Companies of all sizes are increasingly recognizing the value of business analytics, the operational and statistical analysis of company data. In addition to helping increase productivity, business analytics allows organizations to streamline processes and maximize profits.
Professionals who specialize in business analytics assist companies by providing them with insights that help drive decision making. Those working in this field use data sets and predictive models in ways that help businesses gain a competitive advantage.
For individuals who have an affinity for analysis, strong listening and communication skills, and superior writing and documentation capabilities, a career in business analytics can be both rewarding and lucrative. Those who find themselves wondering if business analytics is a good career may be interested to learn that job opportunities in business analytics are growing.
Individuals who pursue an online master’s in business analytics program can acquire expertise that includes quantitative modeling, infrastructure management and data mining. This knowledge enables future business analysts to be successful and provide valuable insights to their employers.
A Career in Business Analytics
Business analysts routinely seek ways to streamline processes, improve efficiency and, in some cases, augment product functionality. When analysts develop a solution, they present the recommended course of action to management. This allows decision makers to proceed with specific operational changes that are designed to solve the problem at hand.
Working with large datasets is a mainstay of business analysis. Specific examples of ways in which business analysts use data include the following:
- Quickly translating data into usable information
- Helping businesses generate valuable reports
- Ensuring that data can be verified
- Filtering out irrelevant data
Business analysts frequently collaborate with people from different departments as a means of finding solutions. They seek ways to help improve organizational efficiency while understanding that a solution that works today may need to be modified in the future.
Benefits of a Business Analytics Career
Working as a business analyst is as challenging as it is rewarding, especially for those who enjoy finding solutions to complex problems. Business analysts work in an environment that requires continuous evaluation and improvement, and many analysts find they are well-matched for a career in the field.
Business analysts have the opportunity to put both their technical skills and their leadership skills to use in making significant contributions to an organization’s success. They frequently work with a full spectrum of employees across a business, which helps them expand their professional network.
Business analysts also typically work on a variety of different projects, which enables them to learn about multiple facets of business. As they continue working on different projects, they acquire new expertise and experiences that can be applied to future projects. Perhaps most importantly, business analysts have the opportunity to employ their innate creativity to help address business challenges.
Median Salary for Business Analysts
Business analytics is a good career in many respects, including earnings potential.
According to the U.S. Bureau of Labor Statistics (BLS), in 2020 the median annual salary was $65,810 for market research analysts. The top-paying industries included publishing ($79,040) and companies and enterprises ($77,110). BLS data reports an annual median salary of $86,200 for operations research analysts, with the federal government ($119,720) and the manufacturing sector ($94,340) among the highest-paying employers.
Those who have obtained a master’s degree in business analytics often find their advanced education helps augment their earnings potential.
Why Educated Business Analysts Are in High Demand
The BLS projects that from 2019 to 2029, the demand for market research analysts will grow by 18%, much faster than the growth rate for all professions combined (4%). It also projects 25% job growth for operations research analysts.
As organizations continue to adopt emerging technologies such as cloud computing and machine learning, the need for business analytics professionals will continue to expand. The increasing shift to digital channels and innovations across industries such as retail, education and health care has also spurred new demand for business analysts.
In addition, the demand for business analysts is being driven by an expanding understanding of the role business analysts can play. Businesses are becoming more aware that analysts can contribute to:
- Streamlining transformations to digital operations
- Translating complex concepts about data to multiple functional areas of a business
- Easing the transitions that may be necessary as a part of change management
How Analysts Help Businesses Grow and Succeed
Companies have access to a seemingly endless sea of data. Business analytics is a good career for individuals who like to sort, view and use that data to solve problems, provide business intelligence and make decisions.
Data-driven insights, for example, can help companies evolve product development in ways that proactively address their clients’ needs. They can also help an organization understand who is buying its products or services, along with the types of changes that have helped gain or lose customers in the past. As competition in business increases, attracting new customers becomes more challenging. Analysts are able to use data to identify ways to keep current clients while acquiring new ones.
Additionally, business analytics allows companies to segment their clients based on factors such as age, location and product usage. Not only does this help with messaging and advertising opportunities, but it can enable an organization to determine which customer segments are the most profitable. Organizations that are able to identify and focus on valuable clients find they have enhanced return on investment (ROI).
Business Analytics: A Good Career with Opportunities to Make a Difference
With rewarding responsibilities and a bright job outlook, business analytics can be a good career option. Exploring the Online Master of Science in Business Analytics program offered through the University of Maryland’s Robert H. Smith School of Business can provide more information about pursuing a future in business analytics.
Learn whether a career in business analytics is a good fit today.