Data analytics consulting is one of the fastest growing areas inside the industry. Technological advancements over the past twenty years have created an explosion of data - operational, financial, customer, and more. The value prop of management consulting firms is that they can turn that data into valuable insights and create a competitive advantage for their clients. Let’s explore it further.
What Is Data Analytics Consulting?
It’s probably obvious that data analytics consulting involves working with data. But what does a data analytics consultant do? A data and analytics consultancy helps companies harness information to drive business insights, automate tasks, and improve processes.
Many companies use operational and financial data to report on business success, but this type of consulting takes the use of data to the next level. Data analytics consulting companies help clients generate powerful insights that allow them to make better decisions that lead to stronger financial performance and higher customer satisfaction.
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Data Analytics Consulting Firms
Data analytics consulting companies all help clients make better use of data. Some specialize in applying and implementing specific analytical tools and platforms. Others focus more on providing analysis and recommendations. Some firms provide pure consulting, while others offer “analytics as a service” – a model predicated on long-term engagements where the data analytics consultancy monitors and analyzes data for the client on an ongoing basis.
Data Analytics Consulting Firms & Roles
Most top tier consulting firms have in-house data analytics consulting practices, including Bain, BCG, McKinsey, EY, Deloitte, PwC, and many others. Let’s explore EY and PwC a little further to better understand how different firms approach their work.
Data Analytics Consultant EY
An EY data analytics consultant helps companies embed fact-based decision making deep inside the organization. EY’s data analytics consulting offers seven specific types of solutions:
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- Creating an agile analysis-driven finance function
- Applying the latest analytical techniques to risk management
- Analyzing customer data to add value and increase profitability
- Optimizing the human resource function
- Creating a highly responsive supply chain
- Analytics-as-a-service – a data analytics consulting team from EY can be assigned to clients to deliver insights and ideas on an ongoing basis
- EY has an Information Sharing and Analysis center to implement technology-enabled managed services and customized solutions
Data Analytics Consultant PwC
A position as a PwC data analytics consultant offers the opportunity to engage in some truly cutting-edge data science with one of the most innovative data analytics consulting companies around. The firm partners with Carnegie Mellon to help clients arrive at a data analytics vision with the following foundational elements: Strategy, Analytical and Artificial Intelligence Operations, Trusted Insights, Operating Model, and Technology. Open positions in the data analytics group at PwC can be found here.
Data Analytics Consulting Internships
Data analytics consulting is not for everyone. It’s a fast-paced career requiring deep analytical skills, comfort with technology, and the ability to communicate highly complex insights and approaches to senior leaders. It is also a competitive field in which finding ways to prove yourself before a full-time interview can be incredibly important. This is where an internship comes in.
One twist on a traditional internship is the KPMG data analytics consulting virtual internship. It’s a unique way to prepare for a career in data science and data analytics consulting. It’s a free, self-paced program where you’ll gain valuable data analytics skills and learn how data analytics helps businesses solve problems.
However, many top consulting firms offer traditional internships focused on data analytics. You’ll find them via a search on the firm’s website, usually on the careers page.
Data Analytics Consulting Careers
Data analytics consulting careers are attractive because the field is growing rapidly, and there is plenty of opportunity to achieve real impact on an organizational scale.
Consulting careers begin at the analyst level, as consulting firms need junior folks to manipulate data to develop insights. But a data analytics consulting career can grow well beyond the analyst role. More senior consultants are required to manage teams of analysts and drive implementation of complex data analytics programs for clients.
Data Analytics Consultant Salary
A data analytics consultant salary can vary depending on the firm and the specific role. The average data analytics salary is ~$93,000 per year, but the range is wide. A senior manager or partner may earn over $250,000, while newly minted analysts earn closer to $50,000.
Conclusion
Data analytics consulting is one of the fastest growing areas within the broader consulting landscape, as evidenced by the fact that most of the large management consulting firms now have data analytics practices. If you choose to pursue a career in this field, you will be on the front lines of helping companies wrestle with how to best use the latest artificial intelligence tools and machine learning techniques to become more productive and profitable. Work with our expert team to prepare your resume to get a data analytics consulting interview – don’t make the mistake of winging it!
Additional Reading:
- Data Analytics: Do Businesses Really Need It?
- What Is Big Data & How Will It Affect Consulting
- Top Consulting Firms
- Case Interview: Complete Prep Guide