As technology is getting better and more sophisticated, organizations have more data than they know what to do with. It is the job of business analytics professionals to make sense of large datasets so it can be used to make actionable business decisions that improve efficiency, boost profits, cut costs, and more. Business professionals who want a high-growth career with large salary potential may want to consider getting their degree in business analytics.
Below is more information about the business analytics profession and what you can do with the degree.
Business Analytics Defined
Business analytics is the study of large amounts of data with operations and statistical analysis. The analyzed data is then used to make predictive models by using optimization techniques, and the communication of those results to clients, customers, business partners, and other stakeholders. (Ngdata.com)
The insights that companies gain from business analytics allows them to automate and optimize business processes. It has been found that companies that use business analytics have a competitive advantage because they can use data-driven insights to:
- Perform data mining to find relationships and patterns
- Conduct statistical analysis and quantitative analysis to understand why certain results happen
- Test earlier decisions with A/B testing and multivariate testing
- Use predictive analytics and modeling to forecast results in future months and years
Job Possibilities with a Business Analytics Degree
Business analytics has been shown to help companies improve their bottom line, so more and more jobs are requiring skills in business analytics and business intelligence. Some of the jobs you can get with a business analytics degree include those listed below.
An analytics manager is responsible for the coordination of analytics tasks for a company, such as devising effective strategies to collect data, analyze information, do research, and implement business analytics solutions. They also need to be effective at measuring performance, financial risks, and customer experience. (Payscale.com)
Typical tasks of an analytics manager is:
- Create analytical approaches to answer key business questions.
- Make end user reports with caveats and quality information, such as actionable information.
- Structure, manage and extract data from several applications.
- Apply statistical knowledge and data modeling to provide high quality and current information.
The median analytics manager salary in this field is $94,677.
Business Insight and Analytics Manager
This business analytics professional is responsible for high-level analysis and management decisions in large companies. They lead a staff of managers and analysts who look at trends in the marketplace and try to forecast the best course of action for the organization.
This business analytics professional needs to be sure their company is collecting good data. They often assign a team to look at levels of value for the collected data. Once the data has been gathered, teams will look at sales, marketing, logistics, and revenue channels to figure out various ways that new developments will affect the business. (Payscale.com)
Common tasks are:
- Track, analyze, and evaluate business performance
- Prepare and present analytical reports of data
- Create analytics frameworks and systems
- Manage an analyst team
Average salary in this field is $97,600.
A management analyst or management consultant proposes ways to boost the efficiency of businesses in various business sectors by analyzing all types of company data. (BLS.gov). They provide advice to company stakeholders about how to make the organization more profitable by cutting costs and boosting revenues.
Typical job duties of management analysts with a business analytics degree are:
- Gather company data about the problem that needs to be solved or the procedure that needs to be fixed.
- Interview company personnel and perform onsite observations to determine methods, equipment, and personnel needed.
- Analyze data pertaining to employment, revenues, and expenditures.
- Develop new business solutions.
- Provide recommendations for new systems, organizational changes, and procedures.
- Make formal recommendations to executives with reports and presentations.
The best job candidates have a business management and analytics background. Some choose to earn their MBA with a specialization in business analytics.
The job outlook for management analysts is bright, with a 14% increase in job demand expected through 2028. The median salary is $83,600. (BLS.gov)
Financial analysts offer advice to businesses and individuals that need to make investment decisions. They also assess the performance of stocks, bonds, and other investments. Common duties are:
- Recommend individual investments and portfolios of investments
- Evaluate historical and current financial data
- Study business and economic trends
- Examine the financial statements of a company to determine its value
- Meet with organizational officials to obtain better insight into the prospects of the company.
- Assess strength of executive team.
Top candidates have a background in economics, accounting, statistics, analytics, and mathematics. A Master’s in Business Analytics with a focus on finance is an excellent degree to consider.
Job demand for financial analysts will rise by 6% by 2028, which is about as fast as average. The median salary is $85,600. (BLS.gov)
Financial managers are in charge of the financial health of a company. They make financial reports, direct investment actions, and devise strategies and plans for the long-term financial goals of the company. (BLS.gov)
SEE ALSO: Average Data Manager Salary by State
Financial managers usually have the following duties:
- Write financial statements, business activity reports, and forecasts
- Monitor financial details to be sure legal requirements have been met
- Oversee employees who perform financial reporting and budgeting
- Go over company financial reports and look for ways to lower costs
- Analyze current market trends to increase profits and find places to expand
Most financial managers have a background in business administration, finance, accounting, and economics. Developing skills in analytics is important to learn new financial analysis software and methods.
Jobs in this field will grow by 16% by 2028, and the median salary is $127,600. (BLS.gov)
Operations Research Analyst
An operations research analyst utilizes mathematical and analytical models to help companies to solve business problems and improve their business processes. Common duties of these business analytics and operations professionals are:
- Pinpoint and solve problems in business, logistics, analytics, healthcare, etc.
- Collect large datasets and organize them from computer databases, sales records, and customer feedback.
- Collect input from workers that are involved in all areas of a problem.
- Look at information that is collected to determine what is important to solve the problem.
- Use statistical analysis and predictive analytics to analyze the data and devise solutions.
People in this field typically have a bachelor’s or master’s degree in business analytics, business administration, computer science, or mathematics.
Employment in this field will rise by a healthy 26% by 2028, and the median salary is $83,300. (BLS.gov)
Logisticians are responsible for analyzing and coordinating the supply chain for an organization, which is the system that moves products from the suppliers to customers. They are responsible for the management of the entire life cycle of a product. Typical duties include: (BLS.gov)
- Manage the life cycle of a product from the initial design to disposal
- Direct allocation of materials, products and supplies
- Grow business relationships with clients and suppliers
- Understand the needs of the client and how to meet them
- Go over logistical functions and target areas for improvement
Employment in this field is expected to grow 5% by 2028, which is about as fast as average. Growth will be higher in third-party logistics contracting companies. The median salary is $74,600. (BLS.gov)
A data analysts uses data to obtain information about certain business topics. This usually begins with the survey process. This is where the data analyst finds people for a survey and gathers the desired information. The data must then be interpreted and presented in reports and charts. Data analysts may also put survey date into online databases. Professionals who want to work as data analysts need to have skills in Sharepoint, Microsoft Access, SQL and Microsoft Excel. (Payscale.com)
SEE ALSO: Average Data Analyst Salary by State
Payscale.com reports the average salary in the field is $59,900 with a range between $42,000 and $84,000.
Business Systems Analyst
A business systems analyst is responsible for the analysis, adjustment, and restructuring of various aspects of a business. It is the business analyst’s responsibility to make sure the business structure is as efficient as possible. Business systems analysts work with people in all areas of the company to determine what is and what is not working in the most efficient ways possible.
Business systems analysts also must be ready to address any problems that occur during restructuring of existing systems and be able to explain advantages and disadvantages to any system changes made under their supervision.
Payscale.com reports the average salary in this field is $69,200 with a range between $50,000 and $98,000. (Payscale.com)
Business Intelligence Analyst
A business intelligence analyst helps to guide and improve the way that companies’ management staff collaborates with and between departments. Business intelligence analysts usually are responsible for collaborating with a team of managers across departments and must have excellent leadership capabilities.
Business intelligence analysts should understand business analytics, business administration and have excellent presentation skills. They also should have strong skills many Microsoft applications, such as Microsoft Word and Excel. Having experience in Oracle or SAP is a major plus.
Payscale.com reports the average salary in the field is $67,855 with a range between $50,000 and $94,000. (Payscale.com)
A business analyst examines datasets and documents to make informed business decisions. Among many duties, a business analyst is a facilitator in an organization to make internal departments work in a more efficient manner. A business analyst needs to have strong critical-thinking skills so he can determine, implement, and evaluate business metrics to meet company or customer information needs. The business analyst also analyzes and reports on complex data to meet the needs of diverse customers.
SEE ALSO: Average Business Analyst Salary by State
Payscale.com reports the average salary for business analysts is $59,933 with a range between $44,000 and $81,000. (Payscale.com)
Organizations today have more data than they know what to do with. Business analytics professionals help them to refine that data to make mission-critical decisions to improve profits, efficiency, and more. By getting your degree in business analytics, you open the door to many high-paying popular business jobs that will give you a great start to your career.