Why Learn Data Analytics?

Knowing data analytics basics was valuable back in the day. However, given the massive volumes of data generated daily, we’re increasingly heading toward a data-driven world. This means you’re expected to know data fundamentals regardless of the industry you work in.  

Besides, learning data analytics has become necessary for those seeking a stable career path in a data-related field. 

Almost every industry today relies on big data to drive valuable insights and optimise its processes based on them. So, if you’re wondering, “Why learn data analytics?” a look into its perks will reveal its importance.

What Is Data Analytics? 

Data analytics refers to analysing large datasets and drawing helpful insights. Businesses may collect historical or current data for a specific project. Besides, the data entails information about an audience’s behaviours, interests, and geographies. 

Companies can use this data to tweak their business practices per customer liking. This helps them enhance customer satisfaction and ultimately generate more revenue. Businesses can collect the required data in different ways: 

• First-party: This involves gathering the data directly from customers.

• Second-party: Here, companies pay to get the data from another organisation.

• Third-party: This involves obtaining the data from a third party. Companies must pay them to get the desired data. 

Data analytics helps organisations extract the raw data and convert it into valuable insights. This helps them make informed decisions and devise a more effective business strategy. Not only does it help optimise business operations, but it also upgrades customer experience.

Reasons You Should Learn Data Analytics 

Success in today’s highly competitive world is almost impossible without studying trends. 

Data analytics allows companies to spot trends and see where they stand as a business. What a firm needs to improve and which areas they need to work on can help them formulate better strategies. 

Anyone capable of driving meaningful insights and studying trends would be a valuable asset for any organisation.

Data Analytics Has Become a Priority for Most Organisations 

With rising competition, organisations are turning to data analytics to identify new business opportunities and enhance decision-making. Businesses want to discover how they can improve their products and services to gain a competitive edge. 

Many organisations today use data analytics to measure their business performance. This means they’re on the lookout for skilled data analysts to handle their internal processes. Companies seek data experts to gather, interpret and use the data. 

Consequently, job opportunities for data analysts are on the rise. You'll find many job postings for data analysts if you visit popular job boards like Indeed, Glassdoor, and LinkedIn.

You Get to Contribute to a Company

If you have always dreamt of providing value to any organisation, now is the right time. Data analytics gives you the power to contribute to a company’s growth and be at the core of decision-making. 

Here’s how your role can help an organisation across any industry. 

Better Marketing 

Companies implement unique marketing strategies to stand out among their competitors. Therefore, strategic marketing can significantly add to a company’s reputation. You can use data analytics to identify what customers seek. 

Once you understand a company’s customers, you can recommend more targeted and focused marketing. 

Informed Decision Making 

When data analytics blends with machine learning and artificial intelligence, companies become more capable of making accurate predictions. 

For instance, predictive analysts suggest what may happen as a result of business changes. Prescriptive analysis, on the flip side, signifies how an organisation must react to the changes. 

Ultimately, firms can use data analytics software and tools to visualise the success of the previously made changes. 

As a data analyst, it is your job to help companies make informed decisions. You’re responsible for communicating valuable insights to the firm’s decision-makers and offering suggestions. 

Personalised Customer Experience 

Customers expect firms to understand them and provide a better experience across several touchpoints. Data analytics helps boost customer experience because it allows you to tailor the strategies per their preferences. 

Nothing makes customers feel more valued than when companies offer them a personalised experience. 

You can interpret various datasets and identify a company’s ideal customer as a data analyst. Not only this, but you also provide helpful recommendations to alter business practices for the better. 

Eliminate Fraud 

As a data analyst, you have the ability to mitigate fraud within an organisation. Adequately performed data analytics helps firms detect fraud and take preventive steps to secure the company. 

You can use statistical and network methodologies to predict fraud and execute warnings and threat detection techniques for efficient reactions. 

Organise Operations

Data analytics helps companies determine ways to streamline their operations and boost revenues. They can identify potential problems and keep them from occurring in the future. 

As a data analyst, you can help companies identify the practices that produce the best results under specific circumstances. Your knowledge also prevents companies from implementing strategies that are no longer helpful.

You Can Pick from Various Job Titles 

Data analytics isn’t restricted to a few roles. The profession offers several job titles to choose from. You can be a: 

• Data Analyst 

• Data Engineer 

• Data Analytics Consultant 

• Operation Analyst 

• Financial Analyst 

• Metrics and Analytics Specialist 

Make sure you determine your preferences and choose a role that aligns with your skills and interests.

Better Pay 

As the demand for skilled data analysts rises and the supply remains low, companies are willing to pay more and more. The average salary of a data analyst in Ireland is around €49,000+ annually. 

However, this varies per your skill, experience, organisation, and location. The more companies realise the importance of data and its role in optimising their organisational processes, the more they’re willing to hire skilled data professionals. 

So, if you acquire the technical and non-technical skills related to data analytics and take a professional course to get some hands-on experience within the field, an organisation would be willing to hire you.

Work Opportunities In Various Industries 

Data analytics is not confined to a few industries because every field needs data to gain better insights. This means you can pick an industry per your preferences. You can choose from informational technology, manufacturing, retail, finance, automobile, and other industries. However, ensure you get training specific to your industry.

Hone Your Soft Skills 

Although technical skills are a priority, companies welcome a set of soft skills too. For instance, problem-solving is at the core of data analytics. You must identify the problems and present relevant solutions. 

So, your Python programming or machine learning skills alone won’t help spot the issues and offer solutions. You must have excellent problem-solving skills to approach an issue tactfully. 

Here are some non-technical skills you’ll likely sharpen as a data analyst working with a company. 

• Communication skills. As a data analyst, you must communicate your findings to other team members. This requires you to have efficient communication skills. Once you convert the raw data into meaningful insights, it’s time to visualise the data and share it with the company’s decision-makers. 

• Collaboration skills. You’ll work closely with the firm’s management and sales team, and stakeholders to determine the best strategies for the company’s growth. Communicating with people in different positions requires good collaboration skills. 

• Attention to detail. Data analysts spot issues that others do not notice. Working with data regularly, identifying trends, and finding errors improve your attention to detail skills. 

Critical thinking. Data analysts must frame the questions properly and determine how their insights can help a company reach its goals. They take an objective approach to evaluate an issue and form a judgement. Improving critical thinking skills helps you tackle challenging life situations like a pro.

FAQs

Is It Worth Learning Data Analytics? 

Learning data analysis is a worthwhile investment, given the booming industry and market reliance on the data. 

Why Is Data Analytics Important? 

Data analytics is important because it helps companies identify trends and spot new opportunities. Companies can use the valuable data to modify their business practices and improve customer experience. This helps build a brand reputation and generate more revenue.

Final Words 

Regardless of the quality of a company’s products and services, they need to optimise their processes regularly to keep up with the trends and boost customer satisfaction. 

Data is vital in monitoring trends and streamlining business operations to outpace competitors. With each day, more organisations rely on data to improve their existing strategies. This answers the question, “Why learn data analytics?” 

You must learn data analytics if you’re willing to join the booming data industry and receive a competitive salary. 

UCD Professional Academy offers several data analytics courses for aspiring individuals seeking the rewarding data analyst career. You can take up a course and improve your skills bit by bit to enter the field and eventually climb the ladder.