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Business Analytics: A Lucrative Career Worth Pursuing

  • September 12, 2022
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Business Analytics: A Lucrative Career Worth Pursuing

When it comes to data, businesses today are awash in it. However, it’s not enough to just have data – businesses need to be able to make sense of it and use it to their advantage. That’s where business analytics comes in.

The realm of business across the world is rapidly changing with technological advancements, new competitors and evolving consumer demographics. As a result of this continuous disruption, there is a demand for analysts to help businesses pivot and transform organizational outcomes by translating and interpreting data patterns using analytics.

What exactly is business analytics, and how does studying it prepare you for a successful analytics career? If you’re looking to stay ahead of the curve in the business world, a business analytics master’s degree is a great place to start. The study combines data science and business management, and will give you an edge in one of the fastest-growing fields in the business world today.

Business analytics has become one of the most popular career choices in recent years. If you’re considering a career in business analytics, read on to learn more about what the field has to offer.

What does business analytics entail?

Business analytics is an umbrella term used to describe a wide range of strategies and approaches that can be used by organizations to gain insight into how they can improve their business operations. 

Business analytics includes many different activities, such as the collection and analysis of data, the implementation of tools and applications that use that data, the visualization of data and reporting on it. In a nutshell, it’s the practice of collecting information from various sources and analyzing it in order to make better decisions.

The field of business analytics is burgeoning, with the demand for data analysts increasing tenfold in the past decade. With the rise of data-driven decision-making, businesses are increasingly in need of analysts who can help them make sense of their data.

From the very beginning, business analytics has captured the interest of organizations and their employees. When it comes to making use of data, it doesn’t matter whether you’re a startup or an established organization – every company wants to know what its data can tell them, and how that information can be used to improve the business.

Amalgamation of analytics with business

Business analytics is the process of using data to provide insights on a business. Business analytics processes demand the ability to transform data into actionable information that can be used to make business decisions.

The popularity of analytics has exploded in recent years, especially with the rise of big data. Companies are now storing exponentially increasing amounts of data, and the ability to use it correctly can have a significant effect on their bottom line.

Business analytics has become an essential part of many businesses today. When people hear the term ‘business analytics’, they often think of giant corporations crunching numbers to predict future sales, or e-commerce companies running A/B tests on their website. Business analysis is often perceived as something that can only be used by big companies with massive data sets.

However, this perception couldn’t be more wrong. The opportunities for business analytics span across several industries and markets, from established giants such as Google and Amazon, to startups in fields such as social media marketing and retail.

The benefits of business analytics go beyond just using data to make better decisions, and it can have a radically positive impact on the profitability of your business.

Why is business analytics a good career option?

There are many reasons why business analytics is an appealing career choice. First, analysts are in high demand and can command high salaries. Second, the work is challenging and stimulating. Business analytics is also a highly adaptable field that can be applied to many different jobs. 

Business analytics is one of the most versatile and dynamic career options out there today. Data experts who can make sense of complex data sets are in high demand, and can easily find jobs in both the public and private sectors. As mentioned before, opportunities in business analytics are available across a wide range of organizations.

Considering its growing popularity, it may come as a surprise that business analytics isn’t an essential requirement for every job in the corporate world. However, the benefits of business analytics are so great that you’re likely to see a rise in demand for analytical roles across all industries.

The benefits of business analytics go beyond just using data to make better decisions, and it can have a radically positive impact on the profitability of your business.

Top business analytics career paths

There is a wide range of job opportunities available to business analysts. A few of the popular career paths include the following.

1. Business analyst

Business analysts can be found in almost every organization. They are responsible for gathering data and analyzing it to find patterns and useful insights. The information they uncover is then presented to stakeholders, who can act upon it or use it to make strategic decisions.

Business analysts are responsible for analyzing data and providing reports to managers. They must have excellent communication skills and an ability to work independently. The work of business analysts consists of identifying issues, performing qualitative and quantitative data analysis, translating the data into informative presentations, and preparing reports that can be used by top management.

These professionals earn high salaries. Business analysts can expect to make an average of $80,000 per annum.

2. Business manager

Business analytics managers decide how to use data to take action. They are responsible for incorporating data and business processes into decisions that make sense for the organization. The signals gathered by business analytics managers can be used for a variety of purposes, such as forecasting trends, identifying opportunities and predicting failures.

In addition to translating data into actionable insights, business analytics managers must have an ability to work in teams and manage their own time effectively in order to prepare reports that can be used by top management.

To succeed in this position, you must possess strong leadership skills and an ability to communicate effectively with both your team members and clients.

3. Market research analyst

Analysts who work in business departments that conduct market research are responsible for gathering information and analyzing it. Some common areas of focus are market segmentation, consumer behavior and competitive analysis. Market research analysts typically work in teams and must be good at identifying the company’s goals, translating data into meaningful insights, and preparing reports that can be used by top management.

Some of the best opportunities for market research analysts come from industries such as retail and advertising.

4. Statistician

Statisticians are responsible for analyzing quantitative data. They’re in charge of gathering information, performing complex data analysis and hypothesis testing, and using the results of their analysis to make predictions.

To be successful as a statistician, you must be adept at collecting, analyzing and presenting data in order to inform decision-making. Although there is a lot of variety in this type of work, it is important to have an interest in mathematics so that you can use statistical software effectively.

5. Machine learning engineer

As the name suggests, machine learning engineers work with software that contains algorithms that can be self-taught. They are responsible for creating and implementing these algorithms and testing them using machine learning methods.

When creating or improving an algorithm, the major challenge is how to obtain data sets that will allow it to be adequately trained, or ‘tuned’. Machine learning engineers work closely with data scientists and artists to gather and use the correct data sets.

6. Data scientist

Data scientists are in charge of gathering, analyzing and presenting information in a way that helps human decision-making. They must have an understanding of how people use their data, what makes it valuable, and how they can most effectively present this information. This is because data scientists have to work closely with managers to come up with actionable recommendations.

Data scientists are some of the highest-paid experts in analytics, earning around $100,000+ per year. This is largely because they are responsible for making smarter decisions. However, remember that your salary will be dependent on how much time you devote to research and analysis as well as the skills you have.

7. Chief technology officer

Chief technology officers are in charge of creating technology that will help the business achieve its goals. However, they must also be able to use their skills to ensure that the technology they create is properly integrated into the business processes and organization.

Some of the tasks associated with chief technology officers include creating computer systems, software and apps as well as implementing them within an organization. CTOs must have a wide variety of skills to succeed in this role, including leadership, creativity and team management.

8. Data architect

Data architects are responsible for gathering, organizing and analyzing data in order to create reports that can be used by top management. They do this by drawing data sets, creating structured databases, and recommending appropriate tools when necessary.

Data architects are often found in research and advertising industries where they are responsible for gathering client-specific information as well as coordinating the work of a team of analysts.

9. Project manager

A project manager is responsible for gathering, analyzing and presenting information in a way that it helps human decision-making. They do this by drawing data sets, creating structured databases, and presenting the results of their analysis to top management.

Project managers are often found in research and the advertising industry where they are responsible for gathering client-specific information as well as coordinating the work of a team of analysts.

Business consultants are in charge of translating data and business processes into actions that make sense for the organization. They often work in teams of analysts who must be able to translate data into meaningful insights and present it in a way that makes it easy to digest.

10. Business consultants

Business consultants can be found in a variety of industries, including healthcare and technology, where they are responsible for helping their clients drive innovation and growth. The jobs come with high salaries, making business consultants some of the best-paid analytics professionals.

11. Brand analyst

Brand analysts perform research and analysis that can help their employer build a stronger brand and improve their market share. They comb through data to find patterns, such as how many people are viewing company content or how effective targeted advertisements are. These insights provide valuable information for managers who can use them to make strategies for the company’s overall goal.

Brand analysts work in teams and must be good at identifying the company’s goals, translating data into meaningful insights, and preparing reports that can be used by top management.

Academic qualifications for a business analytics career

A large number of business analytics careers are open to anyone who wants to pursue a career in the field. Analytics professionals must have strong analytical and quantitative skills. However, there are a number of academic paths you can follow that can help you stand out from other job seekers.

The first step to becoming a data analyst is having a bachelor’s degree in a relevant field. However, not all degrees are created equal. According to Indeed, some of the degrees that can give you an edge in the business analytics industry are Economics, Mathematics, Statistics/Operations Research, Computer Science and Engineering. Other options include Business Analytics and Management Information Systems with concentrations in Business Data Analytics.

Why choose a career in business analytics?

Analytics is one of the fastest-growing fields in the world, and for good reason. According to McKinsey, 47% of industries have grown in magnitude and scope.

The Bureau of Labor Statistics also indicates that jobs in data analytics are expected to grow at a rate of 25% between 2019 and 2029. There are many reasons as to why you ought to follow the business analytics career path. Let’s discuss this in more detail.

1. Growth market

The first of many reasons why you should consider taking up a business analytics career is the fact that the market is growing at an exponential rate. There is no shortage of opportunities, and the job market will continue to expand in the coming years. This is largely because companies are looking for ways to make smarter decisions by analyzing information from multiple sources. Analytics is expected to be one of the fastest-growing fields in employment.

2. Competitive advantage

The ability to analyze data and make decisions based on that data is a competitive advantage that can give you an edge in your company’s business. You will be put in charge of making decisions for your organization, which can only have a positive effect on your career. You will gain an enormous amount of experience and learn about how companies operate within different industries. Not only are salaries high, but demand is also high for data scientists and statisticians.

3. Demanding and challenging job

A career in business analytics is an extremely dynamic position. You will have access to many resources and will be given the authority to make decisions about how your company can improve its bottom line.

Analytics professionals are responsible for managing and implementing huge amounts of data. This makes their jobs challenging and rewarding at the same time. It also provides you with a great learning opportunity as you will often be presented with problems that you must tackle on your own, without help from others.

As a data analyst, you will be involved with different projects. This can only make you a more valuable employee and help you further your career.

4. Low entry barriers

Compared to other professions such as accountants, engineers and architects, among others, the analytics career is still very immature. While professional qualifications are not necessary in a business analytics career, this could change with the rise in importance of the CBAP (Certified Business Analysis Professional) accreditation, the UK’s ISEB qualification, the IIBA (International Institute of Business Analysis) and other national equivalents.

It is also important to note that a bachelor’s degree is usually required for an entry-level job in business analytics occupations.

Bottom line

The business analytics field is growing at a rapid rate. The demand for placements continues to rise, and as it evolves, so will the job market for data analysts. As such, it is important to get upskilled in the different types of analytic tools that are emerging in the market.

A career in business analytics can also help you build necessary skillsets and gain valuable, hands-on experience. You can use all of this experience to further your career and become more marketable when searching for employment. This makes the business analytics career path a solid option for those who are interested in data analysis and data management.