In today’s times, data is the most valuable asset for any organization. The data generated in the last five years is higher than that in combined human history. Organizations across industries rely on analyzing user and industrial data to device their policies in such a situation.
From giving people what they expect to walking the extra mile and identifying the scope of process improvement, there is a lot of information gathered from data.
Specialists in data analysis work on massive data pools and try to obtain valuable insights from them. Such individuals work on an array of data concerning the firm’s products, customers, and performance.
They then come up with relevant indicators to gauge such data and help the firm make appropriate decisions. The criticality of these indicators is that it helps the organization define the product based on consumer needs. Improvements needed in the production process and marketing strategies are also decided based on the parameters set by data analysts.
Having understood the critical role that a data analyst plays in an organization’s strategies, you can understand that this is a highly valued role. If you are looking to pursue a career in this field, here’s all that you need to know.
Like every other profession, analyzing data also requires you to have a particular pre-defined skillset. While some of the necessary skills are technical, others are practical and behavioral.
When dealing with large volumes of data, you cannot afford to manually scrutinize every piece of information. Knowing how to code will help you automate your job, thus allowing you to act on a larger data pool. While most organizations require their team of data scientists and analysts to be well versed in at least one programming language, it is always better to be familiar with multiple relevant languages.
The common programming languages used in the world of data include Java, PHP, C++, Python, MATLAB, and R. Knowing R, SQL, and HIVE will allow you to build queries that will extract the data in the exact manner you need. This makes it easier for you to act on the data and come up with accurate reports.
From a technical standpoint, merely knowing how to code will not suffice, and you need to get yourself acquainted with the standard data manipulation tools. These include Cognos, Tableau, Oracle Visual Analyser, Microsoft Power BI, SAS, etc. Luckily, these are easy to master, and you can look up online resources to help you on this journey.
A good grasp of mathematical concepts and a fair knowledge of statistics is one of the most important practical skills for someone keen on data analysis.
You need to know how to use charts, graphs, and tables to visualize the data. Linear and multivariable calculus that is taught at the higher secondary level is an integral part of the everyday life of a data scientist.
Other than the calculative aspect of numbers, one also needs to be well versed in Excel. This helps in organizing the data and making it readily available for future analysis. It is recommended that you consider an online course in Microsoft Excel before setting foot in a career in this field.
To survive in the world of data analysis, one needs to have a good understanding of user requirements to make the most of the data that is given to them. They also need to convey their analysis to the key decision-makers in the management in a lucid manner. To do justice to such a job, one needs to have excellent communication skills.
A data analysis professional often needs to collaborate with executives and IT specialists. Such people are the point-of-contact between a client and the business. Considering the role of a data specialist’s communication in modifying business processes, it will be fair to say that soft skills are an essential professional skill in this field.
If you are looking to begin your data analysis career in an entry-level position, you need to have a bachelor’s degree. Most organizations do not emphasize specialization in data analysis, economics, or mathematics, and having a high GPA in any field should suffice. Spend some time identifying the best data analytics boot camp and enrolling in the same.
Most higher-level positions require an individual to either have a master’s degree or be armed with tonnes of experience. If you are a fresher keen to begin your career in a high-paying position, you can get a master’s degree in Business Analytics or Data Science.
Career Scope As a Data Analysis Professional
Today, the world of business banks on data power, and there are immense career opportunities for skilled professionals in this field. Here are some of the top field that requires the expertise of such professionals.
Finance & Investments
In investment banks and other financial institutions, data analysis professionals take on the management path and play an essential role in decision making.
The finance and investment sector has multiple entry-level and expert positions, and depending on your expertise you can consider a career in this field. In the coming years, it is expected that there will be a higher demand for data analysts in the world of finance and investments.
Data Analytics is an essential part of the modern marketing landscape, and any market research activity is incomplete without it.
Most organizations consider data-intensive market research an integral part of their planning before launching a product or evaluating its performance. This requires the professional service of skilled analysts.
To boost the sales of an organization, the firm often relies on improving customer satisfaction. By analyzing the data, firms can identify potential hiccups in sales and attend to them before it takes a toll on the performance. The high demand makes it an ideal career option for skilled data analysis professionals.
Thus, you see that the roadmap to a fulfilling career in data analysis is a simple one. If you are ready to put in ample hard work, the future in data analysis is one with ample opportunities.
All you need to do is work on your skills, seek the due academic qualifications, and then decide the sector or industry you would want to associate yourself with.