The manufacturing and service industry businesses are moving towards industry 4.0. All business decision and investment plan are taken based on well-researched data. Many don't trust the talk and online paper without detailed research data. Every industry needs data analyst, research analysts and data scientist to understand the inside of the business and inside of the industry. Here, I have listed down job responsibilities of a research analyst in the fashion industry including textile, apparel and fashion accessories.
In a brief chat with a NIFT alumnus, who is currently working a research analyst in apparel management consultancy company, I come to know a few points about their job roles as a research analyst.
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Responsibilities of a Research Analyst
Some of the major responsibilities of a research analyst in a textile and apparel consultancy company includes -
I know some other fashion graduates who worked as a data scientist, data analyst or retail analyst. It is true that the job roles of these different profiles are different. But all play with data to understand the business better and helping the business to grow.
- to find relevant data related to current scenarios like trade, policies, etc.
- to analyse whether it is suitable for the industry as a whole.
- to analyze the relevant data given by the client to find what can be changed in order to increase their production on the floor as well as get monetary benefits.
- to help and guide clients conducting conference by acting as knowledge partners, find relevant topics of discussion and make key points that need to be covered in the conference etc.
- preparing a proposal for prospects/clients
- preparing market research report of the key market areas or product
I know some other fashion graduates who worked as a data scientist, data analyst or retail analyst. It is true that the job roles of these different profiles are different. But all play with data to understand the business better and helping the business to grow.
"Market intelligence is a combination of research and consultancy, helping businesses to make decisions and set priorities." pointed this in an article published on The Guardian.
You have seen many publishers and research companies used to publish market research reports covering the textile and apparel sector. A research analyst plays a key role in collecting data for the research report. Later presenting the data with statistical analysis. A research report with charts and graph makes attractive to the readers.
You have seen many publishers and research companies used to publish market research reports covering the textile and apparel sector. A research analyst plays a key role in collecting data for the research report. Later presenting the data with statistical analysis. A research report with charts and graph makes attractive to the readers.
Conclusion
"A research analyst is responsible for researching, analyzing, interpreting and presenting data related to markets, operations, finance/accounting, economics, customers, and other information related to the field they work in. A research analyst is typically very quantitative, analytical, logical, and good at managing numbers and data" - posted in corporatefinanceinstitute.com.
In case you are a newcomer, read the garment manufacturing process from fabric to finished garment to understand the apparel manufacturing industry.
If you are aiming for a career in the research analyst or data scientist, you can.
If you are aiming for a career in the research analyst or data scientist, you can.