Understanding why ‘data’ is soon to be the most desired skill set to have to get hired.
One of the biggest ‘flex’ for entry-level employees has been, for the last few decades, having advanced knowledge of spreadsheet software such as MS Excel, or presentation software like MS PowerPoint. Excel makes performing complex calculations swift and accurate and can generate reports, complete with bar and line graphs, pie charts and more. MS PowerPoint has been the go-to tool for making professional-looking presentations. A lot of companies have, so far, considered advanced Excel and PowerPoint knowledge an asset, which is why fresh graduates with this skill set have had an added advantage when applying for entry-level positions. But the job landscape is changing rapidly; the world today runs on data, small, big, and wide.
While these software still hold importance, human resource departments are increasingly giving precedence to candidates who have the skills to not only be familiar with Excel tools but also be able to run in-depth analyses on data. For those unfamiliar, the term is called ‘data analytics’ which means to work with raw data in a way that reveals new and insightful information.
Just a few decades ago, data analytics was merely a field of study. Over the years, it has evolved into a catalyst for business growth and a game changer for those looking to monitoring and maintenance purposes. Data collected over the years would let an analyst gain further insights such as how to optimise workflows that would keep the machines performing at maximum capacity, boosting production.
Data collection practices have become second nature around the world, meaning there is a very large bank of data with limitless hidden information. At this scale, data is termed, ‘Big’. Global businesses and corporations have adapted quickly and invested heavily to analyse this big data. A knee-jerk reaction was to outsource this massive data handling to third parties. However, as corporations become more and more reliant on data, the senior management of companies began to see the value in hiring in-house data specialists who can analyse and manipulate – descriptively, diagnostically, predictively, and prescriptively – this dearth of information at their disposal.
Employees with sound knowledge of data analytics enjoy both a bird’s eye, as well as a microscopic view of their organisations. They can see and describe the issues the company faced in the past and can dig out the reasons behind the problems that occurred. This allows the organisation to ponder over past mistakes and think of strategies that smooth out the kinks. Additionally, employees who know data analytics can improve the overall performance of the company. Data-driven perspectives let them see what strategies and action plans are working, accounting for better decision-making and minimising the need for organisations to engage in guesswork.
Considering that data can more accurately predict trends, behaviours and performance, and can be key in tracking competitor moves, it can help employees become more efficient, allowing them to invest their time in product and service ideas that have higher chances of succeeding, thereby reducing their risk of failure.
Employees who read and interpret data well can guide the top management to lower their operational costs, sifting through the clutter to channel their resources into what is important. They can also handle the data securely in dedicated data centres, without the need for corporations to build on-site security systems.
According to the Edureka career guide, approximately 77% of leading companies view data analytics as an indispensable element for their business expansion, and this figure is poised to rise further in the upcoming years. The big data industry has witnessed a remarkable 106% job growth between 2014 and 2017, and data analytics certification programs have seen a substantial surge in their enrolment numbers.
Needless to say, both the individuals equipped with these competencies and the organisations that embrace them are set to enjoy heightened competitiveness in the future. For those with an option, it may therefore be a worthwhile investment of their time and resources to upskill themselves in this field and increase their chances of entering the ever-competitive job markets of the business world.
