The primary goal of every business is to keep growing by gaining more customers and boosting revenues. Companies need to form strategies for business growth by analyzing current and previous market trends, consumer behavior, and a shift in consumer preferences to expand. This is why business analysis is crucial for all small, large, or midsize organizations. Using data and analytics tools helps enterprises gauge their performance over time and take appropriate actions. It facilitates optimum allocation and utilization of business resources that reduce costs and increase efficiency.
Also, according to a McKinsey report, business analytics boost the marketing productivity of companies by 15-20%.
Top 3 Reasons You Should Consider Learning Business Analytics
1. Future Relevancy - The increasing number of startups worldwide has given rise to competition in the market. As a result, organizations need to be efficient to stay ahead of their competitors. To do so, business analytics solutions are a must. As businesses grow and new startups enter the market, the demand for business analysts will also rise.
2. Job Opportunities - In September 2021, there were over 90,000 business analyst jobs on LinkedIn for US candidates. There were more than 17,000 business analyst job opportunities for freshers. There were also over 80,000 associate business analyst job opportunities. Moreover, as per the Bureau of Labour Statistics, in 2020, there were over 900,000 business/management analyst jobs in the US.
3 . Promising career path - According to the Bureau of Labour Statistics, business analyst jobs in the US will grow by 14% by 2030.