Data Analysis
What Is Data Analysis
Data analysis is the process of collecting, modeling, and analysing data to extract insights that support decision-making. There are several methods and techniques to perform analysis depending on the industry and the aim of the analysis.
What is the scope of a Data Analyst
Data analysts are some of the most sought-after professionals in the Data world. According to the US Bureau of Labour Statistics, demand for Data Science jobs will increase by 11.5 Million by 2026.
Data Analysts are people who help companies make informed business decisions with the help of data. A data analyst collects, cleans, and interprets data sets in order to answer a question or solve a problem. The scope of a data analyst role includes the following; collecting, analysing, and interpreting data, creating reports and visualisations, and communicating results.
Why is Data Analysis important
Data Analysis is very important for any business.
The main goal of a Data Analyst is to help organisations identify ways of reducing costs and find opportunities for growing revenue. Data Analysts translate statistics into meaningful business information and report on their findings.
By using data analysis, organisations can get a 360 view of all aspects related to their customers, they can understand which channels they use to communicate, their demographics, interests, habits, purchasing behaviours, and more. These insights can aid in developing marketing strategies and as a result, drive success.
Some tips to secure an entry-level Data Analytics role
1. Master SQL: SQL skills are necessary to get a job in analytics. Many companies integrate SQL with other frameworks, and will expect you to know how to query data using these frameworks
2. Learn Python: A Programming language is a key to getting into the field of analytics. Python and R are the two most commonly used languages in this domain. If you’re just starting out, Python will be the best bet as it is a lot more user-friendly than R and it is easier to pick up.
3. Engage in Data Analysis & Visualisation: Analysing data, deriving insights from them, and presenting it to the stakeholders is the key responsibility of a Data Analytics professional. Learn reporting tools like Tableau to create Data Visualisation.
4. Pursue Data Storytelling and Presentation: After completing these steps you will need to present these skills to a potential employer. Building a data analytics portfolio will help with this. Build dashboards in Tableau, and use Python to achieve the perfect dashboards to present to your employer.
And most importantly be proactive, keep learning, and build your confidence!
Factors affecting a Data Analyst's Salary
The major factors that affect the data analyst's salary include:
Years of Experience
Industry
Size and Type of company
Data Analyst Skillset
Work location
Top Skills you need to get hired as a Data Analyst
According to LinkedIn’s report for the most in-demand skills of 2020, 4 out of 10 in-demand tech skills were related to data analytics. Even after the pandemic hit globally in March 2020, 2 out of 5 fastest-growing tech skills were still related to analytics. Data analytics is a rising skill across the globe and data analysts are an integral part of the novel digital economy.
Soft Skills | Hard Skills/ Technical Skills |
|
|
Data Analyst Career Path
Getting a job as a data analyst is the first step in what could be a larger data career. It can open up a variety of exciting career paths, including data science, management, consulting, or specialization. If you’re new to the field of data analysis, your first job might be an entry-level role as a junior analyst. If you have some experience with transferable analytical skills from a previous job, you may be able to get hired as a data analyst.
As you gain experience as a data analyst, you may encounter opportunities to advance your career in a few different directions. Depending on your goals and interests, you may progress into data science, management, consulting, or a more specialized data role.
Let's take a closer look at four possible career paths you might take in the world of data:
Data scientist - Many data scientists start out as data analysts.
Manager - Another common career path for data analysts is to move into management positions. You might start out as a data analyst before advancing to the senior-level analyst, analytics manager, director of analytics, or even chief data officer (CDO).
Specialist - As a data analyst, you might work in one of many different industries. Sometimes, your career path might take you deeper into the specialized knowledge of that industry.
Consultant - Once you’ve gained several years of experience analysing data for a company (or several different companies), you can consider working as a data analytics consultant.
Parity Consulting is the partner of choice for many financial services organisations when it comes to looking for specialist data and technology talent to augment and support their teams in delivering high-value projects.
If you are looking for your next role in Data Analytics & Engineering, please contact Hima Arafath for a confidential discussion at harafath@parityconsulting.com.au or +61 424 742 121.