A beginner’s guide to start a career in Business Analytics
Business analytics is a rapidly growing field that offers tremendous opportunities for individuals seeking a challenging and rewarding career. The demand for skilled business analysts has increased significantly in recent years, as organisations seek to harness the power of data to make better business decisions.
If you’re interested in starting a career in business analytics, this beginner’s guide will provide you with the essential information you need to get started.
What is Business Analytics?
Business analytics is the practice of using data, statistical analysis, and computational techniques to identify trends, patterns, and insights that can help organisations make informed decisions. Business analysts are responsible for interpreting and analyzing data, and providing recommendations based on their findings to help organisations achieve their goals.
The field of business analytics is diverse, and there are many different areas of specialisation, including data mining, predictive modeling, and data visualisation. Some of the most common applications of business analytics include market research, financial analysis, supply chain management, and customer relationship management.
Getting started in Business Analytics
If you’re interested in starting a career in business analytics, there are several key steps you should take to get started:
Develop your analytical skills
One of the most critical skills you’ll need to succeed in business analytics is analytical thinking. You’ll need to be able to interpret data, identify trends, and draw conclusions from your analysis. To develop these skills, you can take courses in statistics, mathematics, and programming languages like R or Python.
Learn about data and databases
Business analysts work with data, so it’s essential to have a solid understanding of data structures, databases, and data warehousing. You can learn about these topics by taking online courses or reading books on data management and database design.
Get hands-on experience with data
To become a skilled business analyst, you’ll need to have hands-on experience with data analysis. One way to gain this experience is by working on data-driven projects, either on your own or through internships or entry-level positions.
Develop your communication skills
As a business analyst, you’ll need to be able to communicate your findings to stakeholders effectively. This includes presenting your analysis in a way that’s easy to understand and making recommendations based on your findings. You can develop your communication skills by taking courses in public speaking or writing, or by practicing your presentation skills with colleagues or friends.
Stay up-to-date with industry trends
The field of business analytics is constantly evolving, so it’s important to stay up-to-date with the latest industry trends and technologies. You can do this by attending conferences and networking with other professionals in the field, or by reading industry publications and blogs.
Careers in Business Analytics
There are many different careers in business analytics, including:
Data Analyst
Data analysts are responsible for collecting, cleaning, and analyzing data to identify patterns and trends. They use tools like Excel, SQL, and Python to manipulate and analyse data, and they often work with large datasets. Data analysts may work in a variety of industries, including healthcare, finance, and marketing.
Business Intelligence Analyst
Business intelligence analysts are responsible for developing and maintaining business intelligence systems, which are used to collect and analyse data from different sources. They may use tools like Tableau or Power BI to create dashboards and reports that provide insights into business performance.
Data Scientist
Data scientists are responsible for developing and implementing statistical models and algorithms to analyse data and make predictions. They may use tools like machine learning or natural language processing to uncover insights from large datasets. Data scientists may work in a variety of industries, including healthcare, finance, and technology.
Business Analyst
Business analysts are responsible for analysing business operations to identify areas for improvement. They may use tools like process mapping or cost-benefit analysis to identify opportunities for cost savings or process improvements. Business analysts may work in a variety of industries, including healthcare, finance, and manufacturing.
Market Research Analyst
Market research analysts are responsible for conducting research and analysing data to provide insights into consumer behavior and market trends. They may use tools like surveys, focus groups, and data analysis software to gather and analyse data. Market research analysts may work in a variety of industries, including advertising, retail, and healthcare.
Operations Research Analyst
Operations research analysts use mathematical models and statistical analysis to help organisations make decisions about production, logistics, and supply chain management. They may use tools like linear programming or simulation to optimise processes and improve efficiency. Operations research analysts may work in a variety of industries, including transportation, logistics, and manufacturing.
Data Engineer
Data engineers are responsible for designing and maintaining the systems and infrastructure that support data analytics. They may work with big data technologies like Hadoop or Spark to store and process large datasets. Data engineers may work in a variety of industries, including finance, technology, and healthcare.
Data Architect
Data architects are responsible for designing the architecture and structure of data systems. They work to ensure that data is stored and organised in a way that makes it accessible and easy to analyse. Data architects may work in a variety of industries, including finance, healthcare, and technology.
Salary and job outlook
The demand for skilled business analysts is high, and the field is expected to continue growing in the coming years. The median annual wage for analysts including business analysts, was ~$93,000 as of May 2022.
The job outlook for business analysts is strong, with a projected job growth of 11% from 2019 to 2029, much faster than the average for all occupations. The demand for skilled data analysts, in particular, is expected to continue to grow as organisations increasingly rely on data to make informed business decisions.
Starting a career in business analytics requires a combination of analytical skills, technical knowledge, and communication skills. By taking courses, gaining hands-on experience, and staying up-to-date with industry trends, you can prepare yourself for a successful career in this exciting and rapidly growing field. With a range of career options and a strong job outlook, business analytics is an excellent choice for individuals seeking a challenging and rewarding career.