For businesses to reach optimal performance and maintain a competitive edge in the market, it is essential to utilize the many benefits of business analytics.
Companies seek to gain useful information by collecting and interpreting large sets of data to make informed business decisions that will increase their profits and performance.
Business analytics is a useful tool for assessing a company’s performance and studying consumer behaviour in response to certain business decisions.
Business analytics professionals use statistical tools and quantitative analysis to assess the operating processes in a company and interpret large data sets to develop strategies that will improve business performance.
What are the typical roles of business analytics professionals?
- Business analytics professionals work towards reducing costs and inefficiencies to boost the firm’s competitiveness in the market.
- As a business analytics professional, you would work to identify areas of improvement in a business and make informed decisions to boost profits and strengthen the company.
- These professionals communicate with business stakeholders to understand business needs, then design systems that cater to these needs.
- Business analytics professionals work with system developers to properly design working systems for a company.
Skills to gain from a degree in business analytics
Business analytics is a diverse field that requires professionals to be business savvy and also have analytical skills. A degree in business analytics trains you to make intelligent decisions that solve challenges in a business.
Here are basic skills you will gain from a business analytics degree:
- Analytical skills
During your course of study, you will learn how to adopt statistical and quantitative models in analyzing large sets of data for the business. Your analysis will help you identify factors affecting the business, understand consumer behaviour and inform management of new business strategies to adopt.
- Programming skills
A degree in business analytics allows you to gain an understanding of technology and programming languages like Java and C++. These skills will help you to approach business problems with a technical mindset. The courses in your syllabus will open you to a deeper understanding of coding and programming.
- Critical thinking and problem solving skills
Your role as a professional in this field requires you to identify and understand challenges in business and find creative solutions. A degree in business analytics prepares you for these tasks, training you to critically analyze problems and make strategic decisions based on your analysis.
- Communication skills
Business analytics is a broad field that requires working with management and other teams from both the technical and non-technical areas of the business. For this reason, having a strong communication style is a necessary skill to succeed. A degree in business analytics will improve your communication and presentation skills, allowing you to effectively consult with different teams.
- Time management skills
During your course program, you will learn how to manage multiple projects while working under pressure. As a business analyst, you should be able to prioritize your tasks, and effectively manage your time and effort to meet deadlines.
Careers to explore with a business analytics degree
Graduates of business analytics enjoy a flexible career path as they can work in both technical and managerial roles, depending on their interests and skills. From entry-level roles to mid-level and experienced positions, there is a massive demand for specialists with a business analytics background.
As a business analytics graduate, you can choose to specialize in specific areas of business like marketing, management consulting or IT-related roles.
With data becoming a major tool in solving business challenges, many companies require the skills of talented business analysts who can use data to solve complex problems, inform business strategy and communicate solutions with stakeholders.
Here are 5 roles related to business analytics you can explore as a graduate of this field:
- Market research analyst
These professionals are typically responsible for collecting and analyzing data on consumer behaviour and market trends to provide businesses with effective sales and marketing strategies.
Market research analysts should have a good knowledge of statistical techniques that will help them understand insights and predict the effectiveness of strategies to be adopted.
- Data analyst
Data analysts gather and evaluate data to produce actionable insights on how a business can improve its strategies and make better business decisions. This role is technical and requires professionals to have strong computing and statistical analysis skills.
- Quantitative analyst
These specialists develop, implement and present mathematical models to support financial decisions affecting risk management, pricing policies and investment. Quantitative analysts primarily seek to reduce business risks and achieve maximum profits for businesses.
- Data Scientist
Data scientists use a combination of technical and analytical skills to turn complex raw data into meaningful information for firms to improve their business operations and strategies.
To succeed in this specialist role, you should stay updated with relevant tools and technologies and be able to explain complex models to businesses to help them make objective decisions.
Read more on Top Careers in Data Science
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