Top 7 Business Analytics Career Options for 2022

Without accurate facts and knowledge, it is impossible to make wise decisions. Because of this, businesses rely on business analytics specialists to examine data and aid in decision-making.  Career options in business analytics are increasing right now. You will be motivated to pursue a career in business analytics by this blog's illumination of some of the most lucrative options!

Business Analytics is one of the most important aspects of a successful organization. Businesses hold a large chunk of data that needs to be made sense of. Business analytics helps businesses in making sense of the data that helps in effective decision-making.

Business analytics helps in the growth of the business. It allows the organization to understand their customers better and make predictions on the growth and the market trends. This serves a massive benefit to the business. Additionally, it helps the company to stay ahead of its competitors.  

This is why business analytics as a career is a good choice in today’s times, as it is a demanded field. There are good employability opportunities, and the market is expected to reach $684.12 billion by 2030 (Source).

Top Careers in Business Analytics

Following are the top careers options in business analytics:

1. Business Analyst

What Does a Business Analyst Do?

A business analyst is responsible for improving a company’s processes, products, services and systems. They must continually look for areas that have a scope for improvement. BAs must identify what’s technologically and financially feasible options for their organization.  

They must have strong research skills to find the organization’s weak spots and make improvements accordingly. Apart from research skills, business analysts must also have strong communication skills as they work with multiple departments, including the IT and financial reporting teams.  

A business analytics job has relevance in almost every field, making it much more employable. Some of the industry applications of business analytics are mentioned below-

1. E-Commerce

2. Education

3. Finance

4. Banking

5. Agriculture

6. Logistics

7. Government  

8. Manufacturing

Business analytics, through its research and methods, allows the business to identify and develop strategies to mitigate the risk. Personalization of the products and services can occur once the data has been analyzed. Business analytics also aids in acquiring and retaining users.

2. Data Analyst

Data analysis is an essential asset for any organization. It serves as a checker or gatekeeper of data for the organization. They work with the data collected through either primary or secondary sources, making the decision-making process easier, quicker and more accurate.

What Does a Data Analyst Do?

A data analyst is responsible for using data to gather information on particular topics. They have to conduct surveys and collect the information necessary for performing the analysis. Data analysts are responsible for presenting the data in an easy-to-understand manner as well. They use Microsoft Access, SQL, Microsoft Excel, and many other technologies. Other essential skills for this role are Statistical Analysis, Data Management, and Reporting.  

Below mentioned are the roles and responsibilities of a data analyst-

1. Collect data

2. Analyze the data

3. Use statistical methods and techniques

4. Generate reports

5. Identify the patterns or trends in the data

6. Database management

Some of the skills that are required from a data analyst are mentioned below-

1. SQL

2. Data management

3. Data visualization

4. MATLAB

5. Data cleaning

6. Python

7. R

8. Linear Algebra and Calculus

Proficiency in the skills sets open more chances for employability and ensures steady growth in the industry. Business analytics job opportunities in India are numerous, and data analysis is one of those.

3. HR Analyst

What does an HR Analyst do?

An HR analyst (human resources analyst) uses computer applications and techniques to analyze human resources data. They gather, research, analyze, and use the data to find and share valuable business information with the management. This information helps the organization find better candidates, motivate the current employees, and fix staffing problems.  

Some of the roles and responsibilities are mentioned below-

1. Trend analysis for employee purpose

2. Statistics analyses

3. Attrition identification

4. Performance identification

5. Relationship management

HR analysis brings a new dimension to the role of HR, where professionals get included in strategy making as the data reflects hiring processes and brings more improvement to the hiring process.  

HR analysis increases the employee experience as it brings a productive workforce. It helps in identifying the aspects of employee upskilling and training.  

4. Financial Analyst

What does a Financial Analyst do?

Every company has to find ways to use its profits most efficiently. To find the best uses for their earnings, they rely on financial analysts. Financial analysts have to study the recent market trends and consider the microeconomic and macroeconomic factors and the demographics to help the company make suitable investments.  They must understand how the company invests its resources and how secure those investments are. Financial analysts advise on protecting the company’s current wealth in harsh times and growing the same.  

For example, they might help the executive board determine how risky a particular investment is to help them make better-informed financial decisions.  

Some of the roles and responsibilities of a financial analyst are mentioned below-

1. Analyze the financial data and make predictions

2. Reports generation

3. Identify investment opportunities and advise

4. Profit/ Loss analysis  

5. Financial planning

6. Advice on transactions

7. Portfolio management

8. Corporate development

Some of the skills required for procuring highly compensating are mentioned below-

1. Financial skills

2. Analytical skills

3. Business valuation

4. Financial modelling

5. MS Excel

5. Supply Chain Analyst

What does a Supply Chain Analyst do?

Supply chain analysts have to analyze the supply chain of their organization and enhance the same. They work with other organization teams to determine if the current supply chain is optimal and how it can improve.  

For example, a supply chain analyst might find faults in their organization’s current warehousing system and suggest a better one to make the operation more efficient. They work during regular work hours and might have to perform site visits occasionally.  

Some of the responsibilities of a supply chain analyst are mentioned below-

1. Collecting the data

2. Analyzing the data

3. Operation management

4. Inventory analysis

5. Analyzing trends

Some of the skills required from a supply chain analyst are mentioned below-

1. Quantitative analysis

2. Operations

3. Inventory  

4. Problem- solving

5. Decision- making

6. Critical analysis

6. Marketing Analyst

What does a Marketing Analyst do?

A marketing analyst is responsible for helping businesses gather insights on their products and services from a marketing perspective. They analyze the marketing programs and industry trends using customer profiling, data analysis, and predictive statistics.

Marketing analysts work with various departments of an organization to prepare and present findings to clients. They look for opportunities for new marketing campaigns and generate sales forecasts. Their generated insights help companies in getting new customers, retaining old clients, and boosting their revenue.  

Some of the roles and responsibilities for a marketing analyst are mentioned below-

1. Analyze data

2. Identify the patterns or trends

3. Draw actionable insights

4. Strategy creation for the company’s efforts.

The skills and responsibilities of a marketing analyst are mentioned below-

1. Market Research

2. Marketing communications

3. Marketing strategy

4. MS Excel  

5. Statistical literacy

6. Communication

7. Data Scientist

What does a Data Scientist do?

A data scientist is responsible for finding valuable insights from large quantities of data to help their company make better-informed decisions. They use various processes, algorithms, and scientific methods to gather insights from unstructured and structured data.  

They wrangle, clear, and filter the data to make it usable for analysis. Data scientists use machine learning algorithms and deep learning, and additional tech skills to perform their duties. They also have excellent story-telling skills to share their insights with a non-tech audience (such as stakeholders).  

Data being a core of any industry, it becomes important to work with data that it makes logic and serves a purpose to solve business problems. Data science has applicability in almost every industry such as government, banking, manufacturing, e- commerce, education, retail, transportation, etc. The industry applicability increases the chances of the employability for a data scientist.  

Some of the skills required for data scientist are mentioned below-

1. Computing  

2. Statistical analysis

3. Data visualization

4. Programming

5. Mathematics

6. Data Wrangling

7. Report generation

8. Communication

9. Data analysis  

How To Pursue a Career In Business Analytics?

There are many lucrative careers in business analytics, such as data scientist, business analyst, financial analyst, and many others. You can pursue any one of them, depending on your career aspirations, interests and grab high paying applied business analytics jobs.

Conclusion

Pursuing a career in business analytics is a good choice for aspirants who wish to tread both worlds – Business and Data Science. While it may seem challenging to enter the field, all you need is the right qualifications and necessary skill set to flourish in business analytics.  

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