For a company to be successful, it has to give customers what they want or need. Smaller businesses have the liberty of trying different products and strategies to see what works. However, for larger businesses and those that are growing, guesswork is not acceptable. Data analytics helps businesses know exactly what their customers need and want. This way, a business can deploy its resources in a way that helps it meet these needs and wants. In this article, we are going to look at what business analytics is, what business analysts do, and why it is a great career option.
Understanding the Importance of Data
In the past, a business owner only needed to have a business idea, hire the right employees, and know how to run a business, and they could turn their small businesses into a successful corporation. Things have changed over the past decade or so, with more businesses using data to gain insights, make decisions, understand customers and so much more.
When collected, raw data is not useful and it cannot help a business make any meaningful decisions. However, once it is processed, it becomes an invaluable resource for businesses that can take advantage of the insights gleaned from this data.
It therefore makes sense that businesses need people who can take the raw data they collect, organise it, and analyse it so that it is meaningful for the businesses. This is where business analysts come in.
Business Analytics: An Overview
Business analytics involves the process of any quantity of data and trying to make sense of it. Once the data is processed, it can be used to measure business performance as well as produce insights that can help business owners and managers make better decisions. Business analytics does all this using various tools, statistical techniques and methods.
As a business analyst, you will be required to harness the power of big data to provide insights and help support the decision-making process. Because of how important business analysts are, a career in business analytics can lead to upper management where you get to influence policies and be part of the business’s stakeholders.
Starting a Career in Business Analytics
To get started in business analytics, you will need a degree in business analytics. An undergraduate degree in business analytics usually takes four years. In addition to your degree, you will also need to be proficient with statistics and mathematics and have a grasp of some of the programming languages and tools business analysts use today. You should also have an analytical mind and have excellent communication skills as you will need to explain insights and information in a way that is easy for other people to understand.
If you are interested in a career in business analytics, you can take advantage of the many programmes that are available online. While an undergraduate degree will help you get an entry-level position, many job postings for data science and advanced analytics require candidates who have at least a master’s degree. The online MSC business analytics degree from Aston University is a great option and is particularly revered because it is 100% online and takes just two years to complete. Once complete, this degree can get you into advanced analytics or leadership positions in most industries.
Is a Career in Business Analytics Worth it?
Yes, it is. A major advantage is that you can work in any industry and it also opens up various career options and paths no matter the industry you choose to work in.
The demand for competent business analysts is growing as businesses realise the value of using the data they collect in the right way. Because of this, it is very easy to move up the ladder, whether you start at an entry-level position or already hold a higher position.
The career scope for business analysts is very wide because they can work in almost any industry. Additionally, businesses analysts are hired in almost any department. They can work in marketing analysis, financial analysis, product cycle management, sales analysis, human resources, and many other departments.
If you are passionate about working in a specific industry or field, you will find a lot of open positions. Additionally, if you have an M.Sc. in Business Analytics, you will find it easier to switch to a different industry, switch careers, move to a different sector, or move into upper management.
When you choose a career in data analysis, know that your career path will largely be determined on whether you are a creative or technical person. If you are technical, careers in data science or similar can work well for you. If you are creative and have the right leadership qualities, you could go into management or head up a department. You could also seek out consultancy positions.
Reasons to Choose a Career in Business Analytics
At this point, you already know what the career entails and how to get started but, why is it a great option for you?
The first reason is that the demand is higher than the supply. As more companies realise the hidden potential of data, they are starting to seek out talented data analysts. Although the demand side has been rising, the supply side has not. This has led to a lot of open positions and higher salaries for those who have the relevant qualifications.
The second reason is that your background and experiences do not matter much when it comes to business analytics. Business analytics can be applied in any industry, meaning that it is easy to switch industries if you are not happy with where you are at.
Lastly, business analytics is a great option for those who love challenges. Every day is different and comes with different challenges. Business analysts are always being challenged to think on their feet and to come up with creative solutions to different challenges.
In a world that is ruled by big data, a career in business analytics is a great option. There are opportunities everywhere, new positions and career paths coming up every day, and career growth options for those with the right qualifications.