Evolution of Market Research & Data Analytics, it's Present scenario & relevance in present time ?

Evolution of Market Research & Data Analytics, it's Present scenario & relevance in present time ?

Computer scientist Jim Grey said, Data science is the fourth paradigm of science, other being empirical, theoretical, and computational paradigm. The “rapidly changing” world needs our attraction to know “what these changing paradigm are” and how they can impact industry and how business school needs to prepares the talent pool. The data Analytics is one of the prominent field, that answers to all these questions.

Data Analytics is multidisciplinary field that enhances, Mathematics, statistics, and computer science. It filters knowledge and insights from data in various forms with the use of algorithm, scientific methods, and computer system. These extracts then, can be used for business objective. All this becomes more advanced with the low cost of data storage and quantum of data generating and recording.

In other words, Big data is a data science tool to process large quantum of structured, semi-structured, and unstructured data sets. It helps in predestine analytics ranging from socioeconomic to political life. The prominent field are markets, and sales, drug designing, Biotechnology, oil & gas mapping, and waste management.

History and Evolution of Market Research to Data Analytics.

Data has always been crucial to the scientific development and the growth of knowledge. Since few centuries ago, it is evident in Charles Darwin's theory of “Natural Selection” His theory was mostly based on observatory data that he collected during his voyage around the world. So, we can say that concept of data and, it's processing for innovation and research has been known from the very beginning.

Another argument is based on the time management. Data has been in existence since before the analytics used in time management exercises Frederick Winslow Taylor in the late 19th century. But the period of 1960s witnessed the surge in the demand of analytics when computers were used in decision support system. This led to evolution of analytics with development of several software tools and planning system considering huge data flow. These tools are extensively used in analytics for market research to know the needs of customer and increase their loyalty.

Data, and it's analysis provides entrepreneur with the whole set of feedback based on customer behaviour in the past. This led to the extensive use of the so-called term “Data Analytics.” The interesting example of Market Research and Data analytics is the analysis of market and customer behavior by the vegetable vendor.

A vegetable vendor leaves the place where demands for fresh vegetables are not attractive enough due to high prices. So, he decides to shift to a somewhere call society of upper middle class, and then he starts making sufficient money even at high price. Similarly, large business like credit card companies use analytics to reduce credit risk. This encourages the business to use Big data analytics considering huge data flow for market research and other application.

Therefore marketing research and data analytics provides some observation of some behavioral changes in market and customer database. The attitudinal research further let you know the factor behind. Now several tools and software are used for data analytics because it is not possible to handle huge data flow.

Why data analytics is required and who are thriving for it and how they are changingGlobal scenario with the in-depth market research Data Analytics?

According to the report of IBM, 2.5 quintillion bytes of data are created per day, so, it creates new class of professional -Data Scientist -a “hot” job in recent digital scenario. This shows the huge data flows through trade, businesses and services. This huge quantum of data can't be tackled with conventional approach. So, we need rapidly developing Data Science to process, analyze and optimize data that are captured through entrepreneur-customer relationship, government policies, e-commerce, digital application, cellphone, online search engine, and so on.

Moreover, it transcends several benefits like cost reduction in storing and analyzing large amount of data, faster and better decision with the insight captured, and effective product launches with respect to the need of customer.

Every big/small projects and investments are thriving for Data Analytics, to compete with the changing business environment. They need ‘informed set of knowledge insights’ to make efficient decision. An entrepreneur takes it as a challenge to transcend the prominent sector like market & sales, manufacturing, resource mapping, and environmental research etc. It is used by computer scientist, statistician, environment scientist, Business entrepreneur, Government, and so on.

As far as how different project and Investment uses big data is concerned, the most growing field is “smart city” where interaction of number of big technology revolutionize a city to digitally-fit and economically developed. Similarly, advance analytics is used in manufacturing, where historical data are processed to identify and optimize the factors for a better yield. The marketing and sales field is rushing towards big data to gain an in-depth insights into customer’ statistics, and acts accordingly.

Here are some practical examples.

The use of big data in changing the lives of people in politics and public policy. This is based on “evidence -based policy-making” and “actionable-performance” in government's document. This is ranging from passport application, online tax payment, government grip on Aadhaar, and digitizing medical record. This makes clear that big data will play crucial role. The other political usage in “smart cities” project of government. It ensures every citizen connected to digital grid, so that data from “life to death” can be captured and processed for changing people's lifestyle, and value addition to the future policy.

Therefore data analytics in government policy based on IT infrastructure, digital inclusion of those excluded by poverty, is changing the social, economic and political life of the people.

Apart from this, UNESCAP’s report says big data using data from drones and social media help to identify draught-prone areas and predict complex trend of monsoon. This reduces the impact on farmers and vulnerable people. The other social changes can be witnessed through “Google Flu Trend” that will help in predicting disease outbreak. Moreover cellphone call log can help to locate survivor during natural calamity.

Data Analytics in education sector is crucial for a better growth of students and academic atmosphere. It can bring following changes in education of growing child:

• It helps in analyzing the loopholes when student actually lacking in particular course. This allows educator to identify the children's behavior pattern, and works on the weak areas. The student can hold confidence while choosing course, and hence reduce the drop-outs.
• The assessment based on pen & paper lacks several indicators such as time taken to answer, source referred for preparation, and kind question skipped. This helps in monitoring, measuring and responding in real time to student's understanding of the courses.
• It also helps in better feedback.

In technology, data analytics eases the work pressure and helps to identify loopholes. RachitAgarwal, a final year student of B.Tech in Electronics Engineering at UPES, Dehradun, has made a plug-in device for car, called “On-boaord Diagnostic Data Analytics System” (OBADS). It can process data collected by various electronic units in car, and then passes in valuable information to car owner, and auto-insurance & automobile company. This helps in sending location of vehicle to emergency services in case of accident. Insurance company can obtain car usage history and take accurate decision on car policy. This shows that data analytics usage in every sector brings rapid changes and ease.

There are somebig international brands working on Market Research and Data Analytics.

Many big brands are turning up to data analytics to squeeze data for optimal use. This is evident in several instances as follows:

• Mantra.com is exclusively based on application rather website. This means, you can't shop on it through the website or mobile browser but only by downloading the application.
• Facebook is developing “Solar Powered Drone” to bean internet from the sky.
• YouTube recognizes your preferences and throw contents accordingly.
• Data Mining is used by Cisco WebEx. This works on subscription of customer and enterprises to on-demand collaboration services offered by WebEx such as online meeting centre, training center, support center, event center, and so on. This helps in huge data flow into Cisco and further help in understanding customer's needs.

Future Of Data Analytics.

According to World Economic Forum survey, around 85% of company are likely to implement data analytics to run their business, by 2020. This is because of huge data flow and competing digital environment. IBM’s report says 2.5 quintillion bytes of data are created per day, so, it creates huge demand of IT professional. This increasing demand can efficiently be explorer by the company. India is leading job creator in data analytics after USA. The increasing number of data analytics job has tremendous impact on the human resource development. This number has increased by 76% from 2017 to April 2018. This encourages the investment in future-ready analytics, considering the advantage of demographic-dividend of India. Apart from this, penetration of data analyticsin HR field is recommendable, as it helps business leaders in making efficient and informed decision on talent and attracting talent pool. It is also used for continuous employment engagement. Therefore, in the near future, data analytics will play major role in each and every sectors.

Availability of Man-power and Resources in India.

NIT Calicut, professor said big gap between increasing job requirements and availability of qualified data scientist across the world. According to NASSCOM, there would be shortage of around 200,000 Data scientists in India in the next few years. Since data analytics employ technologies and theories from distinct fields such as Mathematics, Statistics, information science, Computer Science, and various another engineering's disciplines. The surge in demand for data analytics is challenging the supply of talented pool. But large pool of English-speaking/mathematics graduates makes India an attractive spot for configuration of big data analytics. This can be exploited by the well-placed Indian Tech entrepreneur.

Therefore, it is rightly said in World Economic Forum's report that data is “a new form of asset class,” adding, “data are now the equivalent of oil & gold.” The huge data flow and challenging task of tackling the quantum of data creates lots of opportunities. The entrepreneur, government and other stakeholder should come with research-oriented approach and skill development agenda for optimal exploitation of data.