Unlike in the yester years, today, there are different types of analyst jobs available in the market. Like for example, if you are planning to work as a data analyst, then quickly have a look at the duties and responsibilities of data analysts.
As the term itself suggests, data analysis implies collecting as well as analyzing data in order to improve a company’s marketing, insurance as well as other business practices. Business analysts are highly trained professionals and their duty is to make an analysis of the data by using mathematical calculations and computerized models. They are responsible for determining the risks involved in the business and gathering statistical information in order to find out how the company can alter its present business model for generating maximum profit. Since majority of the companies want to diversify or expand their business or improve their business practices, data analysis is gaining significant momentum today.
Roles and Responsibilities of Data Analysts
The process of data analysis can be broadly divided into four categories. They are data cleaning, initial analysis, main data analysis and finally, final analysis. Data cleaning implies removal of incorrect data. Secondly, initial analysis implies making an assessment of the quality of data. On the other hand, main data analysis means finding out the meaning of the data. Finally, final analysis means providing additional information. All these steps involved in the process of data analysis require extremely skilled professionals because each of these steps involves complex mathematical calculations as well as computerized models and only a highly qualified data analyst will be able to comprehend the algorithms as well as statistics that are used for predicting the actual meaning of the data.
Today, a lot of data analysts are getting lucrative job offers in several insurance companies. The main duty of a data analyst in an insurance company is to make an assessment of the actuarial tables in order to find out how the liability coverage should match with the current trends in the population. Moreover, risk assessment is one of the most important duties of data analysts working in insurance companies.
As far as eligibility is concerned, those who have an advanced degree in computer science, mathematics, statistics, economics or any other similar subjects can apply for the post of data analyst. In addition, the candidates should have good command over language as well as excellent communication skill since it is their duty to put the results of their statistical findings in simple words for their clients to understand.