Business analytics is a commonly heard term within business currently and an areain which a lot of businesses put resources. As a natural follow on, this means that there are many career opportunities as a business analyst out there presently as more and more companies focus on analyzing their business. What exactly is business analytics?
In simple terms, business analytics is the various methods and techniques that an organization uses to measure performance. This can be across the company as a whole, or it can be broken down into looking at different departments or even individual projects. The methods employed are statistical as this offers the most objective way to look at what your business is doing and where you could improve things.
As well as this need for good business analytics spurring the job market for business analysts, it has also driven the creation of specific business analytical software such as Google Analytics. This software is designed in such a way that you can customize and apply it to your individual company to mine the data that you require. Though it is a bit of a buzzword, business analytics is incredibly important, and the data that it provides offers invaluable insight.
What is it used for?
The main use for business analytics is forward-planning, process refinement, and decision-making. After all, without hard data to base your next move on, how can you be sure that it is the right thing to do? You may think that your company is doing well in a particular region and plan to expand there, but without evidence to support that belief, it could be a costly error. To help avoid situations like this one, companies realized that they could look at the raw data coming in and get an insight into the real picture.
Business analytics will also help to identify where your business is doing well and how that can help improve areas of the business that aren’t doing so well. Mainly, though, it is used to highlight weaknesses in any existing processes and enable you to refine what you are doing to make it better. The direct feedback that it helps to provide from customers can be used to make sure that you are meeting their needs and doing what they want, not what you think they want. By doing this, businesses can find a fairly easy way to expand and grow with all of the guesswork taken out.
Careers in Business Analytics
With the importance of business analytics now being recognized in the majority of businesses, there has never been a better time to take a step in that direction for your career. Becoming a business analyst is a great choice if you enjoy collating data, using various IT platforms to do this, and teasing out the story behind the figures for other people to see.
Indeed, many master’s degrees offer the chance to specialize in business analytics as part of the course or to study it as a main subject. With so many other potential employees gaining qualifications in this area, if you are thinking of becoming a business analyst, it is worth studying to gain an official academic qualification. This will help make you competitive when you are entering the job market and going to interviews. Landing that dream job will be much easier with a recognized qualification to your name.
If you don’t have the time or inclination to go back to full-time or part-time study, don’t worry! Many universities now offer online courses as a way to learn. This type of study means that you don’t have to attend physical classes or tutorials on campus but instead learn through the use of online resources. You still get the same academic excellence and qualification but in a way that is flexible enough to fit around your busy life. Maryland offers an online MBA program, for example, and the same is true for most locations across the country.
On the face of it, business analytics can seem a bit confusing. This is mainly down to the jargon and business language that surrounds it. If you remember that it is simply a way of looking at what has happened and what is happening, why that is the case, and then collecting data to back that up and support decision-making, you’ll be fine. If you do enjoy this type of work, then gaining a qualification in it, either online or through full-time or part-time study, will help you make a career out of it for the future.