Data analytics is the science of analysing data to make informed decisions. It enable organisations to connect data to detect opportunities. Business intelligence from corporate data management leads to better decisions and efficient operations.
The massive use of technologies such as Internet of Things (IoT), social media, drones, house appliances has led to large volumes of data generated every second. This means data generated is produced at an unprecedented and exponential rate. This constant supply and generation of data has resulted in the emergence of big data. The question is, how big is big data?
Demand for Data Analysts is strong because of today's big data coming from many sources (social media, internet of things devices, industrial internet) and with different forms (text, audio, video, multimedia, hashtag etc.). On top of the scale of data (volume), data accumulates at high speed (velocity), diversity and veracity; hence there need to invest time to understand big data to derive value from it. How do we create value from these tonnes and tonnes of data? Data analytics involves analysing huge volumes of data to create insights that businesses can act on in their decision-making process.
- Revenue generation - data analytics helps in estimating churn rate. Understanding customer experiences, results in designing products customer have interest in.
- Improving customer services - track and trace leads to best customer management through understanding what customers want from the business.
- Problem solving - predictions help in planning, identifying and addressing bottlenecks in business processes, operations and procedures.
Job Outlook Data Science is a global horizontal market, applicable to different businesses, hence employment projection will continue to grow. As potential uses of data grow, so as the volume. This leads to increase in data-driven decisions; resulting in organisations likely requiring more data analysts to mine and analyse the large amounts data collected. Data analytics help organisations make informed decisions in business processes, design and developing new products, and better product marketing.
Job Description and Responsibilities
Data Analytic roles range from:
· Senior Data Analyst
· Lead Analyst
· Associate Data Analyst
· Data Analyst
· Principal Analyst
The different disciplines related to data analytics are:
· Data Science
· Business Analytics
· Data Engineering
· Business Intelligence Analytics
Future Employment Prospects and Earning Potentials
The demand for data analysts is expected to grow much faster than average through the years, as Internet of Things (IoT) devices continue to increase and are expected to be one of the fastest growing industries overall. With the rise in complex technology and sophisticated computer systems, there will not be a shortage of attractive Data Analytics careers across almost every industry.