There is no doubt that small businesses are the foundation on which the US economy is built. This is also true for every other prosperous nation on the planet. While big corporations have their place, it is the jobs and innovation which small businesses deliver that prove key.
One important thing for anyone running a small business or thinking of setting one up these days is data. Even the tiniest businesses will now collect masses of customer data each month and have a need to analyze it.
Data analysis is key for businesses because it enables them to pick up on emerging trends in their sector, provides key insights into customer behavior and creates a firm basis for strategic planning.
There are two interesting things to know with regards to data analysis for small businesses. The first is that education is crucial for anyone performing this task and the second is that many jobs which involve analyzing data can vary depending on the industry.
Getting The Right Education Is Key For Overall Success
Before we look at why many data analysis jobs vary between industries, we must look at how key the right qualifications are in this sort of role. The online Masters in Applied Statistics offered by Michigan Technological University is a great illustration of the type of credentials we are talking about.
This course not only features a convenient online mode of delivery and high-level learning but also teaches you the skills to work in a variety of data recording and analysis roles. When you have successfully completed a course like this, you will be all set to move into this line of work.
Although people might think that the tech involved in data analysis or recording makes it simple, this is not true. It is imperative that you have the right education and skills behind you first before moving into this area.
By doing this, you will know how to approach the data to get the best results. This is true whether you plan to carry out data analysis for your own business or if you are looking to hire someone else to do it. Just as the number of podcasts in 2022 only came about through careful planning in that sector, data analysis will only be successful with the right foundations in place.
Why Do Many Jobs That Involve Data Analysis Vary Across Industries?
Although getting the right qualifications is the basis of moving into data analysis roles or undertaking this task in your own company, you will soon find these sorts of jobs can vary across sectors. Working as a Data Analyst in one industry, for example, can look a lot different than in another. But why is this the case?
The first major reason is simply that different industries will require distinct data collection and individual analysis performed on that data. A company based in finance, for example, might require a very different approach to the recording and analysis of data than one in the health and well-being industry.
This is because companies in differing industries need not only separate types of data collected, such as how much a customer is looking to invest per year compared to how much exercise someone does per week for example, but also want to obtain different insights from it. Due to this, the exact nature of what is needed to be collected and analyzed can vary across sectors.
How Industries View What These Jobs Involve Varies
Another big reason for any difference comes from how various industries view roles like this.
Some companies in certain sectors, for example, might think certain tasks are applicable for these kinds of jobs. Firms in other industries though might have a very different job specification for similar roles!
This can naturally create a very unique working experience, depending on which sector the job is in. In addition, some industries may even try to add data analysis onto the job specification of other roles to avoid having to hire dedicated staff for them or to avoid having to create new jobs to handle it properly.
Different Industries May Use Different Tools
This is not much of a surprise when you think about it. After all, working in another role in a different sector often requires you to operate an in-house system in one company that another might not use. Very often, businesses in one sector will use completely different industry-specific software compared to another as well.
This is also true for roles which involve the analysis of data. While Excel might be widely used in most sectors for data analysis, some might also use Python, but others might not.
The same can be true if firms in one industry prefer Jupyter Notebook while others don’t have a need to use it. As a result, the data analysis tools you might have to use in this sort of role could vary greatly across industries.
Roles Which Involve Data Analysis Crucial
Although you can see differences in how jobs with data analysis in them look across sectors, one thing is true for all industries – the collection and analysis of data is crucial. This is certainly something for small business owners to be aware of and illustrates that accurate analysis of data is a key tool in their roadmap to success.
It also makes it clear that roles like this are a burgeoning trend in recruitment and a great career choice for those looking to move into such work. Jobs such as Data Analyst, Data Scientist and Data Engineers are experiencing a surge in demand and likely to only become more sought after in the future. For anyone looking to pick up popular skills moving ahead, qualifications in this area are worthwhile.
Data Analysis Type Jobs Can Differ
Although you would think that jobs which involve analyzing data would be pretty standard across industries, this is not always true. While the basis of what they are about remains constant, the specific data you might need to collect and the insights you might need to gain can change across sectors.
In addition, you also have the various software and platforms that different industries might use to factor in. When you also add in that the tasks required of data analysis roles in various industries can also differ, it is easy to see the vast variety around these roles in business.