A data analyst is a professional who is responsible for gathering, cleaning and studying data to extract useful information from it. In other words, data analysis is a process to gather useful insights from the sets of raw data.
It is a way of organizing the data in such a manner that various conclusions can be predicted out it. In addition, it further enhances the productivity of a company. You can visit Data Analyst online training in India to further know about this career opportunity. The process of analysing the raw data usually goes through these phases:
- Identify the data, you want to analyse.
- Collecting the data, you want to analyse.
- Cleaning and filtering the data.
- Analyse the data
- Clarifying the results of the data.
Types Of Data Analysis
Data contains all the records of an organization and the process of data analysis can be used to answer several helpful questions. This analysis can help in boosting a company’s performance and reducing its cost. Data Analysis can be parted into four different types:
- Diagnostic Analysis- This analysis determines ‘WHY’. It is useful in understanding why something has happened in the future and is capable of predicting similar outcomes in future.
- Descriptive analysis- This analysis tells “WHAT” happened in the past. It also helps in predicting what is most likely to happen again in the future.
- Predictive analysis- It is helpful in analysing various projections which are made about the future. It is the analysis of data to provide an assessment about what will happen in future.
- Prescriptive analysis- This technique of analysis gathers insights from all the above types of analysis done and predicts how a company should act.
Uses Of Data Analysis
Data Analysis is used to present accurate results at the end of the process. In other words, it is a part of a broader method that is used to achieve business intelligence. It can help in understanding the performance of the business.
Above all, data Analysis also provides a business advantage over its competitors. It also provides information to a business about its potential customers. Here are some of the uses of Data analysis:
- Personalizes Your Customer Experience- Companies have a tendency to collect data from various courses such as social media polls and search engines. Therefore, it’s use is to divide customers on the basis of their interest according to these poll results. Thus, resulting in personalizing the customer experience.
- Facilitates Business Decision Making- The use of this analysis is to make decisions related to business on the basis of the results. In addition, it can also suggest a business how react to a situation.
- Improve Operations- Data analytics can help in improving the efficiency and effectiveness of an organization. In addition, data analysis helps a business to enhance its inventory levels.
- Improve the Security Levels- In today’s era, data theft is a threat to all businesses. Therefore, to deal with it, various companies use data analytics to know about the causes of past data breaches. Thus, this information is useful to cover the vulnerabilities and weaknesses.
Career Opportunities in Data Analysis
Every industry needs a data analyst to have a record of its ongoing position. Therefore, a skilled and professional data analyst is one of the most sought individuals in the world. This career opportunity offers good salaries and perks even at the beginner’s level and has a great future ahead.
Along with high salaries, there are abundant career paths one can opt from in this career. Above all, a data analyst can opt for a career in financial analysis or market research. Here are some of the career paths available for a data analyst:
- Business Analysis
- Management Reporting
- Corporate Strategy Analyst
- Compensation & Benefits Analysis
- Budget Analysis
- Insurance Underwriting Analysis
- Sales Analytics
- Web Analysis
- Credit Analysis
- Social Media Data Analyst
- Machine Learning Analysis
- Data Scientist
In conclusion, there are no such education qualification requirements for a data analyst. However, a Bachelor’s degree in mathematics, economics, computer science, information management, or statistic will surely add up to the value of a data analyst.
In addition, these skills are rare and are highly demanded, therefore, have a lot of opportunities. If you are a data analyst aspirant and wish to pursue a career in this field, you can learn from Data Analyst Training Institute in Gurgaon. As you will gain experience and skills from this course, similarly, you will find better opportunities and career paths in it.