Data and Analytics today play one of the biggest roles in shaping the present-day digital world.
In a time where data has become the new currency, being able to analyze and utilize that data can make you one of the richest people in the world.
The importance of data analysis can be understood by some of these simple facts:
- Big financial institutes like JP Morgan Chase, Delloite, etc. have been using data analytical models for concluding their various operations such as cost efficiency, financial modeling, deciding budget and allocation strategies, etc.
- Analytics plays a key role in determining future trends and logistics by crunching up past trends and data.
- Multi-billion dollar companies and social media platforms like Facebook, Google, etc are heavily data-driven. Additionally, they use their customers’ data to generate a major part of their revenue.
- An enormously large audience is currently present on the digital platform and in such an expansive market, Analytics can become a powerful skill to use.
- The role of a Data Analyst has become increasingly powerful in emerging companies as analytics boost their operational efficiency multiple times.
In essence, the world’s most powerful businesses today are running efficiently on the power of analytics and data utilization.
Specifically, In the finance industry, the role of data analytics is strongly established and ever-growing.
With the power of Analytics in their hands, accounting professionals can use past trends and patterns to determine future decisions related to investments, budget allocations, expenditures and visualizing these analytics to present an accurate and useful picture.
With such potential, Analytics has become a very coveted skill to have for job seekers. And fortunately, there are many significant resources available on the internet which can equip individuals in the intricacies of Analytics such as Jobaaj’s Analytics course.
Now that we understand the importance of analytics, let’s first clearly understand what analytics is.
What is Analytics?
Analytics refers to the process of observing, interpreting, processing, and communicating prominent patterns in data.
In simple words, it refers to the professional discipline which is dedicated to sorting through a massive amount of data and filter out the data that is useful to the company/organization, and present it in a meaningful manner.
In essence, the results derived from this analysis of data shall help achieve an organization’s goals such as increasing sales, reducing costs, and executing other business optimizations.
It can be thus understood why Analytics has become such an important part of many businesses. This is also the reason there has been a huge upsurge in the demand for MBA professionals with data analyst specialization.
Professionals equipped with the skills to be able to screen, interpret, visualize and communicate patterns in data are highly coveted now.
Why Analytics is important for CAs and MBAs
- Financial analytics has become an integrated part of business worldwide and is utilized to screen a business’ cash flow, profitability, and financial value.
- Investment bankers document the detailed analysis of businesses and their investment options. This can be achieved by analytical expertise like quantitative analysis, statistics, and data processing.
- Analytics is widely used in the HR departments of big companies to analyze, screen, and optimize the recruitment process, and other HR-related duties.
- A Chartered Accountant with the knowledge and skill to work and use Analytics is thus far more likely to land a job than one who doesn’t.
- Similarly, Analytics has also become an important skill set for MBA graduates or job seekers as it is a highly admired and demanded skill in the above-mentioned sectors.
How Analytics has become an inseparable part of modern businesses
Being able to learn from mistakes and consequently avoid failures in the future is an important skill to grab.
This is one of the most powerful benefits that one can obtain by utilizing the power of Analytics.
It is also the reason that major multi-billion companies, as well as small enterprises, are currently employing Analytics as one of their most important research tools
In retrospect, Analytics has now become a fundamental part of any business.
Companies are far more eager to hire CAs and MBA graduates who are also well versed in Analytics. It is also the reason that financial institutions often encourage their employees to upskill themselves in Analytics.
In conclusion, the future looks bright for this field.
There is still a lack of professionals in the Data Analytics field but the opportunities are abundant.
The time to get Analytical is now!
Course on Data Analyst