Prospects And Future Of The Data Analytics Profession

1. The role of a data analyst in every business

What is data analysis?

Data analysis is understood as converting raw data into information. Specifically, this is a job of collecting, mining, managing, and processing data sets (e.g., customers, markets, invoices) and converting them into concise and understandable information for making judgments or predicting future trends and activities.

The role of a data analyst in every business

With the current rapid development of the Internet, businesses have many opportunities to better understand the market, customers, and even their competitors. However, with such a large and varied amount of data, it is not easy to ensure that the information is relevant and correct. Therefore, the role of a data analyst becomes crucial for every business.

When you have an elite data analyst, you will have the right information to accurately assess the situation and take appropriate measures for the future. And with such a need, the future of a data analytics career in any industry is very promising.

2. Promising jobs in the field of data analysis

Data Analyst (DA)

In data analytics, data analyst is the most common position to start. A typical data analyst career prospect salary for beginners will range from 10 -15 million VND. The job is usually to collect, extract, analyze, or filter the required data at this stage. And when you have much experience, you can participate in planning based on the information that has been analyzed from the data.

Business Analyst (BA)

Data Analysts and Business Data Analysts are frequently confused. However, there are specific differences between these two jobs.

The role of a Business Data Analyst typically includes analysis and evaluation of the entire business process to identify areas for improvement. From there, discuss and make directional and strategic decisions for the company. BA may also be required to interact directly with customers to obtain feedback and then transfer information for processing, as well as write and manage technical documents. 

The average salary ranges from 16-20 million/month. In higher positions such as  Manager or Principal, salary can be up to 50-60 million/month. Organizations and businesses typically require one year of experience for a BA position.

Data Scientist (DS)

According to Harvard Business Review, a data scientist is considered the most attractive job of the 21st century. This is undoubtedly one of the most elite careers in data analysis. So it’s no wonder that DS is one of the most sought-after positions.

First of all, Data Scientists must be an expert in data collection and Analysis. They are also the creators of the analysis system on the actual data. And suppose the DA can only identify development trends and use specific data to answer questions. In that case, the DS also has to design new data models and write algorithms to predict trends. The average salary of a Data Scientist ranges from 17-25 million/month. With more experience, the pay is about 30 million/month.

Data Engineer (DE)

A data engineer is a person who builds an aggregate system for storing and exporting data. They are responsible for the design, construction, maintenance, expansion, and infrastructure that support the data pipeline. Also accountable for incoming data or data model and data storage.

To do this job, you need to possess some software engineering skills and highly specialized skills. The salary of an average DE ranges from 10-25 million/month.

3. The future of data analytics

With the current continuous development, many data analysis systems appear and are used in many companies. However, these systems still do not meet the needs of users.

In one study, data analysis systems are still quite limited when 80% of the work cannot be automated, and the remaining 20% ​​can be done, but the performance is still not high. Machines and software can only process some specific information quickly, but they cannot be replaced for human-element tasks. The prospect of a data analytics career was further underscored when Jeanne Harris, senior executive director at the Accenture Institute for High Performance (AIHP), said that data is useless without people with the skills to analyze it.

In the words of the Co-Founder and CEO of Fractal Analytics-based CA: “In the next few years, the size of the analytics market will grow from one-tenth today to at least one-third of the global IT market.” And with today’s global digital boom, the prospect of a data analyst career is up-and-coming.

The Peer Research – Data Analytics study concluded that the organizations and businesses that participated in the survey believed that data analytics would help their organizations improve their performance.

From that, it can be said that the data analysis industry is the leading high-income industry today. However, there is still a shortage of data analysts with highly professional and specialized skills. As a result, there is a thriving market, yet supply is still insufficient to meet it.