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Business Analytics: An exciting career option

Business Analytics Careers and Job Market Opportunities

Business analytics word comprises of two terms i.e. business and analytics. Both these terms are highly significant. Analytics is defined as a process that involves the use of:

·         Statistical techniques (measures of central tendency, graphs, and so on),
·         Information system software (data mining, sorting routines), and
·         Operations research methodologies (linear programming)


Analytics serves functions such as:

·         Exploring,
·         Visualizing,
·         Discovering and
·         Communicating patterns or trends in data

Keeping in view the significant role of analytics, business analytics (BA) can be defined as a process that initiates with business-related data collection and consisting of sequential application of descriptive, predictive, and prescriptive major analytic components.

Opportunities for business analysts have exploded as major organizations have adopted data driven and technology focused approaches. The industries in which BA is implemented are

·         Automotive
·         Health Care
·         Media
·         Banking
·         Health Insurance
·         Midsize Business
·         Capital Markets
·         High-Tech Manufacturing
·         Oil & Gas
·         Casinos
·         Higher Education
·         Retail
·         Communications
·         Hotels
·         Sports Analytics
·         Consumer Goods
·         Insurance
·         Travel & Transportation
·         Defense & Security
·         Life Sciences
·         Utilities
·         Government
·         Manufacturing


Outcome of Business Analytics: It supports business decision-making and enhances organizational performance.

In a survey that was conducted by Computer World, the respondents gave following responses towards the use of business analytics in their organization. (Figure 1)
 
Business analytics has the potential to resolve all the problem areas which are causing hindrances in the growth of an enterprise. Further, the respondents who participated in the survey were also probed on the relevance of business analytics in streamlining organizational function. The results are presented in Figure - 2


Business analytics expertise is scarce - ranked second in Computerworld survey on the most difficult skills to find. McKinsey Global Institute reports that the United States could face a shortage of between 140,000 and 190,000 individuals who possess deep business analytic skills and an additional 1.5 million managers with the skill set to implement the results.

Example of business analytics jobs include: BA Strategy Consultants, Business Intelligence and Performance Management Consultants, Advanced Analytics and Optimization Consultants, Enterprise Information and Management Consultants, Enterprise Content Management Consultants, among others.


Personal Skill Requirement

·         Analytical mind to detect and solve the problems.
·         Problem-resolver attitude.
·         Excellent communication skills.
·         Ability and interest to conduct and analyze survey findings.
·         Capability to manage the huge data?
·         Inquisitiveness to find answers to the questions to mysteries.
·         Refined interpretation skills to interpret the situations.
·         Interest to gain thorough understanding of technology used to analyze information.
·         Inclination for in-depth research and quantitative skills.
·         Team player and self-driven person.


Business analytics has a wide range of application and usages. Some important applications of this specialization are:

·         Used for descriptive analysis in which data is utilized to understand past and present situation.
·         Used for predictive analysis, which is typical used to asses’ previous business performance.
·         Used for prescriptive analysis, helps in formulating optimization techniques for stronger business performance.

Career Options after MBA in Business Analytics

·         Business Analyst
·         Business Analyst Industry Expert
·         Business Analyst Project Manager
·         Data Analyst
·         Data Scientist
·         Predictive Modeller
·         Qualitative Analyst
·         Market Research Analyst
·         Technical Team Leader
·         Data Analyst SAS Programmer
·         Big Data Analyst
·         Data Warehousing Expert
·         Business Intelligence Expert
·         Data Warehousing and BA Architecture
·         Data Mining Expert

With world’s ever increasing reliance on data, and importance of availability of right information at the right time for the organization. Business Analytics is fast becoming much sought after field of knowledge. It’s a great choice to upgrade to. If you are planning to run an organization, department successfully in times to come, then Business Analytics skill is an important tool needed in your professional expertise toolkit.




  
(The Information presented in the post is gathered from various sources, respective copyrights are duly acknowledged.)

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