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Business Analytics Careers - Know Why They are in Great Demand



Introduction

Business Analyst profile is one of the most sought-after career options because of the increasing inclination of businesses towards the data-driven cultures by great adoption of big data, AI, business analytics.  

Businesses are exploded by the tones of data and are leveraging the best use of business analysis tools and business analysis resources to retrieve the value from the data to perform growth-potential decisions and processes.  

With businesses seeking to control costs and maximize efficiency in their processes, the BLS (Bureau of Labour Statistics) have indicated the demand for Business Analysts (BA) will see a growth turnout of 14

What is Business Analytics?

Data has gained humongous functioning in today’s organizations. Earlier usage of data was just limited to track the monetary assets and to manage the business’s audit and tax-related tasks, now data has much more border function to perform. It is now required to assess each and every aspect of the business - so that better business decisions and activities can fall into place. 

With the advancement of technology, data handling became easy and pensive. Now businesses are using a lot of data to induce better performances or business functions. And to lead this role, they are hiring business analysts who know how to procure and translate those valuable data into favorable outcomes for businesses of any scale or intensity.

Business analytics is one of the growing fields of today that has been tremendously helping businesses to lift their profit figures and prepare business plans of extreme solidarity. The tasks under business analytics are subjected around inspecting the business’s external and internal performances - mainly in a way their final outputs are worth financial growth. Business analytics is a deeper subject, it could be all-around -

  • Studying business market scopes & competition
  • Implementing change management
  • And discovering means to customer satisfaction

What are the benefits of exploring a way out in Business Analytics careers?

Let’s chalk out a few reasons why exploring careers in business analytics can be the next best thing:

Benefits of making a career in Data Analytics Field

Data is produced in heavy quantity

In every hour, there are hundreds of terabytes of data produced over 6 billion connected devices. Each data produced has a great requirement to be translated into sensible information- to help businesses dip their foot for a competitive edge. With a degree and right skills, anyone can be handed over with the job to assess, and extract the useful information from that scattered data - to derive meaningful insights - which every small to high scale business is longing for these days.

Learn to use & deploy the advanced technology

It doesn’t matter if you have a technical or non-technical background for business analytics and information systems careers, the field is welcoming for all candidates from diverse backgrounds. With useful Business analysts certification training, you could learn to explore and harness the latest technologies and software(s) that helps to automate and fasten the analytics activities. These training programs would help you learn the powerful machine learning languages like Python - which is the key ingredient these days in writing problem-solving coding scripts.

Demand is much higher than supply

Even though the field is soaring high in job vacancies, the skill gap is still constant. The supply of candidates still hasn’t managed to fill the demand. This skill gap is a global phenomenon. 

A report by Mckinsey in 2017 claimed that the US will be facing a shortage of 1.9 million data scientists and analysts in the upcoming 2 years. 

We can draw two good things from this evident skill gap - 

  1. The demand being high, it will take quite long years to fill in those demands and if you choose to make a career in this field with strong skills & knowledge, you will be hired at great compensation from the career start level.
  2. While the second is - the field is recession-proof, as long as the data is produced, businesses would be more often procuring the business analyst resources, who could help fulfill their requirements. 

You render great decision-making for simpler to complex challenged situations 

Business analytics by being the subset of data science allows the implementation of technology that serves actionable intelligence from raw accumulated data. You learn to gather the data and screen it for delivering improved decision-making abilities to the businesses & its stakeholders. You learn technologies & methods via which you generate valuable, profit-centric insights for any organization.

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A technology and humans centric field

Even though the field is heavily dependent on technological tools & advancements, the field will always require intelligent humans, who could handle these technologies and bring it to the use of organizations betterment.

Great compensation

Even though you are just a starter and possess great data science and business acumen, you will be picked at a blink of an eye and would have great pay offered. And on the other hand, if you are an existing professional, by upscaling your skills, you too can extract the growing pays. The reasons behind the great compensation are the shortage of business analysts in the market, thus, to fulfill the skill demands, businesses would be agreeing on paying the compensation demanded by the resources - based on their skills & acumen. 

Let the facts say it all…

 Explore these facts to know why having business analytics and information systems careers are so much in demand: 

  • As per the EMC Digital Universe survey, there will be 1.7 MB of data produced by every human globally, by the end of 2020.
  • As per Analytics India Industry Study, the analytics industry in India is growing by 23,8% yearly, and this figure is expected to double by the end of 2020.
  • The Data Scientist’s job profile has been continuing to be listed as one of the “25 Best Jobs in America” from a few consecutive years over job portal Glassdoor.
  • As per the Bureau of Labor Statistics (BLS), the business analysts’ annual wage was listed as $94,390 in May 2018.
  • In April 2019, around 7,851 jobs of business analysts were made available in the US.

What skills business analysts need to have?

Required Skills of Business Analysts

Understand that not all business analysts’ roles are of the same identity, they are created based on each & every data-driven business culture. However, there are certain skills that business analysts need to have within - no matter what organization they plan to pin with. These are the following skills required: 

  • Must have knowledge of resources & project management.
  • Must have great confidence & abilities to communicate with different members within given team composition - be it marketers, engineers, product teams, customer support team, or more.
  • Must have technical capabilities in relation to the organization’s capabilities.
  • Must have distilled & understandable writing skills.
  • Must have great translation and comprehending capabilities.
  • Must know how to have maximized usage of Excel, SQL, or statistical programming language.
  • Must have brain cells to stay inquisitive all around.
  • Must have the ability to understand the business’s small to complex objectives or expectations.

Popular & diverse job-opportunities in Business Analytics field

The business analytics field has a crucial presence in businesses that are adopting data-driven cultures - via the amalgamation of AI and big data. The field of business analytics and information systems careers have so many job opportunities. And at the initial stage, an individual can earn an average salary of BA professional $81,330 per year.

There are many professional fronts in which business analysts can pave their way. The most popular of them after having masters in business analytics careers are:

Business Analyst Manager

  • An individual for this role must have strong data gathering and analyzing skills along with great computing capabilities.
  • Must have great communication skills to lead and equip the teammates or professionals with great solutions.
  • The average salary of a BA manager is $93,284/yr.

Data Analyst

  • This job is suitable for someone with great technical skills, who could look into the data and retract possible values from it via using advanced statistical or computing skills/methods.
  • They earn an average salary of $118,750/yr.

Project Manager

  • They are professionals who lead on any given project.
  • They are responsible to monitor the priority projects with the team since its start till rollout. To manage & ensure the project deadline meeting, the team’s progress, coordination, and ensure all the resources required to complete the project are available.
  • They act as a bridge between the client and the business team throughout the product architecture and delivery.
  • They earn an average salary of $90,139/yr.

Systems Architect

  • They build and configure the business computer systems. They are responsible to configure and maintain the business hardware, software, portals, firewalls, antivirus, and entire security systems.
  • They are responsible to work around any company’s computing needs.
  • They earn an average salary of $119,950/yr

BI (Business Intelligence ) Analysts

  • They are responsible to provide key information via which businesses could be helped with making smooth & informed decisions.
  • They are required to walk through any raw data with their analytical skills to turn that data into actionable information for businesses use. 
  • They are also required to provide the key information/suggestion which could stand profitable for the businesses.
  • The average salary they earn is $80,867/yr.

Business Analyst Training & Certification

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Business Consultant

  • This job role requires individuals to screen the data and extend suggestions that could help businesses make their important decisions.
  • The job can be performed either remotely or by visiting the fieldwork - depends on each project’s capacity.
  • They make an average salary of $82,741/yr.

Information Architect

  • They rather design the structure via which technologies can be used. 
  • They ideate, plan, and design the architecture of business websites or apps.
  • They need to be very focused on end-customers needs and must have knowledge of integrated technologies & methods that helps with the development of the IT structure.
  • The average salary these professionals earn is $124,197/yr

IT project coordinator

  • They are key resources behind organizing any project.
  • They make plans, schedules, deadlines, budgets, resources, and everything to ensure the project’s progress.
  • They also help with documentation of informed decisions, visiting the stakeholders/partners meetings, check changes in the project, assess risks, and prepare solutions against each business problem statement.
  • They earn an average salary of $87,579/yr.

IT Business Analyst

  • They oversee business operations and plans and monitor solutions according to the business requirements.
  • They earn an average salary of $94,881/yr.

How to get started with the Business Analyst career?

There are many business fields making use of tonnes of data like wholesale, manufacturing, supply chain management, healthcare, retail, banking & finance, etc, you can easily become an upright choice for these organizations/industries if you adopt the right skills & knowledge to make careers in business analytics. To become one, you may go like this:

  • Masters in business analytics careers - After completing the graduation in accounting, business, engineering, information systems or any other related field, you can enroll for the degree for masters in business analytics careers and further to become a certified professional, you can take up BA certification training to learn all the fundamentals of business analytics.

  • Get transitioned from a software developer into a Business Analyst - Since as a software developer you will be having great data mining and analytical skills, you can easily switch from that profile into that of a BA - if you want an upgrade in your career ladder.

  • Already a technical industry professional - No matter what part of the industry you belong to, but if you have the willingness to upgrade in your career, you can take BA certification training and learn the skills & methods to business analytics with ease and turn towards new paying scales.

  • Get Business Analysts Certifications- Join Business analysts certification training classes online where you will be taught & mentored for the business analysis certification exams of - CCBA (Certification Competency Business Analyst) or a CBAP (Certified Business Analysis Professional). Preparing for and obtaining these certifications, you can easily be a part of any data-driven organizations.

Business Analyst Training & Certification

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Conclusion!

So in the above, we discussed a roadmap to have successful careers in business analytics in the form of - what is business analytics, why joining this field is a wonderous option and few simple steps to transition quickly into a professional business analyst. 

If you think you have great communication skills, a knack for solving problems, the ability to walk with trending technologies & tools, and some capacity to help businesses solve their problem statements of any scope or complexities, then the business analytics and information systems careers belong to you. Don’t fall behind, make a lucrative and growing career in this field by enrolling for Business Analyst Certification Training with us - where you will be transitioned into a market demanded business analyst in no time.


    Janbask Training

    A dynamic, highly professional, and a global online training course provider committed to propelling the next generation of technology learners with a whole new way of training experience.


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