Data Analysis is the art of collecting and analyzing data so that a company can use this data to perfect their business practices. It is the lifeline of any business and is instrumental in a variety of situations. Whether to arrive at a marketing decision or fine - tune a new product launch strategy, it is with the help of Data analyst, a highly trained professional who analyzes and mines business data by running various mathematical calculations in order to arrive at the best possible solution on how the data samples might best be applied to enable business profitability. There is a huge explosion of raw data available through seminars, email newsletter, marketing and various other channels that has given rise to immense potential of finding new and valuable insights in every field of business. However, there is a need to collect, organize, process, analyze and interpret such voluminous and variedly structured data to make it useful for business decision making. This is where the role of a Data analyst comes in demand.Data Analysts work in a wide range of industries, such as, healthcare, manufacturing, finance, retail, IT etc. The job of a Data Analyst is highly technical and heavily influenced by mathematics and advanced computerized models. Hence, if you are planning to pursue a career as a Data Analyst, you must have strong analytical and statistical abilities, an eye for detail along with excellent computer skills. Following are the brief responsibilities or daily roles of a Data Analyst:
- Information Compilation
- Extrapolation and Interpretation
- Projections and Advisory responsibilities
- Research and Writing Tasks
- Data Management
Salaries and Job Outlook*
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The need for Data Analytics has been growing among organizations across Indian industries. With companies realizing the potential of leveraging data and analytics, need Data Analysts to organize and evaluate the huge amount of data available to them and thereby help in business decision-making. People with proven skills and credentials and penchant for technology have a rewarding career choice as a Data Analyst. Their job applicability is found across all verticals such as banking, insurance, telecommunication, listed companies, as well as in the retail sector.The pay package may vary from industry to industry for Analytics. At an entry level the average salary per annum of a Data Analyst ranges between INR 3.0 lacs to 4.0 lacs. KPOs, IT firms and in house firms offer some of the best salary packages.
Education and Training
Most employers require data analysts to hold a bachelor's degree preferably in Mathematics, economics or computer science. You may also take up an MBA if you want to move on to specific fields. Career advancement opportunities for data analysts require advanced training in the usage of specific software products.
Valued Traits & Abilities
Data plays an important role in modern day and the need for analytics is growing throughout sectors like medical/healthcare, manufacturing, finance, retail and e-commerce, IT, etc. Businesses of different niches are on the lookout for analysts. These niches include KPOs, In-House Units, IT Companies, and Niche Analytics Companies as well.
An emerging field comprising of four main areas of responsibility, creating data entry procedures, managing data integrity, system security and data analysis.
Configures computer systems for a business and choose the most efficient computer solutions for a business, while making sure the systems meet all the company's needs.
Collect and analyze financial information and make recommendations to the company, customers or clients. There are different types of financial analysts such as securities analyst, investment analyst or ratings analyst.
They determine the value of a wide range of investments, create advice reports and research new investment ideas to fund managers, stock brokers and stock market traders.
Analyze and synthesize information provided by multiple business interactions such as customers, staff, IT professionals etc. and serve as a communicator or translator in aligning the needs of these business units.
- Wipro Analytics
- Cognizant analytics
- IBM Analytics
- HCL technologies
- JP Morgan Chase