How to Become a Data Analyst in 2021? ~ Multiplex Coder

What is Data Analysis?

To help corporations make informed business decisions, a data analyst takes data and uses it. In systematic studies, a data analyst acquires information on particular topics and then interprets, analyzes, and presents results. To help gather and interpret data, several different types of organizations use data analysts. Data analysts are also called upon as experts to use their expertise and tools to include strategic analysts and identify trends within sectors.

A data analyst is similar to a data scientist, but the algorithms used for data discovery and acquisition are also not responsible for developing them. Data analysts often find themselves tackling specific business tasks using existing resources, processes, and data sets instead of designing their own data projects. Both professions share a common goal: to figure out how to use data for the good of their business/industry to answer questions and solve problems.

What is the key role of a Data Analyst?

Numbers, patterns, and trajectories are converted by data analysts into digestible and available information. Data is collected by companies (i.e. sales estimates, inventories, market analysis, profit margins, cost of logistics, and transport). The role of a data analyst is to take the knowledge and use it to help businesses make better business choices. Often a data analyst’s primary objective is to solve problems that cost the organization money and help make decisions to grow the company.

Some examples of the basic job functions of a data analyst include:

1) calculating market shares

2) setting a market price for new materials

3) minimizing shipping costs

4) timing of sales

5) deciding when to recruit or reduce the workforce.

The collection, manipulation, and interpretation of data is the responsibility of data analysts. To evaluate the relevant details, data analysts use systematic techniques, standard formulas, and methods. Usually, they then write reports explaining the conclusions of their study.

Data analysts can carry out basic statistics over a certain period of time, such as variations and averages for a given product. They also forecast yields and interpret a collection of continuous data for the underlying frequency distribution. When completing their assignments, they use the traditional methods of compilation, analysis, and reporting. Data analysts often protect the data of the company, making sure that reliable, reusable feedback is provided by the data results.

Skills required for being a data analyst

Data analysts also possess sharp technical skills complemented by deep market expertise, much like business analysts. They have a full understanding of the relationships that exist between the different databases and data sources of the company. Using complicated query statements and advanced database tools and techniques, they obtain information.

Analytical skills: Vast volumes of data are used by data analysts, including statistics, figures, and analysis of numbers. To draw conclusions, they need to see through the data and evaluate it.
Communication skills: Data analysts present their observations and convert the data into documents or reports that are understandable. They need to write and speak clearly and be able to express complicated concepts in words that are easily understood.
Critical thinking: To formulate conclusions, data analysts must look at the statistics, patterns, and data.
Math skills: To process numerical data, data analysts need math skills.
Technical abilities/tools: In order to be proficient, there are many technical abilities and programming programs that a data analyst must-have. SQL, XML, JavaScript, R, Python, SAS, Hadoop, and other machine learning programs provide a few of these.

Career Road Data Analyst

In nearly every industry, professional data analysts are in demand. It is therefore not surprising that the projected growth rate in data analyst demand for the next seven years is 19 percent. The most important skill is considered to be data processing, so any professional should study Data Science to succeed in a career as quickly as possible. The following are some industries where the market for data analysts is very high:

Market Research: In the new marketing environment, 72 percent of marketers consider data analysis to be critical for thriving. It is possible to understand the effectiveness of marketing campaigns using data analysis. Data analysis may also be used for market research for businesses before introducing a new product or service.

Finance and Investments: Entry-level data analysts as well as experts are usually expected by financial institutions. The most common career path taken by data analysts at many financial firms, such as investment banks, is that of management. If you appear to be the best in your peer group, you are considered by senior management for promotion because they consider you to be someone who could well handle new hires.

Sales: There are several data that are evaluated in a business related to the sales of goods and services, which helps to improve sales and customer loyalty and also to recognize possible obstacles to sales. Therefore, there is a need for data analysts in this field.

A new data analyst makes a nice salary, and the range of the salary depends on his/her experience and skill set. The abilities required as a fresher can vary across the sector.

On the other hand, a Data Scientist creates models using Machine Learning. These models are used to make many forecasts and may describe the organization’s future as well. When planning the data to be used for machine learning models, data scientists collaborate closely with data analysts. However, due to very high demand and low availability, the salaries of data scientists are far higher than those of data analysts. Most data analysts develop specific knowledge and become data scientists. Because they already have some relevant skills, the transition to being a data scientist is not very difficult for data analysts. Many data analysts continue to become scientists of data.

What to do?

You must first obtain a Bachelor’s degree, which is a prerequisite for most entry-level data analyst jobs, to become a data analyst. Finance, economics, mathematics, statistics, computer science, and information technology are among the related disciplines.

As a data analyst, given that you do not have any previous work experience, the most critical activity is to obtain relevant work experience. As for other occupations, for a data analyst, job experience is invaluable too. Fortunately, there are many data analysis internship opportunities due to the huge demand for data analysts. You will serve as an intern, helping you obtain the necessary work experience, and adding a star to your resume as well.

Data analysis is about understanding emerging patterns and technologies, making it important for a data analyst to commit to lifelong learning for himself. To ensure that you continue to learn new things related to data analysis, you can use MOOCs also.

FAQ:

How many years does it take to become a data analyst?
Time does not exactly matter when learning, It depends on the dedication and one’s interest in becoming a data analyst which may vary from mere few weeks to 10 years to a lifetime.

How to become a data analyst with no experience?
All one need to start a career as a data analyst is prerequisite knowledge and insights with efficiency and detail of working on data analysis. No profound or prior experience are mandatory if you ace the task at hand

How to become a data analyst with no degree?
Without a professional degree, one should focus on improving the real-time learning experience and gain insights on case studies and projects along with respective competitions and certifications that will help in becoming a data analyst.

Technical skills required for a data analyst?
SQL, XML, JavaScript, Oracle, R, Python, SAS, Tableau, Hadoop etc;

Job requirements for a data analyst?
Degree in a required domain, certifications, projects, real-time work efficiency, and insight is all that is required for securing a job as a data analyst