Data Analytics - Booming Job opportunities !

You must have seen how businesses highly engage in sharing the post, writing blogs, special offers, discounts, etc. 

In such a competitive market, you can easily find alternatives for every product. It has imposed a challenge for a firm to survive in the industry and thus, hold a strong market foot standing.

80% of businesses fail to achieve their set goals even after putting so many efforts.  This is discouraging and can demotivate a person. 

It had become important for the competitors to find a solution to make their efforts more effective and efficient. ‘Data Analytics' was a catalyst or a magic bond that boosted the sales and efficiency of a firm.

Does data analytic sound too technical? Don't worry, let this article help you.

WHAT IS DATA ANALYTICS?

Data analytics is concerned with the process of examining datasets to build conclusions from the information collected. It analysis the raw data and makes patterns to draw informative insights from it. Special techniques are used for specialized systems and software which are built on software such as machine learning algorithms, automation system et cetera.

TYPES OF DATA ANALYTIC 

Descriptive analytics

It revolves around answering the question of what happened. For example, a firm has analyzed its monthly revenue and income. Further, they have divided the same as per product group. After this analysis, the manufacturer was able to found out the solution to ‘what happened’ question.

It helped the authority to focus on effective and efficient production. It forms a valuable insight from the raw data collected from different sources. This type of analytics simply signals about the wrongness or righteous, without examining why. Descriptive analytics can be made productive only by combining it with other types of data analytics.

Diagnostic analytics

This analysis answers the question of why something happened. For example- a company can measure and discover the reason why they didn't earn many profits. It can also pinpoint why a company didn't accomplish their goals. It can be said, that diagnostic analysis gives in-depth insights into tracking the problem. 

Predictive analytics

This analysis tells what is likely to happen.  When combined with the data and statistics of descriptive and diagnostic analytics, it can depict the clusters and exceptions. It can forecast trends, which has turned out as an effective and productive strategy. Example- A firm can predict what they could expect from the change in brand position.

Predictive analytics is categorized as advanced analytics which comes with various advantages. The data consultants bluntly said that forecasting is an estimate and one shouldn't rely on it. The accuracy of facts depends on the quality of data and stability of the situation.

Prescriptive analytics

The analytics is used to construct the answer to what action to take to eliminate a future problem or enjoy the benefit of a promising trend. 

Example-   A company can build strategies on the basis of customer analytics and sales pattern. This can help to boost sales and understand the clients. Advanced tools and technologies such as machine learning, business rules, and algorithms. It simplifies the way for the implementation of plans.

RELATED SECTORS

Retail

There has been a change from the profit-driven market to a customer-driven market. For a business, it has become a prerequisite to priorities a client needs and their experience. Big data and analytics provide rights such as buyer's demographic, behavior, needs, age gender, and much more.

A survey published by IBM stated that 64 % of respondents found insights informative and useful. Thus, they have found themselves on the upper edge and enjoy competitive benefits. Analytics software can note down each step of a sales funnel and customers' journey. They can see which strategy has generated more leads and converted a potential audience to the client.

Electromechanical

Professional electromechanical engineers use reliability predictive analysis to estimate the chances of any mishaps, failure of the system, and much more. They get insights by focusing on factors such as operating environments and quality levels.

Manufacturing experts also rely on the data concluded by predictive analytics. It helps in examining which equipment or machines needs maintenance or repair in order to prevent any pernicious situation and damage to occur. Such as break down which can cause temporary factory shutdowns. It also paints a clear picture depicting sales, raw material needs et cetera. It provides the database which can boost operations while maintaining the satiate level of customer.

JOB TITLES

Operations Analyst

These experts usually work at large companies at the position of an operation analyst as well as consultants\ advisors. Their job is primarily focused on analyzing the internal processes of a firm.

It includes job role of such as – Reporting internal systems, Product manufacturing, Distribution, General streamlining of operations

The prerequisite for a job seeker is to possess technical knowledge and be a business-savvy. Operations analysts are one of those job roles/professionals who are required in various types of business.

It goes from large grocery chains to postal service providers, to the military, and much more. An analyst can earn a salary of $75,000 annually. Though this is the rough estimate, the payment amount can vary in industry.

Project Manager

Their job role as a project manager revolves prom optimizing the use of analytics tools. With the help of tools, they keep records and track a team’s progress, their efficiency which results in an increase in productivity level.

They are supposed to possess the basic information of how-to of data analytics and other systems. These specialists are positioned at large corporations and management consulting. For example- they can use a career trajectory for better efficiency in product and supply chain management. A project manager can expect a salary of around $73,247. 

Data Analytics Consultant

The responsibility an analytics consultant has to take up is of delivering insights to a company which can boost firms' performance. The professional may specialize in a specific industry or area of research.

The only major difference between the role of a consultant and an in-house data analyst is that a consultant has the choice of working for different companies in a shorter period. This career line best for those who like change and possess a narrowed interest and expertise in a field of analytics. 

An Analytics consultant can work in a flexible work option i.e. they can work remotely, in the firm et cetera. Compensation is set at the bar of $78,264 but it can go more than it. 

IT Systems Analyst

The analysts solve the problems in the area of information technology by using and designing systems in a productive way. The educational level or the experience of work varies in accordance with positions in this technical expertise. 

Many experts use the pre-established third-party tools for examining the software used by the company, while some prefer to develop a new system. The salary goes up to $68,807 as per the US market survey. 

QUALIFICATION / KNOWLEDGE 

For graduates

The minimum the educational value they should possess - Hold a degree in statistics, mathematics, or another similar field subject. The course should be focused on maths, economics, or data science.

As to provide flexibility, degrees based on the related curriculum and informal training in statistics are also acceptable. Say, for example, a course on sociology or informatics.

Bonus point- if an employer finds the candidate skilled enough, in spite of the fact that they don't hold any degree in the mentioned course. 

Data analyst apprenticeships are a great option for an employer to get an employee trained. To apply for this program you need A levels (or equivalent) skills.

HOW TO MASTER? 

Bachelor’s degree isn't sufficient if you have an aim or you are planning to move with a Data Analyst as a career. Thus, to qualify you to need to get certified from esteemed institutions such as –

The below certificates can help you enjoy the upper edge and be eligible for Senior-level positions. Data analyst certifications include –

Certified Analytics Professional (CAP) by INFORMS

Cloudera Certified Associate (CCA) Data Analyst

Microsoft Certified Solutions Expert (MCSE): focused on Data Management and Analytics

A higher position in hierarchy comes wrapped with higher perks and salary. You can build your skills from a basic data analyst to a data scientist. Focus on availing all the opportunities too in knowledge, learnability, and experience.

KEY SKILLS FOR DATA ANALYST

• Good command over calculations i.e. mathematical ability
• Knowledge of how to of Programming languages which include SQL, Oracle, and Python
• The skill of analyzing model and patterns.
• Use the knowledge to solve problems.
• A basic understanding of the methodical and logical approach
• The dedication to work on plans and submit them before the deadlines.
• Maintain accuracy 
• Have a strong hold on- interpersonal skills, teamwork skills, and written and verbal communication skills.

HOW TO SHARPEN YOUR SKILLS?  

Gain experience from an Internship: students pursuing a graduate degree should engage and join an internship focused on data analytics. You can gain knowledge and learn from those who are professionals and experts in that particular field.

You get access to a platform to showcase your talent and learn the applicability of the skill. If you have worked and performed your duties and responsibilities as an intern remarkably, you can earn a stipend and letter of recommendation. 

Working with an organization and its projects demonstrates that you possess the abilities and skills to practically apply your analytic skills to solve real-world problems.

"A survey found that, around 10% increase

in data accessibility has the power to increase

the additional net income by $65 million."

You can consider the data analyst as a good option.

Writer: Ishita Gupta

Editor: Sonal Kamble