| Data analytics is not a new phenomenon, but its power and infiltration among companies have increased tremendously in the past few years, causing the increase in demand for data scientists or data analysts. Contrary to popular belief, analytics is not only about gathering data using software tools and creating dashboards and reports. Analytics goes beyond data; its primary goal is to enable business decisions based on that data. This involves working with stakeholders to understand the gaps in the business and using this knowledge as a guide to manipulate data, derive useful insights, and make recommendations – all key actions to increase revenue and lower costs.
In an era when one is bombarded with information, organisations always strive to utilise the massive stocks of data it has to derive competitive advantage. Hence data analytics is a lucrative career option, where individuals can work in a team using quantitative research methods to deal with:
- Developing business intelligent reporting system to translate business and IT requirements into process or technical solutions ( i.e. plans/forecasts)
- Analyse customer data and building high-end analytical models for solving high value problems like credit card frauds, credit risk, network security, revenue collection and optimisation
- Performance management to improve decision making for clients to gain competitive advantage
- Discovernew opportunities to optimise the business through analytics and statistical modelling
- Identify opportunities to develop forecasts statistical models, segmentation
- Develop cost improvement strategy by developing new and refining existing tax revenue forecasting methodologies
- Business process optimisation strategy by deriving insights from non –structured, non –relational data and provide business value through improve information management
Working in business analytics is alucrative career opportunity to develop a career in handling data analytics, especially for those who possess:
- Quantitative analytical skills
- Strong problem solving skills
- Capacity to extract information from raw data
- Identifying the trends and patterns in the market place
- Analytical and innovative approach to problem solving
- Individuals, who have the capacity to design, execute and deliver strategic analytics and insights
- Strong communication skills in handling clients and understanding their specific requirements
A data analyst’s job generally involves:
- Collecting data in accordance with specific requirements for a project
- Organising data by preparing the data collected to make it more usable for analysis, by utilising data compilation software
- Analysing data using one’s analytical skills to investigate and interpret the result
- Reporting the results by preparing comprehensive reports of the findings of the analysis by statistical tables, graphs, charts.
- The minimum qualification required to get into the field of data analytics is a degree in the field of computer science, statistics, economics, management, commerce, and engineering along with a good analytical mind
- Common job title would be applications programmer, software developer, system analyst, programmer/analyst or database analyst. At the entry level expected CTC can be between 3lakh- 4lakh, which depends upon the profile of the candidate, the organisation in question, job location and other factors
- The CTC for a senior-level job in this field can be anywhere between 8-12 lakh or sometimes more depending on the past relevant experience , type of projects and responsibilities handled, organisation in question, job profile, job location
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