Is Data/Business Analytics a good area to get into or is it just a fad?

Would you be making as much as a Chartered Accountant, Actuary or someone working in Finance.

I keep hearing all about Data or Business Analytics being a big thing but I'm not even sure what it is, could someone give any advice on it?

Ubbquittious

Maybe. As long as you're not starting from 0. You'd have to be fairly handy at coding / linux to get your foot in the door I'd say

Ficheall

It's the analysis of data. E.g., if someone had info on how much people made in Finance or Analysis (and a whole host of other relevant info), they could analyse it to work out which you'd make more in.

It will remain a "big thing" henceforth, but machines will be doing even more of it, and there are lots and lots of people working in the field.

Is it reasonable to guess you're doing the LC? If so, I'd base your college course on which you enjoy, rather than which you expect to make money at - both options you've provided have the potential to return decent money.

I did a degree in Finance for the money, but hated it, and never entered the finance world, so that was a bit of a waste of time. Data Analysis, for me, seemed much more enjoyable, but if you don't like stats and computers, don't bother.

PocFada

Data analytics is not a new area. There are opportunities but suggest its a good skill to have alongside others. Dont put all your eggs in the one basket. If your thinking about an undergrad course, i suggest a general degree in something you are interested in ( ie IT or Finance) and then do a data analytics post grad diploma or masters. Best of luck!!

Data Analysis and Business Analysis are completely different things now mind.

animalinside

Fad. People qualified in their fields are the only people that can meaningfully analyze their data. They choose their methods, they use computers to implement their methods, no need for a middleman.

There's a squeeze in the "data analysis" and "data scientist" market and people are getting into teaching data analysis courses (both online and in real universities), writing books and so on as a way out of unemployment and there's basically a whole industry now dedicated to persuading people how there's such a huge need for data scientists. It's basically a pyramid scheme, don't fall for it.

Definitely not a fad.. but.. you have to have the right mindset, and willingness to learn quite complex processes. I've dabbled with it, as an addition to other things, and its not easy.

Still, I know people who have gotten into it in the last few years, and they're doing very well from it. Plenty of demand.

Pussyhands

https://www.boards.ie/discussion/comment/118603291#Comment_118603291

It's even less like that for most. The actual analysis is done by the guys who know what they're talking about.

Mostly it's creating visulisations. For example, a dashboard showing delivery data for employees. Dashboard could show overall view, how long deliveries took on average, areas deliveried to, time of deliveries, method used to deliver.

Then the people who make the decision would analyze the data to see maybe the busiest areas at certain times.

Another example could be you are a data analyst for Just Eat and they want to see their data broken down in a dashboard so it could contain orders by restaurant, day/time, food type etc.

Pussyhands

https://www.boards.ie/discussion/comment/118603585#Comment_118603585

That's not what a data analyst does in most cases. You've completely misunderstood it.

They're not the ones primarily doing the actual analysis, they're the ones creating the dashboards so those in the know can analyze it.

Have a look at the google covid data...that's basically what a data analysis does, creates views. They're allowing the experts to see the trends who can then make decisions on that. Then the dashboards might need tweaking and they all require ongoing maintenance.

Badly Drunk Boy

https://www.boards.ie/discussion/2058232039/is-data-business-analytics-a-good-area-to-get-into-or-is-it-just-a-fad

Is it not more of a Chandler Bing thing?

rock22

OpenSAP run a course on Data science . Free and might be worth having a look at if you are interested in the area .

https://open.sap.com/courses/ds3

You might have to register.

i have no connection to SAP other than doing the course a few years ago. It is not for the faint hearted!

StupidLikeAFox

Data analyst means lots of things to lots of people OP. "Data analyst" as a role/field of study has diverged into specialisations like data engineer, data visualiser, data scientist, machine learning etc etc. A "data analyst" could mean anything depending on the company/people who is hiring, maybe a mix of all the above. Found this online its not definitive but gives a good idea

I would disagree with pussyhands that most data analysts would just be a visualiser of data for other people - for example, instead of saying "Profit is up 10%" a good data analyst will say "Profit was up 10% due to a 15% increase in sales, which offset a 5% increase overtime costs" - you will be paid for the insight rather than simply displaying the information. Unless/until you really specialise into one of the roles above you will likely need some knowledge of data acquisition, cleaning, coding, visualisation and of course business knowledge to succeed

There are lots of online courses out there though some free, many cheap, it would be fairly easy to set aside a couple of hours to dip into one and get a feel for it

https://www.boards.ie/discussion/2058232039/is-data-business-analytics-a-good-area-to-get-into-or-is-it-just-a-fad

Have you got a maths-type brain? the kind of person when they hear someone is having twins they work out the statistical chances of them having boy-girl, girl-girl or boy-boy it just the way their brain works, plus are you good at scanning large amounts of information and seeing patterns very quickly?

There is no point in going into an area you don't have an aptitude for it just because you heard the money is good.

Pussyhands

https://www.boards.ie/discussion/comment/118604952#Comment_118604952

In my experience, data analysts don't have the knowledge of the business to make those analyses. Those in the thick of it will be the ones making the analysis really and the decisions off the back of it.

For example, take the lidl customer feedback buttons. Imagine those were hooked up to a dashboard. A data analyst creates the dashboard, to what management wants. % positive feedback per store per day. It might show low positive feedback on a Saturday evening....so the data analyst who's sitting at their computer at home all day isn't going to know the reason for it or steps to increase performance. The manager will look into why and then put in corrective measures. Just my experience of course.

Mike Murdock

https://www.boards.ie/discussion/2058232039/is-data-business-analytics-a-good-area-to-get-into-or-is-it-just-a-fad

From my own experience, technical skills for Data Analytics you will need are - knowledge of SQL, Python, R, Power BI, Hadoop, Hive, Tableau. That's scratching the surface really.

My background was in Market Research and I used SPSS pretty much daily, and I started off by learning SQL because it is pretty intuitive, relatively easy to learn and pretty logical. There are a lot of online resources that'll teach you the basics too. I ended up getting certified as a DBA because I figured I needed that to prove to employers that I had knowledge of language. Plus, it opened up a potential new career path too if I were interested. Not sure if Certification is necessary for everyone to do if you are going into a pure Data Analytics role. I don't work as a DBA though but in Data Analytics instead.

As @StupidLikeAFox pointed out here; the key to real success in the data analytics field is not just having the technical skills to interrogate Data Sets, because you'll just end up a replaceable coder monkey really. Salaries for that may be reasonably high now, but there are going to be an influx of people into this field in the next few years that will drive salaries down.

What you'll need is the ability to actually tell a story with the data, that is going to show that you can demonstrably help a company solve problems.

https://www.boards.ie/discussion/comment/118605082#Comment_118605082

But why dont the designers or whatever they are called actually have a panel from the plebs and management and specifically ask what do you want the information to do and what do you need from this, also make it idiot proff.

StupidLikeAFox

https://www.boards.ie/discussion/comment/118604990#Comment_118604990

Sure, if the organisation is not data driven then there won't be much for a data analyst to do. But if Lidl were also tracking how quick a customer was served, the length stay in a shop, the average no of items, the stock levels etc etc, then the data analyst could benchmark the store against other stores and come to a conclusion/actionable insight:

The staff are working at a decent speed but not checking out all customers quick enough > the shop is understaffed

The staff are checking out customers slower than comparable stores > needs training

The shop consistently sells out of potatoes two days before a delivery > increase supply of potatoes on tuesdays

Grayson

https://www.boards.ie/discussion/2058232039/is-data-business-analytics-a-good-area-to-get-into-or-is-it-just-a-fad

I'm doing a masters in data analytics. I'm one of the few in my course that isn't an accountant.

If you want to take a look at the whole area check out a site called datacamp. They have some free online courses and workshops. With a paid subscription you could get yourself to masers level on that site. Although obviously you wouldn't get the qualification or letters after your name, there are some independent certifications you can take.

Grayson

Just to add, with datacamp every few months they run a 50% off on their yearly subscription. So unless you don't care about the extra couple of hundred euros, don't buy a subscription until you see a special offer. Until then just browse the career paths and modules on it and try out the beginner modules that are free. At least that way you can dip your tow in and see if it's something you'd actually like to do.

and here is a link to the site. https://www.datacamp.com/

animalinside

"That's not what a data analyst does in most cases. You've completely misunderstood it."

Sorry - in my opinion this is not true. fyi: I will not be reading the rest of your post because now I do not have any confidence in anything you say after that comment. I didn't "misunderstand" anything, welcome to ignore.

Sleepy

The 100k+ figures you hear about in the area tend to be for Data Scientists, Analysts or Engineers with extensive experience in a particular business domain (e.g. pharma, fintech, medical, energy etc) or often a mastery of a particular business system (say a particular ERP; Customer, Patient or Asset Management System or a niche ePOS system).

Someone doing basic data extraction via SQL and presentation of KPIs on dashboards with PowerBI or the like or scheduled report writing are more likely to be earning 30-50k than anything that would rival an actuary. You might even find you'd be starting off in the mid 20's in order to get some experience.

Source: I've over a decade in the industry and while I could probably break the 6 figure mark if I was contracting or prepared to sell my soul to an American MNC and work 60+ hours a week every week I prioritise my family life over my career. I did a bit of contracting in the UK during the recession out of necessity and it was extremely lucrative but in order to have a reasonable work/life balance I had to take pretty much a 50% paycut to take a permanent role based in Dublin. I'd earn in the low 70's now but that's after two decades of ERP and BI experience.

ancapailldorcha

I feel like it would be. I dabbled a bit in Python with courses but never stuck with it. I think I'd have a much easier time getting a job in Ireland or anywhere else outside the UK had I done so.