A Quick Overview
Business analytics is all about working with larger sets of data. This data can have different nature such as customer preferences, what they like or dislike, buying patterns, etc. The use of business analytics is not restricted to any specific industry as it is used by almost all sectors and industries like IT, Banking, FMCG, Telecommunication, Insurance, Auto ancillary and so.
Companies use several empirical and statistical models to get meaningful conclusions from the data collected so that it can also be used for long-term strategic business decisions. The success of an organization relies on its ability to filter through the data collected and derive useful and meaningful inferences from it.
Data forms the fundamental cruxes on which long-term decisions are made by the organization. Some of the top schools across the world include the following:
- Imperial College of Business School, UK
- University of Texas- Austin McCombs School of Business
- MIT Sloan School of Management, USA
- ESADE, Spain
- ESSEC, Paris
What Can Business Analytics Do?
Business analytics navigates towards the data-driven predictions. By drilling down the weaknesses and strengths with the predictions, the organization can easily manage to make seamless decisions and investments. As a result, it will help them maximize productivity and effectiveness in the least possible time. To put it simply, business analytics is required to put different hats on its head to deal with various organizational challenges.
Business analytics is placed between two different dimensions – technical region wherein analysts decide what inputs or details a developer should know and management region in which changes are needed to improve overall business performance.
Precisely, business analytics drives the following purposes:
- Analyze data and derive analysis
- Use appropriate analytics to solve different management problems
- Deduce the ways to implement analysis to manage things better
Controlling the dexterity and adaptability of the management with a constant change is like a routine of business analysts.
Education Requirement to Start Career in Business Analytics
To pursue a career or start your journey in this field, you must complete your graduation degree, preferably in IT, Economics, Engineering, Finance or any other similar degree with a focus on the major topics.
Some universities do prefer candidates who have some prior professional experience but note that it is not mandatory at all. Besides, depending on the university/college several entrance exams, you will have to be given like GRE, GMAT, NMAT, CAT, etc. Since you are not an expert, you can seek help from AEC and narrow down some universities that you are interested in. Understand all prerequisites for that university and start applying.
Career Path for Business Analytics
As we have mentioned already that business analytics is used by different industries and sectors and hence a degree in this area can open up the doors to those industries and sectors. From this viewpoint, this is very helpful and beneficial to you if you want to change your industries and explore other options.
The skills acquired by you will help you choose the sector and company of your choice as it will give you a lot of flexibility in selecting your employer. Once you have sufficient industry experience, you will get plenty of options to grow and get a better paycheck and job status.
On-Demand Skills for Business Analytics
As a proficient professional, wise deployment of the business analytics skills is very much important. Here we have enlisted a few but necessary skills for the professionals:
- Impressive Communication Skills (Written and Verbal)
- Effective Problem-Solving Skills
- Strong Critical Thinking
Career Options and Positions in Business Analytics
After completing your graduation in business analytics, it is expected that you can quickly sift through and analyze an ample amount of data and come up with useful and meaningful trends and patterns to help the company grow and increase its revenue to achieve its strategic goals with ease.
Here is the list of possible career options or positions that you can opt to after completing essential education:
- Business Analyst
- Business Intelligence Analyst
- Data Analyst
- Business Insights Analyst
- Data Science Manager
- Data Engineer
- Commercial Insights Manager
- Risk Analyst
The list is very diverse and these positions are available in several companies across the industries. This more or less ensures that a candidate will land-up with the right job after completing their education.
Average Salary in Business Analytics
As per the Zippia.com, the following is the amount paid to the professionals of this field. Please note that the salary mainly depends on the location, industry, company size, degree, experience, skills, etc. The following data is for the US:
|Entry-Level Business Systems Analysts||$56,043|
|Intermediate Level Business Systems Analysts||$71,865|
|Senior Business Systems Analysts||$86,635|
|Expert Business Systems Analysts||$100,312|
|Business Systems Analyst- Consultants||$113,202|
|Entry-Level Business Data Analysts||$54,272|
|Intermediate Level Business Data Analysts||$70,123|
|Senior Business Data Analysts||$87,713|
|Business Process Consultants||$106,234|
|Business Development Directors||$170,307|
Career and Job Outlook in Business Analytics
According to the US Bureau of Labor Statistics, hiring of skilled, well-trained and qualified business analytics professional is anticipated to grow up to 14% between 2014 and 2024. This data clearly shows that the demand for business analysts is higher. If you also want to step into this business field, you must go for the courses available.
Business analysts are often tagged as the “Agents of Change”. Since the business analytics trends are changing and transforming everything in multiple ways, wise and well-structured enactment of business analytics in an organization will surely move the business upfront in the market.
Lastly, we would like to wrap up this post by stating that this is a process of study and mythological exploration of data by using statistical tools. And to become successful and demandable in the field, you must possess the right set of skills and qualification. For this, you should join the right course at the right university. To know more about the universities, courses, admission process, etc., we at AEC will help you so that you can achieve what you have dreamt of.
For details, you can give us a call on +91-8448446609 or 011-43334444 or simply write to us at firstname.lastname@example.org.