People often get intimidated by seeing vast piles of data. Yet, knowingly or unknowingly, we all use this heap of data for our decision-making. For example, while we form our decisions based on past analysis and careful future consideration, we analyze choosing housing as a particular decision. On the same lines, data analysis is the procedure of examining different data sets to draw conclusive results based on the information contained in them. In layperson’s terms, data analytics is making the most out of the data by cleaning, filtering, and transforming it using various tools and techniques. Data analytics is often understood as a step-by-step process, from data gathering and collection to analysis and interpretation. The sole objective is to define correlations and derive insights that guide decision-making, guaranteeing improved efficiency.
Data has emerged as the new oil that aids in driving organizations ahead, ranking among the essential business resources. Whether it is the healthcare sector, the FMCG sector, a banking service, the manufacturing industry, etc., data analysis shapes the business world. It is gradually evolving the way people do business. Organizations are becoming more aware of the value of data-driven decisions across various industries. The field of data science and related jobs are quickly gaining popularity in India as part of an effort to create several data-harnessing techniques.
Shaping the Future: Contribution of Data Analytics
The notable successors in today’s rapidly growing market include Data Science, Artificial Intelligence, Big Data Analytics, Cybersecurity, Machine Learning, etc. With the emerging market trends, one needs to constantly improve and increase operational efficiency while keeping the revenue and expenses in check to keep up with the hiking competition. This is made possible using various data analysis tools and techniques.
In the digital era that we live in, data is dominating and gradually changing the way we live and interact with the universe. Extracting actionable insights from available data has massive potential, with umpteen opportunities and infinite possibilities that are still untapped. Given the increased attention and importance accorded to data, data analytics and business intelligence is the future of business. Data analytics is a fast-growing sector that has grown only upwards with time. There has been a significant rise in the number of data analysts’ job listings in recent years owing to the growing demand.
When we talk about data analysis, it covers various other domains under its vast umbrella, such as Business Analytics, Data Science, Artificial Intelligence, Modelling Technology, Statistical Foundations, Machine Learning and NLP, Data Mining & Warehousing, Big Data Storage & Analytics, Database Systems, among others. One can aim not only to become a data scientist or business analyst but also look for other job profiles such as data engineer, data architect, statistician, or even data administrator. The spiraling growth of data transformation worldwide will benefit many, opening the gate to new job opportunities and employability globally.
Why Data Analytics?
More and more businesses are using data science to add value to every aspect of their operations, leading to an upsurge in the demands for Data Scientists, professionals skilled in technology, maths, statistics, and business, but the supply hasn’t kept up. Thanks to this gap, there are many highly paid job opportunities for Data Scientists and Business Analysts.
Specific skills and expertise are required to succeed and pursue data analysis. Basic educational knowledge of mathematics and statistics, and a strong foundation in finance, economics, and operations, form the basis of learning, along with programming and data visualization skills such as Python, SQL, Tableau, Power BI, etc. It is an area that is certainly not limited to just IT professionals but can be pursued by other individuals as well- those with an inclination and interest towards analytical and logical skills with a solid mathematical background. Along with technical skills, soft skills such as effective communication, team dynamics, community building, and critical thinking are also the need of the hour.
For any profession, it is said that the rewards don’t come easily; there have to be rigorous efforts put along with strict training that is required to strive and excel in the field. However, each technical skill’s rationale and logical reasoning will make you industry-ready and a good analyst.
Data Analytics Future Scope: Skills to Master
Digging deep, different domains under data analytics often get interchanged and confusing. Therefore, it is essential to understand each term and work towards it to set a career goal. For example, data analysts vs. data scientists are often used synonymously; while the skills required might be similar, the complexity of the techniques varies. Not only this, but the salary drawn from both domains also differ. While the trajectories of both these jobs are positive with immense future scope, the salary of a data scientist is slightly higher than that of a data analyst. Data Engineer is another term between a data analyst and a data scientist. While a data analyst interprets data and performs statistical analysis, and a data scientist deals with strategic planning, a data engineer is responsible for testing and deploying those statistical measures.
The future scope of data analytics is directly proportional to the burgeoning demand for data analysts in the current market scenario. Individuals with a degree in data analytics & business intelligence are the need of the hour. However, a degree stamp will be necessary to win over this cut-throat competitive market. One needs to constantly keep himself updated with the new tools and technologies coming up in the market every year. The rapidly shifting industry requirements also need to be met, and professionals must continue to acquire new skills and stay abreast of the latest ones.
The current society practically runs on data, with the data generation numbers mounting quintillion bytes. These numbers will remain strong; hence, we can only expect the data analysis and interpretation market to grow like never before. Eyeing this rapid expansion comes the excellent opportunity to make a career in data analytics- as soon as digital transformation takes over, the scope of professionally qualified analysts will increase
Understanding the Future Scope of Data Analytics
Since data analytics is a broader term, here are a few future trends spiraling under data analytics that have a bright future and can amp up your career graph several notches. To make the most of the future of analytics, one needs to work on developing the following skill sets:
- Data Visualization: Presenting data visually in graphs or illustrations for a quicker and better understanding to draw meaningful insights for decision-making is what engulfs data visualization. It allows you to present data more creatively to draw a conclusive story out of the data. Hence, data is visualized to be one of the most desired skills expected from a data analyst.
- Python: If you are looking for prospects of data analyst, you need to know Python programming language. With its wide variety of libraries, Python also opens doors to the field of artificial intelligence, and its applications are helpful in AI development. Hence learning this language offers two for the package of one.
- Microsoft Excel: While Excel might seem easy to learn, it is undoubtedly the most needed and used skill among all businesses. You must be adept with Excel’s advanced features, including its programming language, VBA. This produces macros or pre-recorded commands which help increase the analysts’ efficiency while saving a lot of time.
- SQL: The structured query language, aka SQL, is another database language that data analysts need to be familiar with and thorough with. It is primarily used for handling data and queries in relational databases. Learning SQL for increased job prospects is a wise choice, as it now has a strong standing in almost all significant companies looking for a data analyst.
- Machine Learning: While this comes as an additional skill, Machine Learning can help increase the chances of getting hired by the best out there. A strong understanding of machine learning and its related tools can provide a competitive edge over others while hunting for jobs.
- Analytical Skills: Quantitative analysis improves a data analyst’s capacity to conduct exploratory studies, develop an effective data strategy, and support machine learning. Analytical skills include interpreting intricate patterns and trends in vast datasets. In addition, robust content analysis, risk detection, identifying a business’s pain points, and text analysis are crucial data analyst talents.
- Data Processing: As cloud-stored data is not ready for processing, the wrangling of raw data is crucial. A data analyst’s primary responsibility is supervising how a data pipeline is. In addition, they design algorithms for data processing to enhance the decision-making process
Looking for something more?
Data Analysis is presiding over every industry domain today. Machine Learning, especially Deep Learning and Big Data Analytics, are the most important aspects of Data Analysis and Business Intelligence that are used everywhere, from search engines to online movie recommendations to hotel booking. Prestige University’s Data Analytics & Business Intelligence MBA program can help professionals build solid careers in a proliferating technology domain and get the best jobs in top organizations. As a student, you will get access to best-in-class content from leading faculty and industry experts in videos, industry projects, assignments, and live sessions. The MBA program from Prestige University is your stepping stone to a successful career! Choose from multiple specializations, receive industry mentorship, and dedicated career support, learn 5+ Programming Tools & Languages, and much more.
Who can enroll in this program?
- Anyone with a bachelor’s degree and a passion for Data Analytics
- Anyone with a bachelor’s degree looking to grow their career in Data Analytics
- Analysts & Software Engineers with a bachelor’s degree looking to transition into Data Analytics
- Managers with at least a bachelor’s degree looking to upskill themselves to prepare for the future
All domains today leverage data science and its insights to advance their purpose. Therefore, it is essential to understand what data science is and how it can add value to your business. The future scope of data analytics and big data analytics is infinite. It has been recognized as one of the most budding domains in the country that is flourishing with opportunities for professionals to grasp. If you are keen to fast-track your career, you should strongly consider this field because it is one of the fastest-growing technologies today, offering fantastic salaries. Therefore, there is a huge growth opportunity in this domain as well.