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Business Analytics

Four career paths in Business Analytics

Online Manipal Editorial Team | October 31, 2022

Key takeaways:

  • An MBA in business analytics will place you ahead of your rivals with enhanced skills, well-paying job roles, knowledge, and essential experience.
  • If you have a Master of Science in Business Analytics, you can apply cutting-edge data science and machine learning techniques at work to solve important business problems.
  • Business analytics is a demanding career option for those who wish to work in the supply chain, logistics, retail, healthcare, or digital industries.

Big data showcases data sets that are too big or intricate for conventional data-processing application software to handle. None of the traditional data management technologies can effectively store or process this data due to its size and complexity. This field will open the door to many job roles for one who wants to pursue a career in business analytics.

Business analytics utilizes big data, turning it into informational content, identifying and forecasting trends and consequences, and making more informed business decisions. The key focus behind business analytics is to analyze and direct such a large amount of data appropriately to get the best results from a particular company.

Why a career in business analytics?

The business analytics scope is rising as more businesses adopt data-driven and technologically oriented business models. Numerous career prospects in analytics in almost every sector—from healthcare, finance, and telecommunications to retail, energy, and sports—have made it a top priority to find analytical expertise.

Besides, a business analytics MBA graduate has countless employment options. However, this degree also provides several other advantages for your career, which are covered in more detail below.

  • Grasp the untapped potential

The field of business analytics is relatively new and evolving due to technology. These explanations give the sector many unrealized potentials and unexploited prospects. You can look for these opportunities and seize them if you aim to have a career in business analytics.

  • Ability to develop successful methods and solutions

Modern corporate environments bring challenges that necessitate creative solutions. Additionally, working in this field equips you with the information and skills necessary to develop such innovative ideas that satisfy the expectations of the current market. As a result, choosing a career in business analytics has helped you better understand the potential and challenges associated with your field.

  • Stay up-to-date with industry trends

The discipline of business analytics is constantly evolving, and new developments are made daily. In addition, customer needs are always changing. If you pursue a career in business analytics, you will be better equipped to stay up with the most recent industry advancements that help businesses serve their clients more effectively.

What are the four career paths in business analytics?

Business-oriented positions like strategists, consultants, and consumer insights researchers are responsible for influencing directional change for business improvement for people keen to apply their analytics expertise to decision-making. 

Positions like solutions architect, analytics modeler, and business intelligence developer are particularly prevalent within the rapidly expanding finance, technology, and healthcare industries for graduates interested in more tech-heavy employment. 

Below are some of the most in-demand business analytics job roles.

1. Business analyst3. Management
2. Data scientist
4. Leadership

  • Business Analyst

A business analyst identifies the areas where an organization needs to be more efficient and those that can be improved to generate higher revenues. In this position, business analysts from different levels of the hierarchy collaborate to share reports and identify new opportunities for a company to grow. A business analyst – 

  • Determines which business operations and areas require improvement.
  • Explores patterns and trends in data analysis
  • Uses analytics to address business issues
  • Data Scientist

Data scientists must evaluate and apply obtained data to derive meaning from producing insights that may be put to use, making this job path quite difficult. To be effective in this role, you must be knowledgeable in statistics and machine learning. A data scientist-

  • Uses technical solutions to address business issues
  • Creates algorithms and models for analytics
  • Interprets data and derives meaning from it
  • Management

A company’s management relies heavily on its business analyst manager. The managers monitor new hire training, establish best practices, and carry out organizational objectives. They also recruit and hire members of the business analyst team. A business analyst manager helps the management-

  • Reduce risk 
  • Leverages data that influences decision-making, strategy and operations
  • Explores the data to gain a competitive advantage 
  • Uses analytics for better growth and outcome of the organization
  • Leadership

Strong planning, communication, presentation abilities, listening and influencing others, and project quality management expertise are all necessary for a lead business analyst. Additionally, you will be very proficient in project or program management approaches, tools, and procedures. A business analyst leader-

  • Overlook data management and data governance        
  • Led advanced analytics projects.
  • Aligns business and analytics     
  • Manage hiring and team structuring.

Roles you can explore in business analytics

If you are planning to set your career in business analytics, it is to be noted that a business analyst’s job description mainly includes technical skills, communication skills, analytical skills, managerial skills, decision-making capabilities, etc. The main responsibilities of a business analyst’s position are communication with all stakeholders and elicitation, analysis, and validation of the need for changes to business processes, information systems, and policies.

A business analyst’s three primary roles are to analyze data models and draw logical conclusions, create novel solutions for operational and strategic changes, and create budgets and forecasts to ensure expenditures don’t exceed the budget.

Let us know more about the pay scale for various business analytics job roles –

Job rolePay scale (INR – LPA)
Business Analyst7,85380 
Data Scientist11,00000 
business analyst manager17,65499
business analyst leader17,70838
Data Analyst6,00000
Source

Be a pro-business analyst

MAHE offers a two-year Master of Science program in Business Analytics through Online Manipal to equip students for employment as business analysts in various businesses. The program blends knowledge of business subjects and analytics at the graduate level.

The postgraduate certificate program is another course in the rapidly expanding subject of business analytics, and it is designed for professionals who want to advance their careers in it. The course of study lasts a full year. Students will know how to use data to create company strategies, solve organizational problems, and provide accurate, data-driven customer service during the program.

An MBA with Data Science specialization is best suited for working professionals with at least one year of experience. It prepares students to enter the domain in managerial or leadership roles.

The Manipal Academy of Higher Education (MAHE) partners with over 250 institutions, an internationally acclaimed university. It has also been granted the title “Institution of Eminence” by the Indian Ministry of Education.

Students can now sign up for higher education programs online through MAHE. The institution has achieved both UGC approval and NAAC A++ certification, and the online programs offered by MAHE are on par with those offered on campus. The online degrees and certifications that MAHE provides are accepted by governmental organizations, businesses, and academic institutions for use in postsecondary education and the workplace.

READ MORE: Business analytics course details

Final word

Business analytics uses data, statistical analysis, and reporting to explore and analyze business performance, offer insights, and generate recommendations to boost an organization’s performance. Business analytics solutions take care of processing data and generating insights through reports and visualization, but the process begins with the infrastructure for getting that data in. The Business analytics scope is wide and present in almost all fields.

Choosing a suitable course that matches your skills and career prospects can be difficult, but once you find the right one, your career will see a rise. Enroll in a business analyst course at Online Manipal to benefit from the excellent teaching staff and effective course design. Join now.

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