{"id":8838,"date":"2019-05-08T16:44:33","date_gmt":"2019-05-08T20:44:33","guid":{"rendered":"https:\/\/blog.brainstation.io\/?p=8838"},"modified":"2021-01-28T17:40:36","modified_gmt":"2021-01-28T22:40:36","slug":"why-you-should-learn-data-analytics","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/why-you-should-learn-data-analytics","title":{"rendered":"Why You Should Learn Data Analytics"},"content":{"rendered":"\n

With each passing year, data becomes a bigger part of our lives and a bigger priority for businesses across all sectors.<\/span><\/p>\n\n\n\n

The International Data Corporation recently released its 2019 update to the Worldwide Semiannual Big Data and Analytics Spending Guide, showing that worldwide revenues for big data and business analytics solutions were forecast to reach $189.1 billion this year, a 12 percent increase from 2018. The report also concluded that this high rate of growth was likely to continue, with worldwide data and business analytics revenue reaching $274.3 billion by 2022.<\/span><\/p>\n\n\n\n

\u201cDigital transformation is a key driver of big data and business analytics spending with executive-level initiatives resulting in deep assessments of current business practices and demands for better, faster and more comprehensive access to data and related analytics and insights,\u201d said Dan Vesset, Group Vice-President of Analytics and Information Management at IDC.<\/span><\/p>\n\n\n\n

\u201cEnterprises are rearchitecting to meet these demands and investing in modern technology that will enable them to innovate and remain competitive. Big data and business analytics solutions are at the heart of many of these investments.\u201d<\/span><\/p>\n\n\n\n

So, what does that mean for you? Data analytics is a field ripe with opportunity. Here are a few reasons why there has never been a better time to learn data analytics.<\/span><\/p>\n\n\n\n

Companies are Investing More Than Ever in Analytics<\/b><\/h3>\n\n\n\n

In recent years, companies across all industries have made big commitments to big data.<\/span><\/p>\n\n\n\n

According to a study by Dresner Advisory Services, big data adoption in enterprises surged from 17 percent in 2015 to 59 percent in 2018. And if you think that it\u2019s only traditional \u201ctech\u201d companies investing in big data, think again. Dresner\u2019s study found that big-data analytics adoption was highest in the telecommunications (95 percent adoption), insurance (83 percent), and advertising (77 percent) industries, followed by financial services (71 percent), healthcare (64 percent), and technology (58 percent).<\/span><\/p>\n\n\n\n

Breaking down how organizations use data analytics, the study found that the adoption rate was highest in areas including research and development (75 percent) and operations (63 percent), but marketing and sales, and IT departments also reported plans to build out their analytics.<\/span><\/p>\n\n\n\n

Similarly, the industries lagging behind in big data analytics adoption \u2013 including education, government, and manufacturing \u2013 all pledged to increase their big data analytics activity in the future.<\/span><\/p>\n\n\n\n

Indeed, some industries still seem poised to be transformed entirely by big data analytics.<\/span><\/p>\n\n\n\n

A recent McKinsey report forecast how digital analytics would change marketing \u2013 with the promise of data-activated, one-to-one marketing interactions \u2013 operations and manufacturing especially.<\/span><\/p>\n\n\n\n

\u201cBusiness is now in the midst of the most significant disruption in decades,\u201d read the report. \u201cThis epochal transformation has been driven largely by technological changes \u2013 big data and advanced analytics, additive manufacturing, the Internet of Things, robotics, and artificial intelligence \u2013 collectively described as the fourth industrial revolution.<\/span><\/p>\n\n\n\n

\u201cArriving at dizzying speed, its consequences are already evident across sectors: competition is intensifying not just within industries but between them.\u201d<\/span><\/p>\n\n\n\n

Even with the rapid adoption rates across industries, studies have shown that most still aren\u2019t investing enough in big data analytics. Another McKinsey study found that if the U.S. healthcare industry were to use big data effectively to drive efficiency and quality, the sector could create more than $300 billion in value, while a retailer using big data to its fullest potential could increase its operating margin by more than 60 percent.<\/span><\/p>\n\n\n\n

\u201cThe use of big data will become a key basis of competition and growth for individual firms,\u201d the study read. \u201cFrom the standpoint of competitiveness and the potential capture of value, all companies need to take big data seriously. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value from deep and up-to-real-time information.\u201d<\/span><\/p>\n\n\n\n

Other Career Switchers Have Proven it\u2019s Possible<\/b><\/h3>\n\n\n\n

If you\u2019re convinced that your skillset or experience wouldn\u2019t lend itself to data analytics \u2013 or that you\u2019re too far behind to start now \u2013 you should take comfort in the abundance of career-switchers who have thrived after picking up data skills.<\/span><\/p>\n\n\n\n

According to <\/span>BrainStation\u2019s 2019 Digital Skills Survey<\/span><\/a>, 79 percent of respondents did not begin their career in data, and 65 percent had been working in the field for only five years or less.<\/span><\/p>\n\n\n\n

It\u2019s worth pointing out that those data professionals do tend to be lifelong learners. BrainStation\u2019s survey found that 72 percent had participated in online courses, 68 percent in workshops, seminars or conferences, and 63 percent had taken in-person courses relating to data.<\/span><\/p>\n\n\n\n

It Can Make You More Valuable (Even If You Don\u2019t Have \u201cData\u201d in Your Title)<\/b><\/h3>\n\n\n\n

Although there\u2019s an obvious need for Data Analysts, it\u2019s increasingly common to expect data skills in other roles as well.<\/span><\/p>\n\n\n\n

For those working in marketing, communications, social media, journalism, or content management, an understanding of data is increasingly becoming not just an asset but a necessity for digital strategies. As we mentioned earlier, there\u2019s really no end to the number of industries increasing their focus on data, including aviation, retail, and even the public sector.<\/span><\/p>\n\n\n\n

Moreover, many organizations have a foundational overall problem with data literacy. BrainStation\u2019s survey found that 52 percent of data respondents rated the data literacy in their organizations as \u201cbasic,\u201d while only 17.1 percent replied that their organization\u2019s data literacy was either advanced or expert. <\/span><\/p>\n\n\n\n

There\u2019s a Shortage of Data Professionals<\/b><\/h3>\n\n\n\n

According to a report from McKinsey, the United States faces a shortage of 140,000-190,000 people with analytical skills, as well as 1.5 million managers and analysts who understand how to use data analysis to drive decision-making.<\/span><\/p>\n\n\n\n

In its 2017 report The Quant Crunch: How the Demand for Data Science Skills is Disrupting the Job Market, IBM predicted that the number of jobs for U.S. data professionals would grow from 364,000 to 2,720,000 by 2020. And IBM added that if that nearly every one of those 2.8 million \u201canalytically savvy\u201d workers who would fill that gap would have to change jobs to do so.<\/span><\/p>\n\n\n\n

Salaries have, of course, risen with demand. The average salary for a Data Analyst in the United States according to Indeed is $68,523, rising to $86,500 among Senior Data Analysts.<\/span><\/p>\n\n\n\n

In certain industries, even junior Data Analysts are richly rewarded. According to a study by Springboard, Data Analysts in natural resources and mining can expect salaries north of $100,000, those working in professional, scientific and technical services they can earn $90,000 on average, and those Analysts employed in the finance and insurance sector average around $90,000 as well, with almost 400,000 jobs. <\/span><\/p>\n\n\n\n

Specific competencies can nudge those salaries even higher. According to IBM\u2019s report, Data Analytics professionals with MapReduce expertise bring home an average annual income of $115,907. Similarly, professionals with experience using Apache Pig, Hive, and Hadoop are in the market for jobs that average over $110,000 per year.<\/span><\/p>\n\n\n\n

The Future Is Bright<\/b><\/h3>\n\n\n\n

As serious as the projected talent shortage in data is, those estimates might even be conservative when you consider how technological innovation has the potential to unlock further opportunities in the data field.<\/span><\/p>\n\n\n\n

BrainStation\u2019s survey found that roughly 80 percent of data professionals believe Machine Learning and AI would have an impact in the next five years, while blockchain and internet-of-things technology (which Gartner <\/span>expects<\/span><\/a> to reach 20.4 billion devices by 2020) are also expected to take on greater prominence. And the global augmented analytics market is <\/span>expected<\/span><\/a> to grow from $4.8 billion to $18.4 billion by 2023.<\/span><\/p>\n\n\n\n

By building competency in data now, you could be well-positioned to take advantage of an industry that seems poised to continue its rapid growth.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Here are a few reasons why there has never been a better time to learn data analytics.<\/p>\n","protected":false},"author":7,"featured_media":8841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[330,343],"tags":[875,332,331,405],"yoast_head":"\nWhy You Should Learn Data Analytics | BrainStation\u00ae Blog<\/title>\n<meta name=\"description\" content=\"Data analytics is a field ripe with opportunity. 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