Emerging Digital Transformations In The Era Of Big Data And Machine Learning – BW Businessworld

  • Lauren
  • December 22, 2020
  • Comments Off on Emerging Digital Transformations In The Era Of Big Data And Machine Learning – BW Businessworld

Truly promising digital transformation and dynamic business growth is possible only when technology is used effectively in combination with a broad business strategy and the right talent. Big data and machine learning have become embedded in our global business structure today. The amount of data being generated and consumed today is astounding.
As per the reports,
● The data being created each day, today, is more than 2.5 quintillion bytes
● By 2021:
– The global IP traffic is estimated to reach 3.3 zillion bytes per year
– The number of electronic devices connected to IP networks will exceed by up to three times the global population
– Businesses are estimated to spend ~ Rs 18.5 crore per minute in IoT expenditure and sell 1 million IoT devices per hour
● Businesses that invest in AI today can expect an estimated ROI of approximately Rs 1.23 for every rupee invested, an upsurge in ROI to Rs 1.99 in the next 2 years and a further jump to Rs 2.87 in ROI by the year 2027
It is clear from these reports that big data and AI are here to stay and will drive digital transformation in the context of business as well as social interaction.
However, it is equally important to note that business culture, structure, and investments are just the start; organizations need the right, and proficient, talent to gather, store, secure, analyze, and evaluate all of it. So, the scope of career and job opportunities in the field of big data and machine learning is wide open.
Understanding the value of Big Data is the key to efficient career (and business) growth
Big data is everywhere and plays a vital role in several sectors, including cyber security, healthcare, life sciences, fin-tech, law, consumer applications, information management, next-gen IT technologies, data analysis, predictive maintenance and more.
The top-level positions in big data include developers, supervisors, and engineers. Some other lucrative big data positions sought after are statisticians, scientists, researchers, analysts, and specialized professionals.
There is a great deal of variety in what candidates can do with a career in big data, depending upon the industry they pick. For instance, if the candidate works in the finance industry, he/she could be overseeing the company’s financial balances, and dissecting and analyzing figures. If the candidate chooses to work in cybersecurity, he/she could be analyzing the collected data to identify irregularities, threats, or ransom/malware attacks within a network.
All in all, big data jobs are very rewarding and the kind of work candidates do will depend on the specific positions alongside their aptitude and schooling level.
Most big data positions offer an annual compensation range between Rs 8,02,934 to Rs 21,02,934 per annum on an average (Edureka). This is because proficiency in big data has a profound impact on ensuring coherent implementation of operational strategies that bring about efficient digital transformation and business growth.
Keep up-skilling to stay relevant
Since big data and AI are the key drivers of massive digital transformation and there is a large pool of new data to be analyzed every day, business organizations are constantly on the lookout for talent with updated data mining and other related skills to fully achieve their business potential and operational efficiency.
One of the key trends in big data, today, is a branch of artificial intelligence, aka, machine learning. The candidates who understand machine learning technology are high in demand, as they can devise and direct predictive analysis apps based on personalization, prediction, recommendation, and classification.
Other valuable techniques that any candidate interested in a career in big data must understand include business analytics, statistical and quantitative analytics, association, clustering, sequential patterns, and decision tree techniques.
The candidates may also be required to have a solid understanding of mathematics, security protocols, cryptography, and programming, with fluency in languages like C, SQL, Java, Python, or have certifications in Hadoop and Apache Spark alongside machine learning, in order to be able to properly communicate and present the complex and hefty amounts of data.
The road to digital transformation is business critical, as it can optimize an organization’s digital goals and open the window to new growth potentials. Since big data and machine learning play a key role in digital transformation, having proficiency and up-to-date skill set in these sectors can help candidates become a valuable resource for organizations and grow their careers exponentially.

Source: http://bweducation.businessworld.in/article/Emerging-Digital-Transformations-In-The-Era-Of-Big-Data-And-Machine-Learning/22-12-2020-356678