Why Do You Need to Equip Yourself with Data Analytics Skills?
In today’s era of disruption with Industry 4.0, many jobs are being reinvented. As a result, in order to stay relevant in the current highly competitive environment, businesses will have to continuously adapt their operations and practices to stay up to date, to be more productive and profitable. This would mean leveraging on technology and machine automation to drive efficiency.
Workers will now need to master new skills ranging from using complex technology platforms to different ways of working and interacting with colleagues, for them to remain employable.
One major area of digital transformation in this climate is big data or data analytics.
Singapore’s Big Ambition for Big Data
Singapore is leading the pack as South-East Asia’s big data hub as it hosts high-impact projects like Facebook’s S$1.4 billion data centre as well as Alibaba’s joint research institute (EDB Singapore). For foreign companies dealing with big data, these are reasons why Singapore will be the choice location to set up their regional headquarters.
- Singapore has strong connectivity due to the infrastructure investment made by the Government. A recent report from Ookla (an internet metrics company) showed that Singapore’s internet speeds topped the rankings ahead of Hong Kong, Iceland and South Korea.
The business ecosystem in Singapore is conducive to support big data businesses due to use of English as its first language as well as connections with well-established companies and emerging start-ups. In addition, industry events like the annual Big Data & Analytics Innovation Summit helps to showcase Singapore’s world-class business community for big data.
More companies in Singapore are embracing the use of data analytics to streamline their operations, as the Government continues to push for automation and use of technology to increase productivity.
In order to support this ambition to be a major player in the big data sphere within South-East Asia, there will be demand for data analytical skills.
Potential of Data Analytics
As organisations around the world collect more data, they are now able to leverage on it to help drive their decision making and identify new opportunities to grow their business. For example, companies can analyse data trends from different sources to derive insights on consumer patterns and behaviours and identify new areas of growth which can be exploited by the company for profit.
As increasingly more companies are embracing data analytics, it will result in increased demands for talents like data analysts and data scientists to help companies to manage the data collected and draw insights.
More data experts wanted
In tandem with the growth of data analytics in Singapore, the need for data experts increases every day. This role tops LinkedIn’s list of emerging jobs with approximately 1700% growth from 2013 to 2017.
One attractive aspect of the role is the remuneration. The average salary in 2019 of data scientists ranges from S$85k - S$300k per annum while that of data analysts ranges from S$60k to S$96k.
As skills in data analytics are quickly becoming a must-have across various industries, there aren’t enough data-savvy talents in the workforce. Conventional roles in organisations are evolving and it has become crucial that professionals invest in data analytical-related skills to value-add to their roles and stay relevant in their jobs.
Many organisational leaders view big data and data-related skills as important to succeed and are aware that within their respective organisations there is a skills gap in the area of basic data literacy which needs to be addressed.
At Eagle Infotech, learners can pick up basic data analytics skills in the ICDL Data Analytic course. For the more data-savvy learners, they can explore how business intelligence tools like Power BI Desktop and Tableau can be used to manage their data and support their analysis endeavours.
If you are keen to know more, contact our course consultant to advise you.