Data analysis is a key domain within the information science sector, covering critical aspects such as machine learning, artificial intelligence, data management, and analysis. When understanding what is data analysis, it’s important to extract its true meaning from its results. It’s also critical to understand the data analysis tools that are being leveraged within the industry as well.
The core function of data analysis is to transform raw information into actionable insights that can be leveraged by companies. It helps decision-makers become more agile in their field, by offering the right insights at the right time. It also covers strategies that can enhance the effectiveness of a range of business operations, thereby introducing efficiencies in the enterprise.
What is Data Analysis?
Data analysis is the art and science of converting raw inputs into real insights. It can be applied across key domains such as customer insights, sales data, inventory sheets, etc. when it comes to the core data analysis definition.
Data Analysis definition
Data analysis is a critical function of any successful enterprise that works with data on a regular basis. From the extraction of key insights to the valuation of a function’s effectiveness, data becomes a critical determiner of growth and success within a business endeavour.
When asking – what is data analysis, it’s important to review its merit in the global business scenario. It’s one of the few objective lenses through which any part of the enterprise can be analysed and enhanced simultaneously.
When candidates want to understand the job description of a data analysis expert, they study the data analysis definition closely and the applications covered under the domain. While the extraction of insights is key, it’s important to also align core resources to the larger goals of the enterprise.
Data Analysis tools
Data analysis experts work with a set of tools that are structured to provide expedient results. Depending on the size and scale of the data being worked on, the appropriate tool can be used accordingly. Key data analysis tools such as HDInsight, Microsoft Power BI, Tableau, SQL, AWS, etc. are higher in demand in terms of what recruiters are looking for.
Data Analysis applications
Leading enterprises in the financial services domain and banking sectors use data analysis daily. They prepare financial results, showcase liquidity within operations, and create minute-by-minute reports of market movements.
The eCommerce domain hires data analysis experts to sort through thousands of transactions and customer data. Data analyst jobs in the domain require candidates to decode strategies that can help enhance conversion and average revenue per customer (ARPC).
Healthcare research & development departments also use data analysis to produce innovative products via iterative testing. They capture core performance data across a range of parameters to review the effectiveness of medicines, drug delivery models, etc.
The impact of real-time analysis
One of the key areas where data analysis excels is in real-time analytics. Companies can gain access to a range of data points from global inventories to customer usage metrics. These numbers can be analysed to provide meaningful insights while leveraging the true definition of – what is data analysis.
Real-time analytics also helps the entire organization become more agile, as more information is readily available to all members. They’re also able to leverage a single data dashboard, thereby working within the same parameters across the enterprise.
Skills required to excel in Data Analysis
Data analyst jobs are some of the most sought-after positions in the Indian ecosystem. The market is expanding within the sector, with more companies seeking the most qualified candidates for their data-driven projects.
Education & Work Experience
A bachelor’s in data science or information technology should be accompanied by a master’s degree in the field. Candidates must have graduated from accredited colleges, along with acquiring additional certification from recognized institutions. Having a few years of work experience also helps you be in the right position for accelerated growth. But more importantly, love for data and data wrangling will help you go a long way in data analytics.
Technical skills for data analysis
It’s important to master the languages required for data analysis. The industry views core data science languages given below as some of the most impactful data analysis tools.
- R programming
Candidates need to showcase proficiency in a combination of these languages while being compliant with best practices in the domain.
Prerequisite business skills
It’s not enough to understand how to code the right algorithm to extract insights from data. Data analysts need to perform analytical derivation of core insights. These can be developed by looking at the business side of the enterprise and weighing the meaningfulness of key results.
The impact of these results will be measured by their contribution to core areas such as customer acquisition, logistics enhancement, digital optimization, product research & development, etc. Candidates must have the prerequisite business skills to decode key insights that are relevant to senior decision-makers.
Jobs in Data Analysis
The data analysis domain is expanding, opening new opportunities for information science experts to provide value. Major enterprises across the world require data analysis for crunching millions of data points acquired. The job market is in a growth phase at this point, with more than 97000 jobs being available, according to estimates.
The bulk of the requirement in the data analysis space is in the full-time sphere, with companies clamouring for top experts to join the ranks. Salaries are also witnessing an increase over time, with many global enterprises acquiring Indian candidates as well. The field is open to candidates with technical mastery in core languages (Python, R, etc.) and business insights (Data tools, Dashboards, Presentation, etc.)
Springboard has partnered with Microsoft to provide a 1:1 mentoring led, practical and comprehensive Data Analysis course with job guarantee for aspiring technology professionals. The curriculum is designed to blend the best of business practices and technical knowledge for maximum impact in the field. The course also helps technology students to design an industry-ready portfolio that can be leveraged when engaging with the country’s best recruiters.