Will AI be the end of data analysts?
Today’s businesses must make decisions more efficiently and strategically, using their data to its maximum potential. Even a small decision can make a significant impact, and gut intuition isn’t trustworthy. And yet, many data analysts who support data-driven change are concerned today about whether AI will replace them.
Could AI replace data analysts’ role?
Data analysts have the keys to their company’s data kingdom. They know the data deeply. They understand the business’s concerns, as they often are on specific business teams, like marketing, revenue, supply chain, or product.
To stay ahead of competitors and keep up with these constantly changing trends, data analysts are a critical resource for companies ready to prioritize data-driven decision-making, particularly in their most impactful operations. Data analysts are constantly evolving to meet the demands of the job market. Their ability to analyze data and provide meaningful insights is crucial for companies looking to make data-driven decisions. With their current capabilities, data analysts are well-positioned to take on a significant role in shaping the future of businesses. Their data savvy and domain knowledge mean they can extract business value from data like no one else in the organization.
Demand for data analysts has grown remarkably, reflecting their robust skillset. The U.S. Bureau of Labor Statistics estimates that the need for data analysts will grow 23% from 2021 to 2031.
Moreover, companies are starting to give these data analysts the most powerful tool available for unlocking data’s value: true AI capabilities in the form of predictive modeling. The role of data analysts is expanding as AI capabilities become more prevalent. While AI will not replace data analysts entirely, it will redefine their role and require them to develop new skills. Data analysts who can effectively integrate AI with business initiatives will be in high demand and play a significant role in driving meaningful business results.
For example, Coinmama’s data analysts were able to build predictive models that cut down dramatically on the manual effort required in reviewing customer transactions and accurately identified potential fraud.
“We’ve reduced our rate of false positives by about two-thirds and are now manually reviewing a much smaller list of transactions. Pecan gives us the ability to prioritize that list as well, so we can tend to the riskiest customers first,” says Tammy Rotem, data analyst at Coinmama.
Can AI replace data analysts in providing meaningful business results?
The kind of impact Coinmama’s analysts brought about is precisely the results executives hope to obtain from their data professionals’ efforts today. Data analysts have the power to analyze data and provide meaningful business results. With the help of AI tools and technology, their capabilities are further enhanced. As the job market evolves, data analysts will continue to play a significant role in helping businesses achieve sustainable growth through data-driven decision-making.
According to a recent worldwide survey conducted by MIT Technology Review, more than half of information and technology executives anticipate that AI will be crucial in various business functions like IT, finance, product development, marketing, and sales by 2025. Moreover, 94% of those surveyed confirm that they already use AI in their business operations.
In the era of AI, tools and technology are evolving, and so is the role of data analysts. The evolution of data analysts in the era of AI raises important questions about their future role. How will their current capabilities align with the changing demands of the job market? How can they effectively analyze data and provide descriptive analysis in a rapidly evolving technological landscape? These questions will shape the data teams of the future. This evolution gives rise to several important questions, such as:
- Why is using AI significant for businesses?
- Why do many AI projects struggle to launch or create an impact?
- Who within an organization is best suited to integrate AI with business initiatives?
- How does this evolution affect data analysts?
- What will the data teams of the future look like?
Empowered with AI, data analysts will be critical to businesses’ effective use of AI to achieve sustainable growth in a dynamic and competitive market.
How will AI affect the evolution of data analysts?
Data analysts 2.0 will leverage automated predictive modeling to assist their teams in making data-driven decisions that anticipate the future. By analyzing the past and predicting the future, data analysts will continue to play a significant role in driving business success. Their robust skill set will make them invaluable as their role evolves.
So, will AI replace data analysts? Spoiler: Not at all. AI will not replace data analysts entirely. Instead, it will revolutionize their role and make them even more valuable. Download this whitepaper to explore how “data analysts 2.0” can use automated predictive modeling to assist their teams in making data-driven decisions that anticipate an exciting new future — instead of just analyzing the past.