The edilume team
Understanding Data Analytics and Data Analyst Career Path in 2023 & beyond
What is Data Analytics
Data analytics is the process of collecting and interpreting large sets of data to uncover meaningful insights and patterns that can help businesses make better decisions. It’s like solving a puzzle with data, where the more pieces you have, the clearer the picture becomes. Data analytics involves a range of techniques, from data cleaning and processing to statistical analysis and data visualization.
The goal is to use data to answer questions, solve problems, and identify opportunities for growth and improvement. Data analytics is not just about looking at numbers, it’s about finding the stories hidden within the data and using those stories to drive innovation and progress.
Business Analytics and Data Analytics
You may come across the term of business analytics while searching on data analytics. Let us share some difference between the two. Business analytics and data analytics are two related but distinct fields that involve working with data to extract insights and inform business decisions.
Business analytics is focused on using data to solve business problems and optimize business operations. This can involve analyzing data on sales, inventory, customer behavior, and other aspects of business operations to identify trends and patterns that can inform decision-making. Business analysts often work with key performance indicators (KPIs) and other metrics to track and monitor business performance and identify areas for improvement.
Data analytics, on the other hand, is a broader field that involves working with data to extract insights and inform decision-making across a range of industries and applications. Data analysts use a variety of tools and techniques to collect, clean, and analyze data from multiple sources and identify patterns and insights. This can involve working with structured and unstructured data, and can involve techniques such as machine learning and artificial intelligence to identify patterns and make predictions.
We can say, while both business analytics and data analytics involve working with data, business analytics is more focused on solving specific business problems and improving operations, while data analytics is a broader field that can be applied to a wide range of industries and applications.
Data Analytics: The Foundation of the Data Analyst's Role
Data analytics is a crucial component of the job of a data analyst. Data analysts use data analytics techniques to extract insights and meaning from large and complex data sets. They play a critical role in helping businesses make informed decisions and solve problems.
A data analyst’s job involves collecting, cleaning, and processing data, as well as analyzing and visualizing it to communicate insights to stakeholders. They use a range of tools and techniques to identify patterns and relationships within data and make predictions based on historical trends.
Simply put, data analytics is the foundation upon which the job of a data analyst is built. By using data analytics to extract insights and identify opportunities for growth and improvement, data analysts help businesses make data-driven decisions that can have a significant impact on their success.
Data Analytics Market Size & Job opportunities for Data Professionals
Acumen Research and Consulting recently published report titled “Data Analytics Market and Region Forecast, 2022 – 2030. The report says that the market size of data analytics is set to Achieve USD 329.8 Billion by 2030 growing at 29.9%. As the use of data becomes more widespread across industries and organizations, the need for skilled professionals to analyze and interpret that data will only continue to increase. This growth in the data analytics market is likely to translate into a growing number of job opportunities for data professionals, particularly those with strong technical and analytical skills. According to the Bureau of Labor Statistics, employment of operations research analysts (which includes data analysts) in the United States is projected to grow 25% from 2019 to 2029, which is much faster than the average for all occupations.
These trends suggest that the growth in the data analytics market is likely to drive a corresponding growth in job opportunities for data analysts and data scientists in the coming years.
Data Analyst As a Career Path
If you’re considering a career path in data analytics, you’re in luck – this is a field that is exploding with opportunities. As businesses continue to rely on data to drive decision-making, the demand for skilled data analysts is only going to increase. In fact, employment of data analysts is projected to grow much faster than the average for all occupations in the coming years.
Not only is there high demand for data analysts, but this is also a highly rewarding field. Data analysts play a critical role in helping businesses make informed decisions and solve complex problems. As a data analyst, you’ll have the opportunity to work across a wide range of industries and take on projects that align with your interests and passions.
But perhaps the most exciting aspect of a career in data analytics is the potential for impact. By using data to identify opportunities for growth and improvement, you’ll have the ability to drive real change within organizations. You’ll be able to see the impact of your work firsthand, as your insights and recommendations are used to drive business decisions and achieve success.
So if you’re interested in a career path that is both highly in demand and highly rewarding, data analytics could be the perfect fit for you. With the right skills, tools, and mindset, you can build a successful career in this exciting and dynamic field.
Data Analyst in Business Analytics Or Data Analytics Role
You may be confused with so many terms around and wonder how a data analyst fit into data analytics or business analytics role. So let us demystify it;
Data analysts may work in both business analytics and data analytics roles, depending on their specific job duties and the needs of their employer or clients.
In a business analytics role, a data analyst may be responsible for collecting, analyzing, and interpreting data to identify trends, measure business performance, and provide insights to support decision-making. They may work closely with business leaders to understand their needs and develop reports and dashboards to present insights in a clear and actionable way.
In a data analytics role, a data analyst may work on more complex and technical projects involving large datasets, advanced statistical and machine learning techniques, and data visualization tools. They may work with data scientists, engineers, and other stakeholders to develop and implement models and algorithms to identify patterns and make predictions.
Overall, the skills and tools used by data analysts are applicable to both business analytics and data analytics roles, and data analysts may find opportunities in a range of industries and applications.
Job Outlook for Data Analytics Professionals
Thousands of jobs were posted worldwide for data analytics professionals. These jobs range from junior to senior levels and in different industries with varying job titles but all of them demand data analysis skills. Here are some job statistics from different countries using LinkedIn Job Search during Jan’23
- In US , 100K+ jobs.
- In Canada, 15K+ job.
- In Europe, 100K+ jobs
- In Asia, 50K+ jobs.
- In Australia & NZ, 5K+ jobs
Data Analyst - Typical Job Description
Data analysts use a variety of skills and tools to extract meaningful insights and make data-driven decisions. Here is a list of activities a data analyst typically perform.
- Collect, clean, and analyze large datasets to provide insights and recommendations
- Develop and maintain databases, data systems, and data analytics tools
- Interpret and communicate data findings to stakeholders in a clear and concise manner
- Collaborate with cross-functional teams to provide data-driven insights that support business decisions
- Create and maintain data visualizations and reports that accurately convey data insights
- Continuously monitor data quality and integrity to ensure accuracy and completeness
- Identify and implement process improvements that enhance the efficiency and effectiveness of data analysis and reporting
Data Analyst Salary
An average salary for a data analyst position vary from a country to a country. Here is a quick look at latest statistics.
- The national average salary for a Data Analyst is $72,299 in United States.
- The national average salary for a Data Analyst is $64,960 in Canada.
- The estimated total pay for a Data Analyst is €57,000 in Europe.
The numbers above represents an average salary per year. Some analysts may be drawing more or less depending upon location, company, etc.
Skills & Tools Used by Data Analyst
Data analysts use a variety of skills and tools to extract meaningful insights and make data-driven decisions. Below is a typical list of such skills and tools. The specific skills and tools a data analyst uses may vary depending on their industry, job role, and specific data analysis tasks.
Skills:
- Data cleaning and manipulation: Data analysts need to be proficient in cleaning, transforming, and wrangling data in order to analyze and derive insights from it.
- Statistical analysis: Data analysts need to have a strong foundation in statistical concepts and be able to apply these to analyze data and identify patterns and relationships.
- Data visualization: Data analysts need to be able to create clear and concise visualizations to communicate insights to stakeholders and decision-makers.
- SQL: Structured Query Language (SQL) is a programming language used to manage and organize large data sets, and is commonly used by data analysts to extract and manipulate data from relational databases.
- Excel: Excel is a powerful spreadsheet tool that is commonly used by data analysts for data analysis, cleaning, and visualization.
Tools:
- Tableau: Tableau is a data visualization tool that allows data analysts to create interactive and visually appealing dashboards and reports.
- Python: Python is a programming language that is commonly used by data analysts for data analysis and manipulation, statistical analysis, and data visualization.
- R: R is a statistical programming language that is commonly used by data analysts for data analysis, statistical modeling, and data visualization.
- Power BI: Power BI is a business analytics service that allows data analysts to create interactive visualizations and reports, and share them with stakeholders.
Job Titles for Data Analyst
While job hunting for a data analyst job, you shouldn’t use data analyst as the only keyword. You should use other job titles as well. Some of the common job titles which require data analysis skills include:
- Junior Data Analyst
- Associate Data Analyst
- Data Analyst
- Junior Data Scientist
- Finance Analyst
- Operations Analyst
- Data Technician
- Business Performance Analyst
- Marketing Analyst
- Healthcare Analyst
However, regardless of the specific job title, the core responsibilities of a data analyst typically involve collecting, cleaning, analyzing, and interpreting data to provide insights and support business decisions. So, if you are good at them, chances are quite high that you can apply for such roles.
We would recommend to use our career services to craft a perfect career story for you increasing your chances of getting a data analyst job.
Target Job Industries for Data Analyst Positions
If you are looking to apply for data analyst position, these are some of the industries which heavily rely on data analysts and their data analysis skills.
Finance: Financial institutions like banks, insurance companies, and investment firms use data analysis to make informed decisions about investments, loan approvals, and risk management.
Healthcare: Healthcare providers use data analysis to manage patient care, identify health trends and patterns, and develop new treatments and therapies.
Retail: Retail companies use data analysis to analyze customer behavior and purchasing patterns, optimize inventory management, and develop marketing strategies.
Technology: Technology companies use data analysis to improve products and services, gain insights into customer behavior, and make data-driven decisions about product development and marketing.
Marketing and Advertising: Marketing and advertising agencies use data analysis to optimize marketing campaigns, target the right audience, and measure the effectiveness of their advertising efforts.
Transportation and Logistics: Transportation and logistics companies use data analysis to optimize routes, reduce costs, and improve delivery times.
Government: Governments use data analysis to make informed policy decisions, track social and economic trends, and monitor public health and safety.
Overall, data analysis is becoming increasingly important across all industries, as businesses and organizations strive to make data-driven decisions that can improve performance and drive growth.
How to become a data analyst
If you’re interested in pursuing a career in data analytics, in particular, data analyst, there are several steps you can take to prepare yourself.
First, you should consider obtaining a degree in a related field such as data science, mathematics, statistics, or computer science. However, a degree is not always required, and many data analysts have successfully entered the field with a background in a related field or relevant work experience.
In addition, you should familiarize yourself with the tools and software commonly used in the field, such as Excel, SQL, and Tableau.
Finally, taking a comprehensive Professional Data Analyst program like the one offered by edilume.com, can provide you with the knowledge and skills you need to succeed in this growing field. Our program covers all the essential topics, including data collection and cleaning, data visualization, statistical analysis, and more.
With the growing demand for skilled data analysts in a wide range of industries, taking our flagship program is an investment in your future that can open up exciting career opportunities if you are aspiring for data analytics career .
What's next
As you’re exploring this field and trying to build your career, it’s important to remember that the world of data is constantly evolving. New technologies and tools are being developed all the time, and as a data analyst, it’s essential to stay up to date and continue to build your skills and knowledge.
One great way to do this is by investing in professional training and education, such as the Professional Data Analyst program we offer. Our unique program is designed to give you the hands-on experience and technical skills you need to excel in a data analytics role, while also providing insights and practical knowledge from industry experts.
Whether you’re just starting out in your career or looking to take the next step, our Professional Data Analyst program can help you develop the skills and confidence you need to succeed. So why not invest in yourself and take your data analytics career to the next level? Feel free to download Professional Data Analyst program brochure today and start your journey towards becoming a successful data analyst!
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