What is Data Analytics?
Data analytics involves processing raw data and drawing insights to make strategic business decisions. The raw data in itself is inconceivable. Data analytics helps make sense of the raw market data to make intelligent decisions. Data analysts’ job is to use certain data analytics tools to decipher the coded data to make sense for business strategists. It is similar to business intelligence, with the only difference being the different tools and methods. Data analytics and business intelligence revolve around data mining and reporting. In contrast, business analytics helps decode the data and transform it into useful information to make actionable business strategies.
What do Data Analysts do?
Data analysts working in a company act as gatekeepers of incoming raw data and decide useful and credible data. They are responsible for processing any data or market information that they receive using tools such as Design of Experiments (DOE), Box and Whisker Plot, Check Sheet, Control Chart, Stratification, and Survey, among others. Python, SAS, and Excel are the most popular and commonly used tools by data analysts in most large corporations. Small companies prefer using Excel sheets, Apache Spark, and Power BI as data analysis tools.
A specialized degree in business analytics typically includes a general MBA or an MBA in Data Analytics. The core curriculum is specific to data analytics and the use of all its tools. The core courses include business ethics, marketing management, organizational behavior, Human Resources, and statistics. At the same time, the specialized courses focus on problem-solving methods, information systems, and statistical analysis. There has been a significant advancement in the field over the past few years. Let us look at some job opportunities since 2020 Data Analytics and beyond to understand the scope of the field.
Supply Chain Analyst
The job of a supply chain analyst is to improve the operations and production process in the supply chain. They are responsible for communicating and coordinating all the work requirements to quality engineers, project managers, the labor, and the technical staff. They also communicate any new methods in the process that could improve the quality and efficiency of the supply chain and bring down inventory costs. Furthermore, they constantly analyze the supply chain trends in the market and analyze and communicate the best methods that bring down costs, improve quality, and save time. The more relevant experience a supply chain analyst has, the higher the pay.
Technical Team Lead
This leadership role requires leading and managing a technical team. The leader’s job is to develop a strong and consistent technical team that delivers on time, sustains quality standards, and follows all the guidelines. This role requires leadership and management skills and confidence to manage and train the technical staff in an organization efficiently. The technical team will produce consistently high-quality goods and services that deliver on time and meet all the required demands.
Machine Learning Engineer
Machine learning is a highly advanced field that is still in its initial stages. A machine learning engineer feeds certain data into the server or a system, and the system scans the data to make sense of it without human intervention. Examples of machine learning include personalized newsfeeds and self-driving cars. A machine-learning engineer typically requires a specialized degree in data analytics, statistics, physics, mathematics, or a Ph.D. Since machine learning is still in its developing stages and is highly advanced, the salary of a machine-learning engineer is also high, with a yearly increment, especially in the United States. Another reason for it being a high-paying job is its requirement for highly qualified individuals who are good at numbers and data science and are highly intuitive. They mostly make a breakthrough in data sciences and data analytics to develop further and advance the field.
Data architects manage and secure all the data of an organization. Their job is to ensure that all the financial, marketing, human resource, client information, and technical data is well-coordinated among different departments. They use specialized programming tools and software to ensure the safety and privacy of the data. This is highly technical and requires sophisticated skills since securing the data falls on a data architect. You can work as a data architect in private or public sector companies.
Chief Data Officer (CDO)
According to Forbes, a CDO is a generally new position in 2012, with 12% of Fortune 1,000 companies having a Chief Data Officer. The job of a CDO is to strategically analyze all the company’s data and determine how to derive value for the company that would benefit all the sectors. This job requires expertise in business and Information Technology. A degree in computer or data sciences, strategic business decision-making, mathematics, or statistics is required for this role. A specialized master’s degree or industry experience gives a CDO an edge in the organization and higher pay.
An application architect does all the research work, provides technical assistance, runs background software, provides problem-solving and critical thinking solutions to technical problems, runs, maintains, and documents application software programs. They need to have an excellent technical vision, the ability to provide valuable technological insights, and skills in software development to be efficient in this role. They create new and improved versions of applications, develop prototypes, run tests, and create technical and legal software documents every day.
You will require a master’s degree in data analytics and data sciences. Additionally, industry experience, updated software, programming knowledge, and programming languages will give you an edge. It would help if you also were equipped to develop and produce technological processes and produce high-quality products and services to thrive in this role.
The job of a marketing analyst entails collecting, tracking, processing, and analyzing market data such as advertising cost, consumer insights, market research, and market trends to identify marketing opportunities and capitalize on them. Marketing analysts use certain data analytics tools to measure the effectiveness of a marketing campaign or strategy. Then they communicate the results, using data mining and reporting, to marketing strategists to help them devise a better marketing plan. In other words, marketing analysts help businesses recognize their target market, its changing trends, and how much to sell at what cost.
In a Nutshell
Data analytics is vast, with many data sciences, technical, mathematical, and statistical categories. There are many new and advanced jobs for data analysts in the United States and the United Kingdom. Most of the roles in organizations for data analysts are highly valuable, considering their skills and expertise and the industry knowledge that such roles demand. Therefore, this is an excellent field to start your career, especially in 2022. information and technology is the future and requires much work for its development and advancement.