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Why do you think that you want a career in Business Analytics? Is Business Analytics a good career? Why is Business Analytics so popular and growing like never before? Let’s explore this blog to get answers to all these questions.
Before choosing a Business Analytics Careers, let’s first understand what exactly Business Analytics is.
What is Business Analytics?
An average mobile user generates around 1.7 MB of data every second. Each of these data has to be analyzed to push organizations in the right direction, and this is where Business Analytics plays its 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 so that it 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 all these words popping up, including statistics, computer programming, strategy, planning, decision-making, Big Data Analytics, etc. It 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
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Top Business Analytics Career Paths
In the 21st Century, the Business analytics career growth is fascinating and Multifaceted. Right from being a mediator, moderator, connector, and ambassador, a Business Analyst must address all the business needs, together with IT resources.
At the beginning of the Business Analyst career, one should have either a strong business background or extensive IT knowledge, and the responsibility includes collecting data, analyzing it, documenting, and so on. After some years, the professional can be positioned to roles such as Senior IT Analyst, Project Manager, and so on.
If you want to get your foot in the Business Analytics career, here are the seven most prominent Business Analytics career options you might want to consider.
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 all information, such as financial or marketing records, are accessible to all the employees in an organization. They must also be a problem solver, who innovates new ideas and changes along with the evolving technology.
Average salary: US$132,617
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Qualifications: A bachelor’s degree in information technology, computer science, maths, or statistics
Skills: Critical thinking, SQL, data visualization, programming skills, decision-making, etc.
Scope: Insurance companies, credit bureaus, and almost all industries you can think of
Every organization collects a huge amount of data, and as a Data Analyst, it is your job to collect and process this data to get useful information, which helps in improving the business strategy and making better business decisions. In today’s business world, a Data Analyst plays a vital role in helping businesses operate effectively with great decision-making skills.
Average salary: US$60,208
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Chief Data Officer
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
The Chief Data Officer is a senior-level job role where you will have to look after the organization’s larger data, draw valuable insights from it, and work with Analytics and Data Science departments. The 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, you need to have relevant skills, such as mathematics and statisticians, plus a specialized master’s degree, and excellent expertise in the IT industry.
Average salary: US$180,458
Market Research Analyst
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
As a Market Research Analyst, it is your job to gather complex reports, surveys, feedbacks, and opinion polls to understand the market opportunity that helps the organization deliver its products and services in the best way possible. The professional should work on customer needs and satisfaction.
The Market Research Analyst should also have good knowledge of monitoring and forecasting the trends of the market.
Average salary: US$87,039
Qualifications: A bachelor’s degree in computer science, maths, or physics
Skills: Programming, Machine Learning, statistics, and data visualization
Scope: Finance, IT companies, e-commerce, healthcare, education, and the government sector
It is the responsibility of a Data Scientist to extract meaningful information from raw, unstructured data to improve the business strategy and operations of the organization by making use of statistical methods and various algorithms.
In fact, ‘Data Scientist’ has been featured as one of the ‘25 Best Jobs in America’ for a couple of years in Glassdoor.
Average salary: US$113,436
Qualifications: A bachelor’s or master’s degree in maths or statistics
Skills: Analytical skills, strong mathematical abilities, and being comfortable with computer and technology
Scope: Education, finance, health services, environment, transportation, and market
Statisticians compile, analyze, and understand quantitative information from surveys and experiments and help organizations reach operational standards. They apply mathematical and statistical methods to solve real-world problems in almost all fields, including business, engineering, healthcare, etc.
Average salary: US$94,700
Information Security Analyst
Qualifications: Entry-level roles need a bachelor’s degree in computer science with 1–5 years of experience in roles such as System Administrator.
Skills: Knowledge of networks and immediate handling and response skills
Scope: Government agencies, finance, insurance, administration support services, and both the public and private sectors
An Information Security Analyst secures data and monitors IT systems and networks to protect the organization to ensure cybersecurity. The main responsibility of the Information Security Analyst includes finding the weaknesses in the 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.
Average salary: US$103,677
Every organization needs a Business Analyst to make meaningful decisions and improve the growth of the organization. Business Analytics is a vast field with enormous career opportunities, and the above-mentioned are some of the Business Analytics career paths based on the discussions that I had with people from various fields of Business Analytics. I hope this blog has helped you in finding your desired career path in the Business Analytics field.
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