Overview
Business and Data Analytics is a practice by which a specific set of techniques, competencies, and procedures are applied to perform the continuous exploration, iteration, and investigation of past and current business data, for the purposes of obtaining insights about a business that can lead to improved decision-making. It can be both generalists and specialists depending on where they are working
It covers 6 practice domains:
- Identify the Research Questions basis the Business Objectives/Problems
- Source Data
- Analyze Data
- Interpret and Report Data
- Use Results to Influence Decision Making
- Guide Organization-level Strategy for Business Data Analytics
‘‘Without Big Data Analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.’’ – Geoffrey Moore (American consultant)
Salary Prospects for Entry Level
Future Prospects
Personality Traits
- Data-Driven: A data-driven personality is someone who feels empowered to solve difficult problems by having as much data as possible on their side. They have a high level of intellectual honesty and never presume anything
- Coder: A coder creates and formats computer software programs. Writing code allows the software to perform multiple tasks including word processing, creative design programs, and other industry-specific functions.
- Researcher: Researchers collect, organize, and analyze opinions and data to solve problems, explore issues, and predict trends.
- Mathematician: A mathematician is someone who uses extensive mathematical knowledge in various ways. Their work usually involves numbers, data, quantity, structure, space, models, and change.
- Problem Solver: A problem solver defines the problem, determines the reason behind it, prioritizes, and weighs the consequences well before implementing their ideas to bring about the best solution.
Skills & Knowledge
Technical Skills
- Data Analysis and Visualization (Tableau)
- Data Wrangling (Excel & SQL)
- Hands-on atleast one Programming Language (Python Prefered)
- Maths (Statistics & Probability)
- Machine Learning (Supervised, Time Series, etc)
Soft Skills
- Analytical mindset & ability to spot patterns
- Ability to drive others
- Creative presentation skills
- Business Acumen for the Domain
- Communication/ People Skills
Entry Requirements
Career Progression
Key Roles & Responsibilities
- Analyzing and evaluating the current business processes a company has and identifying areas of improvement
- Researching and reviewing up-to-date business processes and new IT advancements to make systems more modern
- Presenting ideas and findings in meetings
- Training and coaching staff members
- Creating initiatives depending on the business’s requirements and needs
- Developing projects and monitoring project performance
- Collaborating with users and stakeholders
- Working closely with senior management, partners, clients, and technicians
Job Roles in Data Analysis
- Marketing Analyst
- Business Intelligence Analyst
- Research Analyst
- Operations Analyst
- Risk Analyst
How can I start my journey
Step 1: Explore the field of Analytics & Understand more about the domain
Step 2: Take up a suitable online course on the subject
Step 3: Try to crack for internships/freelancing jobs
Step 4: Participate in data science competitions
Step 5: Take up the right job which provides an awesome experience.
Sources
- Renaix
- Indeed
- Payscale
- Interview bit
- Career Hunter
- Springboard