An increasingly competitive business environment is behind the popularity of business analytics masters programs. Companies are increasingly relying on big data to make informed business decisions as well as predict market trends and consumer preferences.
As a result, there’s a growing demand for business intelligence analysts who can transform the mountains of data into business insights. Companies are continually looking for individuals with exceptional abilities to visualise and model data. Business intelligence analysts are becoming one of the fastest-growing careers in the world thanks to evolving technology and business environment.
Bright future ahead
Research shows that the job market for business analysts will grow by up to 21% between 2014 and 2024. A business analyst’s primary duties involve identifying trends and insights that underlie consumer preferences. This work helps managers, business executives, and departments make informed decisions.
Organisations rely on such information to improve productivity, eliminate losses, and improve product lines. As a result, a business analyst can work in different fields, such as education, healthcare, law enforcement, and finance. You can work in any area that can benefit from using data to gain a competitive advantage.
One key advantage of being a business analyst is that it places you right in the heart of every corporation looking to succeed in the 21st century. Its a relatively young career that is on an upward trajectory. That’s a great form of insurance in a highly dynamic workforce that is cutting down on traditional job roles.
Increased job options
As a business intelligence analyst, you’re charged with helping businesses improve operational efficiency while identifying growth opportunities. Comparing a company’s data against the competitor’s and industry numbers helps to uncover their market position. That’s instrumental in identifying the strong points as well as shortcomings.
You can also look at a company’s systems, functions, and procedures to find potential grow areas and increase efficiency. You can help your clients streamline their data collection and analysis methods to make them less challenging to use.
The services a business analyst offers are applicable across the board regardless of the area of operations. You have the option of assuming an in-house role or operating at a consultancy level. You also have the option of joining the gig economy and working with clients from the world over.
Attractive financial outlook
In the United States, you can expect to make an average of $66,000 a year as an in-house business analyst. Moreover, senior managerial roles in business analytics pay well over $100,000. You’re also likely to earn more than the national averages in cities such as Houston, San Francisco, Boston, and Washington DC. In Singapore, PayScale noted that data analysts could earn an average of S$48,732 a year.
As business data analysts are in high demand, it presents you with an opportunity for an extra income. You can approach local businesses in your area or offer your services over the internet. Such a move sets the stage for opening a consultancy firm.
You can’t go wrong by pursuing a degree in business analytics since it can help boost your chances of launching a successful career. There’s a growing demand for business analysts all over the world as companies double down on data collection. Companies are willing to pay good money to individuals capable of sifting their big data to identify trends that point to consumer preferences.