Even since everyone has access to the internet at all time, the amount of data generated these days is unimaginable. In fact, 90% of the data that has ever been generated in the world were generated in the last 2 years. On average, we humans as a species produce 2.5 quintillion bytes of data on a daily basis. This number is only going to increase in the following years, with the advancement in the field of machine learning and AI. In every industry, be it the field of medicine or be it finance, we have seen an exponential increase in the data. So to make sense of this, every corporation in every industry requires skilled labourers who can analyze the data and draw patterns from it. This is the job of a business analyst, and since the demand is extremely high in every industry for a business analyst, there are going to be plenty of job opportunities, despite the current pandemic going on.
Now, you may either be a fresher who has no idea what business analysis is or you may have just completed a business analyst course online and are wondering what to do with the certification, either way, this article is for you. When you’re looking for a job it is best to know your own aptitude before applying to a firm. Make sure your values align with theirs. You should also be aware of whether you want a more technical role or more managerial responsibility. If you’re good with handling people than you should look into management, otherwise there are some really interesting jobs available within the technical field.
Let us go through different industries to see how machine learning and business analysis has changed them
Healthcare:
Machine learning has made tremendous progress in the field of healthcare. When we go to a doctor we tell him all our symptoms, which is analogous to an input, and the doctor gives us a diagnosis, which is analogous to an output for a machine. Using deep learning and statistics, we have been able to create models that have extremely high accuracy when it comes to determining what’s wrong with a patient. The computer can take in more factors into consideration while making a diagnosis and at many time give better results than human doctors. If you were to get a job in the healthcare industry, your main job would be to process huge amounts of data, which you can then use to create laboratory and clinical reports. As technology advances, we are also comping up with smart wearable tech, like watches with built-in sensors, which keep sending data for analysis, which can help us to spot diseases that would otherwise go unnoticed. However, since it is a matter of life and death, the best combination is when we see AI and doctors work together in treating a patient.
Travel Industry:
Ever since the pandemic started the travel industry has been facing huge losses. Businesses will have to work smartly if they want to recoup their losses. As an analyst, it would be your job to look at customers spending history, travel history and make predictions based on those. Conducting surveys to find out where the consumers want to go and how much they want to pay would be another task to your role. It would be your job to increase the customer’s experience by giving them personalised tours. Knowing where to promote your services will also help in increasing the revenue and the customer pool all at once.
Manufacturing:
Data scientists can help solve many of the problems a manufacturing unit faces. There is a constant need for skilled data scientists to help in providing solutions for tracking a package, checking the quality etc. In manufacturing, at any moment, a single thing can go wrong, which causes a delay to the entire chain of supply. Using predictive maintenance, we can detect faulty instruments beforehand and make sure there is no cog in the system. We can also save money by estimating the number of products to produce by analysing the data, which can prevent overproduction. The problems faced by inventory and logistics can also be addressed by a data scientist.
Gaming:
The kind of skills you gained in a business analyst course, will also help you break into the gaming industry. Machine learning and the gaming industry have been working hand in hand to produce some of the best games that we’ve seen today. Using reinforcement learning we can teach an agent how to play a game. This has revolutionised multiplayer computer gaming. The core of data science is to identify patterns and we use that skill to improve upon our model’s performance to figure out what works and what doesn’t. They also have to analyse the game and figure out the features consumers likes the most. Focusing on improving those features will attract more users and in turn generating more revenue for the company
Research:
Research is blooming at the moment in the field of machine learning and data science. Due to the fact that it is a relatively new field with a lot of discoveries popping up every other week, research is a very lucrative field to get into. Large companies like Open AI to Microsoft have all been investing millions of dollars into machine learning research. If you are into discovering new things and working with great minds of the 21st century to help us solve world problems through AI then this field is for you. It will give you a chance to help shape the future for generations to come.
Finance:
The finance industry is all about numbers. Data science is all about making sense of number. So together they’re like two perfect pieces of a puzzle. It is one of the first industry that harnessed the power of Machine Learning. We can get insights into customers spending habits which would otherwise be naked to the human eyes. While applying for a loan a simple algorithm would be able to assess the risk of giving the loan to a particular customer based on which we can make our decision. Check out this link if you want to find out more about becoming a financial data scientist.These are only some of the industries that utilize the benefits of machine learning algorithms, a skill you would possess if you have completed a business analyst course. However this is just the beginning, in a few years, almost every firm, in every industry, would require a business analyst in order to make data-driven decisions, make sure to be prepared for the opportunity by joining our business analyst course online.
