Data analytics, simply put, is analyzing raw data to draw some inferences about it. Data analysis involves collecting, organizing, interpreting and transforming data in order to get some useful information and aid in decision making. The data can be any collection of information, in the form of numbers or words.
Data analysis is a broad term that involves several processes such as data mining, quantitative analysis, statistical analysis, A/B Testing and Business Intelligence.
Data analysis may be divided into several categories, such as:
Predictive analytics, which uses statistical models to predict or forecast information based on present and past data
Text analytics, which is focused on extracting and classifying information from textual sources using linguistic, arithmetical and structural procedures.
Exploratory data analysis, which centers on finding new or hidden aspects of the data
Confirmatory data analysis, which is focused on confirming or rejecting existing hypotheses about the data
Where can a data analyst work?
Data analysts are hired by business corporations in order to help them make better and more informed decisions regarding their business. Some areas in which a data analyst can work are:
Hospitals and healthcare institutes: Hospitals employ data analysts in order to help reduce the cost, while maintaining the quality of care provided to patients. Data analysts help hospitals to operate more effectively and use their resources more efficiently.
Travel agencies: Data analysts work with travel agencies to optimize the buying experience of the customer. Travel agencies and websites can learn about the customer’s desires and preferences. Holiday packages are made by studying and comparing current sales to the browsing history of the users and by analyzing data from social media.
Gaming companies: Data analysts help gaming companies make decisions about popularizing and promoting games. They study gaming preferences and the perks and rewards that promote greater engagement and usage of the game.
Energy Management: Many firms and factories use data analysts for efficient management of energy and resources. The focus here is on monitoring and controlling network devices and service outages.Besides these, data analysts are also employed by the governments of various countries to analyze socioeconomic and political conditions as well as by the police and army to analyze crime rates and effective military strategies. A good time to be a data analyst There is a rise in demand for data analysts due to increasing competition in every industry. Each company wants to be the best in terms of services and products provided, in order to maximize the profit. Data analysts come handy as they assist in effective decision making. However, there is still a scarcity in the supply of data analysts, as compared to the huge demand for them. This, in turn, is causing a boost in the salary for qualified professionals.
A report by a reputed management institute states that there is a 12% increase in the average salaries for data analytics professionals in India, for the year 2015. The report further states that Rs. 15 Lakh per annum is the salary that a skilled data analytics professional can get in India.
Resource box
It is indeed a good time to be a data analyst. If you would like to reap the benefits of being a data analyst, there is no better time to start than now.
