Data has been a buzzword in the business world for years. According to Statista, global data production and consumption are expected to reach more than 180 zettabytes between 2021 and 2025. Also, the demand for people who can prepare data in an accessible, usable, and meaningful way is high.
Different career options are available for those who want to work with data that offers good pay, flexibility, and advancement opportunities. Here are seven of the best career options in the field of Data Analytics:
Data Analyst
A data analyst is a person who uses data to make it more useful, understandable, and accessible. Data analysts can be found in the marketing and sales departments. They not only analyze consumer behavior using digital platforms, but they can also work in other business areas like finance or HR.
Data analysts gather and analyze data to produce insights that help companies make decisions. Data analysts often have advanced skills in programming languages and have an understanding of Python or R (statistical software). They are used to analyze large sets of information quickly. They also have experience with machine learning techniques such as artificial neural networks (ANNs) or genetic algorithms (GAs).
Business Intelligence Analyst
A business intelligence analyst is a person who analyzes data, predicts trends, and makes recommendations based on their findings. As a data analytics professional, one must take a thorough data analytics boot camp course that online institutions offer, which is crucial for their education.
Most of the curriculum focuses on the fundamentals of statistics and data analysis with Python and R. These also include SQL database interaction and data visualization with Tableau and Power BI.
They can work for companies of any size and in various industries. Business intelligence analysts need to be informed about the industry they operate in and understand how to gather and evaluate data from various sources. They must also have good communication skills to present their findings to others within the organization.
Data Scientist
Data scientists are the most in-demand professionals in the tech industry today. The demand for data scientists has increased manifold over the past few years, especially in industries like retail and healthcare. If you have an analytical mind and a knack for numbers, then being a data scientist might be your dream job.
A data scientist uses statistical techniques to analyze digital information and identify insights that can help make better business decisions. In simple terms, someone uses their knowledge of mathematics and programming languages to get meaningful insights from raw data.
Financial Analyst
According to the U.S. Bureau of Labor Statistics, in May 2021, the median annual wages of financial analysts in America were reported as $45.95 per hour or approximately $95,570 per year. Financial analysts work with companies to improve their financial performance. They are responsible for gathering and analyzing financial information, often using data analytics tools such as Excel, SAS, and R.
Financial analysts use this information to help companies make better decisions about their budgets and spending. One of the essential things a financial analyst does is develop models that show which factors have the greatest impact on a company's bottom line.
For example, if you wanted to know how much money you could save on heating costs if you turn down your thermostat by five degrees during the winter months. For this, you'd need a model that shows how much heating costs increase based on outside temperature and other variables.
A good model would also consider how many hours per day someone is home during different seasons. It may be cheaper overall to turn down your thermostat than when they're not at home as much.
Data Engineer
Data engineers are responsible for developing and maintaining data processing systems, often combining multiple tools to extract, transform and load data. In addition to these core tasks, they may also be involved in developing and implementing new data processing systems.
As a person who wants to be a successful data engineer, you should understand how your company's systems work together and how they fit within the larger business architecture. You will also need to understand how different roles use your team's work. It includes software engineers, product managers, salespeople, and other business stakeholders.
Data Architect
A data architect is a role that helps to ensure that your data is organized and accessible. In addition, a data architect is responsible for defining the structure of your data, which is needed before any analysis can be performed on it.
The goal of a data architect is to create a user-friendly environment where everyone in an organization can easily access the information they need. For example, if you want to know how much money you have in your bank account.
For this purpose, a good architecture would allow anyone in your organization who needs this information easy access by providing secure access routes through which they can find it quickly whenever needed.
Research Data Analyst
The field of data analytics has many job titles and responsibilities, but the most common positions are research data analyst and business intelligence analyst. Research data analysts collect, organize, and analyze data to inform decision-making in their organization or industry.
They may work directly with researchers conducting studies or be tasked with creating reports. Managers use these reports to decide which products to sell or how to strengthen their marketing approach.
Business intelligence analysts use statistical software like SPSS to analyze large datasets. An interesting report by AlliedMarketResearch states that the market for business analytics software is projected to increase at a CAGR of 11.2% from 2021 to 2030, reaching an estimated value of $177 billion. They may also conduct interviews with customers or employees to identify behavior trends that could affect sales performance.
A Ph.D. level education is usually required for this position. However, some companies will consider candidates with a Master's degree if they have extensive experience working as research assistants at an institution such as Harvard University.
There is a Demand for Data Analytics Professional
Whether you want to pursue this career because of the steady job market, the high pay, or the fact that it's simply a fascinating field, data analytics is a great way to go. Of course, there are many different types of roles in this field, and they all have perks. But one thing remains true; there's always going to be demand for people who can prepare data in an accessible, usable, and meaningful way.
Whether you're an expert at preparing reports, working with databases, or making sense of complex data sets, anyone looking to utilize their skill set will find plenty of opportunities.
