As competition continues to grow tougher, decision-makers are demanding more useful information to get one step ahead of the competition. This need has given rise to data analytics, which works with the power of information to help stakeholders arrive at an informed decision. How do these professionals provide value to their clients? Read on to find out more.
What is data analytics?
Simply put, data analytics, or data analysis, is the science of identifying a problem, gathering data about the problem, and analyzing and forming an interpretation out of the data collected. Data analysts, experts in data analytics, then present their interpretation from the data gathered to an end-user who will make a decision to resolve the problem identified.
What are the different types of data analytics?
Data analytics covers four broad types, namely:
- Descriptive data analysis: descriptive data analysis details situation at hand and tells the decision-maker “what is going on” by presenting statistical information about the problem
- Diagnostic data analysis: this branch of data analysis reveals why a problem exists or persists by linking the data gathered to the problem itself
- Predictive data analysis: predictive data analysis aims to determine what will happen next by focusing on relationships and trends among data
- Prescriptive data analysis: this type of data analysis focuses on the most ideal course of action to take based from insights provided by data
What does a data analyst do?
The work of a data analyst usually consists of the following phases:
- Identifying the problem: the data analyst first determines a decision-making scenario that needs to be addressed
- Collecting data: with available resources, the data analyst gathers the raw data that will provide insight and resolution to the problem
- Cleaning data: the data analyst clears out the raw data from any irregularities that may influence its interpretation, including duplicates and anomalies
- Interpreting data: using various statistical tools, the data analyst sifts through data to study relationships, trends, and behaviors
- Presenting the interpretation: once the data analyst has understood enough of the data gathered, the interpretation is then presented in a report that is easily digestible to the decision-maker, usually in the form of graphs and charts
Why should you consider a career in data analytics?
Data analytics is useful in a wide array of industries, including business, governance, medicine, and education. Since it is a relatively young field, data analysis is a highly in-demand skill, with entry-level salaries averaging $70,000 annually as of 2021. Additionally, the Word Economic Forum listed the data analyst job designation as the fastest-growing profession in 2020.
With the abundance of data everywhere, data analytics has indeed become a crucial tool for every industry. If you are a critical thinker who loves crunching numbers to solve problems, a career in data analytics might just be the right one for you!
What is data analytics?
Simply put, data analytics, or data analysis, is the science of identifying a problem, gathering data about the problem, and analyzing and forming an interpretation out of the data collected. Data analysts, experts in data analytics, then present their interpretation from the data gathered to an end-user who will make a decision to resolve the problem identified.
What are the different types of data analytics?
Data analytics covers four broad types, namely:
- Descriptive data analysis: descriptive data analysis details situation at hand and tells the decision-maker “what is going on” by presenting statistical information about the problem
- Diagnostic data analysis: this branch of data analysis reveals why a problem exists or persists by linking the data gathered to the problem itself
- Predictive data analysis: predictive data analysis aims to determine what will happen next by focusing on relationships and trends among data
- Prescriptive data analysis: this type of data analysis focuses on the most ideal course of action to take based from insights provided by data
What does a data analyst do?
The work of a data analyst usually consists of the following phases:
- Identifying the problem: the data analyst first determines a decision-making scenario that needs to be addressed
- Collecting data: with available resources, the data analyst gathers the raw data that will provide insight and resolution to the problem
- Cleaning data: the data analyst clears out the raw data from any irregularities that may influence its interpretation, including duplicates and anomalies
- Interpreting data: using various statistical tools, the data analyst sifts through data to study relationships, trends, and behaviors
- Presenting the interpretation: once the data analyst has understood enough of the data gathered, the interpretation is then presented in a report that is easily digestible to the decision-maker, usually in the form of graphs and charts
Why should you consider a career in data analytics?
Data analytics is useful in a wide array of industries, including business, governance, medicine, and education. Since it is a relatively young field, data analysis is a highly in-demand skill, with entry-level salaries averaging $70,000 annually as of 2021. Additionally, the Word Economic Forum listed the data analyst job designation as the fastest-growing profession in 2020.
With the abundance of data everywhere, data analytics has indeed become a crucial tool for every industry. If you are a critical thinker who loves crunching numbers to solve problems, a career in data analytics might just be the right one for you!
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