What if I say that next big career opportunities lies in the field of Predictive Analytics. (Part of data mining) Sound strange! isn't it.
Some facts that I think will help to shape my argument.
This decade have witnessed a huge investment by corporates in building dataware houses to collect different types of enterprise data, most importantly customer data. These corporates are now sitting on huge pile of data without knowing what to do with this. Companies are now coming to realization that they can use this data to understand the needs of its customer and tailor their product offering based on users needs. In lack of thorough understanding of customer needs, most companies target the customer segment that is big enough to keep their manufacturing plants running at full capacity. However with advancement in technology and manufacturing capabilities it is possible to customize the products to the unique needs of individual customer without substantially increasing the cost. Nike with its NIKEiD is already giving an option to customers to customize their shoes. Similarly computers companies such as Dell, HP are giving an option to their online customers to customize the computers based on individual requirements. This micro-segmentation require knowledge about the customer requirement that can be mined from the data stored in enterprise databases. This is where predictive modeling tools using statistics comes into picture. These tools will help companies to identify the new market trends from the data. Based on these trends companies can change or develop new products to capture the unmet market demand, thus maintaining the competitive advantage over its rivals.
Predictive analytics is an emerging field. People who have advanced mathematics and statistics degrees will be at forefront of this revolution. Even better, mathematicians and statistician with domain knowledge in industry such as retailing, banking etc will sell like hot cakes in next decade.
Some facts that I think will help to shape my argument.
This decade have witnessed a huge investment by corporates in building dataware houses to collect different types of enterprise data, most importantly customer data. These corporates are now sitting on huge pile of data without knowing what to do with this. Companies are now coming to realization that they can use this data to understand the needs of its customer and tailor their product offering based on users needs. In lack of thorough understanding of customer needs, most companies target the customer segment that is big enough to keep their manufacturing plants running at full capacity. However with advancement in technology and manufacturing capabilities it is possible to customize the products to the unique needs of individual customer without substantially increasing the cost. Nike with its NIKEiD is already giving an option to customers to customize their shoes. Similarly computers companies such as Dell, HP are giving an option to their online customers to customize the computers based on individual requirements. This micro-segmentation require knowledge about the customer requirement that can be mined from the data stored in enterprise databases. This is where predictive modeling tools using statistics comes into picture. These tools will help companies to identify the new market trends from the data. Based on these trends companies can change or develop new products to capture the unmet market demand, thus maintaining the competitive advantage over its rivals.
Predictive analytics is an emerging field. People who have advanced mathematics and statistics degrees will be at forefront of this revolution. Even better, mathematicians and statistician with domain knowledge in industry such as retailing, banking etc will sell like hot cakes in next decade.
Sharing my very first blog post … so glad to have finally entered the world of the blogger! Hope you enjoy it
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