Unit –V

PREVIEW OF ADVANCED ANALYTICS AND

CAREERS IN ANALYTICS
____________________________________________________
5.1 Analytics Industry Trends and Growth
Analytics Market

Statistics for the 2023 market share, size and revenue growth rate. Analytics
market Analysis includes a market forecast outlook to 2028 and historical
overview.

US Marketing Analytics Market Size

Study Period: 2018 - 2028

CAGR: 12.9 %
 Major
Players

US Marketing Analytics Market Analysis

The US marketing analytics market was valued at USD 1074.53 million in

2020 and is anticipated to reaching USD 2226.287 million in 2026 registering
a CAGR of 12.9% over the forecast period (2021-2026). The benefits of
analytics have become highly obvious for companies, as the competition for the
retention of customers has become a necessity for the businesses.

Supply Chain Big Data Analytics Market Analysis

Supply Chain Big Data Analytics Market is expected to register a CAGR of
approximately 17.31% over the forecast period. With advancements in
information technology, firms are now able to access, store, and process a
massive amount of data.

Workforce Analytics Market Analysis

The workforce analytics market is expected to register a CAGR of 15.64% over
the forecast period. According to the Information Services Group, 58% of
enterprises indicated that HR SaaS technology solutions improve the employer
user experience globally. This creates a positive impact on the market globally.

IT Operation Analytics (ITOA) Market Analysis

IT Operation Analytics (ITOA) Market is expected to register a healthy CAGR of
over 28% during the forecast period (2021 - 2026). With growing complexity,
developers spend approximately 25% of their time investigating the main
reason for application issues that are related to hybrid IT infrastructures.
Implementation of ITOA platforms offers the facility to connect, distribute,
ingest, normalize, contextualize and govern large IT operations data across
cloud and data centers.

Manufacturing Analytics Market Analysis

The manufacturing analytics market is projected to register a CAGR of 24%
during the forecast period (2021 - 2026). The application of analytics in various
segments of the manufacturing process is increasing the demand for the
manufacturing analytics market thereby minimize operational cost and
streamlining the overall supply-chain logistics.

Social Media Analytics Market Analysis

The social media analytics market is expected to register a CAGR of 24%
during the forecast period. Social media analytics is widely considered a
significant business and marketing tool in the present-day business scenario.
To gain actionable insights into consumer perceptions and improve their
services and product portfolio, businesses worldwide use social media
analytics.

High Performance Data Analytics Market Analysis

The high performance data analytics market has been valued at USD 48.28
billion in 2020 and is expected to reach USD 187.57 billion in 2026 registering
a CAGR of 25.4% during the forecast period (2021 - 2026).

Learning Analytics Market Analysis

The learning analytics market is expected to witness a growth at a CAGR of
20.9% over the forecast period (2021-2026). Learning analytics (LA) market is
rapidly growing in educational institutions worldwide, especially for higher
educations and MOOCs providers, driven primarily by the need to improve the
student success rate, course material efficiency, retention, and the learning
experience. 
Agriculture Analytics Market Analysis
The agriculture analytics market is projected to grow at 14.4% CAGR during
the forecast period of 2021 - 2026. Agriculture analytics is the application of
cutting-edge technologies like Big Data, IoT, and other analytics tools in
agricultural farming. The primary growth factor for the agriculture analytics
market is increasing government initiatives for deploying improved agricultural
techniques.

CRM Analytics Market Analysis

The CRM analytics market is expected to register a CAGR of 12.8% during the
forecast period. Increased competition among market players, the need to
retain important customers, and the rise of big data are the primary factors
accelerating the demand for CRM analytics.

Asia Pacific Healthcare Analytics Market Analysis

During the forecast period, the Asia Pacific Healthcare Analytics Market is
expected to register a CAGR of 19.23%.

There has been exponential growth in the healthcare analytics market due to
the rise of the IT healthcare sector. Healthcare analytics can predict future
trends, measure performance, and evaluate decisions using chronological data.
This will help improve patient care by advancing accuracy, efficiency, and
service delivery.
5.2 Overview of Advanced Analytics Techniques
Machine Learning
This advanced analytic tool employs computational methods to identify
patterns in data, which it then uses to create statistical models capable of
producing reliable results without requiring much human intervention.
Machine learning is seen to be a key component of the AI subset of advanced
analytics. It can be divided into the following categories:
Supervised learning -: involves teaching machines by example and it usually
needs huge amounts of labeled data for the process.

Unsupervised learning -: uses various algorithms to identify correlations and

patterns in a subset of data.

Semi-supervised learning -: uses the techniques of both supervised learning

and unsupervised learning.

Reinforced learning: This is among the newer developments in machine

learning.
Cohort Analysis
Cohort analysis is a technique in which users are grouped based on similarities
and then it establishes broadly applicable insights by studying the behavioral
pattern of each group of people.

Cohort analysis is particularly useful in helping improve customer satisfaction

and retention. By studying behavioral patterns, it can offer precious insight
into what kind of campaign is likely to be most effective, which is the consumer
group most likely to buy your product and what particular requirements they
might have of said product.

Cluster Analysis
Cluster analysis involves recognizing the similarities and differences in sets of
data and visually presenting it to help make comparisons easier. Box plot
visualizations are often used in this method of presenting data in a cluster.

Retention Analysis
Retention analysis is an advanced analytics technique that studies the different
cohorts of customers. These techniques are capable of offering deeper insight
into consumer behavioral patterns and what factors influence consumer
growth and consumer retention.

Complex Event Analysis

Also known as complex event processing (CEP), this advanced analytics
technique gathers and analyzes data of an event from several different sources
as it happens. It then works to identify cause-and-effect relationships and
unearth complex patterns in the gathered data, providing real-time insight into
factors and variables, which can facilitate more effective decision-making.

Predictive Analysis
Predictive analysis is a technique that is typically used in conjunction with
data mining, machine learning and statistical models to study data and predict
the likelihood of an event happening in the future and facilitate business
forecasting to plan accordingly. The scientific approach of predictive analysis
enables it to offer future insights to a great degree of accuracy. It has seen a
great surge in popularity among a wide range of organizations in recent times.
 5.3 Skills required for getting into Analytics
Domains, Career Jobs available (Business
Analyst, Data Analyst, Marketing Analyst, Supply
Chain Analyst, Financial Analyst, Analyst
Devops)

What Skills Does a Data Analyst Need?

Because the data science tools you will use vary depending on the role, the
company, or the industry, we learned to focus on skills and not on tools (like
Python, R, SQL, Excel, Tableau, Power BI, etc.). 

Here’s what you’ll need to do as a data analyst (not how to do it).

Here are the eight most important data analyst skills:

 Data cleaning and preparation

 Data analysis and exploration
 Statistical knowledge
 Creating data visualizations
 Creating dashboards and reports
 Writing and communication
 Domain knowledge
 Problem solving

Top 10 Business Analyst Skills Required to be a Business

Analyst

Business analytics is a growing field in today’s times. The need for business
analyst professionals is on the rise across the world. There are a set of skills
that you must possess for becoming a business analyst. Having all the
required skills will open new ventures and help you grow as a successful
business analyst. This article will precisely help you understand all the skills
needed to grab a job in this popular field.
Who Is a Business Analyst?

A business analyst enables a change in the organization by comprehending

business problems and providing solutions that will maximize its value to its
stakeholders. 

They are involved in every tiny aspect of the business, beginning from laying
out the strategy to creating enterprise architecture. Business analysts play a
role in every life cycle within a project. A business analyst documents the
business process in an organization and evaluates the business model. 

With this understanding of who a business analyst is, let’s look at the top
business analyst skills to help you become a successful one.

Top Business Analyst Skills Required

A business analyst must perform multiple duties; hence they need to have a
strong skill set that is an amalgam of technical and non-technical skills. 

Here, we will take you through the top ten vital business analyst skills that are
a dire necessity. 

1. Understanding the Business Objective

 A business analyst should be able to comprehend an organization’s goals
and problems. 

 It requires them to recognize business problems and come up with the most
suited solution.

2. Analytical and Critical Thinking

 As the famous quote by Thomas Alva. Edison goes:

 “Five percent of the people think; 

 ten percent of the people think they think; 

 and the other eighty-five percent would rather die than think.” 

 This shows that, although thinking sounds basic, it is an underrated ability.

Analytical and critical thinking is one of the core business analyst skills. 
 A business analyst must analyze and translate the client’s requirements
distinctly. 

3. Communication and Interpersonal Skills

The next skill in our list of business analyst skills are commonly heard of skills
- communication and interpersonal skills.

 Being understood is as important as understanding. You should have the

ability to communicate concisely with the stakeholders and clients with
regard to the requirements. 

 A business analyst uses communication and interpersonal skills at different

phases, for example: when a project is being launched, while collecting
requirements, when collaborating with stakeholders, while validating the
final solution, and so on. 

 Business Analysts use verbal and written communication to convey ideas,

facts, and opinions to stakeholders.

 Good communication and interpersonal skills will give confidence to a

business analyst while facilitating meetings.

4. Negotiation and Cost-Benefit Analysis

 Needless to say, negotiation is a crucial skill every business analyst must-
have. The next skill on our list of business analyst skills is the negotiation
and cost-benefit analysis.

5. Decision-Making Skills
At number five, we have another non-technical skill, and that is decision-
making skills.

 The decisions made by a business analyst has a direct and indirect

impact on the company's business. Hence, they should think of all the
aspects before presenting their decision.
6. Programming Languages
 Business analysts should have hands-on programming knowledge in order
to perform quicker and better data analysis. 

 Knowledge of R and Python is extremely beneficial. Complex problems can

be solved by writing efficient codes. 

7. Creation of Reports and Dashboards

The next vital skill we have is the creation of reports and dashboards. 

 Business analysts must be proficient in using various business

intelligence tools for creating reports and dashboards. 

 Business analysts develop general reports and dashboard reports to solve

decision-making problems. 

 Sound knowledge of Tableau, QlikView, and Power BI is necessary to make

different reports based on the business requirements.

8. Database and SQL

The next skill every business analyst should have is the knowledge of database
and SQL.

 Business analysts most often work with structured data. In order to store
and process this heavy data, they should have a sound understanding of
relational databases like Microsoft SQL Server, MySQL database, Oracle DB,
as well as NoSQL databases. 

9. Microsoft Excel  
Next, in our list of business analyst skills is knowledge of Microsoft
Excel. This is a fundamental skill that every business analyst must-have. 

10. Documentation and Presentation 

Last, in the list of business analyst skills, we have documentation and
presentation.

 A business analyst should document their project teachings and results

very well, clearly, and concisely. 
6 must-have marketing analyst skills
1. Advanced data analytics and statistics. 

“Analyst” is in this role’s name for a reason. An understanding of statistics

— and an ability to use data for modeling, forecasting, predictive analytics
and significance calculations — is central to this job, Christensen said.

Marketing analysts work with data from a variety of channels, and should
know which metrics are most important to each one.

2. Attribution modeling.

Was that purchase spurred by a Facebook retargeting campaign? Or was it

your automated abandoned cart email that got them to click “Buy”? 

Marketing analysts use attribution modeling to answer questions like this,

and decide which marketing touchpoints should get credit for each
purchase decision. 

3. Experiment design.

Designing tests is key in the marketing analyst role. At minimum,

marketing analysts should have experience setting up a test group and a
control group, running an experiment and comparing the results,
Christensen said.

This can help them level up the simple A/B tests — like email subject line
tests — that other marketing specialists run.

4. Dashboard-building and reporting. 

Marketing analysts need to turn terabytes — even petabytes! — of data into

actionable information. 

Even when data isn’t perfect, the ultimate goal is to “turn those [data] into
charts that you can extract insights out of,” Christensen said. So how do
they get there? By creating custom dashboards and reports for key
stakeholders. 
5. Forecasting and predictive modeling.

Marketing analysts don’t have crystal balls, but they can use predictive

analytics and statistics skills to give marketing orgs some visibility into the
future.

“The ability to forecast growth from marketing is incredibly important to

setting … expectations,” Christensen said. 

6. SQL coding.

“Most organizations are going to have an expectation that a marketing

analyst can extract the data they need from their data warehouse directly,”
Christensen said. 

8 Skills Financial Analysts Need

1. Accounting skills
Accounting skills may encompass the general knowledge you might be required
to have to work effectively in finance. 

2. Interpersonal skills
This skill set refers to a soft skill that can be generalized for most career paths,
however, it can prove to be a very crucial aspect of skill development in a
financial career.

3. Communication skills
Financial analysts should also possess communication skills, as these skills
can directly influence interpersonal skills. Effective communication as a
financial analyst can mean being direct when sending emails, leaving phone
messages, speaking to an investor about important financial information and
utilizing nonverbal communication to navigating professional and working
relationships.
4. Problem-solving skills
Financial analysts are also problem-solvers. This can mean solving financial
equations effectively or finding solutions to a company's debt problems.
Similarly, the outcome of gaining investors for a company may sometimes rely
on an analyst's ability to come up with creative solutions to financial issues
should they arise.

5. Technical skills
Often time’s financial analysts use sophisticated accounting and bookkeeping
software, and prior knowledge of programs like Hyperion, SAP, SQL,
QuickBooks and other software programs can be highly beneficial when
working in this field

6. Leadership and management skills

Financial analysts may sometimes be in charge of full finance departments or teams,
and leadership skills that can be effective to the job may be required by an employer.

7. Financial literacy skills

Another soft skill essential to a financial analyst is their ability to decipher
financial situations, commonly referred to as financial literacy.

8. Critical-thinking skills
Critical-thinking can relate to problem-solving, and oftentimes, the two skills
can be combined. Financial analysts may need to possess excellent critical-
thinking skills that ultimately can aid them when finding the best investments
for their company, deciding whether to sell an asset or buy new financial
software that may help their business keep track of financial records
Analysing the Job description of openings in the
Analytics Domain (Business Analyst / Data
Analyst etc.)

Business Analyst Job Description

 In the enterprise and IT sector, Business Analysis has emerged as a core
business practice. Business Analysis refers to understanding the
changing business needs, evaluating the impact of these changes,
identifying and analyzing requirements, and documenting and facilitating
communication among all the stakeholders involved.
 They contribute actively to an organization’s profitability and
sustainability. Business Analysts guide organizations to improve their
process and quality of products and services.

Important Roles and Responsibilities include:

 Evaluating business processes, predicting requirements, designing and

implementing solutions
 Staying updated on the latest technologies to automate processes and
improve efficiency
 Analyzing business processes and communicating feedback to other
team members and management
 Budgeting and forecasting
 Planning and monitoring projects with regular check on requirements
 Responsible for pricing
 Conducting detailed market research and competitive analysis
 Regular Reporting and Analysis
 Managing competing resources and priorities with regular check on
deliverables
 End to end project management
 Leading and managing teams

What does a data analyst do?

A data analyst collects processes and analyzes large datasets to get actionable
business insights. They use the insights to answer questions and solve
problems. 
Rapidly advancing technology and the development of the languages like SQL
have made it easy to retrieve data from databases. The knowledge of MS Excel
and SQL are two things that every data analyst should have in their arsenal.

Apart from analyzing data, you’ll also be removing corrupt data, performing
analysis to assess the quality and then determining the meaning of data, and
preparing reports based on analysis for the company’s top-level management.

Here is a sample job description for your reference

Here are some of the important roles and responsibilities of

a data analyst:

 Using data analyst tools to extract data from data sources

 Removing corrupt or wrong data
 Performing quality analysis on data
 Developing and managing databases
 Creating database systems and processes for data management
 Filtering data basis requirements from various stakeholders
 Using data analysis and statistical tools to analyze data and forecast
trends with actionable business insights
 Preparing comprehensive reports basis analyzed data forecasting trends
and predictions
 Working with other team members from technical, product, engineering,
and operation teams to stay on top of data management
processes/systems
 Managing Exploratory Data Analysis Projects and identifying patterns
 Thorough understanding and experience in MS Excel including VBA and
Marcos
 Proficiency in statistical tools like SPSS, SAS, and other tools

Salary Trends in Business Analytics

For someone with a background in business analytics, there are many options.
According to PayScale, some standard job titles and yearly salaries are as
follows:

 Business systems analyst: $70,155

 Business analyst: $69,785

 Business analyst: $69,639

 Senior business analyst: $86,050

 Senior business analyst: $51,009