Finding new ways to optimise your marketing schemes and introducing newer HR practices can be done with the help of Data Science and Analytics. A recent study stated that there is a 62% increase in Data Science job openings in India when compared to last year. Here are the recent advancements in Data and Analytics that have taken place over the past week.
Oakland A, in 2002, challenged traditional baseball methodology and used statistical analysis to build their team. Instead of relying on traditional outdated recruiter methods, data science allowed them to sell overvalued and overpriced players and acquire undervalued players with significant potential. A similar change has been noticed in various business organisations. Employers are using data to gain a better understanding and more than 70% of HR leaders are said to integrate data analysis as part of their decision-making process. 2020 will see a data driven approach to HR. Traditional HR practices are more often than not rooted in past beliefs. Use of Data Science would allow us to measure employee engagement and recognise the effectiveness of various initiatives.
A new platform for partnerships that will help in building the field of data science for social impact was announced recently. The platform is known as data.org. The main focus is to drive an evidence-based approach to development. The power of data insights as well as analytics will help data.org to build the capacity of a non-profit organisation and enhance its efforts. Current partners include DataKind, Benefits of Data Trust, Community Solutions and Tableau Foundation. The following organisations have leveraged Data Science and help in solving complex societal challenges.
There is a 62% increase in Data Science job openings in India when compared to last year. A large part of these jobs would prefer to hire an individual with less than 5 years of experience. Close to 97,000 data and analytics positions were vacant in 2019, due to the dearth of qualified talent. BFSI, energy, pharma and healthcare are among some of the top sectors hiring this kind of talent. A survey was conducted by Great Learning and the mix of respondents included executives, managers and senior managers. Data Science has gained importance over the past few years and allows companies to understand consumer mindsets. This helps improve engagement and sales.
Data Science and analytics can be beneficial to marketing in a number of ways. It can help in understanding when, where and how one must pitch their target audience in order to maximise yields and minimise waste. According to an estimate by Rakuten Marketing, 26% marketing budgets are wasted on ineffective strategies. This is where Data Science comes into picture and helps in figuring out where the highest ROI lies. Improving lead scoring, real-time personalisation, overall marketing budget allocation are some ways in which Data Science can help in optimising marketing budgets. Read to know more methods and an explanation about the same.
The Hindu in association with ToolAhead hosted a guest lecture series on AI and Data Science. Shivasankari, founder of ToolAhead spoke at this lecture which was attended by students of the Department of Computer Science and Information Technology at Sri Ramakrishna Engineering College in Vattamalaipalayam. Various aspects of Data Science and Bi Data were discussed at this seminar and students were advised to gain experience through AI related projects and internships. The lecture took place at five different colleges in Coimbatore and students were familiarised with the latest developments in the world of AI and Data Science.2