The job of the data analyst is highly paid but a challenging one, definitely this job does not depend on the easy task and doing some simple work, but on daily and weekly reports, guided by the leaders, navigating databases and extract the conditional reports, many things in day-to-day operations, some of them are negligible and some of them needs high attention.
If one does not understand the business domain, one never extract the essential knowledge from the database, in order to gain knowledge one needs to figure out that how the business operations happened, the business usually makes money by selling products, provide services, or whatever business’s status to earn a profit, the type of business model is important, for example, if the company is e-commerce then as a data analyst one have to focus on the sellers, customers, and the products if the business type is courier company one have to pay attention to how logistics occurred and types of packages, prices and residential area are where most of the customer needs the services.
Business usually not run without the necessary support from the related parties, multiple parties have different connections with the business, how company buying goods from the third party and sell to the customers, how consumers use the payment channel. What type of products offered to the customer?, rate, cost, and profit margin of the product, how logistics influence the cost of the product?, Do marketing budgets generate impact? and just like that, there are many more aspects, but as a data analyst one has to understand the business value, how customer needs to meet with the product, and the way business monetizes its values to customers.
As a data analyst, data collection from sources of business operations is the necessary step for data analysis, business operations have many types of data (database, CSV, XML), the data collection depends on the requirement of analysis.
In order to get insights into companies' profit, the analyst usually obtains the latest information from the competitors, how the company opponent advertises, social media of competitors, latest news of competitor product, and the way they attract customers, all of them give a fruitful insight into the competitor's strategies and business model.
Because of the technological revolution, everyone has access to the internet, and every person have an account on social media, these websites are good for connecting with each other provide opinions regarding the products, with help of social media data analyst gets the latest comments on the product, services, and brand, as a data analyst you can collect sentiments and analyzed the opinions, you can also gather intelligence regarding likes and dislikes
In order to win competitive opportunities trends provide useful information, the trend suggests the exact cause of the customer wave and brings many insights that will help to understand the drawback of the particular decision.
Data analysis based on the data itself and domain knowledge + data decide what kind of analysis has been possible against the requirement, the relationship between product and customers give bird eye view of the customer loyalty or interest with the business, thousand of products cannot attract customer attention because wrongly present to the customers, maybe the time is not valid, or its price has a problem with population.
Data analysis depends on the cooperation of internal departments of the company, the job requirement is to work closely with multiple parties in order to be a good data analyst he must show confidence, courage deeply involved with business research, and extract business intelligence from the internal departments.
There are many strategies to get involved with internal resistance, the culture of the company, business conditions, and data analyst own personal skills will decide the cooperation methodology, right or wrong, but in order to prove yourself as expert analysts, don't rush to change the elites of company, you need to develop the cooperation method, integrate and make teams across the company.
The structure of the company refers to the map of persons involved with the company decision making, the hierarchy of individuals who has a strong influence on decision making, by understanding the structure and the work assigned to each person in the company, you will develop true reports which have deep insights and meaningful answers to the management.
You can find many executives in the company who wants to make achievement in a short span of time, but because of unskilled or not have the proper authority, they cannot achieve, the analyst will help those executives in return get full business operations secrets and insights.
The job of data analysis is full of alliances, which can be used for extracting useful insights from internal departments, alliances are important in order to continue to get intelligence from the business operations.