The Job Outlook for Data Analysts

Part 4 of 13 in the Series: Data Analyst Jobs or Careers or Work
There's Gold In Them Thar' Data
There's Gold In Them Thar' Data

According to projections by IDC (a well-known research firm), the amount of computing, web and digital data will increase fivefold by 2012 as a result of an upsurge in sensor signals, surveillance tapes, social network chatter, public records and more.

The increases in availability and storage of corporate transactional data within the last decade has left companies scrambling for data analysts trained in interpreting or making inferences based on data.

With the help of data analysts, companies can improve the speed and quality of their business decisions, manage risks better, predict the likelihood of favorable or unfavorable outcomes or provide their management team with improved predictive business intelligence.

Competing On Data

Hiring data analysts helps companies compete favorably using insights, trends or patterns gleaned from their corporate data. This is part of a global trend towards competing on data analytics.

For example, in 2009, IBM announced plans to hire or train 4,000 more data analysts!

According to Samuel J. Palmisano, IBM’s chairman, president and chief executive officer,

“Advanced analytics are increasingly essential to help companies and organizations confronted with vast amounts of data and systemic change, and who are looking to build smarter business systems.”

“All organizations today need to sort through myriad choices, make smarter decisions quickly and accurately, and act decisively”

Organizations looking for ways to leverage mountains of corporate data want to improve marketing effectiveness, customer relationship management (CRM) process, website usage, reduce costs or capitalize on opportunities and trends before their competitors.

According to Michael Maoz, vice president and distinguished analyst, Gartner Inc.

“As a result of the economic slowdown, business leaders are focusing on the central role of customer service to simultaneously lower costs and build customer loyalty.

The loss of a profitable customer, or a potentially profitable customer, is expensive and preventable.”

Data Analysts are positioned to help businesses improve their customer relationship management (CRM) systems using their analytical, statistical and predictive skills.

Job Outlook for Data Analysts

Data Analysts are employed in a number of industries, careers or domains include:

  1. Web Data Analysts: Web sites produce enormous quantities data (website log files, site polls or survey results, web usage reports) which is interpreted by web data analysts or web developers with statistical data analysis training

  2. CRM Data Analysts: Data analysts discover the gold in customer relationship management (CRM) systems. CRM data analysts help sales and marketing departments spot under-served markets, identify best customers, fine-tune advertising campaigns or predict new markets!

  3. Marketing / Sales Data Analysts: Marketing data analysts work with marketing data stored in databases. They also import, validate, analyze or report on marketing data for their sales team.

According to Hal Varian (Google’s chief economist):

“More than ten years into the widespread business adoption of the Web, some managers still fail to grasp the economic implications of cheap and ubiquitous information on and about their business.”

Hal Varian makes the point that with data in huge supply and data analysts in short supply, Data Analysts have a favorable career outlook!




10 Responses to "The Job Outlook for Data Analysts"

  1. Noble   December 5, 2010 at 9:35 pm

    The Company that I am working for is going through a re-structuring process – and I am not sure whether I’ll be affected or not?

    ReplyTweet
    • IT Career Coach   December 5, 2010 at 9:52 pm

      You career is not tied to the fate of your company and your company is a different entity from you.

      Instead of focusing on your employer … focus on your skills, how skilled you are or how marketable you are.

      You should never worry too much about extrinsic factors … like the fate of your company because you have little to no control over that (except if you are the CEO).

      You should however worry about or care about your skills and your marketability because that is your responsibility and that is what you have full control over …

      If your skills are not sharp enough, then your career may be in jeopardy if your company fires you …

      if your skills are sharp and your comoany fires you … then you will find it easy to get another job because you are marketable.

      So, get to the bottom of the matter and do somehing about your skillsets if it’s not cutting-edge because that is the only way you can guarantee a favorable outcome regardless of what yout company does …

      FYI: A lot of professionals like you actually use turn a lay-off resulting from a restructuring into an opportunity to get paid more money by the next employer because they’re good at what they do and their career does not depend on any one company hiring or retaining their services … that’s where you want to be with your career 🙂

      ReplyTweet
  2. Fanny   September 4, 2010 at 10:52 am

    I am a geologist ,i would to get more information and how to follow the training online

    ReplyTweet
    • IT Career Coach   December 5, 2010 at 9:43 pm

      Fanny.

      The Online Data Analysts training program is a superset of SQL / Database Skills & Data Analysis.

      A long time ago, data analysts were mostly statisticians but now they are not statisticians but database analysts.

      So when you see the word data analyst … don’t assume that it means statistician, assume that it means database analyst.

      A database analyst starts is highly skilled at analyzing data or making predictions based on data that is found in databases (mostly relational).

      Click Here To Read More About the Online Data Analysts Training Program
      OR
      Download the Data Analysts Curriculum

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  3. Vipul   July 4, 2010 at 9:05 pm

    Hi

    I worked as a Business Analyst for 2 years.

    Now I have assigned the responsibility as a Data Analyst.

    I want to have a proper training in Data Analysis.

    Can you guys help me with it???

    Thanks

    ReplyTweet
  4. Carol   June 12, 2010 at 3:17 pm

    #jobs #dataanalyst #interns The toughest challenge facing me is trying to find a job as a new undergrad in database develooment.

    Very few if any jobs even as an intern.

    ReplyTweet
    • IT Career Coach   June 12, 2010 at 4:08 pm

      #internship #dataanalysis #resumes How to get an internship job? Don’t look for one!

      Put yourself in the employer’s shoes: Employers are not looking out for interns … they are looking for competent people who can get the job done with minimal supervision. So, present yourself not as an intern but as a capable database professional and you will be able to get the job that you want.

      Learn the practical aspects of your job: Study beyond the college curriculum: College / Undergrad education is meant to be a stepping stone and not the final destination. So, start from scratch and go back to school to learn databases. This time, don’t look for a formal, college program but for an study group / training that takes you through the practical aspects of being a database developer.

      Certify yourself by Building Working Applications: As a new undergrad in database development, you may fall into the habit of presenting your degree / certificate / resume as proof of your competrency.

      Don’t do that. Build real-world working databases and take them to the interviwe or be ready to explain the complexities or richness of your solution. If you can’t prove that you can build it in the real-world, employers wil gloss over your academic achievements!

      ReplyTweet
  5. Nayan   June 12, 2010 at 2:30 pm

    #analytics #dataanalysis Thanks for helping hands 🙂 I am an Undergraduate Student pursuing my studies in Statistics and Informatics .

    I have just completed my 2nd year and I feel that only college studies will not help me in getting a good job .

    Although i am studying in IIT Kharagpur which is india’s best institute in
    technology and science.

    So I dont know what to choose between these options

    1) Analytics ( business or web ) i e learning skills like ORACLE SAS SPSS R
    etc.

    2) go for CORE FINANCE OPTIONS like Actuaries , CFA etc .

    3) purusue any other application field related to statistics .

    right now i am interested more in ANALYTICS and want to work in that
    direction only .

    I have 3 more years of study before i get my Masters degree. So how should i
    start learning ANALYTICS and is it the right time to start

    ReplyTweet
    • IT Career Coach   June 12, 2010 at 5:54 pm

      #analytics #statistics #SAS #SPSS Go with your interests in Statistics / Analytics. Don’t choose careers based on how much you will be paid or how much status you will get out of the career.

      Instead, choose careers based on how much like the career or how much background, skills or exposure you already have.

      Conisdering that your preference is for statistics, data analysis, SAS and SPSS … just learbn as much as you can in undergraduate / post-graduate studies and in addition, learn as much as you can about databases … especially relational databases like Oracle and SQL Server.

      Finally, get your hands wet solving real-world business problems with your statistical / data analysis eduaction. There is nothing like attempting to solve real-world business problems to open your eyes … because you will quickly discover how relevant or out-of sync your education is with the corporate world!

      ReplyTweet

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