Big data, its storage, analysis, and presentation have become fundamental to business success in the modern age. The world is currently experiencing an information revolution where data is the most valuable resource for organizations. From understanding and predicting consumer demands and behavior trends to assessing overall market dynamics, data analytics is serving as a catalyst for growth as well as sustainability today.
Companies, therefore, are paying big money for professionals and third-party companies offering high-value skill sets and services in data analytics. From comprehensive tasks of installing complete data analysis solutions to extracting data and presenting it in a meaningful form, there are numerous jobs that are increasing in demand these days. As a result, the field has piqued the interest of many students. These pupils want to acquire knowledge and practical skills in the trade.
If you are a professional or student contemplating the benefits of studying data analytics, here are some reasons to help you make a decision.
- It is one of the most in-demand skill sets today
Through the internet and a host of digital technologies, the world has become more interconnected than it ever was. Every single user, who may be a customer for many businesses, generates several terabytes of data each day. And although there is advanced software out there to gather and analyze this data, a person with an MBA in data analytics or another relevant degree is needed to read this information appropriately.
As a result, companies are hiring data analysis talent right, left, and center. According to the US Bureau of Labor Statistics, data is amongst the top 20 occupations for which demand is increasing rapidly. Projections show that over the next decade, there are expectations for the demand to grow by 31%. These numbers clearly show that the market for individuals with the right skill set is expanding and will continue to do so for many years.
- Data analytics is a diverse skill set that holds high value
There is a lot more depth to data analytics than most people understand. Besides the processing and presentation of data, it involves mathematics, statistics, and numerous other subjects. The results of data analysis are then combined with business management, marketing, supply chain, logistics, and several other fields to make informed decisions that benefit companies worldwide. Businesses, be they small or large, are utilizing data analytics to expand and grow their operations.
The beauty of studying data analytics today is that it can easily merge with other disciplines of study. It doesn’t matter if you already hold a degree in business administration, engineering, medicine, or even arts. Learning data analytics on top of these can provide you the ability to become more relevant in the job market nowadays. As a professional, your usefulness to your existing employer or any new potential hiring entity can grow manifolds through learning data analytics.
- Data analytics is everywhere
The World Wide Web has transformed the globe into a hyper-connected village. Every second, an average user on the internet generates nearly 1.7 megabytes of data. This amounts to 147 gigabytes of data each day. Multiply this number with more than 50% of the global population that has access to the internet today, and the amount of data generated becomes staggering. Therefore, it is unsurprising that more than 97% of global organizations are investing in big data and AI these days.
Data analytics plays its role in every field, industry, and market around the world. eCommerce, telecommunication, data services, FMCG, oil and gas, automotive, and every other sector imaginable is utilizing data in one way or another. Therefore, studying data analytics doesn’t entail people having to switch jobs from their current industry. It only means you can find more diverse, higher-paying positions in the same sector, maybe even the same company.
- It allows you to become a better problem solver
Data analytics is more than just number crunching. It is not a purely statistical field of study that involves creating graphs, calculating probabilities, or making projections. Although these are tasks you will study as part of the learning program, that is not all. As a whole, data analytics is about problem-solving. It enables a person to gain essential skills about how data is changing the game for businesses around the world.
Studying data analytics in your bachelor’s or master’s or even as a short diploma can give you a variety of diverse skills. It allows you to think differently about the numerous problems a company might face. Through analytical thinking backed by support from real-time data, the study of analytics can allow you to have a unique perspective on existing issues. It is holistically enabling you to develop a completely new way of thinking in a professional capacity.
- Data analytics offers lucrative freelancing opportunities
Freelancing is one of the biggest markets that modern companies explore continuously. Businesses hire skilled individuals on hourly rates for several high-demand skill sets. Cybersecurity and data analytics and two of the most sought-after freelancing opportunities in the market today. Freelancers can make thousands of dollars from a single task with the right data analytics skill set.
The scope of studying data analytics is particularly expanding rapidly in the freelance market. Businesses that lack the intention and resources to hire full-time employees for these tasks can easily acquire the solutions they need through freelancers. Therefore, studying data analytics will not only give you a more diverse role with your current employer, but it will also allow you to make significant earnings on the side through freelancing.
The data-intensive market of today has made data analytics an extremely valuable skill. It is one of the study disciplines towards which many students are gravitating these days. There are numerous reasons for pursuing a degree or diploma in data analytics. These benefits range from expanding professional skills to creating more income streams for yourself. It is a vibrant market that has a wide scope for many years in the future. As time goes on, the demand for data analytics will only grow. So, now is the right time to jump on the bandwagon and learn this skill set to reap massive benefits in the future.