1. How can you apply big data in different industries?
Big data and data science have multiple applications throughout several major industries. In a world dominated by data-backed business decisions, here are some notable applications of big data:
- Human resource management - big data is used for predicting employee attrition based on specific criteria and historical data.
- Telecom industries - service network providers calculate customer loyalty by using data analytics to assess when and which customer is likely to switch to a different service provider.
- Banking and finance - the banking sector is one of the major data analytics users in the world. From assessing the popularity of different credit cards to the ability of customers paying back loans, big data is used extensively.
2. Do I need computer programming knowledge?
This field consists of two broad categories ― data engineers and scientists. Data scientists process data to creating meaningful insights and basic knowledge of computer programming is a bonus, but not mandatory.
Data engineers are responsible for creating different tools and software architecture which can enhance the efficiency and speed of data processing. Therefore, extensive knowledge of computer programming and languages is essential.
3. How does big data differ from data analytics?
Although big data and data analytics are often used interchangeably, there are many differences. Big data refers to an immense volume of raw, unprocessed data which is collected from different sources. This data is unstructured and requires high computer power to process and analyze.
Data analytics refers to the process of extracting meaningful results and insights after the data has been structured and processed. The results gained from data analysis are used to make strategic business decisions.
4. How vast is the sector?
Big data has revolutionized how data is processed and stored across all fields. This has led to a rapid increase in the big data industry globally and in Canada. According to a report by the Information and Communications Technology Council in Canada, the big data market is estimated to be growing at $1.1 billion per year. This figure doesn’t include the indirect operational benefits in other fields.
5. What kinds of jobs are available for a Data Analytics graduate?
As a big data or data analytics professional, you can expect to work in major fields like banking, healthcare or entertainment. Here are a few interesting data analytics positions which can be taken up with a Diploma in Data Analytics:
- Data scientist
- Data engineer
- Quantitative analyst
- Quantitative modeler
- Business analyst
- Information analyst