Data analysis can be useful in a number of ways for a company. Information generated about the operation of an organization, such as sales data, employee data, and customer data, can be explanatory, predict future sales, and even solve problems of course of action.
Data can power informed decision making,” said Kellie Wutzke, associate professor at the City University of Seattle. “Rather than looking at just one trend (sales are declining), data analysis enables a company to drill down (which product sales are lagging? In which geographic regions? Why customer demographics?).
By collecting a large amount of information and filtering it through various algorithms, companies can improve their results, says Wutzke. This can be done by improving forecasts, running it more efficiently, and / or optimizing your website to increase sales and retain customers engaged from navigation to purchase.
Data analysis can provide new insights that help businesses, says Deanne Larson, CityU senior lecturer.
For example, new insights into customer behavior enable companies to deliver results, says Larson. The analyzes help to identify patterns and trends that lead to the identification of predictions.”
The possibilities are endless, says Wutzke.
Job outlook
It will take a large number of professionals to test the data. The positions include operations research analysts, data analysts, data engineers and data scientists, said Wutzke.
Data analytics has been growing for 10 years and is still in demand, explains Larson. Hundreds of posts are listed in this area on Linkedin and other sites.
Salaries for new positions can start at around $ 85,000 and go up to $ 135,000, Larson says. The industry you work in determines where you end up in the salary spectrum. High-tech fields tend to pay at the higher end, she says
It will take a large number of professionals to test the data. Positions include operations research analysts, data analysts, data engineers, and data scientists, Wutzke said.
Data analytics has been growing for 10 years and is still in demand, explains Larson. “Hundreds of posts are listed in this area on Linkedin and other sites.
Salaries for new positions can start at around $ 85,000 and go up to $ 135,000, Larson says. The industry you work in determines where you land on the salary spectrum. High-tech fields tend to pay at the higher end, she says
A great way to prepare for a career in analytics is to gain experience in programming, algorithms, statistics, and visualization, says Larson, which form the foundation for a successful career in data analysis.
Wutzke recommends IT expertise and analytics to create a solid foundation. Study broad applications of data science, including solving analytical problems, creating and validating models, various modeling styles, and model classification and integration.
But in this area practical experience is invaluable. Apply for internships and entry-level positions, he suggests. Consider attending boot camps and training for certification.
You can get certified for tools like Tableau, for technical skills like coding in Python, or you can get extended certifications like Certified Analytics Professional, which requires a demonstration of experience and expertise, says Wutzke.
Train employees internally
Organizations may already be hiring someone who enjoys working with data. In-house training can be an efficient way to develop in-house skills and improve company performance.
This is a common practice in small businesses. The organization I work for has organically grown its data analytics team, says Wutzke. Companies can support this internal growth by sending employees to training courses, taking them to internal training courses, providing the necessary software and tools, and providing employees with opportunities to solve business problems with the help of data.
Even small projects and small efforts build capacity among employees within the organization and create value, he says.
This growth area has endless potential, says Wutzke. Every industry you care about has companies sitting on data waiting for someone to translate it into solutions and insights. Data-driven decision-making is the way of the future.
Larson notes that this can be an exciting field as successful data analytics companies contribute to successful strategy execution. New discoveries are constantly being made that can be harnessed for value and information.
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