The job opportunities in Business Analytics have increased in recent years. Were you aware that the market for qualified professionals in the field is great enough to inspire companies like Microsoft and Google to join the big data revolution year after year in conferences? In fact, business analytics has been one of the trending career these days. There are many ways through which you can get into this field like getting an undergraduate or masters degree or going for a diploma in the same.
Let us analyze the career prospects for Business Analytics!
What is Business analytics?
Business analytics is a data management solution and business intelligence subset, referring to the use of methodologies such as data mining, predictive analytics, and statistical analysis in order to analyze and transform data into useful information, identify and anticipate trends and outcomes, and ultimately make smarter, data-driven business decisions.
Skills required in business analytics
There are no specific set of skills that this profession demands. However, there are certain set of skills that can make your journey more interesting and more successful if you develop them into yourself. Some of these skills are –
- Firstly, Oral and written communication skills
- Also, Interpersonal and consultative skills
- In addition, Facilitation skills
- Also, Analytical thinking and problem solving
- Subsequently, Being detail-oriented and capable of delivering a high level of accuracy
- Furthermore, Organizational skills
- Moreover, Knowledge of business structure and Stakeholder analysis
- In addition, Requirements engineering
- Also, Costs benefit analysis
- Furthermore, Processes modeling and Understanding of networks, databases and other technology
Roles and responsibilities of a Business analyst
Business analysts are responsible for creating new models that support business decisions by working closely with financial reporting and technology teams to establish initiatives and strategies to improve importing and to optimize costs. A business analyst typically deals with the following set of responsibilities –
- Firstly, Creating a detailed business analysis, outlining problems, opportunities and solutions for a business
- Secondly, Budgeting and forecasting
- Also, Planning and monitoring
- In addition, Variance analysis
- Also, Pricing
- Subsequently, Reporting
- Last but not least, Defining business requirements and reporting them back to stakeholders
There are numerous way through which you can get into this field. Obviously, each way requires full dedication and hard work from your end. Let us look at different ways through which you can set your foot into this field.
How to start a career in Business Analytics?
You need to be competent in mathematics and statistics to start your business analysis career. But that is not everything; you will need to have a clear understanding of the newest programming languages and resources companies like SAS, Hadoop, R and Python today are using. In your work, you will also need to use the Power BI and Tableau intelligence and visualization software. Particularly, when you work with important policy makers, you need to have a good critical thinking and excellent communication skills.
Career opportunities for Business Analytics
With a degree in Business Analytics, you will have a plethora of job options. Some of the career opportunities are as follows –
Please note that In order to help companies meet organisational standards and provide advice on pracical solutions to challenges, statisticians collect, interpret and review quantitative data from surveys and experiments.
Please note that If you want to work in this area, you must have relevant qualifications and industry experience.
Analysts of data are neat, highly analytical and numerical. Whether sales numbers, logistics, market analysis or transport costs, each organization and company collects data. It is your duty, as a data analyst, to collect and review these data so that you have a clear idea how the company can develop its market plan and make better business choices in different fields.
Chief technology officer (CTO)
This role of management requires an expert knowledge of technical developments in building business strategies and how they can be applied. The Chief Technology Officers are masters in strategic thinking and technical analysis as they examine ways to maintain a sustainable market in an ever-greater setting.
For you to lead your team and decide what tools are best used for the sake of positive customer experience and the efficiency of all business areas, there is a strong sense of leadership and organizational ability. Nearly half (49 per cent) of IE’s graduate in business analysis
Chief data officer (CDO)
Please note that Just 12% of Fortune 1000 firms had a CDO in 2012. In six years, according to Forbes, 67.9 percent of the companies surveyed said that they had a CDO. It is the duty of the chief data officer to strategically supervise the data of the organisation, thereby generating market value from the most important asset that the organisation.
Please note that CEOs are based on business and possess excellent IT skills. Significant credentials like mathematics and statisticians as well as a degree and experience in industry are all necessary if you are to become a chief data officer.
Please note that The application architects need a high level of technical insight in this fast-range role; they are able to provide useful insight, solutions and analytical, problem-solving and critical-thought skills for software creation, usage and maintenance.
You need proven programming skills and expertise in designing architectures and language, and appropriate credentials and industry experience. For example, you can rethink and reconstruct goods, services and processes as well as solve user problems using sophisticated analytics and the related d a Master’s in Business Analytics and Big Data.
You will use your data-driven business skills as a project manager to schedule, budget and track your organization’s projects. You must also be organized and have outstanding leadership and critical skills.
Different ways to get into Business Analytics
No way can beat the actual experience of working into the field. But before you get along the way of gathering experiences, let us get to know the ways through which you can get a start in best possible way –
Getting an undergraduate degree in the field of business analytics
You can get an undergraduate degree right after completing your class 12th. You can begin your career in this field through this and after getting started, you will be promoted to the position of a manager after some time.
Certification courses by verified sites or educators like Vskills, Udemy, Coursera etc.
The certification courses from various vendors as Vskills, Udemy, Coursera etc. are becoming very popular. The certifications have emerged as real currency of 21st century which can be used to secure a real job. Many companies hire the certified candidates. Certification also help you get an edge over others in the same domain no matter if you are already working in this domain or have started fresh in this domain.
Getting a masters’ or PGDM in Business analytics
Going for post graduation in this field becomes essential after a point of time. However, it is highly recommended that candidates gain some practical experience of this field or in general, dealing with the analytics, before they go for a master’s degree course. You can go for PGDM in business analytics or in business administration.
Internships and apprenticeship programs
You can also do various internships or apprenticeship programs to gain experience in this field because at one point it becomes essential to have practical knowledge along with the theoretical knowledge for getting a job. So, instead of getting a job which is less paid just because you lack experience, you should do a lot of internships or apprenticeship programs.
Average Salary and Market demand
A Certified Business Analytics Candidate will find employment in Top MNC’s and organizations like Groupon, Amazon India, TCS, Accenture, Exide Life Insurance, Mastercard, JP Morgan Chase. This field involves teaching you about basics concepts of business analytics, it’s application & usefulness to businesses. You will gain the skills to improve performance using data, statistical & quantitative analysis & predictive modelling to make important decisions.
The average salary for an IT business analyst is $67,762 per year, according to data from PayScale. The highest paid BAs are in San Francisco, where the average salary is 28 percent higher than the national average. New York is second, with reported salaries 18 percent higher than the national average; Boston comes in third, with a 7 percent higher annual pay.
Business Analytics is an important tool for modern businesses. This will teach you data analytics to avoid common pitfalls in a business & become a leader in business organizations. Moreover, It covers the topics like decision models, statistics, probability, predictive modelling, data visualization, regression analysis, forecasting, data mining, optimization and decision analysis to enable you to meet challenges related to analyzing business data.
Give a boost to your career by getting the specialization of Business Analytics Professional. Hurry up and start preparing now!