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Latest Scope for Career transitions through Data Analytics in 2022

You are currently viewing Latest Scope for Career transitions through Data Analytics in 2022

“Your relevance as a data custodian is your ability to analyse and interpret it. If you can’t, your replacement is due.”
― Wisdom Kwashie Mensah

Last Updated on: August 19, 2022

Demand for Data Scientists in India 

A data scientist is among the most highly paid and fulfilling career options in India. Data generation is growing manifold and, with it, the need to refine it. There are some other factors too that have fuelled the demand for data scientists.

Covid-19 Pandemic

With covid-19 restrictions becoming mandatory, many businesses no longer had the option of remaining offline. A huge number of businesses began their online journey during the pandemic-related lockdown and discovered that this was a more profitable way of conducting their operations. These businesses are likely to continue their online endeavours. 

With businesses coming online, there was a massive spike in data being generated. The rise in digital transactions, ecommerce platforms, collaboration software, project management apps, and e-learning contributed to the mammoth data generation. This also led to the need for analysing this data, to differentiate them from competition and drive sales, amid a challenging business landscape. All this boosted the demands for data scientists and greatly enhanced its scope in India.

Don’t let pandemic-related concerns impact your career growth. Upskill yourself with GeekLurn’s Data Science Architect Program. It offers exposure to key concepts and equips you with expertise in Analysis, Hadoop Development, Real Analytics, Statistical Computing and Artificial Intelligence. 

Here are some highlights of the program:

  • 320+ hours of live interactive sessions with eminent data scientists
  • 100% job guarantee in collaboration with top PAN India consulting firms
  • Research project scholarship of up to ₹2 lakhs 
  • 24-month course duration, with 6 months of live interactive classes
  • 50+ sponsored and funded research projects
  • Get certified from top companies like IBM, Microsoft, Accenture and Oracle
  • 18 months of sponsored project work at Authorised Research Centres

The scope of data science careers includes positions like research analyst, senior data scientist, data engineer, analytics manager, data science architect and business intelligence analyst.

Low Entry Barrier
Professionals from backgrounds like computer science, engineering, mathematics or statistics can pursue a career in data science. People with expertise in this domain face less competition in the job market since this is a new field. Good programming skills and a problem-solving approach are the key tools of a successful data scientist. So, if you have interest in solving problems, complement your skills with a data science course from GeekLurn and start your journey in this exciting career.

Good Salary

A mix of high salary and a good job profile is what most of us want. Data science jobs offer exactly this. The average salary ranges between ₹6,00,000 to ₹7,00,000 for people with little to no experience. This makes data science a highly attractive profession. 

What is Data Analytics?

Companies worldwide generate vast volumes of data daily as web servers, log files, online transactions, and other customer-related data get captured. Social media platforms also generate huge amounts of data. Data analytics helps companies use all the data to derive value and make informed and targeted business decisions.

Businesses use many modern tools and technologies to perform data analytics. It is the process of analysing and exploring huge datasets to identify hidden patterns and trends, find correlations and uncover valuable insights for business predictions. These can speed up the efficiency of a business. This is data analytics for beginners, in a nutshell. 

Data Analytics Application 

The scope of data analytics is present in almost all business sectors. Her are a few of them:

Healthcare: Data analytics can help healthcare companies in analysing patient data to offer different treatment options and lifesaving diagnoses. It is also helpful in discovering new drugs and developing new treatments. 

Retail: Retailers can understand customer needs and buying habits with data analytics and recommend new products, predict trends and propel business growth. They optimise the supply chain and retail operations at all stages of the customer journey.

Banking Sector: Financial institutions and banks use analytics to get an idea of potential loan defaulters and customer churn rates. It also helps in detecting fraudulent transactions. 

Manufacturing: Manufacturing sectors can discover new cost-effective opportunities using data analytics. This helps in solving difficult labour issues, supply chain problems and equipment malfunctions.

Logistics: Data analytics can be used for route optimisation and developing new business models by logistics companies. It assures deliveries reach on time in a cost-efficient manner.

Scope of Data Analytics in India 

“It is a big mistake to guess before one has data,” said famous detective Sherlock Holmes in A Study in Scarlet. Data is what helped this celebrated investigator in his deductive thinking, breaking down complex analytics into actionable pieces. 

The availability and accessibility of data has been key in science and innovation. Big Data is being generated from various sources at a high speed, volume, and variety. There are different ways in which Big Data offers growth opportunities for social sector businesses, private companies, and government companies. Here’s a look at these.

Big data analyses large volumes of data to reveal critical facts, connections and hidden patterns. The companies can then ensure smarter and quicker business decisions and strategies, making operations more efficient and responding faster to changes.

The Comptroller and Auditor General (CAG) has initiated the Big Data Management Policy for Indian review and records divisions. The state and union governments in India have access to massive databases. The policy drafted by CAG promotes the use of data analytics to oversee the critical operations of the review and records office.

Lux Research, a provider of innovation research and advisory services, has shown how sensors can be used to generate data to modernise logistics across various industries. Sensors were used during the pandemic to provide real-time data on the distribution of vaccines, providing visibility into the rollout, transportation, storage and temperature.

Akshaya Patra Foundation in Bangalore is using data analytics to identify a low-cost way of sending mid-day meals to schools. It breaks down the data, gaining more visibility into the time, cost of fuel and number of vehicles used for each trip, to analyse ways of optimising the route and improve logistics management. 

The importance of data analytics has also been felt across sectors, including retail, BFSI, social insurance and telecom. India is home to some of the latest implementations and innovations in the field of data analytics. This suggests the growing need for data researchers and data scientists.

TeamLease Services, a leading HR firm, says that India faces a demand-supply gap of more than 2 lakh analytic data experts. Even in a developed country like the US, merely 40% positions for data researchers are being filled. A course in data science can position you to take advantage of these open, unfulfilled positions.

NASSCOM (National Association of Software and Services Company) aims at promoting educational programs for upskilling, like GeekLurn’s Data Science Architect Program. It has also launched a Centre of Excellence to strengthen the data science ecosystem. 

At present, the scope of data science can be measured by the fact that researchers with about 5 years of experience are earning above ₹7.5 lakhs annually. This compares well with the ₹5₹-₹8 lakhs earned by architects and ₹8-₹15 by CAs with similar experience. 

Data science offers attractive career options, both in India and abroad. You can begin your career as a data analyst, become a data scientist with some more experience, and finally become a data evangelist. You can also shift to advisory roles in private or government sectors.

Knowledge of data management, NLP (natural language processing) solutions and ML (machine learning), combined with collaboration, communication and leadership skills can help you forge a successful career in data science. Kickstart your career with GeekLurn’s Data Science Architect Program.

FAQs:

1. What is data analytics used for?

The science of analysing raw data to derive meaningful conclusions is known as data analytics. It is most widely used for enhancing business processes and improving decision-making to drive business results.

2. Is data analytics a good career option?

Yes, a skilled data analyst is one of the most in-demand and sought-after careers worldwide. Due to the strong demand and limited supply of people who can do this job well, data analysts receive good salary packages even as freshers.

3. What is the salary of a data scientist?

The average entry-level salary for candidates with a bachelor’s degree and up to 2 years of experience as a data analyst is ₹5-₹10 lakhs per annum.

4. How do I become a data analyst?

A Bachelor’s degree in Economics, Finance, Statistics, Mathematics, Computer Science or Information Management is needed.

5. Should data analysts be good at math?

Yes, aspiring data analyst candidates must have a good understanding of mathematics and must be able to solve common business issues.

6. Is it hard for a data analyst to become a data scientist?

Data analysts already have some skills that are relevant for becoming a data scientist. So, the transition is not very difficult.

7. What skills are a must for data analysts?

Data analysts require skills like Microsoft Excel, Structured Query Language (SQL), Critical Thinking, R or Python-Data Visualisation, Statistical Programming, Presentation Skills and Machine Learning.

8. Is Excel a data analysis tool?

The Analysis ToolPak is an Excel add-in program. It offers data analysis tools for statistical, financial and engineering data analysis.

9. What is data analytics for beginners?

If you are new to data analytics, consider a course that will provide you knowledge of the design, development and deployment of big data. You will get insights into how to apply data and analytics principles in business, data science tools and techniques. You can also hone job-relevant skills.

10. Do data analysts code?

Data analysts do not need high-end coding skills. However, experience in data management programs, analytics software and data visualisation software are a must.

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Monica is a senior marketing executive. Her skillsets consist of digital marketing and strategy, SEO, marketing analysis and more. She also has her expertise in writing various copies, including web, newsletters, e-books, social media, etc. But, it does not stop here. Her love for writing goes as far as doing poetry connecting science and life.

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Monica Swain

Monica is a senior marketing executive. Her skillsets consist of digital marketing and strategy, SEO, marketing analysis and more. She also has her expertise in writing various copies, including web, newsletters, e-books, social media, etc. But, it does not stop here. Her love for writing goes as far as doing poetry connecting science and life.
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