Analytics specialists work for large companies and corporations and use raw data and numerical measuring sticks to help the company act efficiently and profitably. These specialists can provide companies with forecasts of how projects, acquisitions, and regulations may affect revenues, expenses, and the company's financial health, and they also offer recommendations for new initiatives which can provide beneficial results. Analytics specialists also analyze the ways companies perform current business and identify both strengths and weaknesses.
Because the ways numbers are examined can be subject to bias and influence, many modern companies and corporations allow analytics specialists to function as separate entities even when assigned to specific departments, such as accounting, sales, or marketing. Analytics specialists are primarily concerned with the company's numbers and are typically tasked with examining large data sets and attempting to extrapolate verifiable trends which can be seen in development. They then develop responses to these trends which fall within the company's best interests and provide them to managers, directors, and board members.
Analytics specialists may also use numbers to model the impacts of future regulations or business endeavors and provide input on how environmental regulation will affect profitability, as well as offer short- and-long term trend ideas for mitigating these impacts. They may also provide input on how profitable a new product may be or whether it is worthwhile for the company to acquire a smaller business, and they typically use data and scenario-modeling to assist in developing these forecasts.
Most analytics specialists have both undergraduate and graduate degrees in mathematics and business fields which incorporate statistics and even computer science. They may work in an analytics department for years to acquire the practical experience for serious consideration for this position, and these specialists usually work in an office environment during regular business hours.
Analytics Specialist Tasks
Familiarity with and ability to use spreadsheet and analytics software relevant to computational analysis of large datasets.
Able to create systems and formulae for data analysis within given parameters and audit results for accuracy within set limits.
Able to perform university level statistical and actuarial analysis.
Able to produce reports summarizing data for consumers with in-field expertise and for lay people and outside customers.