Data analytics: The Sexiest Job of 21st Century

Reports from CNBC and Harvard Business Review say that the sexiest job of the 21st century is that of a data analyst/ data scientist. And that’s why, it comes as no surprise that the IITian affair with finance jobs seems to be losing its sheen as more and more IIT graduates are opting for a career in data analytics, also referred as business analytics.

In broad terms, data analytics refers to the process that inspects, cleans, transforms, and models data in order to churn out meaningful conclusions that support decision-making. Analytics professionals have huge prospects as industries are rapidly discovering the benefits that Big Data can throw up. Studies have shown that the expenditure by companies on Big Data would be around $34 billion in 2020. As of the present, the biggest investors using this technology to gain competitive advantage are IT, BFSI, retail, FMCG, and consulting firms. In India, BOFA Corp., American Express, Amazon, Genpact, Accenture and HSBC are some of the highest paying companies in the data analysis domain.

Why is Big Data and analytics such a hot topic?

1. Big Data has the potential to reveal crucial information about customer behavior and thinking patterns, which can be used for strategy building and promotional marketing. For example, the likes of “recommendation engines” that companies like Amazon use to recommend particular products to a user based on his or her history also throw up unusual relations between customer practices – according to Harvard magazine, credit card companies have found that people who purchase anti-snuff pads for their furniture are very likely to make their payments.
2. The scope of Big Data revelations isn’t limited to business. Social research is also making important discoveries about human patterns. For instance, predicting the situations where crime is most likely to be committed will give leverage to police patrolling and crime control.

As more and more scientists are jumping into the Big Data bandwagon, analytics is only going to be more sophisticated in the future. Experts can safely expect to see multiple opportunities for their skills.

Who can become a data analyst?

Most employers seek candidates with at least a bachelor’s degree in information technology, statistics, computer science, business management or management information systems. The requisite skill set includes analytical and mathematical skills, with some exposure to databases, data warehousing, and data manipulation.

As of the present, there is a huge demand for trained professionals but a severe shortage of candidates with the requisite skills. The salaries for data analysts are easily more than 50% better than any other profile. Many recruiters complain that because of this burgeoning demand, individuals have clinched a hefty increase in their pay packages just by the virtue of surface knowledge about the subject.

Therefore, if you are looking at adding a valuable skill to your abilities, or if you are on the brink of deciding a rewarding career path, the world of data analytics has much in store for you.

AnalytixLabs is a premier institute in Gurgaon, India that provides some of the best courses in data analytics. Its world-class training expertise is possible because of talented and experienced faculty members who know the inside out of data technologies that will shape upcoming trends in the Indian job market. Programs are available for students as well as corporate professionals. To know more visit https://www.analytixlabs.co.in/.