Analytics
Businesses use data to drive strategy and provide better customer experiences. And they depend on analysts to transform information into action. To translate data sets into deliverables. Learn how furthering your education in business analytics can help you see —and shape — the big picture.
93,800
new business management analyst positions will be created from 2019 to 2029*
$85,260
average salary for management analysts*
*U.S. Bureau of Labor Statistics
Business analytics is the practice of using data to help companies make more informed decisions. Analysts utilize techniques such as predictive analytics, data mining, applied analytics, and statistics to gather and interpret information specifically related to their industry.
Essential duties
Business analysts provide support in a wide range of areas, from product development to accounting. Simply put, their expertise lies in predicting the long-term needs of an organization.
Typical duties of business analysts entail:
- Budgeting and forecasting
- Strategic planning
- Monitoring business efforts
- Analyzing variance
- Gathering data for problem-solving
- Reporting data to stakeholders
- Creating business solutions
- Defining business requirements
Key skills
COMMUNICATION
Analysts prepare complex reports and business models that can be difficult to understand by those lacking an analytics background. The ability to clearly communicate your findings to various audience is paramount to finding success as a business analyst.
STRATEGIC THINKING
A strategic mind can get you far in this field. Asking the right questions before starting a project and being able to spot issues before they negatively affect a company’s sales performance or annual revenue are important aspects of an analyst’s role.
TECHNICAL FLUENCY AND ADAPTABILITY
In a world dominated by data, analysts must remain adept in the most advanced tools, software, and platforms. They also need to stay flexible as new technologies are introduced and others are phased out.
COLLABORATION
Business analysts need interpersonal skills to work well with other stakeholders as they combine efforts to help their organization achieve its goals.
NEGOTIATION
Knowing how to negotiate with stakeholders on the organizational, technical, and financial requirements of a project will help you bring greater value to your work.
BUDGETING
Analysts weigh all their recommendations against company finances, so some knowledge of costs is a must. The ability to propose strategic solutions that fall within or under budget is especially desirable if you’re looking to advance into a manager or director position.
The job market for business management analysts is projected to grow 11% between 2019 and 2029, nearly triple the rate for all occupations.
Industry growth should only continue to accelerate as more technological advancements are made to help facilitate data collection and analysis. While automation is already widely used across fields, artificial intelligence and machine learning are also poised to transform nearly every facet of business, including analytics.
By pursuing a path in business analytics, you can position yourself to take on greater responsibility in the following high-demand areas:
- Data warehousing
- Cloud-based solutions
- Supply-and-demand forecasting
- Risk management
- Product development
- Product management
Here’s a brief look at where the industry is headed based on research conducted by Burning Glass Technologies:
Rapid technological and digital transformation
Business analysts help their organization identify the most accurate sources of data so they can act on the best information available. By familiarizing yourself with artificial intelligence (AI), internet of things (IoT), and machine learning, you can help guide companies through digital transformations to make more strategic business decisions.
Emphasis on cross-functional collaboration
Most business analysts have historically worked in information technology (IT). Today, there is an increasing need for analysts to interface with members of other teams throughout their organization. Developing a more detailed understanding of product lines, customer bases, competitors, and the overall marketplace — in addition to internal processes — will enable you to evolve along with the industry.
Efforts to improve efficiency
Every organization wants to work ahead of the curve, improve efficiencies, and control costs. As competition among continues to increase, more organizations will be hiring analysts to forecast the latest trends and help mitigate future challenges.
Top 10 skills in the analytics industry
Based on research from Burning Glass Technologies, each ofthe fastest-growing skills involves either a form of software or a procedure that has heavy technical requirements.
Here are the top 10 skills that will see the highest projected growth in the analytics industry:
Skill Cluster |
Projected Posting Growth (2018-2023) |
|---|---|
| Data science | 133% |
| Machine learning | 104% |
| Data visualization | 95% |
| Scripting languages | 89% |
| Data visualization | 78% |
| Business process and analysis | 50% |
| Statistical software | 49% |
| Software development principles | 47% |
| Microsoft Office and productivity tools | 46% |
Source: Burning Glass Occupational Insights, 2019
Outlook for new graduates
If you’re a strategic thinker with the desire to shape business decisions, a career path in analytics might be an ideal fit. This field is experiencing continued growth that can help position you for a variety of related positions with upward mobility and considerable earning potential.
According to the U.S. Bureau of Labor Statistics:
- Growth will be particularly strong within smaller consulting firms that concentrate on certain business functions, such as HR or IT
- Operations research analysts earn average salary of $84,810
- The highest 10% of operations research analysts earn more than $140,790
Relevant industry associations
- International Institute of Business Analysis
- Digital Analytics Association
- American Statistical Association
- Society of Actuaries
- Data Science Association
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