016 and is estimated to grow by another $ 9331.17 million by 2023, at a Compound Annual Growth Rate of 20.41%.

▪ Fact-based decision making, predicting uncertainties of behavior and the advantage of cloud-based services are the major factors that influence the growth of the predictive analytics market.

▪ According to a recent study by skilling platform Edvancer and Analytics Magazine, India is now the second-largest analytics jobs hub after the US. The figure marks a 76% jump from the previous year.

▪ Companies nowadays spend huge amounts of money for these services without hesitation because they know that the insights they obtain from predictive analytics are priceless.

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Industry Landscape- Demand

Here’s a graphical representation of the percentage of Analytics jobs across industries in India.

Image source: https://qz.com/india/1297493/india-has-the-most-number-of-data-analytics-jobs-after-us/

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Real life applications of Predictive Business Analytics

E-commerce

Predictive Analytics is very widely used by online retailers and e-commerce websites. That’s how you are bombarded with product suggestions the moment you log onto websites like Amazon and Flipkart. These platforms use data such as your previous purchase history, your most likely time of purchases and the categories of products that you browse frequently. They also use data such as similar purchases from other customers to upsell you related products that you might most likely end up buying along with what you originally came for.

Fraud and risk detection

This has been the most initial application of analytics. Every time a person or an institution applies for a loan, the bank runs a thorough check in the background about all your financial transactions, your repaying habits, and your liabilities to ensure minimum fraud and probability of risks. Websites like creditbazaar.com uses analytics to even calculate your credit score, probability of our loan approvals and even the approximate EMI’s that you might end up paying.

Energy

Studying historical demand and analyzing data insights on power consumption helps power plants to predict hour-by-hour power requirements, also considering factors such as the season or the time of the day. This helps power plants to provide the exact amount of energy required, consequently minimizing wastage and maximizing profits.

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Real life applications of Predictive Business Analytics

Delivery Logistics

The moment you place your order for something online, the respective website provides you with an approximate date and time of delivery of your product. Do you think they can predict future? Yes they can, but with the help of data analytics and the information that they collect such as the most suitable routes for shipping, the best delivery time, most suitable means of transport etc.

Internet/ Web search

Google Map is something that we all use on a very frequent basis. Be it navigating to your destination, looking for restaurants and fuel stations on the way or checking out traffic updates . The moment you enter your current location and the destination, it predicts your estimated time of arrival. Google uses data such as live traffic, official speed limits, recommended speed , historic average speed data over a period of time and analyses them in the background to get you to your destination as early as possible.

Telecom

Telecom companies always had access to a huge amount of customer data. Off late with the help of analytical tools telecom companies have been able to design even more personalized services to each customer depending upon their usage. For instance, companies like Airtel and Vodafone are now coming up with personalized plan for individuals or families, based on their usage and data consumption history.

Retail

Big retail names like Walmart have already started using technologies like Internet of Things (IOT) shelves along with retail data analytics to keep a steady track on the status of their stocks. This helps them manage demand and supply with more accuracy.

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Job Opportunities

There has been an astonishing rise in the number of job postings related to Predictive Business Analytics on portals like Naukri, Indeed and linkedin.com

Naukri.com

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Naukri.com

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Job Opportunities

Indeed.com

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Job Opportunities

Linkedin.com

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Linkedin.com

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Predictive Business Analytics Salary graph

Salary offered in Predictive Business Analytics is proportionate to the amount of experience you gather in analytics.

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Importance of Analytics Certification

Certifications have always been the most reliable proof of competency in any field of employment. With today’s market growing and improving each day, companies are now looking out for employees with most appropriate certifications. With analytics being used everywhere from aviation route planning to the retail industry, having the skills required to comprehend and analyze data isn’t just valuable, it has become a necessity now.

Following is a graphical representation of new Analytics Job openings in India every year:

Image source: https://qz.com/india/1297493/india-has-the-most-number-of-data-analytics-jobs-after-us/

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Career Switch in Business Analytics- Why is it worth?

Strong salary prospects:

The median annual salary for analytics roles in India is Rs. 10.8 lakhs, with a majority (27%) belonging to Rs. 6 lakh to Rs10 lakh range.

Applicable across industries:

Almost every industry today aims at leveraging the power or Data Analytics to increase their profitability. Switching your career to Business Analytics will make sure that you are not restricted by a particular sector. This helps a Business Analytics professional to be relevant and flexible midst the cut- throat competitive market.

Need minimal learning investment:

The best part about switching to Business Analytics is that you don’t really need to take a career break and spend years gaining a diploma or certification in Data Analytics. There are very minimal pre-requisites in terms of formal education, making it easy for any IT professional to dabble in the field and gain expertise in just a matter of few months.

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Career Switch in Business Analytics- Why is it worth?

Prior Experience and prerequisites

Although 4 out of 1 jobs in the sector require a PG degree, 48% just need a Bachelors degree in Engineering (BE) or Bachelor in Technology (B.Tech).

source: https://qz.com/india/1297493/

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News Articles

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News Articles

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Career Paths after Predictive Business Analytics

• Business Analyst Manager or Consultant

• Data Business Analyst

• Quantitative Analyst/Modeler

• Data Scientist, With an emphasis on Analysis

• Data Scientist, with an emphasis on Computer Science

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About Edupristine

EduPristine is a member of Adtalem Global Education (NYSE: ATGE), a global education provider headquartered in the United States.

Adtalem is a $3 billion (20,000 crores) company having 9 institutions & companies with 16,000 employees spread across 145 locations.

Adtalem takes pride in training 142,000 degree-seeking students all over the world.

Edupristine is India's leading training providers in Marketing, Analytics, Accounting, Finance, and Healthcare.

Founded in 2008, EduPristine has a strong online and classroom training platform.

Edupristine Highlights

• A faculty pool of 600+ Industry experts.

• A Large Alumni Network of 50,000+ Students.

• Operations in 4 cities in India.

• Soft skill training & 100% Job assistance.

For Enquires call-1800-200-5835

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https://www.edupristine.com/courses/business-analytics-course

Predictive Business Analytics Career Guide 2019

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