Business Analytics – The Future of Business

Analytical skills are highly sought after by almost every company. With the vast amount of data available to companies, they need to figure out what to do with the data. Having the ability to analyze data will push any candidate to the top of a company’s hiring list. There is a predicted shortage of analytics professionals in the near future so having a background with business analytics will make you that much more desirable.

Business analytics is the practice of methodical exploration of an organization’s data. Business analytics places an emphasis on statistical analysis. Many companies are making data-driven decisions which requires them to have employees with an analytical background. Business analytics can be broken down into two main areas:

  1. Business Intelligence – The examination of historical data to review how certain departments, employees, and groups have performed over a certain period of time. Companies have been doing this for a while, this is nothing new.
  2. Statistical Analysis – This is relatively new. This includes descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics tracks key indicators to grasp the present state of a business. Predictive analytics analyzes data to predict future outcomes. Prescriptive analytics uses past performance to create recommendations on how to handle similar situations in the future.

Many colleges and universities are now offering business analytics as a major. Colleges and universities have noticed the trend of companies looking for candidates with backgrounds in analytics and have adapted by adding an analytic major to their course offerings. Many students have added business analytics as a co-major. Business analytics pairs great with many other business degrees like finance, marketing, and MIS (management information systems).

Listed below are some potential jobs that candidates with a business analytics major may find after graduations:

Logistician:

A logistician analyzes and coordinates the supply chain side of things. Supply chain is the system that moves a product from supplier to consumer. A logistician manages the entire life cycle of a product. They also used data to check in on the supply chain process and look for inefficiencies in the process.

Average pay (per year) $74,590
Education Bachelor’s degree
Number of jobs (2016) 148,700
Job outlook (2016-2026) 7%
Employment change (2016-2026) +10,300

 

Management Analyst:

A management analyst works with the company to find new ways to improve the efficiency of that company. They use data from the company to make the organization more profitable by decreasing costs and increasing revenue.

Average pay (per year) $82,450
Education Bachelor’s degree
Number of jobs (2016) 806,400
Job outlook (2016-2026) 14%
Employment change (2016-2026) +115,200

 

Cost Estimator:

Cost estimators usually specialize in a specific industry or with a specific product. Cost estimators gather and analyze data and use that data to estimate the time, money, materials, and labor required to create a product, provide a service, or build something.

Average pay (per year) $63,110
Education Bachelor’s degree
Number of jobs (2016) 217,900
Job outlook (2016-2026) 11%
Employment change (2016-2026) +22,900

 

Operations Research Analyst:

An operations research analyst uses analytical methods to help organizations make better decisions. These decisions will help the organization increase revenue while making the business run smoother.

Average pay (per year) $81,390
Education Bachelor’s degree
Number of jobs (2016) 114,000
Job outlook (2016-2026) 27%
Employment change (2016-2026) +31,300

 

These are just some potential job opportunities for students with a business analytics degree. Having a business analytics degree will open up many opportunities and make you a desirable candidate for any company. Having a business analytics major along with another business major is a great option and will allow you to be a step up on other students when applying for jobs.

All statistics from https://www.bls.gov/

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