In today’s data-driven global economy, we often hear buzz words such as Big Data, Machine Learning, and Data Analytics. These elements are interconnected, relying on the meaningful application of data to solve a wide variety of problems. Learn more about what data analytics comprises, and how businesses benefit from tapping into data analytics in Singapore.
What is data analytics?
At a glance, data analytics is the application of turning raw data into meaningful data through the use of various techniques and algorithms. Vast amounts of data are collected every second in areas such as social media, stock markets, and research, giving rise to large data sets known as Big Data. Data analytics processes both Big Data and regular data sets, utilising a virtual toolkit of software and statistical techniques such as Python, R, SQL, Predictive Modelling and Machine Learning to do so.
There are 4 fundamental types of data analytics: descriptive analytics to explain a data set, diagnostic analytics that build on top of it, predictive analytics that forecast future trends and patterns, and prescriptive analytics which facilitate the tailoring of strategies in response to predictions. Data analytics in Singapore is often used in conjunction with data visualisation techniques to help end-users have a clearer picture of the data, allowing them to utilise their findings more effectively.
As a growing and in-demand field in Singapore, data analysts can expect an average base salary of approximately $50k per year, with significant room for career growth. Beyond business, data analysts are also employed in scientific sectors to process research findings to support hypotheses and models. Data analytics courses are an excellent way for interested individuals to learn industry-relevant skills, as well as to see if they are a good fit for this high-demand industry.
Why is data analytics so important?
Data analytics’ primary goal is to help both individuals and organisations make informed decisions based on patterns, behaviours, and trends extracted from a data set. In business terms, this translates into various benefits such as identifying customer preferences and purchasing habits, identifying weak points within a company’s infrastructure to streamline internal processes, or predicting future trends to guide overall business strategy.
One example is in the field of e-commerce, where data analytics empowers Singaporean platforms such as Lazada and Shopee in various ways. It provides invaluable insights on consumers’ shopping habits and behaviour, facilitating an improved shopping experience through predictive analytics by recommending products effectively, reducing time to purchase, minimising shopping cart abandonment and timely restocking of popular products.
SMEs in Singapore can also tap into data analytics to improve their business. This ranges from more accurate creation of consumer personas using demographic data for better advertising, optimising their websites for SEO conversion for increased traffic, boosting brand awareness and recognition from data derived from social media, as well as enhancing both services and products based on sentiment analysis derived from data analytics.
Smartcademy’s data analytics course prepares individuals and corporations in Singapore with the fundamentals to step into the world of data analytics. Over 8 lessons conducted via online live webinar, students will learn the fundamentals of data analytics, as well as get acquainted with Python programming, SQL Database, and data visualisation. The course culminates with a Capstone Project for students to showcase what they have learnt, while also providing career advice for students stepping into this lucrative industry. Students also enjoy free personal 1-on-1 consultation with their trainer to guide their professional learning and access to Smartcademy’s alumni network, which includes exclusive webinars and career opportunities from our partners (subject to availability).
Eager to embrace the growing field of data analytics in Singapore? Contact us today to find out more about our courses and how we can value-add to your career development.