Snapshot: There are currently over 86,000+ open jobs in India that require Data Analytics skills. In most cases, these jobs are not necessarily titled "Data Analysts" but are functional roles.That's because Data Analysis is beneficial to nearly every industry & job role, and jobs with data analytics skills are branching out into a variety of different market segments. Numerous roles require Data Analytics skills, and this article highlights the four large & most thriving careers. Let’s deep-dive and learn about some of the career opportunities that require Data Analytics skills & where they can lead you.
Today, we talk about Data Analytics as if it were a novel concept. However, it has been around for quite some time. In the 1950s, there were fewer technological advancements than in the present day. So, the role of data analysts was mostly around handling the technology and collecting data. Currently, you can see advancements in technologies that includes automated tools that can not only extract data easily but also help in making important business decisions using the cloud, big data technologies, and predictive analytics. Hence, Data Analytics skills have become a crucial part of nearly every business and sector. Career opportunities that require data analytics skills have grown beyond one sector or job role. Companies are willing to pay a premium to fill open positions because demand for knowledgeable data analytics professionals currently outnumbers supply.
Here Are The Four Prosperous Careers That Require Data Analytics Skills
1. Digital Marketing
In today's world, digital marketing is the primary tool used by many businesses to attract customers. Every time a user engages in Internet activity, he or she leaves a digital footprint that is gathered in the form of data. Marketers can utilize this data to better understand their customers' journeys and preferences. Thus, using Data Analytics in digital marketing is a great approach.2 out of every 3 leading marketers believe that data-driven decisions outperform gut instinct decisions. 75% of marketers make decisions based on Data Analytics. The value of data analytics skills in digital marketing stems from the ability to pinpoint the information that others would otherwise miss. At its heart, data analytics is the ability to draw actionable insights from raw data.
How Can You Utilize Analytics In Digital Marketing?
Make Data-Driven Decisions: Detect trends and opportunities in raw data, analyze in-depth with KPIs included to assist your business in making informed decisions
Leverage Customer Insights: Understand your customers & where they are coming from. Determine target groups within your customer base & create various personas for your marketing campaign.
Personalize Your Campaigns: Understand the behavior of your customers, their needs, and buying habits & personalize for targeted ads, personalized emails, notifications, and offers.
Market On The Right Channels: Identifying channels that are likely to result in increased engagement and higher conversions is critical to the success of your campaign.
Accumulate Competitive Intellect: Gather and analyze data about your competitors & the overall business environment to outperform your competitors.
The above bar chart illustrates the Average Annual Salary in INR for each role mentioned. The average pay for a Digital Marketing Manager is INR 18 lakhs per annum. It is interesting to note that the same profession with skills in Data Analytics earns INR 23 lakhs per annum. (Data from 6figr)
Below are examples of Digital Marketing Roles that require Data Analytics Skills.
2. Human Resources Management & Analytics
The ability to analyze and extract insightful information from workforce data is a skill that has become increasingly in demand in HRM.According to The JoshBersin Company's 2022 report, analytics is one of the top three skills in demand for HRM&A professionals, alongside change management and employee experience, and suggests that every HR professional takes an analytics course and learns about storytelling, hypotheses, and the fundamentals of Excel, statistics, and charting.
How Can You Utilize Analytics In HR Management & Analytics?
Talent Acquisition: Data analytics skills can help you figure out the best methods for sourcing, evaluating, and selecting new hires by identifying sources, timeframe, and cost of onboarding the best candidates.
Performance Management: Data gathered from top-performing employees can be used to better understand effective processes and establish standard benchmarks for others in the company to follow.
Leadership Development: Using a data-driven approach can assist you in keeping track of the rate at which employees are promoted, as well as the key factors that influence these decisions.
Examining Employee Engagement: Ask for feedback from employees & analyze what they are thinking & which concerns need addressing.
The above bar chart illustrates the Average Annual Salary in INR for each role mentioned. The average pay for an HR Manager is INR 16 lakhs per annum. It is interesting to note that the same profession with skills in Data Analytics earns INR 19.7 lakhs per annum. (Data from 6figr)
Below are examples of HR Roles that require Data Analytics Skills.
3. Finance
The financial sector, as the backbone of the global economy, has long recognized the value of big data in making profitable decisions and taking calculated risks. About 25% of job openings in the Data Analytics category are accounted for in Finance & offer higher pay than any other industry (Source: IBM). The wide range of potential applications of data has created a huge demand for skilled data analysts & scientists in the finance industry.One of the primary responsibilities of a Financial Data Analyst is to examine financial records to prepare detailed reports for a financial organization. You sometimes get to work with key organizational leaders, such as chief financial officers (CFOs) to ensure the company makes sense of its raw data and benefits from it.
Financial Analysis: It helps in evaluating economic trends, setting financial policies, building long-term plans for business activity, identifying projects or companies for investment, etc.
Cash Flow Analysis: Companies that monitor the cash movement can make changes on the fly to maintain their profit margins.
Eliminating Unnecessary Expenses: It identifies underperforming areas so that executives can reduce or eliminate those costs.
Revenue Projections: Data Analysis can be used to show the expected revenues, expenses, and cash flows of a business over a forecast period.
The above bar chart illustrates the Average Annual Salary in INR for each role mentioned. The average pay for a Finance Manager is INR 18.1 lakhs per annum. It is interesting to note that the same profession with skills in Data Analytics earns INR 21.6 lakhs per annum. (Data from 6figr)
Below are examples of Finance Roles that require Data Analytics Skills.
4. Product Management
A data-driven product is one in which every feature and every design is backed by data points. The decisions made to build it are supported by research and insights rather than intuition and guesswork. The same is true for data-driven Product Managers who use data to disclose their decisions. A report from McKinsey states that 60% of product managers use basic analytics skills to dive into metrics and draw insights. This signifies the importance of Data Analytics in the field of Product Management.Fact: According to LinkedIn’s ‘The Most In-Demand Hard and Soft Skills of 2020’ - AI, data analysis, and UX design are the top three hard skills that will be the most sought after in the future amongst product managers.
How Can You Utilize Analytics In Product Management?
Understand Customer Behavior: Understand why your customers are buying the products, & how they are using the products that they have purchased.
Measure The Product Progress: Analytics is very useful when tracking the performance of products you are developing & managing to study what features are working and which ones aren’t; which are already fully operational and which ones need more work.
Make Product Decisions: Data gathered from activities such as testing and surveying can be used to influence opinions, adding more than a smidgeon of objectivity to them. As a result, more informed and thus more accurate data-driven product management decisions would be made.
The above bar chart illustrates the Average Annual Salary in INR for each role mentioned. The average pay for a Product Manager is INR 21 lakhs per annum. It is interesting to note that the same profession with skills in Data Analytics earns INR 24 lakhs per annum. (Data from 6figr)
Below are examples of Product Management Roles that require Data Analytics Skills.
The Bottom Line:
In this post, we've highlighted only four of the most rewarding, well-paying, and highly prized careers you can end up with after honing your data analytics skills. These are only the sliver of the full scope; a career in data analytics offers inexhaustible variety, with opportunities in nearly every industry imaginable.Whether you want to work full-time in a new industry, advance in your current career, or work for yourself in the data analytics field, AltUni can help you get there.
If you’re planning to build a career in Data Analytics or any other domain, Data Analytics skills are worth adding to your profile. Following the successful completion of 2 cohorts of the Data Analytics With Power BI Program, which was rated 4.44 out of 5, AltUni returns with the comprehensive and insightful Cohort 3 of the Advanced Data Analytics Program.
How Does Our Program Help You With Mastering Data Analytics Skills?
Master the art of extracting the data & doing complex analyses & manipulations by SQL
Build charts, interactive dashboards, and story interfaces for visualization of data and trends
Learn key Data Analytics & Visualization tools like MySQL, Power BI, Tableau, Excel and Knime
Use DAX language to build and handle data models through the use of formulas & expressions
Learn how to automate tasks, perform ETL, create Data Models, and present insights using Dashboards
Enter the world of Machine Learning via Predictive Analytics & Modeling with Knime along with case studies
Master advanced Power Query, Computations & Visualizations
What's More?
Get industry exposure in Data Analytics through a Live Project with Voiceback Analytics
Get hands-on experience in Data Analytics & Visualization with 2 Capstone Projects
Master the applications of data analytics and visualization with guest sessions and case studies in finance, marketing, operations, etc.
Get access to AltUni Career Services like 1-on-1 mock interviews & profile building sessions by industry experts.
Get certified by InsideIIM, AltUni & Voiceback Analytics.
“Provided me with guidance, study material & support. Gaining wisdom & insights from practical workshops & sessions conducted by domain experts was the highlight of the program.” - Aditya Raj Dash, FinTech Intern - iServeU“I thoroughly enjoyed the sessions…Very impressed with the conduction of virtual classes and doubt session schedules. I gained a lot of a new skills & knowledge to take back home.” - Chirangi R., Software Intern, Oracle Cerner“Helped us explore the features of Power BI. With the Capstone Projects, we got a chance to learn with real-world data. The 1:1 sessions were useful in creating a career charter.” - Sachin Mistry, Data Analyst, Majid Al Futtaim