Have you ever been guilty of over-analysing a situation?
If so, don’t be too hard on yourself. Apparently, according to Forbes, Mindvalley and other leading professional development resources, the ability to analyse and make sense of data is a valuable skill, sought after by many contemporary firms.
Reason being, as Clive Humby explicitly stated, “Data is the new oil”. Today, companies are seeking ways of becoming more knowledgeable, more strategic and inevitably, more profitable through data. To gain value from data though, requires analytical skills.
Essentially, analytical skills interpret data to help businesses make decisions. This skill considers the reason – why did this problem happen? How did it happen? What does this mean for the company? What is the best way to solve it? A descriptive mind looks at the what. Analytical minds look at the what, the why, how and the what do we do now.
Strong analytical skills involve other competencies that look at problems from various perspectives and generate ideas to find the best possible solution.
Types of analytical skills
Data Gathering
You cannot solve a problem until you fully understand it. Your solutions will be accurate and valuable once you assemble and receive the relevant information.
Interviewing and research skills are essential at this phase. Effective data gathering starts with interviewing persons. A good interviewer has high emotional intelligence. This enables connecting with people and get them to share what they know, particularly if the information is sensitive.
Similarly, efficient researching skills identifies through primary and secondary sources what information is relevant to finding a solution. Excellent research gathers both qualitative and quantitative data to give background and context to a problem which may not have been encountered before and demonstrate ways to address it based on established principles or similar experiences of other companies.
Critical Thinking
When data has been collected, not all of it may be used. A critical thinking process is required to extract the insights and discover potential solutions. Critical thinking involves unbiased logic and multiple perspectives to identify patterns. Data patterns usually identify reasons as to why a situation may be occurring.
If, for example, you are analysing customer feedback as to why sales are down, in looking at the data from an objective point of view, you recognise that multiple people state customer experience is poor, prices are too high, or product quality has decreased. Logic thinking would reveal that customer service and quality needs to be improved and prices adjusted.
Critical thinking and reasoning skills allows for the gathered data to be examined to extract the reasoning and implications of the problem, so appropriate solutions can be formulated.
Presentation/Public Speaking
Communication skills are also integral to data analysis. What benefit can you solutions be if they are not communicated properly? Problems cannot be solved within an organisation unless their cause and effect are presented to management.
Presenting your analysis of the data provides meaning and context to the problem. It essentially says to management, “This is what is happening in your organisation, and this is the reason you need to care about it”.
Additionally, solutions must be presented so the end users can appreciate and understand why and how to implement your recommendations. Part of presentation requires articulate public speaking skills, to clearly and convincingly illustrate how this problem affects them and why the solutions outlined will be in their best interest.
Analytical Skills for your Job Interview
With data being the oil of the 21st century, companies aren’t simply looking for book smart candidates for their team. They need analytical problem-solvers who can take raw information and apply it to real world situations.
During job interviews, recruiters want to know a candidate’s thought process to solve problems. Frequent questions involve particular challenges a candidate might have encountered in their last workplace. This includes, “Tell me about a time when you had to take the initiative to get a task or project completed”.
Another technique that tests analytical skills is asking situational questions. Recruiters would create scenarios and ask a candidate’s response to that situation. For example, they may ask “Suppose as a project lead, your team tells you they are over the budget or may miss a deadline. How would you respond”?
Interviewers also frequently ask, “Tell me about a shortcoming or a personal challenge you had to work on recently”. This type of question is designed to test your self-awareness and how well you can analyse yourself. You can’t expect to work on other people’s problems if you’re unable to firstly solve your own!
Analytical Skills on your CV
As the recruiter will test your ability to analyse and solve complexities, your work accomplishments in your CV should include actional solutions to problems you solved. Whatever problems you have solved, indicate how you executed that.
Did you perform data gathering? If so, what techniques did you use and how did you make sense of the data? Did you perform the analysis? Indicate what software you used and the insights you came up with. Whether it was through research, interviewing or analysis presenting, specify the skill you used. This will indicate clearly to your future employer you have the analytical skills to evaluate problems and generate solution ideas.
How to improve Analytical skills in workplace
Analytical skills require your mind to be engaged and consistently seeking new knowledge. To nurture these skills within your workplace, it is essential to consume rich, valuable content. The internet has made available a variety of videos, articles, podcasts, case studies and newsletters that can challenge your way of thinking and allow you to see the corporate and wider world from multiple perspectives.
Keep abreast of other companies and their industry news. In Trinidad & Tobago, there are publications such as Contact Magazine, Express and Guardian Business newspapers to update you on the local business landscape. Understanding various viewpoints nurtures the ability to entertain new ideas which can develop into new solutions.
Network and share experiences
As a young professional developing 21st century analytical skills, it is important to ask questions. Early in your career, asking questions, requesting feedback and guidance from superiors in your industry will open you to an executive style of problem solving.
Great minds think alike. Therefore, to develop your analytical ability, network with seasoned professionals who possess strong analytical skills. You can benefit from years of rich experience and expand your thinking capacity. Who are the problem solvers in your company or industry? Seek them out as mentors. Ask questions and learn how they conduct business!
Analytical skills involve going beyond the surface and exploring why things happen and how their impact on decisions we make. As companies need strong analytical skills, always place ‘why’ and ‘how’ as the focal points of your thinking. Seek out new knowledge, constantly train your mind and soon you be able to analyse and solve problems using the oil of the 21st century.
