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Private Banks, Followed by E-commerce and Telecom Industry Shows High Adoption Rates for Data Analytics

Private Banks, Followed by E-commerce and Telecom Industry Shows High Adoption Rates for Data Analytics

Are you looking for a data analyst job? The chances of bagging a job at a private bank are more than that a public bank. The former is more likely to hire you than the latter.

As a matter of fact, data analytics is widely being used in the private banking and e-commerce sectors – according to a report on the state of data analytics in Indian business. The veritable report was released last month by Analytics India Magazine in association with the data science institute INSOFE. Next to banking and ecommerce, telecom and financial service sectors have started to adopt the tools of data analytics on a larger scale, the report mentioned.

The report was prepared focusing on 50 large firms across myriad sectors, namely Maruti Suzuki and Tata Motors in automobiles, ONGC and Reliance Industries under oil-drilling and refineries, Zomato and Paytm under e-commerce tab, and HDFC and the State Bank of India in banking.

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If you follow the study closely, you will discover that in a nutshell, data analytics and data science boasts of a healthy adoption rate all throughout – 64% large Indian firms has started implementing this wonder tool at their workplaces. As a fact, if a firm is found to have an analytics penetration rate of minimum 0.75% (which means, at least one analytics professional is found out of 133 employees in a company), we can say the company has adopted analytics.

Nevertheless, the rate of adoption was not universal overall. We can see that infrastructure firms have zero adoption rates – this might be due to a lack of resources to power up a robust analytics facility or whatever. Also, steel, power and oil exhibited low adoption rates as well with not even 40% of the surveyed firms crossing the 0.75% bar. On contrary, private banks and telecom industry showed a total 100% adoption rates.

Astonishingly, public sector banks showed a 50% adoption rate- almost half of the rate in the private sector.

The study revealed more and more companies in India are looking forward to data analytics to boost sales and marketing initiatives. The tools of analytics are largely employed in the sales domain, followed by finance and operations.

Apparently, not much of the results were directly comparable with that of the last year’s study. Interestingly, one metric – analytics penetration rate – was measured last year as well, which is nothing but the ratio of analytics-oriented employees to the total. Also, last year, you would have found one out of 59 employees in an average organization, which has now reached one data analyst for every 36 employees.

For detailed information, read the full blog here: qz.com/india/1482919/banks-telcos-e-commerce-firms-hire-most-data-analysts-in-india

If you are interested in following more such interesting blogs and technology-related updates, follow DexLab Analytics, a premium analytics training institute headquartered in Gurgaon, Delhi. Grab a data analyst certification today and join the bandwagon of success.

 

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How to Build and Maintain Successful Data Science Teams?

How to Build and Maintain Successful Data Science Teams?

Businesses are becoming smarter. They are unleashing a bigger impact. Driven by innovation and humongous volumes of data, organizations observe market trends and predict customer behavioral patterns – no wonder, this industry is the right place to incubate newer technologies and explore higher horizons.

Data science is the bull’s eye of this new-age industry. It is unabashedly predictive rather than being conclusive. As a result, garnering cross-team collaborations in this particular field of science may turn a bit challenging. A good data science team is a combination of talented professionals, high intellect, powerful body of knowledge and advanced data-tackling skills.

To give you a hand, we’ve rounded up top trends or tips to follow to get to the bottom of the art of running successful data science teams:

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Diversity is the Key

Diverse backgrounds, on-point technical expertise and voluminous domain knowledge is what makes a data science team high on diversity. A healthy concoction of machine learning skills, knowledge in mathematics and statistics and conversational skills is critical for a productive team. Just having one or two skills is simply not enough, anymore!

Structure and Prioritize

Once you have a team by your side, you need to start structuring an operating model. The data needs to be deconstructed into sizeable prioritized slices. After that, every data-related measure should be backed by needful communication – it helps in determining the bottlenecks and devise effective solutions.

Experimentation Helps

Experimentation is crucial as well as important. Unless you experiment, you can never scale new heights and this is equally applicable in data science. In the sprawling field of data science, every project starts with a challenge and a set of hypothesis that addresses it. However, you won’t find any particular roadmap to success. Hence, it opens a lot of room for innovation and experimentation.

Collective Responsibility

Yielding data science initiatives demand absolute cooperation, collaborative responsibilities and fine reporting structures. A healthy coordination between analytics and business teams, specifically IT, is extremely important for overall business success. Data science experts need to collaborate with each other and strike a tone of success.

Data Accuracy

Gain access to data bank and fine-tune the accuracy of your analysis. Business users leverage improved functional tools of analytics for overall business success. Data is the key, and data availability and quality are the pillars on which organizations stand. Therefore, we suggest practice data accuracy for improved data analytics and boost future business goals.

Today, online resources and libraries can help you almost everything. What they cannot do is feed you is the underlying intricacies of data science and how to devise an effective solution utilizing the base knowledge of mathematics, statistics and machine learning technology. For these, you need an expert Data Science Certification – it will help you discover the grey unknown territories of data and educate you on how to tame them.

Reach us at DexLab Analytics – we offer in-demand data science courses for students and professional, both.

 

The blog has been sourced fromwww.analyticsindiamag.com/the-art-of-running-successful-data-science-teams

 

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Data Driven Projects: 3 Questions That You Need to Know

Data Driven Projects: 3 Questions That You Need to Know

Today, data is an asset. It’s a prized possession for companies – it helps derive crucial insights about customers, thus future business operations. It also boosts sales, predicts product development and optimizes delivery chains.

Nevertheless, several recent reports suggest that even though data floats around in abundance, a bulk of data-driven projects fail. In 2017 alone, Gartner highlighted 60% of big data projects fail – so what leads it? Why the availability of data still can’t ensure success of these projects?

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Right data, do I have it?

It’s best to assume the data which you have is accurate. After all, organizations have been keeping data for years, and now it’s about time they start making sense out of it. The challenge that they come across is that this data might give crucial insights about past operations, but for present scenario, they might not be good enough.

To predict the future outcomes, you need fresh, real-time data. But do you know how to find it? This question leads us to the next sub-head.

Where to find relevant data?

Each and every company does have a database. In fact, many companies have built in data warehouses, which can be transformed into data lakes. With such vast data storehouses, finding data is no more a difficult task, or is it?

Gartner report shared, “Many of these companies have built these data lakes and stored a lot of data in them. But if you ask the companies how successful are you doing predictions on the data lake, you’re going to find lots and lots of struggle they’re having.”

Put simply, too many data storehouses may pose a challenge at times. The approach, ‘one destination for all data in the enterprise’ can be detrimental. Therefore, it’s necessary to look for data outside the data warehouses; third party sources can be helpful or even company’s partner network.

How to combine data together?

Siloed data can be calamitous. Unsurprisingly, data is available in all shapes and is derived from numerous sources – software applications, mobile phones, IoT sensors, social media platforms and lot more – compiling all the data sources and reconciling data to derive meaningful insights can thus be extremely difficult.

However, the problem isn’t about the lack of technology. A wide array of tools and software applications are available in the market that can speed up the process of data integration. The real challenge lies in understanding the crucial role of data integration. After all, funding an AI project is no big deal – but securing a budget to address the problem of data integration efficiently is a real challenge.

In a nutshell, however data sounds all promising, many organizations still don’t know how achieve full potential out of data analytics. They need to strengthen their data foundation, and make sure the data that is collected is accurate and pulled out from a relevant source.

A good data analyst course in Gurgaon can be of help! Several data analytics training institutes offer such in-demand skill training course, DexLab Analytics is one of them. For more information, visit their official site.

The blog has been sourced fromdataconomy.com/2018/10/three-questions-you-need-to-answer-to-succeed-in-data-driven-projects

 

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Human Element Remains Critical for Enhanced Digital Customer Experience

Human Element Remains Critical for Enhanced Digital Customer Experience

Digital customer engagement and service is trending the charts. Companies are found actively focusing on establishing long-lasting relationships in sync with customer expectations to hit better results and profitable outcomes. Customers are even hopeful about businesses implementing smart digital channels to solve complex service issues and finish transactions.

70 % of customers expect companies to have a self-service option in their websites and 50% expect to solve issues concerning products or services themselves – according to Zendesk.

In this regard, below we’ve charted down a few ways to humanize the customer experience, keeping the human aspect in prime focus:

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Adding Human Element through Brand Stories

Each brand tells a story. But, how, or in what ways do the brands tell their story to the customers? Is it through videos or texts? Brand’s history or values need to be iterated in the right voice to the right audience. Also, the companies must send a strong message saying how well they value their customers and how they always put their customers in the first place, before anything else.

Additionally, the company’s sales team should always look forward to help their customers with after-purchase information – such as how well the customers are enjoying certain features, whether any improvement is needed and more – valuable customer feedback always help at the end of the day!

AI for Feedback

Identify prospective customers who are becoming smarter day by day. This is done via continuous feedback loops along with automated continuous education. Whenever you receive feedback from a specific customer interaction, it’s advised to feed it back to their profile. An enclosed feedback loop is quite important to gain meaningful information about customers and their purchasing pattern. This is the best way to know well your customers and determine what they want and how.

Time and again, customers are asked by brands to take part in specific surveys and rate their services, describing what their feelings are about those particular products or services. All this helps comprehend customer’s satisfaction quotient regarding services, and in a way helps you take necessary action in enhancing customer experience.

Personalized Content for Customer Satisfaction

Keeping customers interested in your content is the key. Become a better story-teller and enhance customer satisfaction. Customers like it when you tell your brand’s story in your own, innovative way. But, of course, marketers face a real challenge when writing down an entertaining story, not appearing like written by agency but themselves.

A token of advice from our side – never go too rigid; be original, and try to narrate the story in an interactive way. To craft a unique brand story, the essence lies in using little wit, humor and a dash of self-effacement to add a beat to the brand.

End Notes

As parting thoughts, we would like to say always act in real-time, and better understand what your customers what and their behavioral traits. This way it would be easier to predict their next move. What’s more, your brand should be people-based and make intelligent use of customer’s available data to develop a deeper understating about your users and their respective needs.

DexLab Analytics is a prime data analyst training institute in Delhi – their data analyst training courses is as per industry standards and brimmed with practical expertise merged with theoretical knowledge. Visit the website now.

 
The blog has been sourced fromdataconomy.com/2018/08/how-to-keep-the-human-element-in-digital-customer-experience
 

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How Data Analytics Should Be Managed In Your Company, and Who Will Lead It?

How Data Analytics Should Be Managed In Your Company, and Who Will Lead It?

In the last couple of years, data management strategies have revolutionized a lot. Previously, the data management used to come under the purview of the IT department, while data analytics was performed based on business requirements. Today, a more centralized approach is being taken uniting the roles of data management and analytics – thanks to the growing prowess of predictive analytics!

Predictive analytics has brought in a significant change – it leverages data and extracts insights to enhance revenue and customer retention. However, many companies are yet to realize the power of predictive analytics. Unfortunately, data is still siloed in IT, and several departments still depend on basic calculations done by Excel.

But, of course, on a positive note, companies are shifting focus and trying to recognize the budding, robust technology. They are adopting predictive analytics and trying to leverage big data analytics. For that, they are appointing skilled data scientists, who possess the required know-how of statistical techniques and are strong on numbers.

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Strategizing Analytical Campaigns

An enterprise-wide strategy is the key to accomplish analytical goals and how. Remember, the strategy should be encompassing and incorporate needful laws that need to be followed, like GDPR. This signifies effective data analytics strategies begin from the top.

C-suite is a priority for any company, especially which looks forward to defining data and analytics, but each company also require a designated person, who would act as a link between C-suite and the rest of the company. This is the best way to mitigate the wrong decisions and ineffective strategies that are made in silos within the organization.

Chief Data Officers, Chief Analytics Officers and Chief Technology Officers are some of the most popular new age job designations that have come up. Eminent personalities in these fetching positions play influential roles in strategizing and executing a successful corporate-level data analytics plan. The main objective of them is to provide analytical support to the business units, determine the impact of analytical strategies and ascertain and implement innovative analytical prospects.

Defensive Vs Offensive Data Strategy

To begin, defensive strategy deals with compliance with regulations, prevention of theft and fraud detection, while offensive strategy is about supporting business achievements and strategizing ways to enhance profitability, customer retention and revenue generation.

Generally, companies following a defensive data strategy operate across industries that are heavily regulated (for example, pharmaceuticals, automobile, etc.) – no doubt, they need more control on data. Thus, a well-devised data strategy has to ensure complete data security, optimize the process of data extraction and observe regulatory compliance.

On the other hand, offensive strategy requires more tactical implementation of data. Why? Because they perform in a more customer-oriented industry. Here, the analytics have to be more real-time and their numerical value will depend on how quickly they can arrive at decisions. Hence, it becomes a priority to equip the business units with analytical tools along with data. As a result, self-service BI tools turns out to be a fair deal. They are found useful. Some of the most common self-service BI vendors are Tableau and PowerBI. They are very easy to use and deliver the promises of flexibility, efficacy and user value.

As final remarks, the sole responsibility of managing data analytics within an organization rests on a skilled team of software engineers, data analysts and data scientists. Only together, they would be able to take the charge of building successful analytical campaigns and secure the future of the company.

For R Predictive Modelling Certification, join DexLab Analytics. It’s a premier data science training platform that offers top of the line intensive courses for all data enthusiasts. For more details, visit their homepage.

 

The blog has been sourced from dataconomy.com/2018/09/who-should-own-data-analytics-in-your-company-and-why

 

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Best Data Science Interview Questions to Get Hired Right Away

Best Data Science Interview Questions to Get Hired Right Away

Data scientists are big data ninjas. They tackle colossal amounts of messy data, and utilize their imposing skills in statistics, mathematics and programming to collect, manage and analyze data. Next, they combine all their analytic abilities – including, industry expertise, encompassing knowledge and skepticism to unravel integral business solutions of meaningful challenges.

But how do you think they become such competent data wranglers? Years of experience or substantial pool of knowledge, or both? In this blog, we have penned down the most important interview data questions on data science – it will only aid you crack tough job interviews but also will test your knowledge about this promising field of study.

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What do you mean by data science?

Data is a fine blend of statistics, technical expertise and business acumen. Together they are used to analyze datasets and predict the future trend.

Which is more appropriate for text analytics – R or Python?

Python includes a very versatile library, known as Pandas, which helps analysts use advanced level of data analysis tools and data structures. R doesn’t have such a feature. Therefore, Python is the one that’s highly suitable for text analytics.

Explain a Recommender System.

Today, a recommender system is extensively deployed across multiple fields – be it music recommendations, movie preferences, search queries, social tags, research and analysis – the recommender system works on a person’s past to build a model to predict future buying or movie-viewing or reading pattern in the individual.

What are the advantages of R?

  • A wide assortment of tools available for data analysis
  • Perform robust calculations on matrix and array
  • A well-developed yet simple programming language is R
  • It supports an encompassing set of machine learning applications
  • It poses as a middleman between numerous tools, software and datasets
  • Helps in developing ace reproducible analysis
  • Offers a powerful package ecosystem for versatile needs
  • Ideal for solving complex data-oriented challenges

What are the two big components of Big Data Hadoop framework?

HDFS – It is the abbreviated form of Hadoop Distributed File System. It’s the distributed database that functions over Hadoop. It stores and retrieves vast amounts of data in no time.

YARN – Stands for Yet Another Resource Negotiator. It aims to allocate resources dynamically and manage workloads.

How do you define logistic regression?

Logistic regression is nothing but a statistical technique that analyzes a dataset and forecasts significant binary outcomes. The outcome has to be in either zero or one or a yes or no.

How machine learning is used in real-life?

Following are the real-life scenarios where machine learning is used extensively:

  • Robotics
  • Finance
  • Healthcare
  • Social media
  • Ecommerce
  • Search engine
  • Information sharing
  • Medicine

What do you mean by Power Analysis?

Power analysis is best defined as the process of determining sample size required for determining an impact of a given size from a cause coupled with a certain level of assurance. It helps you understand the sample size estimate and in the process aids you in making good statistical judgments.

To get an in-depth understanding on data science, enroll for our intensive Data Science Certification – the course curriculum is industry-standard, backed by guaranteed placement assistance.

The blog has been sourced fromintellipaat.com/interview-question/data-science-interview-questions

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3 Potent IoT Challenges That Keeps Data Scientists Always on Toes

3 Potent IoT Challenges That Keeps Data Scientists Always on Toes

The job responsibility of data scientists is no mean feat. They stay under a lot of pressure. A wide number of stumbling blocks are laid in front of them, which makes it really difficult for them to secure the long-shot business goals and objectives.

As prevention is better than cure – being aware of the challenges always help data scientists plot the shortest and smartest route to success, and we can’t agree more. Brace yourselves! Below, we’ve enumerated some of the challenges data scientists face while getting started with an IoT project:

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Inferior Data Quality

Messy data is life and soul of data scientists. Irrespective of business scale, the job of every data scientist is to organize data in the correct manner. But, however organizing them may require adequate time as well as hard work.

A fundamental rule – avoid manual data, wherever possible. Intelligent data compilation is the final key to high quality data, which is a prerequisite for favorable company operation. It includes crisp communication, regular anomaly detection, logic determination and well-defined industry standards. Another way to tame your data can be through application integration tools – they are a fabulous way to automate data entry and lessen escalation of typographical errors, individual eccentricities, staggering spellings and more from the data.

Once data is in the right format and quality, data scientists can start slicing off the data they don’t need any more, which takes us to the next step.

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Shedding Out Excessive Data

Though big data is found in abundance, too much of data can also pose a substantial challenge. This is why employing superior data selection techniques and minimizing features are supported, they help eliminate unwanted chaos cutting through what matters the most.

What happens is that when data becomes excessively large, we often end up developing high-end predictive models that fails to deliver productive results. But, on the other hand, if you track the events, giving importance to validation and testing routines, the outcomes will spell perfection. And that’s what we are looking forward to.

Predictive Analytics is the Key

IoT has made predictive analytics a daunting reality. Owing to its critical business significance, predictive analytics is quickly accelerating along the priority ladder of IoT stakeholders. However, take a note, this breed of analytics may not be fruitful in every instance. It’s imperative to begin your analytics endeavor by clearly defining your module’s objective, followed by needed research and valuation.

Next, you need to sync in with subject matter pundits to ascertain which predictions will lead you closer to fulfilling the business objectives. Following to this, you have to be sure that you have all the data required to make prediction. In other cases, you can re-set goals, anytime.

Find the best Data Science Courses in Noida… At DexLab Analytics. Get detailed information on the website.

 

The blog has been sourced from — www.networkworld.com/article/3305329/internet-of-things/3-iot-challenges-that-keep-data-scientists-up-at-night.html

 

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Cyber Security with Data Analytics: Key to a Successful Future

Cyber Security with Data Analytics: Key to a Successful Future

Cyber security and data analytics are two dominant fields of technology that’s increasingly gaining a lot of importance. While data analytics helps in figuring out whether the latest campaign was successful or not, cyber security ensures all your confidential documents are stored in the cloud under supreme security and surveillance.

Nevertheless, learning them can be quite expensive and time-consuming. Especially so for the bosses, who like forever wonder if these in-demand courses would help their employees imbibe added skills and improved work expertise.

On the contrary, we would say attending data analyst courses in Delhi is not at all like a wager – in fact, in most cases, it turns out to be good bets for the bosses as their employees learn in-demand skills with which they strive for long-term wins for the company, pulling up the company’s fortune and future with them. So, not bad eh?

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The Pathway to Success

Now, talking about the employment and work opportunities, if you ask which positions would fill up sooner, you’d most certainly hear: data analytics and cyber security. The world is in dire need of skilled data analysts; and trust us, when we say they are difficult to find, but harder to retain! Because mature talent is not an everyday affair, anymore. So, what happens next?

A majority of cybersecurity tool providers are adding ultra-functional data science capabilities to their cybersecurity platforms. This includes factoring behavior-based analytics and responses into antivirus suites, firewalls, and traffic analyzers – which, eventually turns the products and services smarter and effective. Another domain worth noticing is the artificial intelligence, which when fused with data science can augment conventional cybersecurity. Though the technology is still in its nascent stage, soon it’s going to garner attention and develop full-fledged.

Meanwhile, the frameworks of cybersecurity are evolving. This exposes the challenge of securing black-box algorithms – an incredible product of data science program that helps us learn and grow dynamically.

As these analytical models are so highly intricate as well as valuable for the companies, cybersecurity professionals need to be well-versed in all avenues of data science for ascertaining protection to these models, while ensuring integrity at the same time.

Conclusion

Therefore, the convergence of data science and cybersecurity is proved to be one of the trendiest areas of technology industry in the next few years. With regular innovations and technological evolution, be prepared to witness a surge in the demand for data science and cybersecurity professionals before it heads towards a near-term horizon.

So, start preparing yourself now and be ready to hone your skills in elusive cybersecurity practices and AI controls and models to stay ahead of the curve.

DexLab Analytics offers comprehensive data analytics certification courses for freshers as well as intermediates. Pick a particular course, train yourself and dig deeper into the world of analytics.

For more information, visit their official website today.

 

The blog has been sourced from —

vulcanpost.com/644684/data-analytics-courses-singapore/

tdwi.org/articles/2018/01/16/adv-all-cybersecurity-plus-data-science-future-career-path.aspx
 

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7 Leading Sectors in India That Need an AI & Analytics Makeover

7 Leading Sectors in India That Need an AI & Analytics Makeover

Advancements in the field of data analytics and artificial intelligence are fuelling innovation in every nation around the world. India too is showing keen interest in AI. This year, the government has doubled the amount invested in the innovation program Digital India which drives advances in machine learning, AI and 3-D printing.

The signs of increased activity in AI research and development are showing in different areas. Here are the topmost sectors of India that are in dire need of AI and data science revolution:

FINANCE

According to reports by PricewaterhouseCoopers, financial bodies and payment regulators deal with billions of dollars in transactions through ATMs, credit cards, e-commerce transactions, etc. When human expertise is combined with advanced analytical methods and machine learning algorithms, fraudulent transactions can be flagged the moment they occur. This leaves less room for human errors. Considering the recent discoveries about major frauds in reputed banks in India, this approach seems more like a necessity.

Image source: American Banker

 

AGRICULTURE

Although 40% of the Indian population works in the agricultural sector, revenues from this sector make up only 16% of the total GDP. The agricultural industry needs advanced data analytics techniques for the prediction of annual, quarterly or monthly yields; analyzing weather reports are observing the best time to sow; estimating the market price of different products so that the most profitable crop can be cultivated, etc. AI powered sensors can measure the temperature and moisture level of soil. With the help of such data farmers can identify the best time to plant and harvest crops and make efficient use of fertilizers.

Image source: Inventiva

HEALTHCARE

According to the Indian constitution, each and every citizen is supposed to get free healthcare. And government hospitals do provide that to people below poverty line. Nonetheless, 81% of the doctors work for private hospitals and nearly 60% hospitals in India are private (According to Wikipedia). The root cause for this is that government hospitals are overpopulated. People who can afford healthcare services from a private hospital prefer to be treated there. Data science can play a pivotal role in managing the growing demand for healthcare services by strengthening the current infrastructure. It can help by predicting how many days a patient is likely to be admitted and find out the proper allotment of beds. AI fine tunes medical predictions and helps selecting a proper line of treatment.

Image source: wxpress

CRIME PREDICTION

Considering the number of security threats and extremist attacks India has faced in the past, there’s urgent need to develop efficient methods that can neutralize such threats and maintain proper law and order. AI and ML can step in to ease the burden of security personnel. A welcome development is the collaboration between Israeli company Cortica and Best Group. Massive amounts of data from CCTV cameras across the nation are being analyzed to anticipate crime and take action before it happens. Streaming data is scrutinized for behavioral anomalies, which are considered as warning signs for a person who commits a violent crime. The aim of the Indian authorities is improving safely in roads, stations, bus stops and other public places.

Image source: Digital Trends

From the paragraphs above it is evident that AI and data analytics has immense scope to improve these major sectors in India. While you look forward to these developments also follow DexLab Analytics, which is a leading data analyst training institute in Delhi. For data analyst certification, get in touch with DexLab’s industry experts.

Reference:

www.brookings.edu/blog/techtank/2018/05/17/artificial-intelligence-and-data-analytics-in-india

www.analyticsvidhya.com/blog/2018/08/top-7-sectors-where-data-science-can-transform-india-with-free-datasets

 

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