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.
The roadmap to becoming a business analyst has the following four broad steps:
Step 1: The first step to building your career in business analytics is to complete a bachelor's degree in marketing, accounts, or finance. If you are a working professional, you can pursue a master's degree in business analytics. You can also check out advanced data analytics courses.
Step 2: The next step requires studying business analytics concepts, learning MS Office skills, and acquiring beginner-level programming skills. You can also work on problem-solving and communication skills.
Step 3: Put your learning to practical use by working on real-time projects or doing internships.
Step 4: Create your CV and apply to business analytics jobs.
If you wish to become a business analyst, you must acquire the below-given skills.
- Analytical skills
- Problem-solving skills
- Programming languages such as Python and Java
- SQL and Data visualization
- Communication and Negotiation skills
- MS Office
- Strong research skills
- Financial Planning
The value of the global big data and businesses analytics market was over $168 billion dollars in 2018. It is expected that this market size will reach over $215 billion by the end of 2021. Out of this, the majority share in the business analytics market is held by North America alone, with the US controlling nearly 95% of the big data and business analytics market. From 2021-2028, the business analytics market in the US is expected to grow at a compounded annual growth rate of 7.5%. It is likely to reach over $170 billion by 2028.
One of the major driving factors for this exponential growth is data accessibility. Most of the data is complex and needs to be simplified through data analytics tools. Therefore, organizations need business analysts to perform research, analyze data and provide insights.
The following careers are the most popular job roles for those who possess the necessary qualifications and skills in business analytics:
1. Business Analyst The primary role of a business analyst is to understand the needs, goals, and objectives of a business and help them achieve those goals. A business analyst performs research, analyzes data, and suggests possible solutions to increase the efficiency of work processes.
Salary: Average salary of a business analyst in the US is $73,871 annually.
2. Chief Data OfficerA Chief Data Officer is responsible for extracting valuable business insights from a given data set. They prepare data strategies for the collection and processing of data. In addition, a CDO implements data analytics strategies in business processes to boost efficiency.
Salary: Average annual salary of a CDO in the US is $173,980 annually.
3. Product ManagerThe role of a business and product manager may overlap at times. Some businesses hire a single resource to undertake both roles. A product manager develops products for an organization and plans strategies that align with the organization’s goals. They are responsible for managing the product and also defining a vision for it. Many product managers come from a business analytics background.
Salary: Average annual salary of a product manager in the US is $95,678 annually.