Really Analytics Is A Perfect Combination of Analysis And Logics?

Oct 12, 2018 | 1794 Views

In 2018 it's good time enroll for Data Analytics and it can't be ignored as analytics is the combination of analysis and logics. Data informs a large amount of decisions with strong groundwork rather than just taking shots in the dark. But there's more to data analytics than meets the eye. For instance, if you think that it's only about the data itself and the science behind that data, you'd be wrong.
Why do we need an Analysis Plan?
  1. To make sure the questions and your data collection instrument will get the information you want. 
  2. To align your desired "report" with the results of analysis and interpretation.
  3. To improve reliability-consistent measures over time.
Key Component of Data Analysis Plan:
Purpose of the evaluation should be mandate, so there are some goals and some needs in the business which required everything is most likely it would be driven around competitors or it could be driven around increasing your revenue or also there could be some challenges or problems with respect to sale different industries can have different aspects so we are talking mostly from our sales marketing point of view but let's say if you think about a healthcare industry or a pharmaceutical industry so they could be looking at how basically drugs react so they might have sample data for clinical data that talks about application of certain drugs.  After that a certain set of questions comes into our mind we will resolve those questions with the help of best analysis technique. Once all the things done then data will be presented in such proper format.
Rob Krizman is a partner and advisory leader of data and analytics at EY. He entered the tech sphere when business intelligence and data warehousing were becoming terms in the market. "It gave me the opportunity to extend my career into something that was quite new," he said. Krizman spoke about how data analytics as a career has changed and grown as businesses have become more aware of the importance of analytics.
Data Informs Future Decisions:
If you want to work in data analytics, you need to think of it from a forward-thinking perspective. In the past, data was something businesses looked at retrospectively. However, Krizman said data is now more about informing the decisions of the future. "It's not just something they look at to see what happened yesterday, it's something they look at to [see] what am I going to do tomorrow to survive as a business?" he said.

Build Career in Data:
Some of those who want to go into a career in data analytics might think there's little else to it. However, Krizman spoke about EY's involvement with the professional cycling tour. "EY was involved with actually developing the devices that sat on the back of the bike. There's a lot of data floating around the bike," he said. "People don't actually associate EY with being able to sit inside a room full of engineers designing devices."

The Human Element is Most Important:
We know from countless experts on the future of work that the human element of our skills will become the most important, and that doesn't stop with data analytics. In fact, Krizman said the human element is one of the biggest changes he has seen in his career in data.
"Technology is very important and will continue to be so but, I think, now that businesses are recognizing it and are really starting to ask questions that deliver meaningful results, the market is starting to change," he said.
Learn Business Requirement:
Most people know that when it comes to data analytics and the skills you will need, technical competence is important. In particular, analysts starting out will need to be very technically proficient. However, Krizman advised those interested in a career in data and analytics to learn the business side of things, too. "Learn your tools, learn your trade, but learn how to speak business."

Source: HOB