The world as we know it will continue to be increasingly driven by data. From a corporate perspective, data analytics is the tool that helps business owners in this day and age both understand how their business is faring and pinpoint areas that need attention.
In its function to deliver critical insights as to whether a business is moving in the right direction, data analytics is fundamentally the key to effective decision making. Skilled data analysts, the right software and infrastructure will help to identify trends in the market and explain the mechanics behind the success of one product or service versus another which may not be faring as well.
Together with tools such as machine learning and artificial intelligence, part of the data analytics picture is data mining, the process of collating large sets of data and analysing them to extract useful information from a broad test base. As a result, businesses can utilise data analytics to better understand their client base in terms of customer trends and behaviours. This information can of course be targeted at more effective marketing strategies and more focused pitching of products and services.
Data analytics is the key to driving productivity, efficiency and revenue growth. The results from analysing data sets is going to tell an organisation where they can optimise, which processes can be optimised or automated, which processes they can get better efficiencies out of and which processes are unproductive and thus can have resources dedicated away. In this way cost effectiveness is increased as areas that are hording a company’s finances unnecessarily can be identified and decisions can be made around technologies that can be put in place to reduce operational and production costs.
There are so many ways data analytics can be useful and for the most part the how depends on the organisation but at its core it’s all about helping that organisation make the best decisions to get their business where it needs to be.
This also includes the problems that arise, large and small, which could lead to losses for the company, among other things. Data analytics support a business in detecting those problems and setting out a forecast of their potential impact. Thus, when used correctly and driven by skilled data analysts, those data sets are highly valuable in helping an organisation make informed decisions in the running of the business and helping them to mitigate any losses.
Data analytics has found its way across a variety of industries from banking and healthcare to technology, manufacturing, and education. Candidates applying for data analytics jobs typically require a bachelor’s degree in a subject like computer science, mathematics, statistics, in some cases a master’s in data analytics or similar will also be necessary. Candidates should also be able to show some level of practical experience working in data analytics or a related field.
The growth of data has consequently seen the jobs landscape evolve to include data specialists, data architects and at the top of the food chain, Chief Data Officers (CDOs). Professionals aspiring to apply their skills within the field of data analytics and business intelligence can expect a decent income. Average salaries, according to Indeed, for entry level and junior data analyst jobs in the UK start at upwards of around £30,000 moving towards £50,000 and over for mid-level to senior roles depending on the organisation and candidate experience.
Data analytics strengthens business by encouraging disciplined thinking, keeping key decision-makers focused, improving processes and optimising communication between business leaders and data experts in order to drive the right conversations for the success of the business.