Although it has been a hot topic for the last few years, not many people are aware of the power of data science and analytics. Here are 5 reasons why you need to learn data analytics even if you are not in the tech industry.
Demand for Data Analytics Skill Sets
Digital transformation in operations and business models has been found to positively impact performance, and companies are starting to realise this. To facilitate this transformation, more companies are hiring tech professionals – in the last year, demand for tech jobs, including data science and analytics, has increased significantly (20%), and is expected to rise further.
Not in the tech industry? Since digital transformation of a company involves each employee, you will need tech skills regardless of your job role and industry.
Professionals with tech skills are high in demand, paid incredibly well and expected to receive the highest pay raises due to the shortage of their specialised skill sets. Moreover, by learning data analytics, you further specialise your skillset and increase your employability, giving you an extra bargaining chip when discussing remuneration with your company.
Data analytics helps to develop your problem solving and analytical thinking skills, and boosts innovation, for instance, by providing insights on what customers want. In other words, when you learn data analytics skills, you gain the power to quickly make strategic decisions. This makes you critical to the decision-making process and thus, indispensable to any company.
Data is Inevitable
"By 2020, there will be 40 times more bytes of data than there are stars in the observable universe." Data generated will only increase in the future, but without data analytics, will only be facts and figures with no true meaning. It is data analytics that gives data context and meaning. This suggests that data analytics will eventually be a necessary skill, much like experience with Excel and other Microsoft Office programmes in today's corporate world.
Data Analytics is Taking Over the World
Technologies driving Industry 4.0 (or the Fourth Industrial Revolution), like data science and analytics, are "disrupting almost every industry in every country" and will change every aspect of our lives. In Singapore alone, the data analytics industry accounts for S$1B or 0.2% of Singapore's GDP. This is likely to increase exponentially with the rising importance of data analytics across all industries and will be boosted by Singapore's Smart Nation initiatives.
Data science and analytics are here to stay. By equipping yourself with this digital skill, you give yourself the key to more opportunities, be it for eligibility to emerging jobs or better remuneration. Learn more about how you can start learning this valuable skill.
Written by: Chloe Thio (Gen Infiniti Academy)