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 are likely to fall behind their competitors. There is a high demand for employees that 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 advancement such as increases in 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 overall perform better.
What can I do with a business analytics degree?
Undoubtedly, you can do a lot with a business analytics degree. Below are some general ideas for you to consider as you think about pursuing 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 decisions for the organization. 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 have significant impacts on the business decisions at 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 the extent to which data move 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 there are many tools that 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 take a deep dive 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. Learn more about what programs CUWAA has to offer for business analytics.
- Bachelor of Arts in Business Analytics and Change Management
- Bachelor of Science in Business Analytics and Organizational Performance
- Master of Science in Business Analytics
Why study business analytics at CUW?
Concordia University offers a Business Analytics degrees in both a traditional and accelerated format. (It’s a great fit for adult students – see why here.)
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
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.