A revolution is marked by a stark change in the determining factors in the industry. Keeping that in mind you can look at the world right now and realize that the determining factors are changing faster than ever. This implies that the fourth Industrial Revolution is near and we better be ready to embrace the changes.
What has changed?
The changes are manifold : the key skill sets, key areas of concern, the way of engaging the customers, all of these have changed in the last few years. The central pivot in this change is definitely the technological developments regarding big data analytics. I could have said AI but, the concepts of AI and its benefits have been there for a long time. But the accessibility, availability and abundance of data and the computational capacity to streamline and process that data are rather new.
Businesses have grown dependent on data analytics
You name a company and it is planning to invest more on analytics. Every enterprise irrespective of its size and target market is trying to leverage data to drive business and enhance consumer engagement. Competition is so fierce that companies need to allure the customers on a very personal level to earn their trust and loyalty. Data acquisition and processing is becoming an integral part of business procedure. Hence there is an increased stress on hiring analysts in banks and financial institutions. The importance of an MBA degree has been somewhat weakened by the growth in demand for data analysts.
This is largely complemented by the rise of data analytics institute in Bangalore.
The governmental initiative has given velocity to AI integration
The key recommendations by the AI task force, formed by the whim of NITI Ayog involve
- Leveraging AI for economic benefits.
- Designing definite policy and framework for data acquisition and AI integration.
- Setting an agenda for five years by whose virtue India will rise in the AI domain.
Although India has lagged behind most Western powers and China in terms of using AI for overall industrial benefits, a proper system in place can catalyse the process. The Indian Prime Minister has decreed quick association of big data analytics with various ministries of India. India is moving towards a more accurate system of governance.
Analytics in the job market
80% companies around the world are badly affected by attrition. Employers have a hard time hiring and retaining suitable talent. Using analytics can minimise the hindrance of hiring and can help increase retention period which is 14-19 months on an average for analytics talent.
As a whole we can see that the use and integration or data analytics has become essentially for supporting as well as sustaining any industry. It is the determining factore leading to a revolution.