Data Analytics: Innovations, Applications, and Exciting Career Opportunities
Take a deep dive into the incredible world of data analytics and learn more about
how you can unlock exciting new opportunities
(and higher earning potential) by earning your Master’s degree in this ever-evolving field of technology.
The field of data analytics has exploded over the last few years, bringing new innovations and incredible opportunities that are changing our world as we know it. If you’re looking for a rewarding career in tech that will allow you to help shape the future where the possibilities are virtually limitless, read on to learn more about this exciting new frontier on the technology landscape.
HOW IS DATA ANALYTICS USED?
As the field of data analytics evolves, four categories have emerged
based on what information the data provides and how it can be applied to problem-solving:
- Descriptive Analytics, for describing what happened and for identifying trends. Examples include reporting and statistical analysis.
- Diagnostic Analytics, for answering why it happened and for addressing problems. Examples including testing hypotheses and explaining customer behavior.
- Predictive Analytics, for making educated guesses on what might happen and for planning. Examples include forecasting and predicting malfunctions.
- Prescriptive Analytics, for shaping around future performance and for improving results. Examples include Artificial Intelligence and Machine Learning.
Practically speaking, data analytics is often used by companies to improve processes – like tracking a transportation fleet over time to find more efficient routes that speed up delivery and reduce driver fatigue. As the field becomes more sophisticated, more applications arise, and data analytics has become essential for competitive advantage. It allows companies to make informed decisions, respond in real time, and improve performance in ways that will benefit their business and those who interact with it.
Many corporations are already taking the information and insights they’ve learned through data analytics to implement trigger-based automations. For example, a company can streamline its processes by creating a workflow trigger to begin every time an employee is hired or a ticket is submitted. In its most advanced forms, analytics is being used by doctors and scientists to predict and improve patient outcomes – like identifying who is most likely to develop sepsis so that early interventions can be made.
WHAT YOU NEED TO WORK IN DATA ANALYTICS
While there are some entry level data analytics opportunities that you c an pursue with only a Bachelor’s degree, you’ll likely need a Master’s degree to land the more advanced, high-paying roles. In fact, 79% of data scientists have a graduate degree , and data analytics professionals who hold Masters degrees earn an average of $15,000 more per year than those with Bachelors degrees. For the most cutting-edge data analytics applications – like Artificial Intelligence and Machine Learning – a PhD is often required.
If you already have your bachelor's degree and want to take the next step in your data analytics career, the Master of Science in Data Analytics (MSDA) program, with a Concentration in Business or Technology/Database, at the Touro University Graduate School of Technology can build the knowledge and skills to launch or enhance your career. Available both on campus and online, it makes it easy to advance your technology career on your own terms.
- core courses in data analytics and database systems that will help you master skills like managing corporate data, regulation compliance, statistical functions, database modeling with tools like Microsoft Visio and MySQL Workbench and UML, performance and tuning, and other advanced SQL topics.
- elective courses in business and technology/database systems that will allow you to customize your education and build the skills you want to take your career in the direction that most excites you.
- required courses in data analytics history, in database transformation, migration, and integration, and two more courses.
- a thesis course which is a choice between an internship or the course Advanced Research in Data Analytics. The internship provides conceptual, technical, and applied knowledge in a business environment, while the course gives students the opportunity to conduct research on a topic of their choice in Data Analytics, to be approved by the instructor.
After you’ve finished the program and have earned your Master’s degree, you’ll have the required authority and expertise to build your data analytics career, unlocking unlimited potential when it comes to both salary and advancement.
CAREERS IN DATA ANALYTICS
Completing a Masters degree in Information Systems or a similar area of technology will open up whole new range of career possibilities. Named in LinkedIn’s Jobs on the Rise in 2021 report, the field is evolving rapidly – with expected growth of 35% for roles like data scientist and data engineer. While many of the data analytics jobs that will be in high-demand in the coming years may not even exist right now, working in one of the following roles will prepare you for whatever the future of data analytics may hold.
Data is most useful when it’s gathered intentionally to solve a specific problem, and data analysts help to define those problems and analyze the data to identify solutions. They also interpret, organize, and present it in ways that allow others to use it to make decisions. The field is expected to grow by 33% over the next 10 years – which is much more quickly that average – and the average annual salary is around $93,000.
Business Intelligence Analyst
Bringing together critical thinking and quantitative skills, a business intelligence analyst handles data for the specific purpose of making a business better. That may include looking at revenue, customer engagement, or sales metrics and using that information to make improvements and adaptations. The average annual salary is around $86,000, with top earners making as much as $120,000 a year.
A combination of social scientist and technologist, a data scientist applies a deep knowledge and contextual understanding of a specific industry to interpret data and use it to solve problems. In this role, you can expect to earn a salary that averages around $98,000 annually – and you’ll have excellent job security for the foreseeable future: The data science field will likely grow by 31% over the next 10 years.
Data engineers are responsible for data collection, building the systems that gather, convert, and validate data for use by others (like data analysts and data scientists). Named the fastest growing job in technology with 50% growth in 2020, data engineers can expect an average salary around $115,000 year, and with more experience and education, they can earn upward of $175,000 annually.
Before anyone can analyze data and use it to make decision, it has to be organized – and that’s where database administrators come in. They figure out what kinds of databases are needed by their teams and then build, maintain, and secure those systems for optimum functionality and accessibility. It’s a crucial part of the data analytics process, and database administrators earn an average of $99,000 per year,
If you’re ready to become part of the next generation of technology professionals and shape the future of data working in data analytics, contact Touro University Graduate School of Technology to learn more about earning your MSIS with a Concentration in Data Analytics and Database Systems today.
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