Business analytics is the analysis of masses of data collected by businesses. Business analytics is becoming a critical skill for businesses, even as it is coming into its own as an academic discipline. Here are three reasons to get a degree in business analytics. We’ll also discuss how the degree relates to a number of professions.
The Critical Skill for Good Decision Making
Data-driven decision making was touted as a solution for businesses by management gurus like Peter Drucker a few decades ago. However, the computer revolution was necessary to collect and enable analysis of those masses of data, and as the amount of data goes far beyond SPC charts and what you can analyze in a spreadsheet, managers are increasingly in need of business analytics skills.
In fact, you can find business majors who are spending hours learning business analytics and business IT system maintenance, just as they learn about accounting software. If you complete a formation In Business Analytics, you’ll have a skill set that employers value while standing out from the mass of generic MBAs.
The Easy Entry to the IT Field
If you get a degree in business analytics, along with an IT formation or in e-commerce, you can work on the data analysis side. You could determine the customer market segments that are buying a product and give advice on what customer profiles should be studied; someone else can alter the marketing content that already exists or put together the A/B testing of deals presented to customers. You could be the person who designs reports that the database administrator does the work to actually build. The possibilities are endless.
The Ability to Move into Virtually Any Field
You can find many people who are learning how to analyze data as part of their jobs. If you complete a degree in business analytics, you could be the data analyst in the quality control and quality assurance department who verifies the product does meet product standards.
You could support operations by analyzing real-time IoT data for potential issues to be checked out by maintenance staff. We already mentioned how data analytics skills allow you to work in SEO and digital marketing. The same skills are increasingly applied to accounting records to flag potential cases of fraud and allow businesses to close their books faster.
If you wished you could work in environmental science or engineering, you could work for utilities as a data analyst, working with the internet of things, smarter appliances, and smart meters. Now you can flag potential problems before it causes rolling brownouts, better manage highly variable renewable energy sources, and give actionable suggestions on how to maximize efficiency. Or analyze the data to determine warning signs before a major product failure, information needed by design engineers.
Business analytics is becoming an invaluable skill set for businesses in all industries. It is the backbone of digital marketing and search engine optimization, and it is being utilized in cutting-edge research across the board. And given the sheer influx of data coming in as the Internet of Things rolls out, demand for this skill set is only going to grow.