7 Industries Where Employers
Value Data Analytics Skills
Top executives from businesses in virtually every industry are discovering that their data has the potential to help them revolutionize their operations. In situations where their data can be mined, analyzed and understood, there are many cases where this understanding can be applied to create tangible business solutions.
The key for these employers lies in hiring talented workers who have obtained data analytics skills and an understanding of how to apply them. Candidates typically learn these skills by completing a relevant university degree program, but it is also possible to obtain them through relevant certification programs or other types of training programs. There are both undergraduate degree programs and master’s degree programs available in relevant subject niches ranging from data analytics to data science to operations research.
Data analytics skills, once obtained, are transferable across multiple industries. Employers in the following seven industries tend to value and reward candidates who have cultivated data analytics skills – and they are particularly receptive to hiring candidates who can demonstrate success with using their data analytics skills to solve real-world problems in meaningful ways:
1. The Finance Industry
Financial institutions of all varieties place a high value on professionals who have cultivated data analytics skills. In particular, consumer banks, investment banks and central banks are all incorporating data analytics strategies into their everyday operations. McKinsey reports multiple examples where banks have been able to use data analytics to improve customer retention, eliminate unnecessary discounts, boost sales, reduce operating costs, optimize ATM operations, reduce risks and improve profitability.
According to analysts at the US Bureau of Labor Statistics, the finance and insurance industries hire a combined total of 27 percent of all operations research analysts. Businesses in the securities industry hire small numbers of data scientists, but they offer some of the best paying jobs for professionals who have developed data analytics skills. Central banks also hire small numbers of data scientists but pay them well.
2. The Tech Sector
“Big tech” companies have a perpetual need to hire data scientists, data analysts and operations research analysts. In particular, the computer systems design industry offers the highest levels of employment for data scientists in the United States, according to the Bureau of Labor Statistics. In this industry, data analysts are teaming up with professionals in the sales and marketing departments to use data for preparing market forecasts, setting prices, and creating a personalized customer experience.
3. The Insurance Industry
Insurance companies collect massive quantities of specific, personalized data about their customers. When they collate and analyze this data, they’re able to use it for a variety of purposes.
One of the most important uses for predictive analytics in this industry is insurance fraud prevention. Using predictive analytics, analysts are able to better detect and respond to irregular activity patterns that typically accompany fraudulent insurance claims. They’re also able to compile data that gives them an improved ability to conduct risk assessments, which is an important factor in their quest for profitability. Furthermore, they are able to analyze the intent behind their customers’ search data and use it for customizing their marketing messages to each individual customer.
4. The Telecommunications Industry
Telecommunications companies have amassed huge amounts of data, and they are using it to personalize their customers’ experiences with their products. They have the ability to analyze their customers’ location, demographics and behavior, formulating additional insights from data usage patterns, social media activity and website visits. They can collate this information and use it to develop personalized mobile service plans. They might also use it for releasing other specialized telecommunications products and services.
5. The Healthcare Industry
There are countless ways that data analysts and data scientists can use their talents to help improve health outcomes for their employers’ patients and customers.
One possible use for data analytics in healthcare: It’s possible for epidemiologists to use data analytics for accelerated detection of disease. Data analytics is also useful for predicting trends and likely patterns in the spread of a particular disease. Armed with accurate forecasts, it’s possible for healthcare providers to better prepare for combating an expected illness.
Hospitals are using data analytics to automate some of their administrative processes and also to better personalize various aspects of their patients’ care. Healthcare providers are better able to avoid unnecessary in-person appointments using data analytics; they are also empowered to be more proactive about scheduling crucial in-person appointments that might otherwise not be prioritized.
6. The Retail Industry
“Big box” retailers and online retailers are using data analytics to optimize many facets of their customers’ user experience. One of their primary goals is to analyze their customers’ past purchases and use that information to personalize helpful product recommendations that would be likely to inspire future purchases.
Target provides us with one fascinating example of how a retailer has used predictive analytics to personalize advertisements and increase sales. Target’s statistician Andrew Pole compiled and analyzed the store’s data to discover a list of items that pregnant women typically purchased. This data was then used to make educated guesses about which of their customers was probably pregnant. They sent advertisements and coupons for baby products to women that they determined had a high likelihood of giving birth to a baby soon.
According to the Bureau of Labor Statistics, the United States federal government hires about 6 percent of the country’s operations research analysts. These professionals are tasked with conducting research and preparing reports that can better help government officials understand the scope of various problems that are likely to arise -- before they reach crisis proportions. According to consultants at Deloitte, governments are actively using predictive analytics to anticipate and solve problems in the defense, security, healthcare, and human services sectors.
In Australia, both federal and state governments are using data analytics for a variety of purposes. A few examples: They are utilizing data for streamlining internal operations, improving environmental sustainability, detecting fraud and fighting crime.
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These aren’t the only industries where employers value data analytics skills. Executives in all industries are now interested in exploiting their data with the hopes of improving efficiency and profitability. However, the above-mentioned industries have been at the forefront of implementing and adopting data analytics methodologies to refine their everyday operations.
If you’ve cultivated data analytics skills, or you’re hoping to do so, these industries could all potentially provide outstanding job opportunities that would make excellent use of your skills.
About the Author
Andrej is an entrepreneur, a digital marketer and an avid internet technologist. Throughout his career, Andrej has combined his passion for cutting-edge technology with a keen eye for emerging industry trends to deliver customized marketing solutions to businesses and clients around the globe. He believes that the key to modern marketing excellence is a constant willingness to learn and adapt to the ever-changing digital world.