Business Analytics as a Career? Read this Blog, all your Doubts will be Clear!
With the hype of Digitalization in our society, I’m sure you must be wondering if business analytics is a good career?
I’m sure you’re aware of the saying, “History Repeats Itself”.
A Business Analyst is responsible for finding the patterns in Historical Data to make calculative decisions.
Career opportunities in Business Analytics will have endless possibilities in the future.
If you think about it, Everything around us is driven by Data.
From Artificial Intelligence to your local vendor, all use historical data to predict what the future holds.
Key Takeaways
- Learn about what business analytics is and why it’s important.
- Educate yourself about the different careers in Business Analytics.
- The average salary of various careers in Business Analytics.
- The Qualifications and Education required to have a career in Business Analytics.
What is Business Analytics?
Data-driven solutions to help a business grow in line with its goals.
Business Analytics is set to grow by over 274.3 Billion Dollars by 2023.
How do I know this? Well, a Business Analyst must have looked at Historical Data to make a Prediction of the coming future.
It’s as simple as that, Business Analysts use tools and Algorithms to categorize this data.
Ready to start your career in Business Analytics?
Qualification for Business Analyst
Businesses are like machines, all elements need to work in sync for the Business to work smoothly and grow.
Business Analytics is a problem-solving position in a company, finding out problems and looking for solutions. Hence, Improving the machine.
Education Required for a Career in Business Analytics
To start your career in Business Analytics, you need a Bachelor’s Degree in Business Management, Accounting or Finance.
Try getting into Internships or programs to help you get some Industry based Experience.
A great time to do that is during your summer internships, you can even pursue an online internship.
This will help kickstart your career in Business Analytics if this doesn’t quench your thirst and you wish to learn more.
Go for an MBA in Business Analytics, as many universities offer an MBA in Business Analytics.
Since a Career in Business Analytics is becoming competitive, you must develop soft skills to get an edge over everyone else.
Skills Required for a Career in Business Analytics
Business Analysts always work in a group. Therefore, they must have impeccable communication skills.
Complete knowledge of the Business and the Industry, Understanding all aspects of the Business and how all the departments are linked together.
This allows them to create solutions and predict any future problems in the Business.
The use of technological tools and systems to be able to cope with and analyze large amounts of Data.
I’m sure you have an in-depth understanding of Business Analytics, Now let’s explore the various Careers in Business Analytics.
Career Opportunities in Business Analytics
Business Analytics will continue to grow and will have ample opportunities in the coming future.
Business Analytics has various domains in which you can pursue a career in 2022:
- Business Analyst
- Supply Chain Analyst
- Marketing Analyst
- Data Analyst
- HR Analyst
- Financial Analyst
- Data Scientist
Now let’s get straight into it and discuss their different job roles and salaries!
Business Analyst
As the name suggests Business Analysts analyze data to improve and fix problems faced by a Business.
There’s a saying,” Trend is your friend until it bends”.
Meaning if something happens at the same time every year or decade, it can be used as an opportunity to help grow the Business.
Average Salary of a Business Analyst in 2022
Supply Chain Analyst
Ever wondered why a bottle of water costs so much when inherently water is one of the cheapest resources on the planet.
The entire process of extracting water, purifying, packaging and transporting is handled by Supply Chain.
Supply Chain Analysts find ways to improve the efficiency of the Supply Chain based on the immense amount of Data calculated.
Average Salary of a Supply Chain Analyst in 2022
Marketing Analyst
Ever wondered why companies have posts and social media marketing strategies based on a specific audience.
Marketing Analysts are equipped with the task of figuring out the target audience.
Not only that they also have to analyze how they’re going to campaign to reach out and connect with the target audience.
Marketing Analysts are essential in Digital Marketing.
Average Salary of a Marketing Analyst in 2022.
Data Analyst
How do you make a decision, How do you come to a conclusion?
You think about the possibilities and consequences of your decision and come up with a conclusion.
That’s exactly what Data Analysts do, analyzing past data and predicting the future for big companies.
They’re essential for companies in today’s digital data-driven world.
Average Salary of a Data Analyst in 2022
Human Resource Analyst
Well to build a career in any of these domains, you have to get screened and selected by Human Resources.
Human Resource Analysts create a database and screen potential candidates.
They also use this data to screen the hiring process and come up with solutions if the process is taking too long.
Coming up with solutions to problems like why is taking so long to find the right candidate.
Average Salary of a Human Resource Analyst in 2022
Financial Analyst
How do companies and individuals make decisions on whether to invest or not?
It’s these strategists that come up with strategies that help us take a calculated decision.
Financial Analysts are experts on the Financial climate which helps them to judge whether a stock, bond or even property is undervalued or not.
Average Salary of a Financial Analyst in 2022
Data Scientist
I’m sure you understand how valuable Data is for companies.
Now, how do they get this data?
Data Scientists mine, clean and present data which in turn helps a business take calculative decisions.
Data Scientists play a key role in any business around us.
Average Salary of a Data Scientist in 2022
Conclusion
Business Analytics is a very wide topic with vast opportunities in many fields.
Business Analytics is responsible for the continuous growth of a company and helps them achieve the company’s goals.
You have to continuously grow and adapt in a career as a business analyst as it is an ever-growing and ever-changing domain.
Whatever domain you choose is a personal preference.
Here is a list of the Top 11 in-demand courses in 2022, learn about what’s trending and what inspires you!
Hope this was helpful!
Frequently Asked Questions
What is Business Analytics?
Business Analytics in simple words refers to analyzing historical data to make calculative predictions for the future.
Is Business Analytics a good career?
Business Analytics is a good career choice for anyone who likes processing data and wants to work in a competitive data-driven environment.
Is there a lot of Maths or Coding in Business Analytics?
No, Business Analytics does not require extensive maths or coding skills. You have to make data-driven decisions to solve problems for the business.
How do I get a job in Business Analytics?
Anyone with a Bachelor’s Degree can get a Job in Business Analytics.
