Businesses, especially successful business, do not only rely on sales in order to remain on the top. One must go through the piles of data that is collected over the course of time. This information must be organized and then analyzed as it can give valuable information about the company’s progress and any future changes to their business model.
Business Analytics is a new field of study in the field of data analysis. It is the perfect union of business and technology. This combination has become important as the amount of data collected by even the most recently developed companies is vast. In order to go through all of that data, one must rely on help from computing devices.
The field is very challenging as the syllabus that they teach is spread across subjects like business studies (accountancy and finance), mathematics (statistics and probability) and computing (machine learning and object-oriented programming). However, since the field touches on so many different subjects it helps giving professionals a well-rounded education making them eligible for varying job titles.
In the following article, we will be taking a look into a course, some of its applications and benefits in the business environment and focus on the job titles that are available to the professionals.
What is Business Analytics?
Data, in its various forms, has become a very important asset today to businesses and organizations. Earlier in the day the data mainly took physical form and was used to keep track of the monetary assets and used for audit and tax related work. However, times have changed, especially with the development of technology. Now that data has primarily taken the digital form it is easier to read to asses.
The ease of storage of large amounts of data has given professionals the opportunity to study it more acutely. They realized that when studied in depth, a lot of keen and useful information can be gained from the data which can be used for the progress and development of the company. This field of study is known as Data Science, and when used with business as the key focus, it becomes a sub-section known as Business Analytics.
Business Analytics is essentially a very important form of study which is primarily an amalgam of three forms of study; Mathematics, Technology, and Business studies. In order to study and plot data subjects like statistics, probability, computation, etc. are taught to the students. With an increase in the amount of data, it has become a necessity to take the help of a computing instrument. Students are taught to use third-party developed software and write algorithms in high-level machine languages like python. In order to make sense of the final information in a business related form, students are also taught subjects that would help build their business acumen.
Business Analytics, though a growing field of study, has already helped many companies in increasing their profits and creating a more actionable business plan. Business analytics can be used for assessing a company’s internal and external performance, studying the market, create better customer satisfaction and even track the progress one’s competition.
Advantages of Business Analytics
Learn Advanced technology
Business analytics requires the use of specifically created third-party software which can help ease the task of decrypting hordes of data. However, in order to make the best use of these software’s, students require training. Other than software learning, students of business analytics are also taught advanced machine languages, like Python, which can be used to write problem-solving scripts.
Better Decision Making
Business Analytics is a subsection of data science and uses technology and business-related knowledge to grasp actionable intelligence from raw collected data. Since the information collected has been gathered with a meticulous screening of the data, it is of the highest accuracy and can be used to make very specific and profitable decisions which will help the business grow.
Relevant Job Sector
The progress into the digital age helps us all by developing new technologies which make our lives easier. However, it is also a threat to the working class as most of the companies are looking to using machines and automating most of their work. Business Analytics, though heavily reliant on the use of technology, will always require a human being behind the machine, making it a very secure job.
Business Analytics is a specialization in the field of data science which merges computing and business acumen to study business related data. Even though it has become a big part of any business not many professionals of the field really exist. Therefore, any professional who has studied this field will be picked up by companies in a heartbeat and are paid high salaries for their expertise.
Skills necessary to study Business Analytics
As the name of the course suggests, the core function of the course is the analysis of the business. One must look at their job profile as a detective. You must be able to look at the heaps of data, find out the key factors that will be affecting the business most and do an analysis in order to find a plan to better the company.
Earlier, most of the data would be available in the form of receipts and accounting books maintained by a bookkeeper in a green visor. That technique is not efficient anymore as with development with technology the amount of data that flows in is large and primarily digital. Therefore, a business analytics professional should not only have skills in using data mining software but also have in-depth knowledge about coding and programming.
Once all the data has been mined, graphs have been plotted and information extracted you would be provided with a situation or a problem. The job is not over, as now a business analyst must identify where the problem lies and give an acceptable solution.
Critical thought process
In order to find an acceptable solution to a problem which benefits the company and everyone working for it, all aspects of the data collected has to be scrutinized. Each part has to be critically analyzed to understand the role it plays in the current situation you are trying to solve.
Though it sounds very technical, business analytics is essentially a managerial field of study. This means professionals will be involved in handling a bunch of co-workers under them. It is necessary to have a good grasp of your communication skills which will be of great help when handing out tasks to your teammates.
Job Opportunities in Business Analytics
Business Analytics is a new field of study but has many crucial applications in business. This has seen an increase in acceptance of professionals with this degree in big companies, and the market still has a scope to grow much further. The average salary of a professional starting in this field is about $81,330.
The following is a breakdown of the sectors in which business analytics professionals can work along with the salary break down.
Business/Data Analytics – $82,433
Finance – $74,900
Consulting – $95,833
Marketing/Sales – $89,50.
There are many capacities in which a professional with MS in business analysts can be hired. Some of them are listed below.
Business Analyst Manager – $93,284/yr
This job would see you doing exactly what you were trained to do. You must have a strong hold on your data gathering, analysis, and computing skills. But you would not be working alone. Rather, you would function in a managerial capacity. You would be leading a group of professionals, much like you, in order to find solutions. You would need to have good communication skills, as a lot of your work would involve the higher-ups of the company.
Data Analysts – $118,750/yr
If you are the kind of individual who has more skills behind the desk, then this is the job for you. The job is more technical based and will have sitting in front of a screen combing through data and looking for important patterns and solutions to problems. You will have to have a strong hold on your computing and statistical analysis skills.
Consultant/freelance – $82,741/yr
Maybe you do not feel being tied down to a company and would like to have choices when it comes to your job title. As a consultant, you would be working for a company on a strictly advisory capacity. Analyze the data, give your expertise and move on to the next. The job may require fieldwork, but most of it can be done remotely over a laptop.
Annual salary may vary Business analytics is a very rewarding field to pursue if one looks at themselves as creators rather than a cog in a machine. Entrepreneurs can gain a lot from pursuing business analytics, as this field will help them have an idea of a few fields. With your analysis skills, you can have a keen insight into the business ventures that you could look into, a crucial input for newly budding companies.
Project Manager – $90,139/yr
Project Managers are given responsibility to head and manage projects for the top clients of the company. They would be placed as head of a team working on a priority project. The job would find them monitoring the progress, creating deadlines for the team and making sure that the teammates keep these deadlines. They would also be required to chart the progress of the work, the efficiency of the team workers and provide a finalized report on the progress. They would function as the bridge between upper management, the team and the client.
IT Project Coordinator – $87,579/yr
IT Project Coordinator will function in an assistive post with the Project Manager, helping them in the task of organising the work that drives the current project. The job of an IT Project Manager would involve monitoring plans, schedules, work hours, expenditures and budgets and ensuring pre-determined deadlines of the project are being met. Other tasks would involve participating in stakeholder meetings, documenting important decisions, making necessary changes in the project, assess risks and issues and come up with an optimal solution and much more.
Systems Architect – $119,950/yr
Systems Architect, unlike Architects who work to build houses, rather focus on building and configuring computer systems. They will be involved with the configuration and maintenance of all thing’s computers, which includes hardware, software, web portals, internet, antivirus and firewalls, servers and overall security. They would be required to assess the resources necessary to build the computer network for a company and make budget decisions in order to procure the necessary resources to companies computing needs.
IT Business Analyst – $94,881/yr
IT Business Analysts are the individuals who keep an eye on how well a business is doing. Though a new job descriptions IT Business Analysts have become a core requirement for any company looking to do well in the 21st century. The job description of an IT Business Analyst includes, but is not limited to assisting with business cases, planning, and monitoring, requirements organization, eliciting requirements, requirements analysis, etc.
Chief Information Manager/Officer – $99,296/yr
Chief Information Manager or Chief Information Officer are two different names for the same job description. This is an executive level job and is given to the professional who would be responsible for making all managerial decisions for anything which involves traditional information technology and computer systems. Their duties involve using technology to create business values, strategic planning of business growth, manage IT and development, Information Risk Management, developing and approving future technology budgets.
Operations Specialists – $51,336/yr
Operations Specialists are the one involved in keeping a streamlined workflow. They are to manage the flow of the workplace and help in optimizing the day-to-day activities in order to have the most profitable and efficient outcome. Their job description would involve analyzing business operations, identifying customer needs, assist their department with the change, develop plans to improve productivity, track and analyze optimization reports, etc.
Information Architect – $124,197/yr
If Information Technology is the platform of infinite reach given to us, then an Information Architect is the one responsible for designing the structure through which we can use the technology. An Information Architect is responsible for planning and designing the structure of the websites and applications. The individuals in this profession will be well versed in focusing on the target audience, be knowledgeable in technologies used to create information technology structure and focus on the information which will be displayed on the site.
Business Intelligence Analyst – $80,867/yr
Business Intelligence Analyst is the professionals who are responsible for providing key information which will help the managerial professionals to make important decisions. The professionals in Business Intelligence Analyses will be required to go through data of the company the market, gain key information from it using business analytics skills and represent it in an understandable and actionable way. They will also make important suggestions to help the business be more profitable.
Business Analytics, even though a new field of study, has become a very important part of how companies run and conduct their business. it is safe to say that this field is going to be a relevant addition to businesses for a very long time and can be considered a beneficial career path.