Why You Should Pursue a Career in Business Analytics?
Most companies now have the ability to gather large amounts of data in areas such as customer behavior and operational efficiency. The key for businesses now is having people on board who understand how to analyze that data to extract actionable insights that support data-driven decisions and strategies.
This is what business analytics professionals focus on every day. No matter what job title they hold or the industry in which they work, those who specialize in business analytics play a central role in helping organizational leaders make better strategic decisions.
Not surprisingly, business analytics is a career field in high demand across every sector of the 21st century global economy.
Every Industry Needs Business Analytics
From baseball front offices to boardrooms and political campaign headquarters, business analytics experts are hard at work, trying to take the guesswork out of strategic decisions. The techniques for data collection and analysis they use continue to evolve and become more refined. It’s become almost unthinkable for an organization not to use data to drive decisions.
That makes careers in business analytics a popular choice for a college degree. And for those who want leadership roles in the field, a Master of Science in Business Analytics prepares them to become managers and administrators, overseeing business analytics efforts.
Some of the industries making the most use of business analytics include:
- Banking and securities
- Communications and media
- Consumer trade
Entrepreneurs who want to launch their own business, especially one with a heavy internet presence, also benefit greatly from the knowledge learned in an MSBA program.
Careers in Business Analytics
Business analytics involves using more than just one technology. Those in the profession can work with artificial intelligence, machine learning, data mining, data management, predictive analytics, and prescriptive analytics.
Careers in the field are just as numerous. Depending on the nature of the job, careers in business analytics can range from research on online consumer behavior for digital marketing campaigns to risk assessment associated with entering a new market.
Examples of careers in business analytics are listed below. Unless otherwise noted below, salaries and job growth projections come from the U.S. Bureau of Labor Statistics. Note that all these fields have double-digit job growth projections.
Business analysts focus on ways to improve the efficiency of an organization. Median salaries in the profession reached $85,260 in May 2019. The projected growth in the industry by 2029 is 11%.
Market research analyst
Market research analysts assess the potential for sales of a product or service based on new market conditions. Median salaries in the profession reached $63,790 in May 2019. The projected growth in the industry by 2029 is 18%.
Data analysts use advanced software and analytical approaches to solve complex challenges faced by businesses. Median salaries in the profession reached $84,810 in May 2019. The projected growth in the industry by 2029 is 25%.
Chief Technology Officer (CTO)
CTOs oversee technology systems for an organization and develop strategies for using technology to achieve company goals. Median salaries for “computer and information management” jobs reached $146,360 in May 2019. The projected growth in the industry by 2029 is 10%.
Project managers plan, oversee and lead projections from inception to completion. They play an increasingly significant role in product development, process improvement, and organizational change. Salary.com estimates
an average salary of $66,137 for project managers based on 133,345 reported salaries in the profession. IT project managers made more than $88,000.
Data scientists find innovative ways to use new technology to solve business challenges and design new technology approaches. Median salaries for “computer and information research scientists” jobs reached $122,840 in May 2019. The projected growth in the industry by 2029 is 15%.
Skills Needed to Succeed
All business analytics professionals have expertise in statistics, data management, data mining, predictions and forecasting, data modeling for business strategy, and business intelligence collection and analysis.
These fundamental skills are needed in every career field in every industry. At the heart of all these jobs is the ability to collect and analyze data in a way that extracts useful information by finding patterns, correlations, and trends that help executives make more-informed business decisions. Successful business analytics professionals also can make data visualizations for presentations that even those without a high degree of technical skill can understand.
Touro University Worldwide’s MSBA program curriculum focuses on preparing graduates for leadership roles. Students learn about data visualization and communication, as well as data management and ethics for business analytics. Other courses in the MSBA program curriculum include:
Big Data Management and Databases
Students learn relational databases concepts, as well as data warehousing, data management, and modeling tools. Students are exposed to various systems and tools applicable to various types of data, enabling them to manage and apply actionable insight.
Predictive Analytics and Forecasting
Students learn the tools needed to provide accurate and actionable predictive models and forecasting. Those tools include regression analysis, data modeling, and multivariate statistics. Students also can explore this area within a specific industry.
Data-Driven Decisions and Strategy
The heart of business analytics. Students learn how to bring together all the tools and data analysis and apply it to making decisions and creating strategies. Topics include data investment decisions, application of simulation techniques, scenario analysis, resource allocation, and decentralization/centralization in strategic managerial decision-making.
A degree in business analytics prepares professionals for success in a stable, growing field. By earning a graduate degree in business analytics, you’re prepared to take on leadership roles in this important, growing area of technology and data.