Missing Skill in Knowledge Economy
We all agree that we are moving into a Knowledge Economy. So what is “Knowledge Economy” then? I believe that knowledge is built through ideas, experimentation, and information, with the last two having data as the basic ingredient in most cases.
Almost all jobs now and those emerging in the future will need to work with data. Why? Companies will go towards digitization to tap into the ability to automate and serve their clients well. Data will be produced from digitization efforts. Everyone will have an abundance of data easily available in their personal lives or careers.
So what is the missing skill that is not covered much? Data Analysis! :)
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As we progress in our careers or make important life decisions, we WILL NEED data analysis skills. The good news is we have acquired the skills and knowledge to do the simple analysis needed for decision-making.
Here are the suggested steps:
Step 1: Understand how data is collected. To assist you, think about the last time you planned a trip. How did you select which reviews to “believe in” and which reviews you do not?
Step 2: Revise your summary statistics, such as centrality measures, distribution, etc.
Step 3: Revise your visual analysis again, learn how to read and improve charts, from the simple bar, line, and scatter to heat, treemap, and histogram.
Step 4: Practice, Practice & Practice
Step 5: Relate your analysis to the decision you are making. How can the insights be used to help you make a more informed decision?
Your data analysis skills get better with practice. Keep asking questions about the data, and also ask questions on how to improve your analysis. As you ask more questions and spend some effort to answer these questions you asked, the better you can get at getting more information for your decision-making.
One last point I want to make is that while it is widely known as “data analysis”, it should be information analysis. Think about it. :)
What are your thoughts on this? Please share them in the comments.
Good news! Are you planning to improve your data analysis skills and reside in Singapore? Consider signing up for our Advanced Certificate in Visual Analytics, which I have the honor of co-instructing with Eric Sandosham. If you need more details, check out the link.
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