Data has become the prime factor through which contemporary technological and sociological advancements are happening. Data analysis methods are being used to transform every service and technology. Therefore, every company today requires an adept team of data analysts to take on the challenges of a constantly evolving market. Data science courses have become very popular. Over the past decade, the demand for data science certification courses has skyrocketed. It provides a great upskilling opportunity for working professionals and entrepreneurs. The ability to use data to yield valuable insights can help in any field of work and set someone up for a successful career. This article will go over the process of data analysis and two career paths that require knowledge of data science to succeed.
The four stages of data analysis
Every data analysis journey has one underlying characteristic. The final goal is to find answers to four questions.
What happened in various timeframes?
Why did it happen?
What will happen in the future?
What should be done next?
The process of finding answers to these questions has specific names. They are descriptive analysis, diagnostic analysis, predictive analysis, and prescriptive analysis. Let’s discuss these data analysis processes in detail.
Descriptive analysis
Descriptive analysis is the process of outlining what happened in a set time frame. For example, a company will find out about their performance for quarterly periods through the analysis of various key performance indicators such as sales volume, gross profit, net profit, etc. Descriptive analysis is one of the simplest forms of data analysis. One does not require supreme expertise in the field of data analysis to undertake descriptive analysis.
Diagnostic analysis
When a company learns how it performed over time, it wants to know what market conditions worked in its favour and what market situations worked against them. For this reason, companies want to find out the results of the diagnostic analysis as soon as the results of the prescriptive analysis come out.
Predictive analysis
We all know how hard it is to predict the future. Humans have an extremely bad track record of predicting the future. But machines can predict the future with reasonable accuracy. For predictive analysis, data scientists develop specific machine learning and deep learning algorithms.
Prescriptive analysis
Prescriptive analysis is one of the toughest and most groundbreaking data analysis techniques. The prescriptive analysis process requires specialised deep learning algorithms to process large sums of data and provide actionable insights.
Data science for business analysts
Business analysts are arguably among the top 5 most sought-after career paths in 2022. It is also one of the most highly paid job profiles in the world, and some of the best business analysts get paid in eight figures. Business analysts take data science and mix it with their experience working as managers to yield an increase in the overall performance of the company.
To become a great business analyst, one must have some very essential skills, such as leadership skills, time management skills, communication skills, problem-solving capabilities, and exceptional knowledge in the field of data analysis. Data science certification courses and management courses are a major help in the process of becoming an exceptional business analyst.
Data Science
Business analysts require in-depth knowledge of data science to efficiently run and maintain a team of data analysts. Data science certification courses help people become adept at the process of data analysis. Business analysts need to be aware of the four stages of data analysis. Specifically, descriptive analysis, diagnostic analysis, predictive analysis, and descriptive analysis The business analyst will use the data analysis process to chart out the most preferable course of action for the company.
Leadership skills
A business analyst must have great leadership skills to run and manage large data analyst teams. Management courses are a great way to learn some leadership skills that are a must in the corporate world.
Time management skills
Time management skills are good for anyone, especially for businesses that have deadlines to meet. Learning time management skills is essential for a fruitful career in any corporate field. Therefore, it is very important to improve someone’s time management skills.
Communication skills
Business analysts will have to convey their findings and analysis in a comprehensible fashion to the board of directors and their subordinates. Therefore, it is very important to have superior communication skills that will allow a fast and efficient transfer of ideas.
Problem-solving skills
Every business faces constant challenges. Those companies that manage to come out on top of these challenges find great success. A business analyst must possess superior problem-solving skills to deal with not only the challenges of the analysis process but also the challenges the business faces in the real world. The best business analysts are capable of combining the two and charting out the best course of action for the company.
Data analysis for hedge fund managers and traders
Hedge fund managers are arguably the highest-paid individuals around the globe. The capital markets have also adapted to the advancements in data analysis. Today, most hedge fund managers use data analysis to develop superior trading and investing strategies. These strategies provide them with a much-needed edge in the markets and yield superior accuracy and profitability.
Some of the most common uses of data science in trading and fund management are backtesting and algo trading.
Backtesting strategies
To stay ahead of the masses, hedge fund managers and traders use various trading strategies. To find out the accuracy of any strategy, one must do proper back-testing by finding the performance of the strategy when used against the backdrop of past events. The best fund managers and traders have tried and tested strategies. Data science helps in streamlining the backtest process and enabling the possibility of increasing the data sets to their maximum. Increasing the size of the data set yields better accuracy.
Algo trading software
The top traders and hedge fund managers also use trading software to find an edge in the market. Take, for example, a scalper. A scalper is a trader who trades in very small time frames, sometimes even seconds. For that kind of speed, and also for trading software, it becomes necessary. The data science certification course is really helpful for those willing to use algo trading software. Most data science courses teach Python. It is sufficient for creating and maintaining personalised algo trading software.
Performance analysis
The best hedge fund managers and traders keep records of everything. This record comes in handy when they want to find out about their performance and its quirky details. Data analysis assists in identifying patterns and situations that work for or against them.
Benefits of online data science certification courses for working professionals
Online data science certification courses are a godsend for working professionals. In 2022, every working professional should be working on themselves and focusing on improving their skill sets. It will help them fight the volatility of the job market. Now the biggest challenge working professional faces when trying to take on courses is time constraints.
By holding classes outside of working hours and on weekends, online data science certification courses alleviated this issue.This helps professionals maintain a healthy work-life balance.
Data scientists and analysts are some of the highest-paid individuals around the globe. This is why taking on data science certification courses will create an amazing career opportunity for working professionals.
