Roles And Responsibilities Of Data Analysts In Different Industries
Right now, it seems that people are most interested in careers in the tech sector. You can’t go wrong with a job in the technology industry, whether you’re a student trying to figure out what to do after graduation or an employee looking to make a change. One of the most prominent branches in this field is data analysis.
Jobs in the technology sector are in high demand and well-paid, but there are a lot of things you need to know before choosing a career in data analysis. Of course, you have to learn the basics. But how?
There are many courses and boot camps online that offer all the knowledge you may need for programming and data analysis. Data analysts may take up Python and SQL and further improve their spreadsheet knowledge, as these are the tools that are needed for manipulating databases. This can be enough to help you get entry-level data analyst jobs.
If you have a knack for analyzing and organizing data, then maybe being a data analyst is the right job for you. In this article, we will discuss who data analyst is, how much they earn, and what they do.
Who is a Data Analyst?
Data analysts are in charge of analyzing large amounts of data and looking for trends. They use this information to help their companies make better-informed decisions for better performance, profit, and growth.
They also use a variety of software, such as spreadsheets and SQL database software, to do their job. There are many industries that offer data analyst jobs, and the specific roles and responsibilities of the data analyst depend on this.
But in general, a data analyst must be good with numbers and details. They should also have strong presentation skills, as their data should be well presented in order to help their companies.
How Much Does a Data Analyst Earn?
Jobs for data analysts are high-paying, whether they have entry-level experience or are already skilled with 20 years on their resumes. Of course, when data analyst recruiters see that a candidate has more experience, they may offer a higher salary.
A data analyst with less than a year of experience can earn around $46,000 a year, and their highly skilled counterparts with 19 years of experience and above can earn up to $89,000 a year. The data analyst’s salary averages around $64,000.
What Different Industries Hire Data Analysts and What are Their Roles and Responsibilities?
As we previously mentioned, the roles and responsibilities of data analysts highly depend on the industry they are working in. Various industries offer data jobs, and the specific roles and responsibilities of data analysts vary by industry. Here are some of the different industries and what data analysts do for each of them:
The financial industry comprises firms and companies that manage money and acquire funds. Some examples of these are banks, insurance companies, hedge funds, and private equity firms. The role of the data analyst depends on how much experience they have in the field.
An entry-level data analyst would be in charge of making spreadsheet models for the bankers and investors to use. An investment analyst analyzes investments and makes recommendations for the sale and purchase of assets. A financial analyst would be in charge of analyzing cash flows and recommending a budget and capital structures. And lastly, a quantitative analyst would develop models to manage financial portfolios.
Telecommunications companies are companies that handle large amounts of data due to the sheer amount of text, calls, and social media that their subscribers use through their networks.
A data analyst’s job in a telecommunications company would be to collect and organize data from various sources. They can also help detect fraudulent activities by spotting them in these data sets. Data analysts for telecommunications companies also help them with pricing, making personalized plans or targeted offers, performing predictive maintenance, and allocating resources.
Healthcare companies are made up of professionals that offer healthcare services. These companies and facilities deal with a large number of people daily, and they have to record and keep track of all these patients’ data. However, since patients go to a lot of doctors even if they are in just one facility, patient records are fragmented and hard to compile to spot trends and analyze.
The job of data analysts in healthcare companies is to help clean, organize, and compile this data. From there, they can interpret the data and present it to these companies so that they can make better decisions.
Entertainment companies that use data analysts are some that we are very familiar with. Entertainment streaming applications such as Netflix, Hulu, Spotify, and Apple Music are just some examples of these. They go through their subscribers’ data to figure out what they like or don’t like. And they use this information to provide more of the content that their subscribers would like.
They can also use this data to personalize content, such as in-app recommendations for Netflix or personalized playlists for Spotify! These play a big role in their marketing and advertising and generate customer satisfaction.
Transportation and logistics companies also handle big data. Their data is used for roadwork, traffic predictions, and accident prevention. It is important for their companies to maintain their speed of delivery and fuel and budget optimization. If they fall short in these areas, they would lose customers and profit as well.
Data analysts use their data to make predictions and enhance the company’s business performance. They would need to do this in order to maintain efficiency despite unexpected events.
Retail companies also use data analysts to analyze their data. Whether they sell clothes, electronics, or cosmetics, these companies generate data analytics from what their customers are buying or even browsing if they have an e-commerce portal.
With this information, retail companies can find out what their customers’ preferences are and tailor their marketing and advertising strategies to those preferences. This can improve customer satisfaction and business performance.
Data analysts can work for a wide variety of companies. If you are someone with a specific interest, you can enter a company that offers it and work for them as their data analyst. With the skillset of a data analyst, you can help shape the future of a company and help with its improvement.
With the high demand, choosing to be a data analyst is a good decision. If you have a knack for organizing data and making interpretations, then maybe this is the career for you!