With the massive amount of data that is now available to companies, the field of business analytics is on the rise. This valuable data serves as the basis for all business strategies, including marketing, finance, operations, development and more. When applied correctly, the analyzed data can offer tremendous insight into the business and help build strategies that will lead to greater success.
Though the growth of data technology has exploded, the number of individuals qualified in the industry hasn’t kept up. For that reason, business analysts are in high demand. As of last year, about 364,000 people were working in business analytics in the US. By the end of 2020, that number is expected to jump to 2.720,000. There’s no better time to begin your career in the industry.
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What is Business Analytics?
Business analytics involves collecting, organizing and studying data to determine the performance of a business. Through these conclusions, a company can create actionable steps to solve any identified problems. The business analyst will work alongside the company leaders to develop business strategies based on this data. It will lead to higher productivity, more efficient operations and ultimately, more revenue.
The analyzed data is also useful for forecasting trends within the market, and even the actions of customers. The business can tailor its marketing efforts based on this information to maximize the return on investment.
It’s important to note the difference between business analytics vs data science. The field of business analysis focuses on statistics and developing strategy, where data science deals with the mathematical side of data and high-level coding.
10 Reasons You Should Pursue a Career in Business Analytics
1. Make an Impact
With the amount of data that is now accessible, businesses are relying on it more than ever to build their development strategies. The insights from this data can make a significant impact on the company as a whole and its future growth. Not all people want to be in a management position, but still want to provide value. If you want to become a key contributor to the success of a business, then a career in business analytics can give you that.
2. High Salary
Because qualified business analysts are in high demand, the earning potential is quite substantial. The average salary of a business analyst in the US is around $85,000 and can be even more if you have the proper education. Work experience does not dramatically impact this figure, and even those who have just obtained their qualification can expect this salary. For every year that you work in the industry, your salary will increase at a rate of about $2000 per year.
3. Work with a Variety of People
As a business analyst, you will work with people from all areas and departments. One day you might be working with the customer service team to understand their current processes and systems. The next day you could be sitting down with the head of finance to help reorganize corporate spending. It creates a balance in a field where you spend many hours working solo, keeping your days dynamic and exciting.
4. Constant Progression and Development
Since market trends in business are always changing, it will be your job to stay up to date on the industry. You’ll be evaluating data, implementing strategies and looking for ways to keep progressing daily. This industry allows you to develop your knowledge, problem-solving skills and understanding of how to analyze data. There is a never-ending opportunity for growth in the field of business analytics.
5. Every Day is Different
While you’d think staring at numbers all day would get boring, there is so much more to business analytics than that. It’s a dynamic career with each day offering new tasks and challenges. One day you may be working alone, pouring over records and statistics. The next day you might be shadowing the marketing department or heading up meetings. There is also a lot of research required as a business analyst and learning new things will keep you engaged.
6. Job Security
A business analyst is not an easy job to outsource. Businesses need someone on site who knows how each sector of the company operates. Because of that, you’ll never need to worry about becoming redundant or being replaced by a private contractor. Job security is a hugely valuable aspect of this industry. As well, since business analysts are in such high demand, there are a plethora of job opportunities out there. You won’t be hard-pressed to find a job, regardless of your global location.
7. Play Sherlock
Business analytics involves lots of investigation and gives you the chance to forecast market changes based on your insights. You’ll have many ‘a-ha’ moments as an analyst and develop the knowledge needed to deduce things just from skimming the data.
8. Understand Customer Habits
From an outside perspective, it may be hard to understand what motivates customers to make purchases. Business owners often see revenue come in, but don’t know how or why it got there. As a business analyst, you’ll gain a deep insight into the minds of customers. You’ll see how they found the product or service, and what prompted them to make a purchase. This information is invaluable and interesting, as you’ll learn more about human habits in general.
9. Build Transferable Skills
The foundations of business analytics apply to just about every industry you can name. Investing in a business analytics education and pursuing a career in the field will allow you to build transferable skills that you can use anywhere. You might decide to remain in the industry and move to a different company or switch fields altogether. Either way, the skills you learn and build are infinitely useful.
10. Become an Expert on the Ins and Outs of Business
Though your work as a business analyst revolves around interpreting data, you’ll learn so much more than that. You’ll have access to a wealth of information regarding all aspects of a company or business. Each day, you will work with team members from every sector in the company and begin to understand how each puzzle piece fits together. Of all career paths, becoming a business analyst will teach you the ins and outs of running a business more than any other. Equipped with this knowledge, you may even decide to run your own one day!