What Can Data Analytics Be Used For: Do I Need a Degree in This Field?

About two decades ago, the term “big data” didn’t exist. Today, they're not only hot buzzwords but have also opened up a world of fantastic career opportunities such as data analytics. Now, the amount of data generated is increasing every day.

If you're fascinated by IT, now could be the time to make your move into the industry by becoming a data analyst. But before you do, here's some more information, all about data analytics.

What are Data Analytics?

Data analytics refers to the science of breaking down unstructured data sets with the primary goal of drawing meaningful conclusions from the information it contains. In a layman language, data analytics is an umbrella term for all the techniques used to examine big data to identify hidden opportunities to improve business operations.

The amount of big data generated every day is expected to increase significantly by the year 2023. To cover this rapidly expanding scope, data analytics is divided into four categories as highlighted below

• Descriptive analytics
• Diagnostic analytics
• Predictive analytics
• Prescriptive analytics

How Data Analytics are changing the Equation of Business

By analyzing their internal performance data and competitor data, businesses can now identify cost-effective ways of running a business.

Data analytics have also made it possible for business owners to keep track of their consumer’s habits. As a result, they can then offer solutions that meet and surpass clientele expectations. This has, in turn, helped fuel the growth of many businesses.

Besides enhancing productivity, data analytics are also changing the equation by creating a leveled playground for every player in the corporate world. Now, all businesses, both small and big ones alike can compete with each other as the tools used in data analytics, are similar and available to all. This has, in turn, created an opportunity for all entities to thrive in the dynamic world of business.

Real-world Applications of Data Analytics

Now that you have an idea of how it's changing the narrative, below are a few real-world applications of data analytics.

Risk management

By analyzing internal and external data, businesses can now make data-driven decisions hence mitigating risks. For instance, before insuring anyone, insurance companies usually analyze the potential policy holder's history to determine the likelihood of the insured risk happening.

Fraud Detection

Fraud has always been a big problem in the world of business. However, using data analytics, companies can combat this problem as they use big data to identify when fraudulent activities take place most. They're also able to uncover hidden patterns of fraudulent behavior. With such information, they're then able to incorporate measures that'll help them detect fraud in real-time.

Data Analytics in Marketing

By collecting and analyzing consumer data, businesses are now able to determine where their customers spend most of their time when online and their spending habits. Using this information, they'll not only channel their marketing efforts to the right places but also tailor their products to fit their customer preferences, which helps drive their sales.

Delivery logistics

Businesses dealing with logistics now have an easier time determining the best delivery times, the best routes, and the most suitable modes of transportation by analyzing previous delivery data.

What to Expect from a Formal Degree in Data Analytics

When you pursue a data analytics degree by the end of it, you could…

• Have the skills to understand and manage unstructured data from different sources
• Know programming languages such as Python and SQL to define unstructured data sets
• Be able to use SAS and other analytical tools to extract valuable insights from large amounts of data

Why Pursue Formal Education?

Even if you're proficient in handling enormous amounts of unstructured data, it's wise to pursue formal education as this is typically what employers consider before everything else. Pursuing formal education also gives you the chance to gain first-hand experience through the internship arranged by the institution.

Besides your degree, employers also consider the following non-technical skills while hiring a data analyst

• Strong communication skills
• Great business acumen
• Strong data intuition

Are You Ready to Get Started Today?

When you pursue a data analytical degree, you could unlock a world of opportunities as you might be able to work in a variety of industries. From finance, hospitality to logistics, you'll be amazed by just how marketable a career in data analytics is and also fulfilling. The best part is that you can make this your reality by enrolling to earn a Bachelor of Science Degree in Computer and Information Science with a Major in Software Development - Data Analytics Track at ECPI University. For more information, connect with a helpful admissions advisor today.

It could be the Best Decision You Ever Make!

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