Admin | August 16, 2022
- To get into the in-demand business analytics industry, you must understand data science and statistics.
- Learn how to use Excel to its full potential, as it is one of the most commonly used tools in business analytics.
- Become familiar with SQL (Structured Query Language), which is used for querying and managing data stored in relational databases.
- Get familiar with Python, a widely-used programming language for scientific computing, data analysis, and visualisation.
The business analytics industry is a large and growing field, so many different types of companies use these methods for data driven decision making. You can start by getting into one such company, like an accounting or financial firm, and learning about its approach to the work you want. You can also create your startup and use the business analyst skills required to generate revenue.
If you are interested in working in the evolving business analytics industry but don’t have much experience, there are several ways to get started.
One option is to get an entry-level job at an established company that uses business analytics, like a management consulting firm or a financial services company. This will allow you to learn from others already working in this field while gaining the valuable business analyst skills required.
Another option is to start a company using what you have learned during school and on the job. This may not be easy, but it is possible if you have enough determination and patience—and if there’s enough demand for what you are offering!
What is business analytics?
Business analytics is a process that uses data to answer questions and make decisions. It is a way of interpreting the past, present, and future to reach your goals.
Business analytics can be used to improve every aspect of your business, from customer service to product development. Simply put, it is about making better decisions based on the available information.
READ MORE: What is Business Analytics: An overview
How does business analytics work?
Business analytics is a data-driven approach to decision-making. It can be applied to various business problems, including sales and marketing, supply chain management, operations management, and customer service.
Start by searching for ways that could increase your sales. You can do it by collecting data on your current sales performance to identify trends or patterns. For example, how often people buy shoes on sale days, the average price of shoes sold during those days, and what other products customers tend to purchase with shoes.
Once you have made these observations about your customer’s behaviour, you can decide whether or not it makes sense for your company’s business model. If it has enough profit potential for your company, you may start offering discounts for both items together rather than just one.
Significance of business analytics
Businesses are continuously evaluating their performance and using data for the same. Here’s how business analytics helps various industries –
- Better decision-making
You can identify trends in your customer base, find out where your revenue is coming from, and learn more about what makes your customers tick. These insights will help you make better decisions, from staffing to product development.
- Lower risk
Business analytics can help lower risk in your business by allowing you to predict future outcomes based on past data. If you have a predictive model for customer behaviour, you can use it to predict what customers will do when interacting with your product or service and plan accordingly. This can help you avoid situations where the cost of failure is high.
- Improved efficiency
Business analytics helps you understand how certain processes work and why they are important for your business’s success. This knowledge allows you to streamline those processes to run more efficiently and save money by reducing associated costs.
Required business analytics skills
The key business analyst skills required to succeed are as follows –
- Business acumen
Business acumen understands business goals, processes, and activities. It involves both logical and creative thinking and the ability to identify opportunities and problems in the business environment.
- Communication skills
This involves communicating with people at all levels of an organisation, including senior leadership.
- Problem-solving skills
This refers to an individual’s ability to find solutions for problems that arise during a project. It is also important for teams to have good problem-solving skills so they can work together effectively and efficiently.
- Data analysis skills
This refers to an individual’s ability to collect data from various sources (such as customer surveys) and analyse it using statistical methods such as regression or predictive modelling. This step usually aims to generate insights about your customers or company’s operations (such as how customers behave).
- Business analyst salary & job roles
The world of business analytics is a vast and expansive one. That’s why it can be difficult to know where to start when you are looking for a business analytics job role.
The good news is that there are a number of options available to you. Whether you are looking for a career change or just want to try something new, here are some of the most common roles in the field:
|Data Scientist||INR 10,00,000|
|Business Intelligence Analyst||INR 3.5 Lakhs to INR 16 lakhs|
|Data Engineer||INR 8,67,354|
|Data Analyst||INR 4.3 Lakhs|
|Predictive Analytics Specialists||INR 13,75,870|
Career progression in business analytics
As the economy changes, so too do the job market and career prospects. In today’s world, data analytics is one of the most important business analyst skills required because it is a skill that can be used in almost any industry. Business analytics involves collecting, analysing, and interpreting data to make better decisions for businesses and organisations.
You can take many different paths with your career in business analytics. Some people start as analysts or interns who work closely with data scientists on projects related to their companies’ goals. In contrast, others advance into managerial positions where they oversee entire departments or teams of analysts. Some people choose instead to pursue higher education by getting master’s degrees or Ph.Ds in business administration, economics, or other related fields.
How to get into the business analytics industry?
Getting into the business analytics industry can be a challenging task. You will need a clear idea of what you want to do and how to get an analytics job
Here are some steps you can take to get started –
- Earn an undergraduate degree
While there is a lot of debate about whether or not you should pursue an undergraduate degree in business analytics before pursuing a master’s degree, most employers indeed prefer to see some previous experience in the field. In addition, pursuing your master’s degree in business analytics helps to have some exposure to the material before taking on a graduate program.
- Do a specialised master’s degree in business analytics
If you want to enter the industry, earning a master’s degree in business analytics is the best way. You will learn how to apply data science techniques and statistics to real-world problems, which will help you make valuable contributions at work.
- Get the hang of visualisation tools and practice presentation
The key skill set for success in business analytics is communicating effectively with data, whether presenting information visually or communicating it verbally.
- Work on hands-on projects
To start your career with the executive programme in the business analytics industry, you will need to ensure that you have experience working on projects. This can be anything from creating a simple report for your organisation to developing an algorithm that will help improve efficiency.
- Showcase your work in your portfolio
To get hired as a business analyst, employers will want to see what kind of work you have done in the past. They will want to see reports, dashboards, models, algorithms, and other things that show off the required business analyst skills.
- Do an internship or two
Internships are great because they allow you to gain real-world experience while still being able to focus on school. If possible, try an internship or two before graduating college to be better prepared for interviews.
- Try to upskill with the latest versions of software or programming languages
Upskill with the latest versions of software or programming languages. To work in analytics, it is important to be familiar with the most up-to-date tools and techniques. Many companies will offer training programs for employees. Still, if you are starting, taking some of these business analyst courses on your own time can be helpful.
- Build a robust professional network
Build a robust professional network. Networking is critical in any industry, but especially so in business analytics. You must connect with people who can help you get your foot in the door at companies where you might eventually want to work. The best way to do this is through social media—especially LinkedIn—but also attend conferences and meetups where professionals from different companies gather to discuss current trends in business analytics.
- Find an entry-level job
The best way to learn about how things work in a particular company is by working there. Also, often these entry-level jobs don’t require formal education or training. Just make sure that whatever company you choose has good reviews online and makes it easy for employees who want to enter the workforce in the organisation.
Online Manipal helps you become an in-demand Business Analyst
If you are looking to become an in-demand Business Analyst, the exclusively designed courses by the Manipal Academy of Higher Education (MAHE) with Online Manipal can help. MAHE’s MSc in Business Analytics programme is designed to equip you with the business analyst skills and expertise needed to succeed in the industry. You will learn how to apply analytics techniques and tools to real-world problems, giving you a competitive edge over other professionals who lack the business analyst skills required.
Besides, you will be taught by experienced faculty members who are dedicated to your success so that you can confidently tackle any challenge that comes your way.
The curriculum covers data mining, machine learning, and natural language processing. It also includes practical projects that will allow you to apply what you have learned in a real-world setting.
The online learning platform allows flexible scheduling to balance your studies with work or other obligations. It is accessible through any device with an internet connection (PC/laptop). This means that you can study anytime, anywhere!
Summing it up
If you are looking to enter the business analytics industry, Online Manipal is the launchpad. You will learn from mentors who are experts in their fields and have years of experience working with big data in practical applications. The programme is designed to provide a comprehensive education that will give you the skills you need to succeed in the field.
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