Data is becoming a growing factor in business decisions which means more companies are searching for people who are experts in data. If you love analytics and using data to make decisions, you can find yourself in high demand in the business world. First, it is important to understand how to make yourself an expert in data and this is what you need to know:
Understanding Analytics and the Job Market
The first step in improving your career outlook through data is to understand the analytics landscape. Analytics and data are not always the same thing, although they are often used interchangeably. When a customer checks out at their local department store, data is gathered on that purchase. Reports are created that management then uses to make decisions on inventory, advertising and many other factors related to the business. In other words, data is collected and analyzed to help grow the company. If you have the ability to convert data into insights, decisions and actions, you can open many doors in the analytical world.
Growth of Data
The storage of data is an indicator of just how important data has become in the business world. In 2000, only 25 percent of all data stored globally was in a digital form. By 2007, 94 percent of all data was stored in digital form. Every day, more than 2.5 exabytes of data are stored every day and this number doubles every 40 months. Companies throughout the world collect massive amounts of data each day. Google stores more than 10 exabytes while Facebook stores over 500 terrabytes of data. Data is a factor in almost everything we do each day, including determining if we hit a green or red light on the way to work or choosing which advertisements you see on social media.
Jobs in Analytics
What all this data storage has led to is a significant growth in careers related to an understanding of data. Marketing analysts and strategists assist businesses in analyzing data related to purchases, advertising and other aspects of sales. If you want to store and back up your business and marketing data in a safe place, this website will help you a lot. A campaign analyst works with political candidates or non-profit-organizations looking at data related to fund raising, constituent requests and other factors. The need for analysts has grown to the point that many colleges and universities now offer degree programs specifically to train analysts/strategists in almost every industry. If you’re interested in strategy and healthcare, for instance, you could most definitely specialize in that and go on to a lucrative career. Whatever career niche you’re interested in, being an expert in data will
Skills Necessary for Analyst Positions
The skills necessary to be successful as an analyst are as varied as there are industries. Business analysts need to know how to access data as well as how to analyze it using various tools, including Microsoft Excel. You will need to understand statistics and testing as well as how to communicate to various stakeholders. In other areas, you will need an understanding of information management, data architecture and operations research.
According to the Bureau of Labor Statistics, the job outlook for many types of analysts is expected to grow significantly over the next decade. Financial analyst positions are expected to grow by 12 percent by 2024 and the average salary is $81,760 per year. Market research analysts make an average of $62,560 per year and the positions are expected to grow by 19 percent over the next decade. Operations analyst positions are expected to grow by 30 percent over the next ten years and the average salary is $79,200 per year.
These statistics indicate that there is a growing need for data experts as more and more data is collected by businesses. If you have love analyzing data and helping businesses make decisions based on that data, you may find yourself in high demand in many different areas of business.
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