Business is what drives a lot of the world. Without thriving businesses, we would not have the products and services that make life a lot more enjoyable and allow us access to necessities for daily life.
Business analysts gather and interpret data to help businesses make the best decisions for their company and customers. Analysts are employed to ensure that costly mistakes are minimized whenever possible.
Why consider business analytics?
If you are looking for an exciting and in-demand career, you should consider a degree in business analytics. Here are a few more reasons to consider.
You will help businesses decide what products to make
There are a lot of products and services out there. Thanks to a globalized marketplace, businesses often have to compete on a global level. Developing products or launching services takes a lot of time and money in most cases, so it is important that businesses carefully consider if a product or service is worth pursuing. Business analysts use data to help businesses gauge what customers are interested in and then use analytics to see if a product or service is likely to succeed under the predicted market conditions and demographics your company wishes to pursue.
Having a good idea of the likelihood of success ahead of time prevents companies from investing time and money in developing prototypes and services that are most likely not going to yield a respectable profit in the future.
There is always something exciting to work on and discover
No matter what industry you find yourself working in, there is always something new to discover and an array of revolving projects. If you are someone who is easily bored, then a career in business analytics can prevent that.
As an analyst, your job is literally to discover trends and showcase them so you can help businesses weigh the pros and cons of decisions. There will be times when you discover information that makes a huge difference in a project or product development. Analysis often brings attention to information that may not have previously been considered relevant.
You can retrain to be a data analyst regardless of your background
You do not have to have a specific type of experience or even education level to pursue a degree in business analytics. Of course, having any experience at all or an interest in a specific industry can help make it easier for you to learn additional skills faster. Some future analysts start training with a good idea of what industry or industries they would like to work in the most. Since some are more competitive than others, it is good to know that you can find a job in a variety of sectors when you graduate, so you have the luxury of great job security right from the start.
Data analysts command a competitive salary
Since there is strong demand for data analysts, the average starting salary is lucrative at around $85,000 (approx. UGX320 million) with some making significantly more by specializing in a specific area of analytics or industry. Freelance work is another option for those who have a good portfolio of companies they have worked for and helped achieve success.
Room for advancement and promotion
Being stuck in a job where there is no room for personal or professional growth can be terrible for your mental health outlook and it can stagnate your earning power, especially with the rising cost of living in many areas.
Data analysis offers plenty of room for growth and advancement if you have the drive and motivation to do your job well and stand out from the crowd. It is not a job that requires you to stick it out for a decade before advancing or getting a decent raise in pay.
Gaining experience where you prove that you are an asset that gets results is something you can start doing the minute you get your first position.
You can earn your degree while continuing to work at your job
Retraining for a fun and exciting new career does not have to be difficult thanks to the amazing programs you can attend via online classes. Not only that, but it is more affordable than you probably think it is. With online degree programs, you can do your studies at whatever time of day is best for you and your work schedule. This is very helpful for working parents who want to change careers without impacting their current earnings.
You are a numbers person
Do you always find yourself stating statistics and numbers when discussing things with others? Do you always compare numbers and facts when making buying decisions? If you are a numbers person, then you will love data analysis because it “comes down to the numbers.”
As a business analyst, you will always be looking at numbers and interpreting them so that good decisions can be made, and businesses can run more efficiently.
Business analysts help companies operate in a more environmentally friendly manner
The average customer is much more environmentally aware than they were in the past. As a result, they hold businesses to a higher standard when making a purchasing decision. Going green or environmentally friendly is not always easy, especially in some industries. A business analyst can help companies crunch the numbers and discover ways they can keep costs reasonable and still fulfill their obligation to the environment.
Business analysts can show companies how they can benefit overall from green practices. For example, it may not be easy for those at a business to see that by spending more they may be able to significantly improve their profit margins because greener products are more appealing to the target customer base. Since there are so many factors that can influence success, it is important to have analysts who can account for all these differences and thus reduce the possibility of costly mistakes.
Fantastic marketing plans happen due to the facts analysts can bring to the table
A great marketing campaign can make or break a product or service launch. Marketing teams rely on good data and information about their target demographics to spend their advertising and marketing dollars wisely.
As an analyst, your job is to deliver concise information that allows marketing teams to know everything they possibly can about the market they are launching a product. Finely tailored marketing campaigns can become so memorable that people will recognize a brand for decades to come.
Consider how many people can spot a logo and know the company it stands for or hear a jingle or slogan and recognize the brand. As you can see, the most successful companies that become household names have a stellar marketing campaign based on good research, facts, and analysis of market conditions and key demographics.
You enjoy working with others to find solutions
While some tasks may be performed solitarily, the vast majority of data analysis and problem-solving is done in a team environment. From the business leaders asking the questions you are being tasked to answer to gathering the data and facts and running analysis programs, there are a lot of people involved — meaning you need to be good at being a team player.
Working well with others is a skill that you will get better at over time, so the sooner you start honing that skill, the better.
You are excellent at networking and communication
Clear and direct communication is important when working on any project regardless of whether you are working as an individual for a company or as part of a larger team working toward a common goal. Being able to write and speak clearly about what you are doing is essential. This means explaining things in a way that is easy for someone who doesn’t have your skills and expertise to understand.
Using software platforms such as Slack or Airtable is becoming more common for team members to stay up to date on common projects as well as larger, company-wide announcements. Staying connected via these platforms is easily accomplished via a simple smartphone or tablet when you are away from your regular workstation.
You realize the importance of seeing the big picture
Companies need to look out for their future. That means their analysts need to be fantastic at seeing the big picture and visualizing the goals they want to achieve. Sometimes it can be hard to see the big picture but with great communication and good data, it becomes a lot easier.
While predicting market trends and conditions extremely far in the future can be hard, it is often possible to make good estimates for a few years. At worst, good data analysis offers you the best chance of making a good choice for you and your business.
You can pick up on a pattern easily
When you are analyzing data, you are looking for patterns that provide meaningful information for a business to use to make its decisions. The faster you can pick up on a pattern, the better you will be at doing your job and completing projects in record time.
Sometimes patterns will emerge that you do not expect to find. It is important to be very attentive so you do not overlook patterns that no one might expect.
Picking out patterns requires some detective work so if you like a good mystery then this aspect of data analysis may be where you thrive.
Data analysts can find work remotely or working in practically anywhere
The demand for data analysts is high, meaning you can find work in many areas when you graduate. If you are willing to relocate, then you may have your choice of some great positions working within an industry that fascinates you the most.
Some analysts may find that they can do some jobs remotely from their home for the most part or they may have a position that requires them to travel for business meetings and consultations. Working for larger corporations that have a lot of locations may require a mix of in-person and remote work and meetings throughout a workday or project.
You love to learn new things
Throughout your career, you may work on projects that span a variety of industries. It is impossible to not learn a lot when you work as a data analyst. Over time, you will get a feel for what works and what doesn’t for various companies. Your expertise and knowledge will grow, and businesses will seek you out via recommendations from others.
Your head will simply be full of facts and figures, and you will learn a lot about different groups of people from various ethnic, social, economic, and religious backgrounds. The more you know about various groups of people, the better you will be at helping companies understand what their data is telling them. Many business analysts provide extensive consultation services or even find themselves playing a full-time role as a consultant within a chosen industry.
Business analytics career paths and changes
Here are a few of the jobs you can qualify for with a business analytics degree:
- Market research analyst: This position requires concentrating your efforts on studying and understanding market trends and overall conditions.
- Financial: A financial analyst studies the hard numbers at a company and helps discover trends and information that can help a company improve its revenue over time.
- Data architect: In this role, you would be helping businesses figure out what data they need to collect to understand their business and customers. Using this information, you would then help them by recommending or designing systems that will meet their data and analytic goals.
- Computer systems analyst: All businesses need computer systems to help manage their company. A computer system analyst assesses the needs of a company and then recommends or designs computer software programs that will help their business run more efficiently.
How to become a business analyst
Earn your degree
Earning a degree in business analytics is essential to landing a good position. Enrolling in online classes is recommended for those who are retraining and want to keep working in the meantime. Bachelor’s and Master’s programs are available. St. Bonaventure University offers an excellent online Master’s in Business Analytics that will show how data analytics helps business. You will gain the skills you need to help businesses monitor trends and make the most informed business decisions.
Consider an internship
An internship can help show potential schools that you are serious about your future career. Plenty of internships have led to being offered a full-time position when one is available or after you graduate. Internships may be a more reasonable choice for students who are younger and have fewer obligations at home.
A lot of projects and jobs can become available to you through excellent networking. Business leaders often attend conferences and other events. Online seminars and sites such as LinkedIn can be helpful networking tools.
Brush up on what is going on in your chosen industry
If you want to work in a specific sector, then you need to be sure that you keep up with what is going on at all times. Business leaders will be looking for job candidates who know their stuff. Knowing current market trends and innovations is essential to landing a good position in a niche market.
Know your programming
Computer programming languages are something that you will become very familiar with. It is also important to keep up with changing trends so you will be better equipped to help companies set up good database software programs to stay organized and in touch with their customers.
To conclude, a career in data analysis is a great move to make due to burgeoning demand and overall job satisfaction and enjoyment. Analysts can choose to work in virtually any industry or a variety of industries, so it is hard to find yourself bored.
Becoming a data analyst can be accomplished online while you keep a standard job or internship, thus making it a good career if you are looking to retrain for a new and more lucrative career for long-term financial stability.