The Harvard Business Review recently named it the “sexiest job of the 21st century.” The data science field has quickly become one of the most in-demand fields for experts from several disparate backgrounds. On the food chain, Data Analysis is positioned close to the top with benefits, healthy salaries, and job opportunities. There seems to be a brilliant future for Data Analytics both as a research topic and as a profession.
What Do Data Analysts Do?
A data analyst is responsible for collecting, processing, and performing statistical analysis of data. We can simply say that data analysts make data useful in a way or another. What they do is help people make good decisions and order the collected raw data for easier work by applying specific formulas and using the right algorithms.
If you have a passion for algebraic functions, numbers, and love sharing your work with people, then you’ll be successful as a data analyst. Here are some of the roles data analytics play in different industries.
These days, all industries are being transformed by the power data possesses. Whether a business wants to serve their constituencies better, get new customers, improve profitability, or just want to do better than their competition — they need data for these.
Below is how data analytics experts are improving some of the top industries worldwide.
This industry is undoubtedly very traditional and is currently transforming because of data. Farmers are taking advantage of real-time, crowd-sourced data gotten by their equipment and other farmers; this helps them manage their land better. But it isn’t easy to come by good insights, analytics, and data — that is where they need a highly-skilled data analytics expert.
2. Financial Services
They use data analytics for identifying outperforming stocks, preventing fraud, and even providing discounts to safe drivers. The function of this institution will continue to be shaped by data, further tailoring their offerings to businesses and consumers’ needs.
This industry is making use of data analytics to spot and treat infections, avoid preventable deaths, and improve the quality of life of a patient. The COVID-19 spread into a global pandemic is an excellent example of the need for correct data to reduce and prevent a virus spread.
This industry doesn’t just use data to improve their processes; they also use it to improve their products. Manufacturers are purchasing smart facilities such as sensors to get data for their equipment to work well at all stages of their product’s lifecycle.
For retail companies, data is used to predict purchasing behaviors, identify trends, and adapt manufacturing so they can meet their consumers’ needs. Both offline and online, data-driven retail businesses will most likely understand their consumers and make them loyal customers.
There is a high demand for experts in data analytics, and this demand has continued to grow. As we continue to generate more data, the demand will increase. According to Stephen Beyer, department chair of Purdue University’s School of Business and Information Technology, “In the past, data was gathered by individuals.” “Today, data is gathered by individuals and machines. While individuals sleep, machines never do… the constant collection of data, in almost all areas of life, requires people who can manage and make sense of this massive volume of data.” We can use that data to make smarter decisions in medicine, manufacturing, marketing, and other industries, but it can only be done by people who know what they can do with it.
The first reason we will say a career in data analytics is worth it is simply the career opportunities. In the US, careers in data analytics and similar data professions are constantly ranked as some of the best careers.
When it comes to job satisfaction, data scientists are ranked high because of a combination of their work’s impact, results-driven problem solving, and a stimulating work environment. These professionals are also paid pretty well. According to PayScale, an MS in Data Analytics has an average base salary of $80,000. Because of long-term growth projections and present high demand, this career’s job stability will also stay high.
If you feel you’re ready to pursue a career in data analytics, then the next thing for you to do is find an ideal master’s degree program so you can achieve your goal of becoming a data analyst.