The rise of big data has changed the business landscape, creating the need for every business to incorporate analytics into their decision-making. Organizations that don’t embrace data analytics will likely fall behind their competitors. There is a high demand for employees who have analytics skills alongside a lack of available talent in this area. Find out how you can upskill with analytics to improve your career options.
What is Business Analytics?
Business Analytics is the scientific process of transforming data into insight for making informed business decisions. Terms such as data science and business analytics are often used interchangeably. Although these concepts differ slightly, we can accept a broad view of analytics as the process of turning data into useful information for decision-making. Business Analytics adds the further refinement of data analytics by placing it within the everyday business environment.
Analytics is a rapidly growing field fueled by technological advancements such as increased computing power and data storage capabilities. Organizations of all types and across all industries need well-trained professionals in analytics, as they produce massive amounts of business data from operations, social media, and other sources. Businesses can use analytics techniques to look for trends and see performance data that could easily be lost in a pile of raw data. Companies and organizations use business analytics to be more efficient, deliver better products, and/or perform better overall.
What can I do with a business analytics degree?
As the business world becomes increasingly data-driven, the demand for professionals with strong analytical skills has grown tremendously. An undergraduate degree can equip students with the business, technical, and analytical expertise they need to succeed in this field. Below are some ideas of what to do if you pursue a degree in Business Analytics.
1. Business Intelligence Analyst
Business Intelligence analysts look at data and draw business-related conclusions from it. They can support other departments, managers, and leaders to make better organizational decisions. They also can identify where processes need improvement.
2. Business Operations Specialist
Business operations specialists look at the processes within a company or organization. They become experts in using data to improve the efficiency of these processes. Chiefly, they want to serve customers well and operate efficiently as an organization.
3. Marketing Research Analyst
CareerExplorer states: “A market research analyst is someone who gathers market intelligence and presents it in a way that customers or colleagues can understand.” In many cases, they’re helping decision-makers understand the market they’re in and what their consumers want.
4. Data Warehousing Specialist
These individuals specialize in the processes for storing data and developing reports. Given that the nature of our world is increasingly digital, it’s clear that data warehousing specialists can significantly impact the business decisions of their organizations.
5. Management Analyst
Glassdoor.com states that management analysts “are responsible for conducting and preparing operations and procedures manuals to assist management of a company in operating more efficiently and effectively.” How do you “prepare operations” or “make manuals,” all in the name of efficiency and success? By using data to drive your planning and change-making.
Types of analytics
- Descriptive answers the question “What happened?” and includes calculations, such as average, sum, and percent change. Or histograms to show the frequency of data counts.
- Diagnostic answers the question “Why did it happen?” by finding correlations to determine how much data moves together. Performing ratio analysis to compare relationships between data.
- Predictive answers the question “What will happen?” like running regression analysis to model the relationship between outputs and inputs. Or further, creating decision trees including probabilities of each outcome.
- Prescriptive answers the question “What should we do?” and allows us to perform scenario analysis to determine the best possible outcome.
Analytics tools
It’s important to realize that many tools enable the analytics process. Here are some of the most common tools.
- R Programming – a popular, open-source programming language for statistical modeling, visualization, and data analysis.
- Python – an open-source programming language for analytics and visualization.
- Microsoft Excel – a commonly used software tool for data collection and analysis and is part of the Microsoft Suite.
- Tableau – a business intelligence tool that simplifies data analysis, visualizations, and dashboarding.
- Power BI – a powerful tool for data visualization and dashboarding that can be integrated with other tools, such as Excel.
You can do so much with analytics, and it’s not limited to any one industry. Ultimately, if you are looking for a skillset that doesn’t tie you down, you should consider Business Analytics.
Improve your analytic skills
Whether you are just starting out on the job or you are a seasoned professional, it is likely that you will need to upskill your abilities to keep up with evolving technologies. Below are some ways to increase your knowledge and skills.
- Hone your Excel skills – Microsoft offers free online Excel video training.
- Read books or attend continuing education courses on analytics to boost your technical skills.
- Consider earning certification in an analytics tool, such as Tableau.
- Enroll in a graduate degree program in business analytics to dive deeply into the content, develop expertise, and add value to your organization.
Business Analytics degrees
Certainly, analytics is an important and growing aspect of a business. These skills can both help you stand out in the job market and help the organizations you are a part of perform at their maximum potential. Concordia University offers Business Analytics degrees in both a traditional and online format.
Students who complete these programs will be industry-ready based on these program outcomes:
- Summarize principles of Christian ethics related to business intelligence
- Describe models for effective decision-making to achieve business objectives
- Articulate assumptions, analyses, and interpretations of data in a written and oral format
Check out the programs we offer below.
- Bachelor of Science in Business Analytics and Organizational Performance
- Master of Science in Business Analytics
Why study Business Analytics at CUW?
One of the key advantages of pursuing a degree in Business Analytics is the opportunity to develop a deep understanding of data analysis techniques and tools. Students will learn how to collect, process, and analyze large amounts of data to identify trends and patterns that can inform strategic decision-making. They will also gain expertise in data visualization, which is critical for effectively communicating insights to stakeholders.
Another benefit of a Business Analytics degree is the versatility it provides. Graduates can pursue various career paths, from data analysis and business intelligence to marketing research and financial analysis. This degree also provides an excellent foundation for graduate-level study in fields such as business, economics, and statistics.
Students in our Business Analytics program have had internships or full-time positions with the following companies:
- Culver’s Corporate
- Quill.com (Staples)
- Associated Bank
- ITU Absorbtech
- Milliman
- Versiti Blood Center
In addition to technical skills, a degree in Business Analytics can also help students develop essential soft skills, such as critical thinking, problem-solving, and communication. Concordia’s Lutheran Christian perspective also helps to guide students on the ethical and fairness issues when deploying artificial intelligence algorithms and models. These skills are highly valued by employers and can help graduates stand out in a competitive job market.
Overall, a Concordia Business Analytics degree is an excellent investment for students who are interested in pursuing a career in data-driven business fields. It provides a strong foundation in both technical and soft skills, which are essential for success in today’s rapidly evolving business environment.
Want to learn more?
You can do so much with analytics, and it’s not limited to any one industry. Ultimately, if you are looking for a skillset that doesn’t bring you down, you should consider Business Analytics.