In this article, I have outlined the biggest influences on the data analyst salary and why trained professionals get more job offers with higher salary packages in the current scenario.
Data analysts are among the highest paid professionals in the IT and software business industry. In the modern workplace scenario where remote collaborations have become the norm for everyone, data scientists and analysts are expected to lead the trend and provide others in the hierarchy with suitable data driven analytics and insights about their marketplace. Now, in such a crowded data analysis marketplace, it becomes extremely important for every data analyst to focus on two things—career growth and technology innovation. Best analysts get paid the highest for many reasons – one of them is staying flexible and receptive to industry trends that arise due to disruptive technologies in data science.
Let’s understand the most relevant aspects of becoming a data analyst and how each of these influences data analyst salaries in a big manner.
Data management is at Inflection Point: We need smartly trained analysts
It’s been more than a decade since Big Data management became a mainstream specialization within our current business models. Yet, less than 1% of the big data companies are actually able to justify their resources spent on training programs associated with various data management operations. Of these, top adoption centers are related to businesses in Marketing and Sales, IT Operations, software development, manufacturing, and healthcare services. In order to fully capitalize on the modern data science opportunities, big data training is a must.
There are three major adoption centers that prove why you should seriously embrace data analysis training. These are:
Continuous intelligence (Cognitive learning)
My experience in working with Business Analytics tools has provided me with ample examples of how real-time data analytics has become a mainstay in any big data driven company. Live and relevant data are treated as oil or fuel for any business, and the driver is a highly trained group of data analysts led by an experienced data scientist or Chief of Data Science. By 2025, every second company would position itself as a promoter of real-time data analysis in their organization, which could further increase the salary bracket in the industry.
Data as a Service (DAAS) infrastructure management and operations
Cloud solutions have enabled us to work with data in a large volume within an automated ecosystem. The innovation companies that provide DAAS solutions are pushing the boundaries of data management, warehouse management, storage, and analytics to the next level. Billions of dollars are spent building top-class DaaS platforms that provide millions of opportunities to stakeholders. One of the biggest names in DaaS is Google, which influences data management trends across all its product lines, especially in web search, analytics, and Cloud offerings. In a strategic business model, DaaS has become the most important element of sustainability and continuity.
Every company today is an internet player. Whether you are into gaming, app building, e-commerce, or just online education, without the internet, it is impossible to expand onto new markets and reach new user groups. This essentially means, data analysts themselves are 100% dependent and perpetually binding with internet trends that influence the adoption of various technologies.
Here’s a great example of an IoT-enabled working process.
During the lockdown, the use of the internet multiplied tremendously due to work from home facilities. A majority of the companies provided their remotely working employees with internet connected devices such as laptops, Bluetooth headsets, mobile phones, hotspot devices, and so on. In this remote working scenario, one thing that suffered the most was internet connectivity—people suddenly realized that without internet services, it is impossible to even move an inch, especially during a pandemic situation that prevents people from moving out of their homes. Internet is not only a great enabler for businesses but also an important asset for any data analyst professional.
If you are new to the data analyst role, frankly speaking, you can quickly learn the nuances of big data management and other relevant specializations to earn at par with current industry norms in data analyst salary.