Scope of Business Analytics in the USA

Business analytics (BA) is the mix of information, tools, and practices used to study an organization’s data and performance to get insights for upcoming data-driven decisions. A business analyst connects business and technology to help the organization achieve these goals, using data and insights to solve issues and enhance operations.

As a student, stepping into business analytics is a great idea. You’ll access excellent wages, flexible work options, and work for top companies worldwide. The business analytics market is estimated to grow to USD 130.95 billion between 2023 and 2028.

Growing demand for Business Analysts

The BLS predicts that employment in business analytics has increased by 11% from 2021 to 2031, faster than the average for all occupations. Flexibility is an escalating trend in the labor industry to be on the lookout for in 2023. More CEOs are seriously considering the four-day work week in addition to hybrid work schedules or working remotely. Technology is important in the business analytics landscape; it has made operations, studying, practicing, building data models, and deriving insights easy.

Lucrative career opportunities

As the world becomes data-driven, the USA Business Analytics industry scope is rising. Many variables influence a business analyst’s pay, including geography, experience, education, and reputation. Gaining more work experience is crucial for increasing your salary. In the United States, a business analyst typically earns $84,713 annually as of September 30, 2023.

There are numerous business analytics opportunities in the USA in different industries. Here are the salaries & industries where business analysts are in demand:

Industry	Salary
IT & Technology	$73,698
Finance	$78,858
Marketing	$89,677
Healthcare	$104,723
Retail & E-commerce	$76,306

Role of Business Analysts in improving business processes

Business analysts are crucial in assisting organizations to become adaptable and successful in dealing with the always-shifting business environment.

• Business analysts frequently face the challenging duty of locating and resolving organizational issues.
• Business analysts must be competent in forecasting and budgeting to recognize risks and commercial possibilities for their organizations.
• Business analysts produce reports that shed light on the company’s operations.

Some real-world examples of companies benefiting from BA are:

Walmart – Walmart employed business analytics to examine client buying trends and demand projections. It allowed them to stock the appropriate goods in the proper quantities, reducing wasteful inventory and expenses.

PepsiCo – PepsiCo uses big data and predictive analytics to target ads. It ensures the right ad is shown to the right consumer group.

Key skills and competencies required for a Business Analyst role

The following skills and competencies are necessary for a business analyst to succeed in the workplace:

• Technical Expertise

A business analyst must know the new outcomes that may be accomplished using the existing platforms and what the most recent technology offers to identify business solutions.

• Problem-Solving Skills

Business analysts are often asked to find issues, examine them, and provide recommendations. To come up with practical answers and find solutions, they must be able to think critically and creatively.

• Persuasion and Negotiating

Communicating technical results with internal and external stakeholders is not always easy. Moreover, convincing them that your abilities and skills are what the business needs is tricky when talking about data and statistics. Thus, you must possess strong negotiating abilities so that the agreement you reach benefits both the client and the business.

These skills are helpful in many industries like finance, human resources, technology, fashion, etc. To upskill, you must commit to continuous learning and development. You must take up personal projects or online courses during graduation or while working to learn new things.

Work environment and company culture for Business Analysts

A business analyst career presents several chances for managing business and social life. BAs can work from home and strike a work-life balance that works for them. Even though their daily tasks may be heavy and the hours long, there is still room for creativity and pleasure in the workplace.

However, the work-life balance for the business analyst role varies based on the organization and role type.

How does Business Analysts drive innovation within organizations?

Business analytics drives innovation by utilizing data to find areas for improvement and predictive analytics to help with decision-making.

Businesses can build products and services and confidently streamline all operations due to the power of business analytics. To predict future results, business analytics combines historical data with statistical models. Organizations can use this research to better assess the likelihood of success before allocating resources to new projects or investments.

For example, business analysts enhanced customer service in Uber by developing a Customer Obsession Ticket Assistant (COTA), ensuring quality user experience. Also, by forecasting orders and recipes at Blue Apron, it improved its user experience.

Business analysis is expected to experience growth of up to 25% by 2030, according to the US Bureau of Labor Statistics (BLS).

• BI market to be driven by cloud adoption and demand from SMBs.
• More business insights are produced by self-service BI solutions than by data scientists.
• Critical decision-making supported by artificial intelligence is the future.

Steps to Becoming a Business Analyst in 2023

• Having a Bachelor’s or a Master’s degree in business administration or a related discipline is the bare minimum academic required for working as a business analyst.
• Adding a few months or years of experience to your resume increases your professional credibility.
• Certification courses demonstrate your essential competencies and update you with the newest software and technology.
• Networking with industry giants, CEOs, and influential personalities helps you get insights and opportunities in the field.

Common challenges faced by Business Analysts

Let’s explore some common challenges faced by business analysts and how to overcome them:

• Absence of Domain Expertise

Being given a wide range of projects to work on might be difficult for business analysts because acquiring emerging skills takes time and effort.

Solution: Enroll in certification programs to stay current on emerging trends and technologies. 

• Conflict

Conflicts between team members, project managers, and stakeholders are possible when analyzing and presenting data. 

Solution: A business analyst must carefully consider both sides of the debate, weigh the advantages and disadvantages, and decide the best solution.

• Collaboration and Communication 

Effective communication is crucial for business analysts to acquire information, organize conversations, and express needs.

Solution: Business analysts must use communication strategies, such as active listening, clear documentation, and visual aids, to promote collaboration.

How will MAHE help you in your Business Analytics Success?

The online MBA, MSC, or PGCP in Business Analytics from Manipal Academy of Higher Education seeks to empower working professionals with the newest tools and abilities. Learn about analysis, data visualization, machine learning techniques, and more.

The online degrees provided by the Manipal Academy of Higher Education are on par with on-campus degrees and are widely accepted by governments and organizations, opening the door to higher professional chances.

Conclusion

The USA has a huge market demand for Business Analytics experts with a solid understanding of this domain. As a result, after finishing your education, you can find work options across industries. Granted Institution of Eminence status, Manipal Academy of Higher Education (MAHE) offers 300+ programs in 30+ disciplines across various fields of study.