How your M.Sc degree in statistics can disrupt industries

If you love numbers and technology, pursuing Masters of Science must be something you may have thought of. However, did you think that your degree could help you change the landscape of multiple industries? An understanding and ability to analyze big data will put you on that path.

The term ‘Big Data’ is trending in the business landscape. Professionals and students alike are pursuing big data and analytics courses to stay on top of the market. Question is, why is understanding big data analysis so important?

In simple terms, big data analysis is the process of examining large amounts of data in an attempt to unearth patterns, parallels, and other insights. Analyzing this data can give businesses a better understanding of their consumers and give them an edge over competitors.

Here are the industries that big data is transforming:

1. Pharmaceutical

The healthcare industry has always been submerged in data. But, with the onset of technology, the sources of gaining data have expanded. This has made analysis very difficult. High amounts of data can result in human errors, something a hospital cannot afford.

Big data analytics can help analyze massive amounts of user data. This can lower chances of prescription errors, provide better information for clinical trials, and ultimately save lives.

2. Banking

Banks serve millions of customers making it hard to personalize the experience for everyone. Big data analytics helps banks to understand the information they already have and provide a customized plan for each customer. Big data also enables financial institutions to detect fraud, saving the industry billions.

3. Travel

Initially, the travel industry required human interaction to understand what customers want. With big data analysis, companies can gain information from social media interactions, and past online patterns to assess what a customer wants. This helps them in creating customized travel packages.

Big data analysis is changing industries in ways that are beneficial to both businesses and consumers. The best way to be a part of this positive change is to study how big data works. There are various M.Sc statistics colleges in India that offer big data analysis courses and specializations. Do check them out before you finalise on any institute.