Business analytics (BA) is a career field on the upswing. On the lower end of the spectrum, specific niches like management analytics will see an 11% growth over the next decade. Meanwhile, on the higher end, those pursuing specialties like operation research analytics may see a 25% increase in that same period, according to the Bureau of Labor Statistics.
With such a high projected demand for such occupations, it’s only natural to consider pursuing business analytics as a potential path to follow for your studies and eventual career. This article will outline the importance of business analytics in the work world of the future, while offering some tips for getting started on your studies and job search within this in-demand area of expertise.
The Growing Value of Business Analytics
First off, you should bear in mind that business analytics isn’t just a single discipline. It’s actually a collection of techniques, skills, and technologies that organizations can use to gain insights from the data they’ve collected. These practices are of great importance in the business world, as they allow management teams to make better decisions in regards to revenue, productivity, and efficiency. Specific applications may include the following:
- Pulling data from multiple sources, then using statistics and analytics to discern important patterns. These patterns may form the basis for the prediction of future trends, which businesses can then prepare for in order to optimize their potential outcomes.
- Track KPIs and other measures of performance so that businesses can reach quick and decisive conclusions about what’s working and what needs improvement.
- Using A/B testing to compare the probable outcome of two choices, providing management with a foundation for picking one course of action over another.
These are just a few examples, but they highlight why BA will be such a focus for companies looking to stay competitive over the next decade.
On top of the benefits to businesses, though, analytics is in such high demand because the number of skilled employees and recent grads with data science backgrounds is relatively low. To enter this field, you’re going to require a wide range of prerequisite skills. Especially if you’ve been interested in STEM from a young age, this is where that passion and diligent education will come into play, as we’ll cover next.
Building a Foundation for a Business Analytics Career
Perhaps the quickest path to obtaining the necessary skills for a career within business analytics is through formal education. If you’re at the undergraduate level, it’ll be worth your while to investigate the business analytic programs available at universities across the country.
Much as a biomedical engineering degree might put you on the fast track for a career in the world of healthcare, these business-specific programs will arm you with important fundamentals in IT, statistics, analytics, and data science techniques you’ll need to understand the inner workings of many BA career paths. Other undergraduate degree choices that may serve as a suitable base for a career in business analytics include:
- Information management
- Data science
- Statistics
- Marketing
- Business intelligence
From here, you might next want to consider upping your skills further with a master’s degree. It’s a way to bolster your existing competencies in business analytics, in addition to serving as a path for transitioning to this career track from a tangential field.
While a master’s degree isn’t necessarily a requirement for going into business analytics, it may prove to be an advantageous decision. Studying for a business analytics master’s degree often involves experiential learning in the form of internships and the like.
This is essentially providing you with hands-on, in-the-field experience that you can use post-graduation to improve your chances of landing a preferable position. That additional experience typically looks good on a resume, and may even net you a higher salary.
Regardless of whether you decide to stop with a bachelor’s degree, pursue a master’s degree, or supplement some of your business experience with online and supplemental courses, the bottom line is that receiving formal education will benefit your BA career goals.
Once you feel that you’ve attained the appropriate level of skill, it will be time to start searching for jobs that match your interests within the business analytics landscape.
Finding Your Path in Business Analytics
The job search for STEM grads, like business analytics, is a smoother process once you’ve narrowed down your focus. Within business analytics in particular, there are numerous specialties you might pursue, and figuring out which interest you before you start applying for jobs will help you concentrate your efforts. Specialties include:
- Business data scientist: Data scientists concentrate on collecting relevant business data, then work on processing it, organizing it, and visualizing it into easily digestible information that all business departments can use to take action.
- Business data analyst: These analysts share some overlap with data scientists, but put a greater focus on generating business insights that management teams can use to improve strategy and make better overall business decisions.
- Business intelligence specialist: Those involved in business intelligence may use their analytical prowess to help organizations identify areas in which they can gain an edge over competitors. You’ll need to be able to use data to illustrate the strengths, weaknesses, and current market position of your employer.
- Operations research analyst: By specializing in operations research, you’ll look for ways to help your employer operate more efficiently. Identifying methods for cutting down on waste and streamlining business processes is par for the course here.
- Marketing research analyst: Even marketing can benefit from the powers of analytics. Working within this role, you will use data to help refine marketing campaigns and drive leads to the open arms of your sales team.
And the list of BA career fields goes on. Once you’ve made up your mind on a specific BA career path, you’ll want to start searching for roles with specific employers.
Beyond the usual online job search channels, you should get in the habit of using your professional network to search for opportunities, in addition to attending industry events and conferences where you’ll have the chance to interact with some potential employers firsthand.
Key Takeaways
Business analytics is a growing field that will continue to see a rise in demand over the next decade. Entering this field will require a strong base in data science and analytics, so formal education will provide you with a significant advantage if you plan on entering this field.
You may want to consider master’s-level programs, but even if you don’t pursue them, you’ll need to learn more about the specialties that exist within business analytics so that you can focus your future job search. Stay diligent, and keep pushing forward to the job of your dreams.
About the Author:
Jori Hamilton is a writer from the Pacific Northwest who has a particular interest in social justice, politics, education, healthcare, technology, and more. You can follow her on Twitter @ HamiltonJori.
