Top Career Paths & Opportunities in Business Analytics
Updated on 19th Apr, 22 557 Views

The blog covers the below-listed topics:

Is business analytics a good career option? Why is business analytics so popular and growing like never before? This blog will try to answer many such questions.

Before choosing a business analytics career, let us first understand what it is.

What is Business Analytics?

An average mobile user generates around 1.7 MB of data every second. This data has to be analyzed to push organizations in the right direction, and this is where business analytics plays a key role.

Check out this insightful video to know more about business analytics:

About Business Analytics

Business analytics is the process of collecting, sorting, and analyzing data using statistical models to transform it into business insights that can be used to solve problems and increase the productivity, efficiency, and revenue of a business.

When we talk about business analytics, we come across words such as statistics, computer programming, strategy, planning, decision-making, big data analytics, etc. Business analytics is a diverse field, where people with both analytical and business skills are in demand across industries for various roles.

What does a Business Analytics professional do?

Business Analytics skills are a combination of both soft skills and hard skills. To become a successful Business Analyst, one must own core business skills and specialized knowledge that will advance the organization’s objectives. Besides, these are some of the key roles that a Business Analytics professional needs to fulfill:

  • Help in improving business operations and processes
  • Involve in the design or modification of IT systems
  • Indulge in solving business problems and decision-making
  • Gather, analyze, and document business needs and requirements
  • Help in testing the system and also create system documentation

Amalgamation of Analytics with Business

The journey of business analytics to what it is today dates back to not more than 20 years ago. Human errors and omissions made room for the development of excel spreadsheets and online dashboards. Later, they got restricted to only being used for operational reporting, which itself had a lot of drawbacks; one of them being, information not shared with the entire organization as it was stored individually. During the 1970s, decision support systems (DSSs) were introduced and widely used in large organizations to sort and filter large amounts of data and information. The show was then taken over by Excel that built upon DSSs. However, it was not long when analytics entered the industry along with the advent of Google Analytics. Over the years, analytics was applied in various industries and Business Analytics changed the show altogether. Business analytics was started to be used for automated and predictive analytics, reporting, visualization. As a result of this data-driven decision-making and prompt reporting, businesses started relying on business analytics; and today, this domain is flourishing and finds direct usage in business decision-making.

Why is Business Analytics a Good Career Option?

More and more companies are starting to reap the benefits of business analytics and are exploring further into the advantages and techniques involved in it. Due to this, they are also always on the lookout for the right talent in the field of business analytics. Tech start-ups and IT giants are hiring and demanding skilled business analytics professionals. This makes business analytics a very important skill to possess and a lucrative field to pursue a career in. Moreover, data-driven business decision-making is in; and it is here to stay. Another reason for learning business analytics and opting for a career in it is that the domain offers exposure to various roles, such as data analysis, leadership, research, etc., that enable higher chances of career advancement.

Role of a Business Analyst

Business analytics skills are a combination of both soft skills and hard skills. To become a successful business analyst, one must have core business skills and specialized knowledge that will advance an organization’s objectives.

The following are some of the key roles that a business analytics professional needs to fulfill:

  • Help in improving business operations and processes
  • Be involved in the design or modification of IT systems
  • Solve business problems and decision-making
  • Gather, analyze, and document business needs and requirements
  • Help in testing the system and create system documentation

Want to master Business Analytics skills? Enroll in this Business Analytics Course!

Top Business Analytics Career Paths

In the 21st Century, career growth in the field of business analytics is fascinating and multifaceted. Right from being a mediator, moderator, connector, and ambassador, a business analyst must address all business needs.

In the beginning of a business analytics career, one should either have a strong business background or extensive IT knowledge. The responsibilities of an entry-level business analytics professional include collecting data, analyzing it, documenting it, and so on. After some years, a business analytics professional can be positioned to roles such as senior IT analyst, project manager, and so on.

If you want a business analytics career, here are the seven most prominent business analytics career options you might want to consider.

Data Architect

Average salary: USD132,617

Qualifications: A degree in computer science

Skills: Analytical skills, design skills, applied maths, and statistics

Scope: Both public and private sectors

Data architects are senior-level professionals who use extensive designing tools to develop databases for organizations. They ensure that all information, such as financial or marketing records, is accessible to all employees in an organization. Data architects must also be problem solvers, who innovate new ideas and change along with the evolving technology.

Learn about the ideal Business Analyst career path in our blog now!

Data Analyst

Average salary: USD60,208

Qualifications: A bachelor’s degree in information technology, computer science, mathematics, or statistics

Skills: Critical thinking, SQL, data visualization, programming skills, decision-making, etc.

Scope: Insurance companies, credit bureaus, and almost all industries

Every organization collects a large amount of data, and the job of data analysts is to collect and process this data to get useful information, which helps in improving business strategy and making better business decisions. In today’s business world, data analysts play a vital role in helping businesses operate effectively with great decision-making skills.

Looking to expand your career in Business Analytics? Read our blog to learn Business Analytics now.

Chief Data Officer

Average salary: USD180,458

Qualifications: A specialized master’s degree and 10 years of experience in data analytics

Skills: Team building, technology and business trend awareness, and presentation skills

Scope: Banking and finance, IT firms, consulting, and healthcare

A chief data officer is a senior-level job role where one has to look after the organization’s data, draw valuable insights from it, and work with analytics and data science departments. A chief data officer also works to increase business performance by tapping into new and innovative sources of data.

To be a good chief data officer, one needs to have relevant skills, such as mathematics and statisticians, plus a specialized master’s degree, and excellent expertise in the IT industry.

Become a Business Analyst Master

Market Research Analyst

Average salary: USD87,039

Qualifications: A bachelor’s degree in marketing or business administration

Skills: Good communication, documenting, and reporting skills, ability to understand key objectives, etc.

Scope: Finance, insurance, manufacturing, e-commerce, and retail

The job of a market research analyst is to gather complex reports, surveys, feedback, and opinion polls in order to understand market opportunities to help an organization deliver its products and services in the best way possible. A market research analyst works on customer needs and satisfaction.

A market research analyst should also have good knowledge of monitoring and forecasting market trends.

Data Scientist

Average salary: USD113,436

Qualifications: A bachelor’s degree in computer science, mathematics, or physics

Skills: Programming, machine learning, statistics, and data visualization

Scope: Finance, IT, e-commerce, healthcare, education, and government sector

Data scientists are responsible for extracting meaningful information from raw, unstructured data to improve organizational business strategy and operations by making use of various statistical methods and algorithms.

Data scientist has been featured as one of the “25 Best Jobs in America” for a couple of years in Glassdoor.

Statistician

Average salary: USD94,700

Qualifications: A bachelor’s or master’s degree in mathematics or statistics

Skills: Analytical skills, strong mathematical abilities, and being comfortable with computers and technology

Scope: Education, finance, health services, environment, and transportation

Statisticians compile, analyze, and understand quantitative information from surveys and experiments and help organizations reach operational standards. Statisticians apply mathematical and statistical methods to solve real-world problems in almost all fields including business, engineering, healthcare, etc.

Information Security Analyst

Average salary: USD103,677

Qualifications: Entry-level roles need a bachelor’s degree in computer science with one to five years of experience for roles such as system administrator.

Skills: Knowledge of networks and immediate handling and response skills

Scope: Government agencies, finance, insurance, administration support services, and public and private sectors

Information security analysts secure data and monitor IT systems and networks to protect organizations and ensure cybersecurity. The main responsibility of these professionals includes finding the weaknesses in a system and coming up with new ways to strengthen the network.

To become an information security analyst, one must have a bachelor’s degree related to information technology, along with several years of relevant experience and any of the cyber security courses.

All organizations need business analysts to make meaningful decisions and enhance growth. Business analytics is a vast field with a number of career opportunities. We hope this blog has helped you in finding your desired career path in the field of business analytics.

Top Companies that Hire Business Analytics Professionals

Some of the top companies hiring business analytics professionals are Boston Consulting Group (BCG), McKinsey and Company, and multinationals such as KPMG, Accenture, Deloitte, etc.

If you have more queries, reach out to us at our Community.

Course Schedule

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Business Analyst Course 2022-05-28 2022-05-29
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Business Analyst Course 2022-06-04 2022-06-05
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Business Analyst Course 2022-06-11 2022-06-12
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