Business analytics, a data management solution and business intelligence subset, refers to the use of methodologies such as data mining, predictive analytics and statistical analysis in order to analyze and transform data into useful information, identify and anticipate trends and outcomes, and ultimately make smarter, data-driven business decisions.

Modern, high-quality business analytics software solutions and platforms such as adverity.com are developed to ingest and process the enormous datasets that businesses encounter and can exploit for optimal business operations.

• What do Business Analytics Majors do?
• What is a Career in Business Analytics?
• What Are The 3 Types of Business Analytics?
• What Are Examples of Business Analytics?
• Business Analytics Salary
• Business Analytics Program
• Business Analytics Jobs
• What is Business Analytics Course?
• Application of Business Analytics
• Business Analytics Certificate
• Is Analytics a Good Career?
• Is Business Analyst an IT Job?
• Is Business Analytics The Future?
• How do I Start Business Analytics?
• How do I Start a Career in Business Analytics?
• Does Business Analytics Require Coding?
• What Does a Business Analyst Get Paid?
• Is Business Analyst in High Demand?
• What Are The 3 Most Important Skills of a Business Analyst?
• How do I Become a Business Analyst With no Experience?
• What Country is Best For Business Analyst Jobs?
• What is a Career in Business Analytics?
• What Are Examples of Business Analytics?
• Does Business Analytics Require Coding?
• What Job Can I Get With Business Analytics?
• What is Business Analytics Model?
• What Are The Benefits of Business Analytics?
• Who Gets Paid More, Business Analyst or Data Analyst?
• What Skills Does a Business Analyst Need?
• Is SQL Required For Business Analyst?
• What is Business Analytics Course?
• Importance of Business Analytics
• Why Study Business Analytics
• Business Analytics Masters

What do Business Analytics Majors do?

To prepare for the future, many business schools are developing new master’s programs in business analytics designed to keep up with the changing economy. These degrees can open doors for graduates, particularly in light of the widening talent gap created by the new challenges presented by big data.

According to a report by Marketing Week entitled ‘The Future Marketing Organisation’, 24 percent of marketers rank data skills as their biggest perceived skills gap.

The obvious choice for a graduate with a degree in business analytics would be to work as a data scientist or a management analyst.

You would typically be collecting and interpreting big data through quantitative analysis in order to predict, evaluate and inform decisions in a number of business areas, including human resources, customer service, marketing, operations and finance.

Read Also: Business Plan Template

According to the US Bureau of Labor Statistics, 115,200 new management analyst jobs will be created between 2016 and 2026. Management analysts will have an estimated job growth of 14 percent until 2026 and had cushy median salaries of US$82,450 in 2017.

Of course, your skillset would be highly valued in a number of other professions, not just data science or management analysis. After all, companies are always scrambling to hire new recruits with data literacy skills, and rewarding career opportunities can be found in areas such as market research, supply chain management, project management or consultancy.

According to the US Bureau of Labor Statistics, these jobs typically come with high job growth and pay. For example, logisticians, a job which involves analyzing and coordinating a company’s supply chain from supplier to consumer, made median salaries of US$74,590 in 2017. They have a fast job outlook, with an employment growth of seven percent until 2026.

Another potential career path is working as a market research analyst. This role tends to earn slightly less, with median salaries of US$63,230 in 2017, but is still an area with excellent prospects. It involves studying market conditions to find out what products people want and at what price, and has an employment growth of 23 percent until 2026.

What is a Career in Business Analytics?

The scope of a Business Analytics career is very vast. If you are considering a Business Analytics career, you should know that your job profile will not be concrete. The job will need you to think on your feet and allow you to encourage your creative side and your technical side. Ultimately, you will decide how to take your journey forward.

The Business Analytics career path is extremely flexible. If a person is technical, he/she can work as a Data Scientist or Solution Architect. If a person is good at understanding the patterns and consistency or inconsistency in numbers, a job that demands Business Analytics, along with Leadership Skills, is a good option. Increasingly Business Analysts are also being hired in consultancy and Subject Matter Expert roles.

Here is a small snapshot of the kind of career opportunities that you can find after the completion of the business intelligence and analytics course.

1. Data scientist

A Data scientist analyses the data originating from different departments within the company, to identify risks or suggest improvements. They help develop actionable business insights from raw data.

For example, a data scientist in an entertainment streaming platform analyses the website streaming data to determine which movies or shows have been viewed the most. Those genres can then be promoted more to increase overall viewership on the website.

Payscale.com reports an average salary for a data scientist in Germany to be around €55,450.

2. Data focused Business Analyst

Data-based business analysts work with data scientists to fine-tune their findings and reports. In most cases, they further work on the data insights derived by data scientists to provide solutions to critical business issues.

If you take the earlier example, a data-focused business analyst might find out more about the demographics of the viewers watching the most popular shows. These demographics can then be used to show them recommendations of other programmes based on their preference data.

According to Salary Expert reports, a mid-career business analyst in Germany can earn up to €80.50 per hour.

3. Consulting Analyst

A consulting analyst is a kind of freelance business consultant who is hired to improve the data management processes in the company. They go through reports created by business analysts to identify the inefficiencies in the analysis.

Payscale.com reports suggest an average annual salary of €66,000 for a consulting business analyst in Germany.

What Are The 3 Types of Business Analytics?

When strategizing for something as comprehensive as data analytics, including solutions across different facets is necessary. These solutions can be categorized into three main types – Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics.

While each must be considered for the individual leverage and value they provide, their relationship to one another is also crucial in order for a business to have a complete perspective of how their past and future are connected.

Let’s look at each solution a little more in-depth.

1. Descriptive Analytics

“What does our past look like and what does it tell us?”

Descriptive analytics are what businesses commonly use as they assess historical data and try to extract the most important trends, occurrences, and areas for improvement. Doing so allows companies to uncover not only what happened, but also what factor(s) may have influenced it to happen, and how it may then impact another metric down the road.

Whether looking from a high-level perspective or diving into one aspect of a data set, the analytics for this solution include the aggregating and statistical operations used by businesses, given the data has already been captured.

Across all departments, descriptive analytics are useful for reporting and communicating what has happened and how it relates to the success of the business as a whole.

From operations and financials to human resources and management, and areas that vary from company to company, employees can benefit from summarizing their raw data into meaningful and applicable measurements. The more in tune a business is with its historical data, the more effective they can be in adapting their reporting and future strategies for data optimization. 

2. Predictive Analytics

“What is possible in the future and how can we think proactively?”

The analytics of this next step do what is stated directly in the name – they predict. Using the insights provided by descriptive analytics can guide businesses toward efficient predictive analytics to make more sense of the future.

They take control of past trends and data distributions and use them to foresee upcoming results so in turn they can manage expectations, restructure strategies, and set new goals.

Depending on the scope at which a company is making predictions for, the future can be defined as near or as far from the present when entered into models and algorithms.

It is important to keep in mind, however, that no analytics will be able to tell you exactly what WILL happen in the future. Predictive analytics put in perspective what MIGHT happen, providing respective probabilities of likelihoods given the variables that are being looked at.

Businesses can also use predictive analytics to open up the conversation to other possibilities and scenarios that current data may not be capturing yet. Instead of just wanting to forecast a certain metric or trend, analysts can fill in information with predictive analytics to explore hypotheticals with a more holistic lens.

Common directions taken with predictive analytics guide questions such as:

• If this metric changes in this way, what would happen to x,y, and z metric and which ones are correlated?
• Why are these results happening at this time – will they only happen then or is this a continuous trend?
• If this happens, then…?
• How likely is…?
• What if nothing changes to current patterns?
• Will this change correct the process, to what extent and in what way?

3. Prescriptive Analytics

“What is advised for us to do and what decisions should we make?”

Prescriptive analytics extend beyond the historical insights of descriptive analytics and the possible future outcomes of predictive analytics to provide recommendations of next steps that should now be taken.

Companies can evaluate and decide upon a number of options depending on the outcomes that result from simulating various potential scenarios. It takes the forecasts and likelihoods from predictive analytics one step further by creating advised solutions that will also align with the goals of the company’s key metrics.

Every business wants to be efficient and prescriptive analytics create the opportunity to optimize resources and have an upper hand in effective decisions before they have to be made. It provides further insight into why certain results may happen so related factors can be monitored when new actions are taken.

Although prescriptive analytics is also a form of predicting future situations, it still utilizes quantitative tools to make sense of the data that already exists and the real-time data being collected – such as algorithms, statistics, and machine learning.

The data can also go beyond that of the organization’s own sources and include external data that may have an influence in a metric being assessed and impact the business at a departmental or organizational level.

What Are Examples of Business Analytics?

Now we will look at the top 10 examples of business analytics. These business analytics examples have been taken across industries and many are real-life examples of business analytics.

1. Microsoft – Improvement in productivity and collaboration – One of the best business analytics application examples has been seen with the business giant MS when in 2015 its engineering groups’ offices moved. The company figured out that they needed to have more face-to-face interaction with their staff for improving performance by increasing collaboration. The MS Workplace Analytics team came out with the hypothesis that if a group of 1200 people moved from 5 offices down to 4, it could provide better collaboration between employees since it would reduce the distance that staff needed to travel for meetings. This move saved 100 hours of work per week and they gained a net saving of 520,000 USD per year in terms of employee time.
2. Koodos unified their data to know how their experiment was performing. Koodos is a startup from Harvard’s Business School’s entrepreneurship and is aimed at understanding the relationship between disparate sets of data. They first experimented with matching music and emojis. By texting an emoji to their number you could obtain recommendations of songs. They initially did not have a tool to understand how their product was performing but with BA they set up a central repository to log all product data. 
3. Growth in sales of an online retailer – A company found inconsistent sales and implemented a sales dashboard. That dashboard revealed to them that data was not driving sales which prompted the retailer to revamp its sales strategy by shifting the target setting system to respond to data. They were able to grow sales by 24% with this implementation.
4. Uber enhanced its customer support with BA – Uber developed COTA (customer obsession ticket assistant) in 2018 which was based on machine learning and natural language processing. It helped agents improve their accuracy and speed with which they responded to support tickets. The first iteration gave them a 10% decrease in ticket resolution time. Uber then came up with COTA v2 which focussed on deep learning architecture and did A/B testing before rolling it out. 
5. Another business analytics case studies examples are Starbucks which can predict the purchases and offers a customer is likely to be interested in. This big coffee company used its loyalty card program to gather individualized purchase data of millions of its customers. With this information and BA tools, it was able to achieve its goal of identifying the pattern in a customer’s purchase and then suggest to him/her offers through mobile devices which the company believed the particular customer may take up.
6. One of the good examples of business analytics is a gym that wanted to decrease customer attrition. They installed a predictive analytics model that could identify those customers who were likely to cancel their subscriptions. The model used historical data to predict what incentives could be offered to such customers to retain them. Whenever a customer, who the system identified as at-risk of cancellation, arrived at the gym, the system would alert the staff about it. The staff would then discuss offers and incentives and could successfully stave off cancellations.
7. The finance industry has gained heavily with business analytics and AMEX is one such analytics example. American Express has used BA to develop new payment service products for customers as well as new market offers. In the Australian market, the BA technology helped AMEX to identify up to 24% of Australian customers who are likely to close their accounts within 4 months of service. This way AMEX has been able to retain those customers who they could have lost otherwise.
8. A clothing retailer saw success with customer purchases initially but it tapered off later. He then installed a retail dashboard that showed demographic information about current and target customers. This information gave insights into where the sales were strongest and what areas needed improvements. He then segmented buyers by different factors and customized his marketing strategy to suit each group of customers. This led to growth in the customer base for the retailer.
9. HelloFresh is a meal kit company that provides fresh food and recipes to ten international markets. Their problem area was digital marketing reporting which was time-intensive, manual, and inefficient. By implementing a centralized BA solution, the team of HelloFresh was able to save 10 to 20 hours of work per day. 
10. Online retail giant Amazon has used BA successfully to personalize product recommendations and also for logistical business decisions. Their massive supply chain runs smoothly mainly due to in-depth data analysis.

Business Analytics Salary

According to PayScale, the average salary for those with an MS in business analytics is a little under $75,000. The top 10 percent of data analysts earn an annual salary of $85,000. Earning your degree from a top program helps. In 2019, the average graduate from Duke University’s Master in Quantitative Management (MQM): Business Analytics program earned a base salary of $88,246.

As of Jul 2, 2021, the average annual pay for the Business Analytics jobs category in the United States is $98,614 a year. Just in case you need a simple salary calculator, that works out to be approximately $47.41 an hour. This is the equivalent of $1,896/week or $8,218/month.

While ZipRecruiter is seeing annual salaries as high as $164,500 and as low as $27,000, the majority of salaries within the Business Analytics jobs category currently range between $72,000 (25th percentile) to $121,000 (75th percentile) with top earners (90th percentile) making $150,500 annually across the United States.

The average pay range for a Business Analytics job varies greatly (by as much as $49,000), which suggests there may be many opportunities for advancement and increased pay based on skill level, location and years of experience.

Business Analytics Program

A Master’s in Business Analytics is ideal for professionals interested in blending creative thinking with communication and data-driven analytics to uncover important insights to help their organizations. Programs typically cater to a wide variety of backgrounds, such as economics, political science, or computer science.

However, before picking a program, make sure you assess as many master’s in business analytics curriculum and admissions requirements as you can to make sure you find a program that’s the right fit. At this point, you should already have earned a bachelor’s degree. The amount of credits will dictate your course load – the lower the amount of credits, the fewer courses you will be taking.

Typically, top universities require prospective students to take the GMAT or GRE, but you’ll find there are schools that do not have this admissions requirement. If you’re an international student, you may be required to take the TOEFL exam to prove your English proficiency. Cost is another factor to consider payment and financial aid options – it’s important to be realistic about what you can afford.

Rankings were weighted across these categories. We then selected the top performers by overall average rank and organized them in descending order.

1. Massachusetts Institute of Technology

Master of Business Analytics

MIT’s focused analytics program blends expertise from the Sloan School of Management with hard-hitting support from the MIT Operations Research Center. It’s intended to help recent graduates and career changers—including engineers, computer programmers, physicists and IT professionals—build a life in data science.

MIT usually perches at the top of the list in technical rankings, including computer science and quantitative analysis, so it’s packed a lot into its one-year degree. In addition to a real-world capstone in the summer, there are various software tool modules and a pro seminar addressing ethics and leadership concerns.

What’s more, the Sloan School is located in Cambridge, among a massive hub of biotechs, start-ups and research labs. Students have access to research centers like the MIT Institute for Data, Systems, and Society (IDSS) and Action Learning Labs are integrated into every degree.

2. Carnegie Mellon University

Master of Information Systems Management: Business Intelligence & Data Analytics

The MISM-BIDA is a blended program for folks who are interested in the intersection of data analytics, management, strategy and IT. These are the managers, entrepreneurs, consultants and CIOs of the future.

180 units are the equivalent of 15 semester-length courses, so this is a 16-month commitment. Students on this track must also complete a 10-week summer internship.

Carnegie often battles with MIT for the top place in tech rankings, and Heinz College has a huge number of resources at its disposable. Students work on real-world, interdisciplinary projects in the iLab, the Living Analytics Research Center and the Center for the Future of Work.

Everyone participates in a team-based capstone in the third semester. Heinz also runs entrepreneurship competitions and ongoing exchange programs.

3. University of Texas at Austin

Master of Science in Business Analytics

A judicious blend of technical training and applied learning, UT’s 10-month degree is aimed at students who want a thorough grounding in all aspects of business analytics. Think applied stats & math, consumer behavior, decision theory, risk management and more.

Throughout the year, students can choose electives from various fields (e.g. supply chain analytics, quantitative trading, social network analytics, etc.). The spring semester finishes with team-based, real-world capstone project.

The MSBA is run through the McCombs School of Business, so students have the chance to attend networking events, visit local companies such as IBM and chat to industry representatives. McCombs also organizes a number of career & recruitment events for budding graduates.

4. University of Chicago

Master of Science in Analytics

Flexible in all of its sinews, the MSA is a full-time (12 months) or part-time program (up to 4 years) for future analytics gurus.

The curriculum emphasizes core tools and methodologies, including a large range of applications (e.g. risk analytics). Students work for three quarters on a capstone project and have the option to take workshops and short courses in R, Hadoop, Python, etc. Graduates have ended up as data scientists, senior analysts and strategy directors.

In 2016, UC was #5 in U.S. News & World Report rankings for Best Graduate Schools: Statistics. MSA students contribute to the Polsky Center for Innovation and Entrepreneurship and Chicago Innovation Exchange, and participate in networking events throughout the year. Industry employers and UC research partners have unfettered access to student resumes; two career fairs are held in autumn and spring.

5. Columbia University

Master of Science in Applied Analytics

Geared at decision-makers, this degree favors reasoning with data over pure stats and heavy data science. Program participants learn how to define an analytical problem, collaborate with analysts and establish what steps need to be taken to create a real-life business solution.

Students may also choose three electives centered on their chosen industry (e.g. financial accounting). In the final term, students use their skills to address a real-world analytics challenge sponsored by an outside organization.

The MSAA is a blended program, combining online and/or campus-based classes with week-long courses at Columbia’s famous NYC location. Guest lecturers, networking events, group exercises, role play and student presentations are part and parcel of the experience.

Business Analytics Jobs

If you want to get your foot in the exciting data science career door, a master’s in business analytics and big data can help get you there. Here are 10 jobs you might want to consider.

1. Data architect

Average salary: US$116,710

Where you can work: Public or private sector companies.

Data architects use extensive programming tools to design secure data frameworks in order to manage large electronic databases for organizations. This is a highly technical role that involves ensuring the data is relevant, accurate and accessible to the organization so employees can access this information, such as financial records and marketing information, wherever and whenever they need.

You’ll need superior analytical skills, an eye for detail and sophisticated design skills as you fulfil the strategic needs of the organization.

2. Statistician

Average salary: US$73,054

Where you can work: Various sectors, including education, finance, health, environment, sport, transportation, market research and the government.

Statisticians compile, analyze and evaluate quantitative information from surveys and experiments in order to help organizations reach operational standards and advise on practical solutions to problems.

Relevant qualifications and industry experience is essential if you want to work in this field. 

3. Data analyst

Average salary: US$60,208

Where you can work: Various sectors, including pharmaceuticals, manufacturing, consulting, finance, education and the government.

Data analysts are inquisitive, highly analytical and have a way with numbers. Every organization and business collects data, whether it’s sales figures, logistics, market research or transportation costs. As a data analyst it’s your job to gather and evaluate this data in order to provide clear insights as to how the organization can improve its business strategy and make better business decisions across various areas. 

4. Chief technology officer (CTO)

Average salary: US$159,149

Where you can work: Corporate IT departments, consulting, finance.

This executive level position demands an expert-level knowledge of technological trends and how they can be implemented in building business strategies. Chief technology officers are masters of strategic thinking and conducting technological analysis as they look at ways in which they can ensure the organization stands out in an ever-increasing competitive marketplace.

Strong leadership and organizational skills are essential in this role as you lead your team and consider which technologies are best to harness in order to ensure positive user experience and ensure efficiency across all areas of the business.

Almost half (49 percent) of IE’s Master in Business Analytics & Big Data graduates go on to work in the technology industry.

5. Chief data officer (CDO)

Average salary: US$180,458

Where you can work: Banking, corporate IT departments, consulting, finance, healthcare facilities.

In 2012, only 12 percent of Fortune 1000 companies had a CDO. Within six years, 67.9 percent of surveyed firms reported having a CDO, according to Forbes. It is the chief data officer’s responsibility to strategically oversee the organization’s data and generate business value from what could be the organization’s most valuable asset.

Chief data officers are business focused and have excellent expertise in IT. Relevant qualifications such as mathematics and statisticians, plus a specialized master’s and industry experience, are all essential if you want to become a chief data officer.

6. Application architect

Average salary: US$112,871

Where you can work: Software development firms, corporate IT departments, and computer manufacturing companies.

In this fast-paced role, application architects need excellent technical vision, the ability to provide valuable insights and solutions to software development, use and maintenance, as well as strong analytical, problem-solving and critical-thinking skills.

Every day, they carry out a wide variety of tasks such as creating new and improved applications, developing prototypes, running software tests, and creating technical documents for application software. 

You’ll need proven programming language and architecture design skills and experience, as well as relevant qualifications and industry experience. A master’s in business analytics and big data for example, will equip you with the ability to rethink and rebuild products, services and processes as well as solve user problems using advanced analytics and relevant data insights.

7. Project manager

Average salary: US$73,901

Where you can work: Construction, engineering, IT, and marketing.

As a project manager you’ll use your data-driven business acumen to plan, budget and oversee your organization’s project/s. You will also need to be organized and possess excellent leadership and critical-thinking skills.

8. Market research analyst

Average salary: US$63,120

Where you can work: Finance and insurance, consulting services, manufacturing.

Market research analysts compile complex reports, spreadsheets, surveys and opinion polls in order to gather and evaluate significant market intelligence that can help an organization market their product or service in the best way possible. Data can include consumer demographics, spending habits and sales trends, needs, interests, and preferences.

Market research analysts need a good working knowledge of statistical software and techniques in order to monitor and forecast the effectiveness of such strategies.

9. Business/analytics translator

Average salary: US$53,552 

Where you can work: Finance, insurance, and consulting services.

As organizations continue to turn their attention to advanced and novel technologies such as artificial intelligence (AI) and machine learning to leverage success and improve business efficiency, business/analytics translators are filling the gap between an organization’s business team and technology team.

An organization’s business team and technology team can be at opposite ends of the spectrum, causing confusion, miscommunications and in some instances, massive errors.

Business/analytics translators work to ensure the focus stays on the organization’s values and objectives, but are data-savvy enough to understand and liaise with those in the data science team. Business/analytics translators then confirm the ‘roadmap’ for going forward.

10. Data scientist

Average salary: US$88,779

Where you can work: IT departments, finance and e-commerce, retail, transport services, healthcare services, academia and the government.

Last, but most definitely not least – the data scientist.

Using algorithms, artificial intelligence, machine learning and other statistical tools, data scientists mine complex, raw data from a range of sources and turn into meaningful, transparent information in order for the organization to improve their business strategy and operations.

The career-focused Master in Business Analytics & Big Data at IE University teaches with innovation and versatility at the forefront of its curriculum and offers an array of hands-on learning opportunities including multimedia simulations, classroom debates, and case studies. 

What is Business Analytics Course?

Knowledge of business analytics helps to turn data into actionable intelligence, thus making it quite crucial to the success of any organisation. Business Analysts use a range of statistical and quantitative methods, tools and predictive models to gain insights and make data-driven decisions.

Here is our list of top-ten picks for best online courses and specialization programs that will help you understand the fundamentals of business analytics and equip you with necessary knowhow about right tools and techniques. These will open the gateway of better opportunities for all learners.

This list of Best Business Analytics Courses, Tutorials and Certifications available online includes both free and paid resources. While most of these can be taken up by complete beginners, a few are advanced level courses that require some prior knowledge.

1. Wharton’s Business Analytics Specialization (Coursera)
2. Excel to MySQL: Analytic Techniques for Business Specialization by Duke University (Coursera)
3. Advanced Business Analytics Specialization by University of Colorado (Coursera)
4. Data Analysis and Presentation Skills: the PwC Approach Specialization (Coursera)
5. Business Analytics – Nanodegree Program (Udacity)
6. Business Analytics Fundamentals by Babson College (edX)
7. Business Analytics for Data-Driven Decision Making by Boston University (edX)
8. Statistics for Business Analytics and Data Science A-Z™ (Udemy)
9. Business Analytics MicroMasters Certification by Columbia University (edX)
10. Strategic Business Analytics Specialization by Essec Business School (Coursera)

Application of Business Analytics

Although business analytics is being leveraged in most commercial sectors and industries, the following applications are the most common.

1. Credit Card Companies

Credit and debit cards are an everyday part of consumer spending, and they are an ideal way of gathering information about a purchaser’s spending habits, financial situation, behavior trends, demographics, and lifestyle preferences.

2. Customer Relationship Management (CRM)

Excellent customer relations is critical for any company that wants to retain customer loyalty to stay in business for the long haul. CRM systems analyze important performance indicators such as demographics, buying patterns, socio-economic information, and lifestyle.

3. Finance

The financial world is a volatile place, and business analytics helps to extract insights that help organizations maneuver their way through tricky terrain. Corporations turn to business analysts to optimize budgeting, banking, financial planning, forecasting, and portfolio management.

4. Human Resources

Although HR is often the punchline of many office jokes, its value in keeping a company successful is not to be underestimated. Great businesses are composed of a great staff, and it’s HR’s job to not only find the ideal candidates but keep them on board.

Business analysts help the process by pouring through data that characterizes high performing candidates, such as educational background, attrition rate, the average length of employment, etc. By working with this information, business analysts help HR by forecasting the best fits between the company and candidates.

5. Manufacturing

Business analysts work with data to help stakeholders understand the things that affect operations and the bottom line. Identifying things like equipment downtime, inventory levels, and maintenance costs help companies streamline inventory management, risks, and supply-chain management to create maximum efficiency.

6. Marketing

Which advertising campaigns are the most effective? How much social media penetration should a business attempt? What sort of things do viewers like/dislike in commercials? Business analysts help answer these questions and so many more, by measuring marketing and advertising metrics, identifying consumer behavior and the target audience, and analyzing market trends.

As you can see, business analytics plays a valuable role in many different industries. You may also notice that some of the applications merge into each other, but that’s hardly surprising.

By leveraging business analytics, multiple departments and teams can coordinate their efforts based on the information gathered and processed. It’s up to the business analyst to identify roadblocks and areas that need improvement, helping different departments to work together to achieve a common goal.

Business Analytics Certificate

We’ve compiled this list of the best business analytics certifications from leading online professional education platforms and notable universities. The certifications listed offer students the training they need to develop new skills and advance their careers. This is not an exhaustive list, but one that features the best business analytics certifications online from trusted institutions.

1. Google Data Analytics Professional Certificate

This beginner-level certification module provides students with in-demand skills in less than 6 months. It also offers an immersive understanding of the practices and processes used by junior and associate data analysts.

Platform: Coursera

Over 8 courses, gain in-demand skills that prepare you for an entry-level job. You’ll learn from Google employees whose foundations in data analytics served as launchpads for their own careers.

You’ll prepare yourself for jobs that include junior or associate data analyst, database administrator, and more. Upon completion of the certificate, you can directly apply for jobs with Google and over 130 U.S. employers, including Walmart, Best Buy, Astreya.

2. IBM Data Analytics with Excel and R Professional Certificate

Offered by IBM, this beginner-level certification module teaches students to utilize Excel spreadsheets for data analysis, create relational databases and tables, and complete the analytic process.

Platform: Coursera

This Professional Certificate is intended for anyone who is seeking to develop the job-ready skills, tools, and portfolio for an entry-level data analyst or data scientist position.

Through these eight online courses, you will dive into the role of a data analyst or data scientist and develop the essential skills you need to work with a range of data sources and apply powerful tools, including Excel, Cognos Analytics, and the R programming language.

3. IBM Data Analyst Professional Certificate

This IBM data analyst certification module touts 4.7 stars with more than 3,000 reviews. It allows students to build job-ready data analyst skills, and no degree or prior experience is required.

Platform: Coursera

Learn the foundational skills required for an entry-level data analyst role through this nine-course Professional Certificate from IBM and position yourself competitively in the thriving job market for data analysts. You’ll work with a variety of data sources, project scenarios, and data analysis tools, including Excel, SQL, Python, Jupyter Notebooks, and Cognos Analytics.

4. SAS Visual Business Analytics Professional Certificate

This flexible, beginner-level course offered by SAS and Coursera will help you learn how to explore data using SAS Visual Analytics, prepare data using SAS Data Studio, and create interactive reports.

Platform: Coursera

Using SAS Visual Analytics, you will learn to access and manipulate data, analyze data with a variety of interactive reports and graphics, and design and share dashboards to visualize your data. SAS Visual Analytics is a useful skill in a variety of careers, including business analyst, researcher, statistician, or data scientist.

5. Data Analysis for Decision-Making

This professional certificate will teach you how to apply critical thinking skills when dealing with data. It is self-paced, features three different skill-building courses, expert instruction, and should take 3 months to complete.

Platform: edX

This Professional Certificate program prepares students, working professionals, and decision-makers to become data literate in both their professional and personal lives. In today’s data-driven world, data literacy will transform you into a “data citizen,” allowing you to communicate and make decisions based upon facts with confidence. You will emerge as a champion for a data literate culture.

Is Analytics a Good Career?

Data analytics is in great demand. In 2017, IBM predicted that the number of jobs for data professionals in the U.S. alone would surge another 364,000 (to 2,720,000) before the end of 2020.

Other sources confirm the trend of companies making big investments in big data; according to a recent study by Dresner Advisory Services, big data adoption in enterprise businesses surged from 17 percent in 2015 to 59 percent in 2018.

It’s not just tech companies jumping on board, either. There are opportunities to apply data analysis skills across a wide range of industries.

The Dresner study found that adoption of big-data analytics was highest in telecommunications (95 percent adoption), insurance (83 percent), and advertising (77 percent), followed by financial services (71 percent), healthcare (64 percent), and technology (58 percent), and was most often applied to research and development (75 percent) and operations (63 percent).

As adoption of data analytics grows, so does the range of its applications—in fact, entire industries are on the brink of total transformation by big data. A recent McKinsey report forecasted the ways digital analytics will change marketing—with the promise of data-activated, one-to-one marketing interactions—as well as operations and manufacturing.

Still more industries have yet to fully tap this potential. Another McKinsey study, for example, found that if the U.S. healthcare industry were to use big data to improve its efficiency and quality, the sector could create more than $300 billion in value, and a large retailer using big data to its fullest potential could increase its operating margin by more than 60 percent. In other words, we don’t expect this growth to slow down anytime soon.

Is Business Analyst an IT Job?

The work of a business analyst is very closely related to the IT sector, and in some companies business analysts may be considered a technical job role and sit within an IT department. Nowadays, business analysts’ solutions for their clients will usually involve the implementation of new, or improved, computer systems, and the analyst’s role may extend to familiarising the wider business with the benefits of this new technology and instructing colleagues on how it is to be used.

Analysts can either work ‘in-house’ for a company, where they will solely work on projects for their employer, or be employed by an analyst or consulting firm and will usually travel to a client’s office and be based there for the duration of a project.

The length of business analysts’ involvement in projects can vary, as they may only be present in the short-term, coming up with solutions to a problem, or on a long-term basis, where they will assist in the implementation of the solution.

Is Business Analytics The Future?

Data is the heart of business analytics. It is what companies rely upon for their competitive advantage and it is becoming more important as technology and analytical tools are now available, from hardware to software to data collection to collective intelligence.

Business analytics is moving from looking at reports generated by a business intelligence (BI) system to an algorithm that will make decisions for you. The trend is toward delivering massive amounts of data right here right now. How many widgets do we need next week delivered to our store in Chicago?

And databases in the sky delivering real-time information to devices, like Shazam, telling us what song that is or Yelp finding the best steakhouse in Chicago, to a mapping application using GPS to tell Yelp what my location is and the weather applications to see if it is going to rain tonight so eating al-fresco is not an option.

Companies need to collect all this information and develop sophisticated algorithms and use predictive modeling to assist with their decision making.

By combining data, statistical analysis and predictive modeling, business analytics enables more accurate, objective and economical decision making. It includes a range of approaches and solutions, from looking backwards to evaluate what happened in the past, to forward-looking scenarios that include planning and predictive modeling.

The model below shows the hierarchy of data analytics. The higher you go up the pyramid the more value and competitive advantage a business gets from the underlying data. To maximize the benefit of analytics, organizations need to go from the base of the pyramid to the top by combining the collective intelligence from all available sources available.

How do I Start Business Analytics?

It’s easy to become overloaded figuring out where to start or by the amount of data you have, but it’s important to have a plan and understand your goals before launching the process. Follow these seven tips to make a solid plan for introducing data analytics to your business.

1. What your goals are and why you are introducing analytics.

Understand you and your organization’s meaning of “Analytics.”

Data analytics is a term that gets tossed around rather loosely, so be sure it’s clearly defined for all those involved. Set realistic expectations and well-defined deliverables, so everyone is on the same page.

The basic definition of data analytics is “the process of analyzing raw data to find trends, patterns, and anomalies to answer questions.” Techniques and approaches for producing data analytics can vary widely. It’s important to determine the intended goals before developing a set of results.

Reporting vs. Analytics?

Many organizations wade into “analytics” through some sort of reporting functionality, sometimes referred to as business intelligence.  It is important to understand that reports differ from analytics. Reports are simply a static presentation of collected data.

Conversely, analytics is a dynamic interpretation of trends and details within that data that indicate reasons for the results in the report and help answer the question of “why?”. Basically, a report is a postmortem display of collected data, while analytics is more of a holistic, real-time explanation of why the results occur, based on granular data points in action.   

2. Figure out what business questions you want to answer.

Common missteps in the adoption of analytics involve not asking (or understanding) the true question the business wants to answer or the unrealistic expectation that the data will simply “tell you something” without prompting or direction.  The reality is that analytic techniques are applied to help answer specific questions to help explain, identify, validate, or refute a business issue or opportunity. 

For example, your organization may say their goal is to use analytics to make more money.  However, is that ultimately the question you need to answer?  An organization may use analytics to determine, what products are most profitable, how to sell more of those products, what customers buy those products, and how to find or create more of those customers.    

The questions your business looks to apply analytics to should focus on those that help them understand the company’s business, customers, products, issues and future opportunities. They usually begin with, “Why did that happen?”, and are followed with, “how do we never do that again?” or “how can we do that more often?”

The answers to most of these questions may require a multi-step explanation. Make sure you understand the ultimate question management is asking, so you don’t chase down a partial answer or fail to identify the “why.”

3. Decide what tools may be needed.

What existing tools might your organization already utilize that can be leveraged?

You might not have to reinvent the wheel. Be sure you understand what’s already available to you.

Do you want a system that packages up the analytics already, or will you do some work yourself?

Your journey into data analytics may not be as big of a leap as you think. Check to see if any of your existing systems, like CRM or ERP software, already have automated analytic capabilities embedded. You may want to supplement with a data visualization software like Power BI or Tableau.

4. What skills sets exist within the organization that may be capable of executing or learning data analytic techniques.

Identify folks who have the skills or desire to learn.

There may already be members of your team that have an interest and desire to apply analytics to their day-to-day work.  Seek out individuals within the organization that may already be using analytic techniques in their Excel modeling, using data visualization tools or “dabbling” in analytics on the side. 

Another source can be resources that are involved with your backend databases and have skills around collecting and managing large volumes of data. Make sure you have staff that embraces the possibilities and understands how transformational data analytics can be.

Invest in some training, but…

As you get started, leverage free resources online until you know what tools and skillsets will be most valuable. There are many ways to utilize the data you have available to you, so it’s wise to start by dipping your toes in the water before you ramp up capabilities.

5. Identify internal business champions that have a need or desire to use analytics.

These are the people that get it! These partners have a vision and yearning to go beyond the basic nuts and bolts of reporting. Champions of the cause can inspire your whole enterprise to embrace data analytics and help stimulate productive growth. 

6. Understand your data landscape.

What data does the organization have?

Make sure you have a good understanding of what data each department collects. To start, shape your analytics program around what’s available and plan for collecting and managing more data as the program grows.

Where is the data?

Mature businesses often have legacy systems that have difficulties communicating with each other. Know where to find the data and understand any current limitations to connecting with it.  Also, keep in mind that data sources may exist in spreadsheets or other bespoke applications. 

How detailed (or not) is the data?

The richer the information, the better the results. When collecting data, try to start with information that is as detailed as possible. Typically, the more, the better.  This will allow the most flexibility; however, if aggregated data is all that is available, just make sure the consumer of the analytics understands any limitations that may exist.

How complete (or clean) is the data (Garbage in, garbage out)?

The quality of existing data is crucial to avoid misleading and ineffective analytics. Too often, data input is duplicated or incomplete. Either will skew the workings of the analytics.  Data validation and profiling are important to detect potential errors ahead of time. If data is missing or incomplete, come up with a plan to address the handling of any missing information.

 As you define the questions you are trying to answer, determining the data landscape is a critical next step.

7. Focus on quick wins to get buy-in from the organization.

You have to crawl before you can run. Early success will fuel more acceptance and appreciation for greater possibilities. Prove your point on a small scale to encourage bigger projects in the future. Grow with the data analytics process.

Start with small, manageable projects with clearly defined goals and expectations. Use that experience to plan for future development. Before you know it, management will be suggesting more projects beyond your original scope!

 Effective business decisions require sound information and timely data. Properly assembled analytics can bring disparate information together to form logical patterns and associated data points in a more reportable manner that decision-makers can better comprehend.

In an age when you’re required to “do more with less,” effective data analytics can expand the capabilities of a smaller staff.

How do I Start a Career in Business Analytics?

A business analyst is in charge of understanding a business’s changing needs, and providing technological solutions to improve its processes and systems. Thus, a business analyst is often thought of as the link between the business and IT departments.

We now provide the steps necessary to becoming a business analyst, detailed job information, as well as the job prospects and average salary projections.

Step 1: Get an Undergraduate Degree in Business Administration, Finance, or Accounting

Beyond your bachelor’s degree in business, you’ll want to learn some computer programming. Different business analyst roles require different levels of technical proficiency, but the more computer skills you have, the better you’ll look as a candidate.

The Business Analysis Body of Knowledge (BABOK) reference book is a key resource to begin understanding the tasks and techniques of a business analyst.

Step 2: Gain Work Experience

You can gain experience in a volunteer role with a small company first, or take advantage of summer internship opportunities. If you are already working with a company in a different role, offer to work on the kind of projects that business analysts undertake. There are many transferable skills to working as a business analyst, and the role of a business analyst is wide-ranging.

Individuals can enter the field either with knowledge of a specific business domain, such as workflow, billing, or customer relations, or with knowledge in an industry, such as finance, telecommunications, or government.

Once you are hired as an entry-level business analyst, make sure to gain experience across many different types of projects; later, you can specialize in the domain or industry you are particularly interested in.

Step 3: Earn a Master’s Degree or Obtain an Advanced Certificate

Many universities offer master’s degrees and graduate certificates in business analytics, which generally include courses in business data analytics, operations research, project management, database analytics, and predictive analytics.

For those with advanced knowledge of business analytics, the International Institute of Business Analysis offers a professional certificate called the Certified Business Analysis Professional.

Does Business Analytics Require Coding?

While the ability to program is helpful for a career in analytics, being able to write code isn’t necessarily required to work as an analytics professional. Apart from some necessary softwares, statistical software such as SPSS, SAS, Sage, Mathematica, and even Excel can be used when managing and analyzing data.

What Does a Business Analyst Get Paid?

A Business Analyst typically begins a career (at an entry level position) making around $50,000 a year. But, how much money will that Business Analyst be making in five years? How about in twenty?

The list below shows ten varying Business Analyst positions (from an entry level position to Business Development Director) with corresponding salaries for each position. This way you can see how much money you could be making each step of the way.

1. Entry Level Business Systems Analyst

This is where your journey begins, at entry level. This starting position generally requires an Associate’s degree and 0-2 years of experience in the field.

You should hold knowledge of general business systems concepts, procedures, and the technology that helps those procedures function. Be able to check, assess, and gauge specific business systems and how they affect the company and the users.

At this stage an Entry Level Business Systems Analyst typically answers to a manager and doesn’t make a lot of completely independent decisions.

In the United States, the median expected annual salary is $56,043. Not a bad starting salary, right?

2. Intermediate Level Business Systems Analyst

Okay, you’ve been at your entry level position for 2-4 years now. Should you be making more money? The answer is yes.

By now you should have gained knowledge on business system concepts, database concepts, and you should still be fluent in handling business systems and user needs.

You should be able to step back, define the extent of a project, assess its objectives, and formulate your own projects and systems to help your company reach that specific objective.

You have now gained some experience and judgment, and you have a little more freedom to be creative, but you still report to a higher up.

The median expected annual salary is $71,865 for an Intermediate Level Business Systems Analyst.

3. Senior Business Systems Analyst

That bachelor’s degree is mighty crucial. Make sure you have one. You need 4-6 years of experience with business systems at this point, too.

Be able to check, assess, and gauge specific business systems and solutions and how they affect the company and the users. You must be extremely proficient at this to attain the Senior Business Systems Analyst position.

At this point, the big difference is that you may lead, direct, and be in charge of other employees.

You need to be extremely personable, an excellent communicator, possess creative skills, and be okay with the responsibility of being in charge of others. Be able to run your own business systems projects from start to finish.

The median expected annual salary for a typical Senior Business Systems Analyst in the United States is $86,635.

This is less that the Senior Business Analyst makes annually, so why not keep moving up?

4. Expert Business Systems Analyst

This position requires a Bachelor’s degree in a specific area and 6-8 years of experience in the field (that’s a lot). You’re going to have to put the time and dedication in to reach this position.

You must define the scope of entire projects, figure out the objectives, implement a successful plan, organize and educate everyone involved (from other project managers to the clients), and show successful statistics and results. Basically, you’re now in charge of everything, but you still report to the head of your department.

You’re responsible for yourself, but also responsible for the successful implementation of the business solution and project you have proposed. That means you’re responsible for keeping everyone else on task and on time.

There’s no one else to blame if the business solution and project you’ve been working on fails. Even if someone messes up their specific job, it’s your responsibility to ensure that they fix it, or don’t mess up in the first place.

The median expected annual salary for an Expert Business Systems Analyst is $100,312.

The Business Systems Analyst has now surpassed the Senior Business Data Analyst in annual salary.

5. Business Systems Analyst- Consultant

A Bachelor’s degree and 8-10 years of experience as a Business Analyst will land you here.

By now you should be more than proficient in: checking, assessing, and gauging specific business systems and solutions and how they affect the company and the users.

You should also be an expert on Business Analyst procedures, processes, research methods, business systems, statistical analysis, and all of the steps involved in forming business solutions and implementing them to from start to finish.

Your expertise in the Business Analyst realm should have equipped you with the necessary skills to provide consultation on massive projects.

You’re considered the top level veteran and specialist at this point. All the questions will be directed to you.

A Business Systems Analyst- Consultant has a median expected annual salary of $113,202.

6. Entry Level Business Data Analyst

This position usually requires a Bachelor’s degree and 0-2 years of experience in this specific field.

Here you will be given results from various projects and business systems, and you must take the results (the numbers and data) and analyze them. Then you must design successful business solutions while working directly with clients and different project leaders.

Your jobs will range from statistical analysis to data dredging and pattern mining.

This position still operates under immediate supervision and a supervisor.

The median expected annual salary is $54,272, which is a tiny bit less than the Entry Level Business Systems Analyst.

7. Intermediate Level Business Data Analyst

This intermediate level position still requires a Bachelor’s degree, but also 2-4 years of experience.

You will still be using numbers, statistical analysis, data mining, and a whole range of data analysis related skills to help you form successful business solutions.

By now you must be very familiar with the standard procedures, methods, and approaches required to be successful within this data specific field.

You’re beginning to move up the latter, one step at a time, but you still aren’t the boss yet. You will still have a manager or supervisor to report to. You’re not on your own yet, pal.

An intermediate level Business Data Analyst’s median expected annual salary is $70,123. Congratulations, you just broke $70,000 dollars a year!

You might notice this is still less than the Intermediate level Business Systems Analyst position makes.

8. Senior Business Data Analyst

You know what’s coming. You still need that Bachelor’s degree to reach this point. But, you also now need 4-6 years of experience in the data analysis field.

Here you will be performing all of the same tasks as before (data analysis, creation of business solutions, working directly with clients and business leaders) but, you’re now responsible for training and assisting junior and entry level data analysts.

You have extensive experience and knowledge now, meaning you have more freedom to make independent decisions. You still answer to the head of a department, however.

The median expected annual salary for a Senior Business Data Analyst is $87,713. That’s enough to live quite comfortably, I’d say.

9. Business Process Consultant

This position may require an advanced degree such as a Masters, and typically requires at least 6 years of direct experience in this field.

You must research and analyze complex business systems problems. Then you must vocalize recommendations on how to improve business system processes and solutions to increase the company’s efficiency.

You’re now constantly simulating and analyzing processes and how to improve them. You make all of the system processes run more smoothly, quickly, consistently, and with better final results.

Constantly communicating to all levels of employees, from project managers to clients to other Business Process Consultants is key here.

You now only report to the highest management in the company, and consult for them on a daily basis.

The median expected annual salary for a typical Business Process Consultant is $106,234.

Sticking with a career as a Business Analyst can be quite fruitful and enriching.

10. Business Development Director

Short of owning your own company, this is one of the top positions a Business Analyst can achieve. You better have a Bachelor’s degree and no less than 6 years of direct experience in the field if you hope to attain this position.

A Business Development Director builds, directs, controls, maintains, and betters all methods, practices, and goals for a business development department. This position also comes with the additional role of finding solid business partners and working out mutual agreements between the company and those partners to better benefit both parties.

You must be able to do everything that a Business Process Consultant and Expert Business Systems Analyst would be capable of. This job is all encompassing, but financially rewarding.

The median expected annual salary for a typical Business Development Director is $170,307.

Is Business Analyst in High Demand?

As businesses grow and technology becomes more advanced, the demand for business analysts will grow as well. In fact, the Bureau of Labor Statistics (BLS) projects jobs in this field to increase by 21 percent by 2024. This is three times the national average for all occupations. Needless to say, the future is bright for aspiring business analysts!  

Job security isn’t the only reason to consider a career in this booming profession. The BLS also reports the median annual salary for business analysts in 2016 was $87,220, with the highest ten percent earning more than $137,690. This puts the profession well above the national average of $37,040. With exciting earning potential and steady growth, this field is not to be overlooked.

What Are The 3 Most Important Skills of a Business Analyst?

The role of a business analyst is to analyze a business/organization and then document its various operations and processes, to assess the business model and how it integrates with technology. The job of a business analyst is to guide a business to improve its operations and processes, products, services as well as software through data analysis. 

The technical skills for a business analyst are also known to be a bridge between a company’s business problems and technological solutions for a business. The term ‘business problems’ can mean anything about business systems which may include models, processes and methods. 

Technological solutions can be making use of technological architecture, software applications and tools. This finally entails using technological entities to solve business problems.

Let’s come to the point and take a look at the top 3 business analyst skills that are in demand.

1. Competent Verbal Communication

Communication as a skill is needed in any high-functioning job profile. However, since the job of an analyst is to analyze data, the results have to be communicated to the people in higher authority. Out of all skills required for business analysts, communication holds the biggest ground. 

One should be capable of making the agenda known with extreme clarity. Also, being able to ask insightful questions is required so that the right kind of information is achieved from stakeholders. For example, if your stakeholder does not work in a technical profile, you need to ask the questions in simple and plain language.

2. Good Listening Skills

Listening skills are one of the key cornerstones of becoming a good business analyst. A good business analyst listens to and absorbs information. This helps the analyst to analyze the information thoroughly so that they can specify the requirements. 

Also, it’s important that the listener not only understands what is being said but also the context behind it, such as the objective, the main motivation and the circumstances for which it is being said. The business analyst should ideally observe the voice, the tone and the body language of the speaker to understand the message clearly.

3. Documenting and Writing Reports

This is a good example of technical skills required for business analysts. It involves writing reports, plans, documentation and various types of analysis details. The responsibility of a business analyst will require one to write on a wide array of topics.

One of the main keys to writing reports effectively is to understand the instances where the language has to be technical and where it needs to be in plain easy English.

In brief, this skill is a combination of writing skills and the ability to understand the communication parameters such as the target readers and the message you are trying to convey. Written communication is one of the important skills required for business analyst. 

How do I Become a Business Analyst With no Experience?

Here is how you can break into the career – even with no experience:

1. Get a Bachelor’s Degree – It doesn’t really matter in what area your degree is (although some areas lend themselves better to the business analyst role than others). Degrees such as Business Administration, Computer Science, Economics, Information Systems, are great for a business analysts career -but almost any bachelor’s degree will do.
2. Gain /Create Work Experience – If you have never worked as a business analyst then it’s challenging. However, you can create your own form of work experience by creating case studies. Find a business problem and solve it. It could be something you personally experience or something you know about. By creating case studies, you demonstrate how you, as the business analyst, are skilled in using business analysis tools and techniques to solve business problems. You create the documentation as a sample of your work and use that as a form of work experience in your interviews.
3. Prepare for the job search – This means that you update your resume, update your LinkedIn profile and network with people in the business analysis space. Then start your job search!

What Country is Best For Business Analyst Jobs?

Although established countries like the United States are flooded with business professionals seeking employment, smaller nations can provide even better opportunities to ambitious analysts. Business is becoming increasingly globalized, which means the best career opportunities can often be found overseas.

United States

Once known around the world as the land of opportunity, the United States continues to attract thousands of immigrants every year. And despite increasing living expenses, it’s still a wealthy nation where the hardworking can do quite well for themselves.

The average base salary for business analysts in the United States is $78,801. This is in addition to an average $4,000 in annual cash bonuses. However, this average varies from one state to another.

The cost of living between states also varies greatly. To get the most out of your paycheck, you might want to find a city with lots of businesses and job opportunities combined with a below-average cost of living.

Canada

Famous for beautiful scenery, ice hockey, and maple syrup, Canada has a thriving business economy similar to that of the United States. It’s also known for having excellent healthcare and social services, although this comes with the trade-off of slightly higher taxes. Most notably, Canada has a fairly cold climate, which can be off-putting to someone used to a southern environment.

The average base salary for a business analyst in Canada is $68,726 USD. For context, Canada is also known to have a slightly higher cost of living compared to the United States. For most people, moving to Canada to pursue a career in business analysis might not be the best idea.

United Kingdom

The United Kingdom is comprised of the historic countries of England, Wales, and Scotland, as well as Northern Ireland. It’s as old as Western civilization itself, with a rich history and vibrant cultural scenes. In spite of its age, the UK is highly influential in the world of business and politics, and London is known around the world as a major center for finance and culture.

Although the United Kingdom isn’t the most attractive country in the world for startups, it’s still home to many large companies. A business analyst can expect to earn £42,666 per year on average, or $59,126.33. Although this is less than you can expect to earn in the United States, the average cost of living in the UK is slightly lower than in the US.

Ireland

A neighboring country to the United Kingdom, Ireland is famous as a tax haven. It’s become a sort of second home for many major tech companies, including Apple and Google. Ireland is also home to a rich and vibrant culture, with many families around the world tracing their ancestry back to the country.

With a significant emphasis on technology, it shouldn’t be hard for a business intelligence analyst to find work in Ireland. Analysts earn on average €55,457 per year, or $66,115. Unlike the United Kingdom, however, living expenses are somewhat higher in Ireland than in the US. Still, if you love the culture and vibrant business landscape, it might be worth it to you.

Denmark

Although Denmark might not be the first country that comes to mind, Inc.com rates it as the number-one country in the world for business. And wherever international companies tend to go, business analyst skills are bound to be in high demand.

The average salary for business analysts in Denmark is 474,794 kr, or $55,620.65. However, when you consider that the cost of living in Denmark is 26.44% higher than in the United States, this sum doesn’t seem especially generous.

If you love beautiful European cities and are willing to make some sacrifices, Denmark can be a good place to find work as a business analyst.

Australia

Australia is a unique country, with a handful of mega-cities surrounded by a dry and dangerous wilderness. Upon visiting Brisbane or Melbourne, it would be hard to believe that 40% of the country is uninhabitable.

The country is still incredibly beautiful, from its tropical beaches to the expansive outback. It’s also the home of many thriving businesses and entrepreneurs. As a business analyst in Australia, you should expect to earn around $102,788 per year.

New Zealand

As a small country with an even smaller population, it might surprise you to learn that New Zealand is one of the most business-friendly nations in the world. With a small, forward-thinking government and exceptional social services, New Zealand is a popular destination for young expats from countries like the US and UK.

As a business analyst in New Zealand, you should earn an average of NZ$59,229, or $42,522.57 USD. Unfortunately, this doesn’t line up very well with the country’s high cost of living. You might want to start your career in a higher-paying area, then hunt for a more competitive job offer in New Zealand if moving there is your goal.

Singapore

It might not be obvious at first glance, but Singapore is another country that’s very business-friendly and technologically-advanced. Many companies exist in Singapore simply to provide technical and clerical services for businesses around the world.

The average salary for business analysts in Singapore is $70,000. Although this is lower than the average salary in the United States, it’s not bad compared to the other countries on this list. And although the cost of living in Singapore isn’t low, it’s comparable to living in a large American city.

India

Famous for meditation, yoga, and Hinduism, India has become a formidable financial powerhouse in the global economy. Like Singapore, hundreds of businesses in India provide services outsourced from other companies around the world. Like most of the countries on this list, businesses in India often place a strong emphasis on technology.

The average base pay for a business analyst in India is ₹655,000 per year, or $8,950.42. Given this rather low sum, it’s not surprising that India has a very low cost of living compared to the other countries we’ve mentioned.

China

China may be a controversial nation, but there’s no questioning its success when it comes to business. China is home to some of the world’s largest businesses, and its GDP is increasing each passing year. If you receive a rare opportunity to work for a Chinese company, you could find yourself with a very satisfying career.

The average salary for business analysts in China is ¥36,900, or $5679.72. However, salaries vary widely depending on your skills, experience, location, and even gender. It might not be the ideal place for an entry-level business analyst to start out.

No discussion of Chinese jobs and businesses would be complete without mentioning Hong Kong. Although it’s a territory of China, Hong Kong has its own economy and ways of doing business. Business analyst jobs in Hong Kong pay around HK$280,000, or $36,102.06.

What is a Career in Business Analytics?

In a business landscape ruled by big data, organizations that do not analyze their gathered data risk falling behind their competition and even completely disappearing.

Developments in information technology have further accentuated the need for creating various tools and methods to organize and understand the vast amounts of data a company is exposed to.

But the development of useful practices is not enough. Not even the best methodologies have any value unless there is someone able to work with them.

For all of these tools and algorithms to find practical use, the market needs (and demands) individuals who are able to implement them in the corporate environment, transforming the inputs of raw data into conclusions that empower fast and rational decision-making, increased efficiency, and maximized profits.

Finally, business analytics is not only rewarding for companies; it also provides a great chance for professional development for the analysts. It is dynamic and exciting, especially in a market where the supply has still not even closely matched the growing demand, making it an excellent choice for career-changers seeking a new role.

What Are Examples of Business Analytics?

From manual effort to machines, there has been no looking back for humans. In came the digital age and out went the last iota of doubt anyone had regarding the future of mankind. Business Analytics, Machine Learning, AI, Deep Learning, Robotics, and Cloud have revolutionized the way we look, absorb, and process information.

While there are still ongoing developments happening in several of these advanced fields, business analytics has gained the status of being all-pervasive across functions and domains. There is no aspect of our lives untouched by Analytics. The mammoth wings of analytics are determining how we buy our toothpaste to how we choose dating partners to how we lead our lives.

Business Analytics is used in almost every industry today. Some of the real-world examples of business analytics are developing marketing strategies, increasing sales, improving financial efficiency, streamlining processes, increasing productivity, and using predictive analytics.

Does Business Analytics Require Coding?

Business Analyst is a role employed in the IT industry and works with the customers as well as the software development team. This has led to a common perception that business analysts need programming skills. Non-IT professionals assume that it’s extremely difficult to become a business analyst. However, that’s really far from the truth.

Business analysts do deal with IT professionals and IT processes. But they are not involved in coding/programming, that’s the job of programmers. Business Analysts deal with requirements understanding, development and management and functional testing. These responsibilities don’t involve any programming skills.

What Job Can I Get With Business Analytics?

1. Data Scientist, With An Emphasis On Computer Science

Some people who enter the field of analytics are particularly interested in the technical side of the job. These data scientists work closely with databases and coding, high-performance computing and parallel processing, and machine learning. Such tools make it possible to process data (manipulate it with computers) and organize data (classify data sets); machine learning is used to create predictions that can be leveraged for business purposes.

Data scientists also use a variety of tools for data visualization. The ability to present hard data and analysis in the form of charts and tables (i.e., in a way that everyone can understand it!) is especially important in the business world. Skilled data scientists are also continually striving to keep current on new and emerging tools that can help them do their job better, like Python, Spark, Scala, and Julia, to name just a few.  

Many people who go on to get an MS in Business Analytics and are interested in this part of the field have backgrounds in engineering, mathematics, or accounting. They enjoy combing through data and using statistical tools to uncover patterns.

2. Data Scientist, With An Emphasis On Analysis

Not all data scientists are created equal. Some people who enter the field have a greater interest in analysis and modeling than they do in computer science. Compared with the previous type of data scientist (which is heavy on computer science), this path focuses more on math and statistics. With excellent knowledge of statistics and coding skills, these data scientists build complicated models and simulations in a big data environment.

Bentley students who are excited by this career path may be interested in any of these data science electives:

• Web-Based Application Development
• Data Management Architectures
• Business Intelligence Methods & Technologies
• Object-Oriented Application Development

3. Quantitative Analyst/Modeler

“Quants,” as they are sometimes called, typically work in the financial industry and use data and data modeling to help manage risk. They often use data models to support investment decisions, which leads to more reliable and consistent results.

People who choose this track typically have backgrounds in mathematics, science, computer science, or engineering. Here, employers are looking less for people with traditional business analytic skills and more for those with an aptitude for scientific thinking. The ability to work with mathematical models is more valuable simply because it offers more concrete results—and avoids the risks associated with human reasoning.

Bentley students who are interested in this area of business analytics might choose to take any of the following electives:

• Investments
• Fixed Income Valuation & Strategies
• Equity Valuation
• Derivatives

4. Data Business Analyst

While data scientists are primarily concerned with generating actionable information in the form of data, a data business analyst uses that information to generate insights about the business.

This career path appeals to people who are seeking a blend of business-related tasks and data analysis. Inquisitiveness and the ability to see the big picture are typical characteristics among people in this field. A data business analyst is knowledgeable about the technical components related to managing and manipulating data but is also active in utilizing data to solve a company’s problems.

A data business analyst might be able to discern relationships among certain variables or identify potentially meaningful patterns within data. Observations such as these could provide a better understanding of business conditions or point to future actions that would benefit the company.

Like a quantitative analyst, a data business analyst is likely to work closely with business VPs and senior managers to provide decision support in the form of predictions and optimizations, and their discoveries could impact almost any area of a company, from product development and customer service to internal operations and marketing.

5. Business Analyst Manager Or Consultant

If being a leader suits you, you may be interested in becoming a manager or a consultant in the field of business analytics.

People in these roles have a good grasp of the technical tools and methods that make up the foundation of data analytics, but they do not deal with these aspects regularly. Instead, they direct business efforts related to data gathering and processing, generate big-picture insights together with their data team, and work with leaders in other areas of the company to implement these data-driven changes.

In this case, business skills such as communication, leadership, and strategic thinking are important. Managers play a major role in moving their organizations forward by addressing difficult business challenges, exposing new opportunities, and driving future change.

Bentley students who are interested in management usually elect to take classes in:

• Negotiating
• Leading Change
• Leading Effective Work Teams
• Leading Responsibly  

What is Business Analytics Model?

Simply put, a business analysis model outlines the steps a business takes to complete a specific process, such as ordering a product or onboarding a new hire. Process modeling (or mapping) is key to improving process efficiency, training, and even complying with industry regulations.

Because there are many different kinds of processes, organizations, and functions within a business, BAs employ a variety of visual models to map and analyze data.

Take a look at these nine essential business analysis models to include in your toolbox.

1. Activity diagrams

An activity diagram is a type of UML behavioral diagram that describes what needs to happen in a system. They are particularly useful for communicating process and procedure to stakeholders from both the business and development teams.

A BA might use a UML diagram tool like Lucidchart to create an activity diagram to map the process of logging in to a website or completing a transaction like withdrawing or depositing money.

2. Feature mind maps

Business diagrams aren’t just for late-stage analysis or documentation. They are also useful during a project’s initial brainstorming phase. Feature mind maps help BAs organize the sometimes messy brainstorm process so that ideas, concerns, and requests are clearly captured and categorized.

This visual ensures initial details and ideas don’t fall through the cracks so you can make informed decisions about project direction, goals, and scope down the line.

3. Product roadmaps

A product (or feature) roadmap outlines the development and launches of a product and its features. They are a focused analysis of a product’s evolution, which helps developers and other stakeholders focus on initiatives that add direct value to the user.

The beauty of product roadmaps lies in their flexibility and range of applications. BAs can create different product roadmaps to illustrate different information, including:

• Maintenance and bug fixes
• Feature releases
• High-level strategic product goals

While product roadmaps are commonly used internally by development teams, they are also useful resources for other groups like sales.

A defined product outline and schedule helps sales stay on the same page as the developers so they can deliver accurate, updated information to their prospects and clients. Because of their versatility and broad applications across teams and organizations, product roadmaps are a core part of an analyst’s toolbox.

In Lucidchart, you can link data to and set conditional formatting within your product roadmap to quickly monitor your progress. Check out the template below!

4. Organizational charts

An organizational chart outlines the hierarchy of a business or one of its departments or teams. They are especially helpful reference charts for employees to quickly understand how the company is organized and identify key stakeholders and points of contact for projects or queries.

Additionally, organizational charts prove useful for stakeholder analysis and modeling new groupings and teams following organizational shifts.

5. SWOT analysis

The SWOT analysis is a fundamental tool in a BA’s arsenal. SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis evaluates a business’s strengths and weaknesses and identifies any opportunities or threats to that business.

SWOT analysis helps stakeholders make strategic decisions regarding their business. The goal is to capitalize on strengths and opportunities while reducing the impact of internal or external threats and weaknesses.

From a visual modeling perspective, SWOT analysis is fairly straightforward. A typical model will have four boxes or quadrants—one for each category—with bulleted lists outlining the respective results.

What Are The Benefits of Business Analytics?

In just a few years, the implementation of data analytics has skyrocketed. Big data adoption jumped from 17% in 2015 to 59% in 2018, a whopping 42% increase. Nevertheless, a recent survey also found that many businesses are not tapping into the data they already have at their disposal.

Between 60% and 73% percent of all data within an enterprise goes unused for analytics. It’s a startling number when you think about the potential benefits to small businesses.  

Here are just a few:  

• Keeping you on budget. If you’re like most small companies, your marketing budget is tight. Using business analytics helps you maximize every dollar by helping you get to know your customers better, anticipate their ever-changing needs, get an edge on the competition, and bring innovative ideas and products to the marketplace.  
• Better decision making. Not sure how to use your marketing budget? Or which keywords are most effective? What about predicting your biggest sellers over the holiday season? Business analytics uses data to inform decisions and improve accuracy, efficiency and response time. 
• The ability to measure accomplishments against overall goals. Business analytics gives you a clearer image of goals and objectives. By using data visualization, businesses can track their current and past performance against key performance indicators (KPIs), goals and objectives. 
• Staying in the know. Business owners and marketers can use analytics to track trends, customer behavior and market shifts. This data will allow you to keep on top of things and make changes dynamically when and if supporting data indicates it’s time. 
• Building efficiency. Nowadays, the speed at which businesses can garner data is lightning fast. Thanks to business analytics, you can identify any breakdown in process or performance in almost real-time, saving time, money and resources. 

Who Gets Paid More, Business Analyst or Data Analyst?

Although business analysts and data analysts have much in common, they differ in four main ways.

1. Overall responsibilities. Business analysts provide the functional specifications that inform IT system design. Data analysts extract meaning from the data those systems produce and collect. Data scientists can often automate the business analyst’s tasks and may be able to provide some of the business insights as well.
2. Salary. Data analysts earn an average salary of $70,246, according to Indeed.com. Business analysts earn a slightly higher average annual salary of $75,575. Business analysts tend to make more, but professionals in both positions are poised to transition to the role of “data scientist” and earn a data science salary—$113,436 on average.
3. Skillsets. Business analysts require data science knowledge as well as skills related to communication, analytical thinking, negotiation, and management. Data analysts require similar skills with a more in-depth focus on technical data manipulation.
4. User interaction. As project facilitators and managers, business analysts often have more direct interaction with systems users, customers, system developers, and others than data analysts do. That’s because business analysts may frequently interview people to learn more about how technology can be improved to help business processes. They work collaboratively with others throughout the duration of a single project. Although data analysts may consult initially with internal subject matter experts to identify important data sets, the bulk of their work is done independently.   

What Skills Does a Business Analyst Need?

A Business Analyst is a person who analyzes the operation of a department or functional unit to develop a general systems solution to the problem. They generally don’t breathe fire, or patch flat tires, except on the weekends.

Below we’ve compiled a list of 10 necessary skills that every business analyst should possess. We broke the 10 skills up into two separate categories: Technical Skills and Personal Skills.

Technical Skills

1. Technology
2. Research
3. Data Review/Statistical Analysis
4. Financial Planning
5. Documentation/Organization

Personal Skills

6. Problem Solving
7. Decision Making
8. Managerial Skills
9. Communication
10. Negotiation

Is SQL Required For Business Analyst?

Nowadays many recruiters mention SQL as an IT skillset for a business analyst. Why would they do that? There are many reasons why a business analyst should know SQL and how it is helpful.

Gone are the days when many thought that SQL knowledge is a ‘desirable’ skill for a business analyst to have. But now the business analysts are ‘required’ to have basic SQL knowledge (at least a few basic commands) to work on their daily tasks.

Companies around the world rely on their databases to keep their businesses running smoothly and efficiently. For some companies, if their database goes down, then their whole business stops. Did you know that the only way you can talk to these databases is through SQL?

Most of the applications which are developed these days use RDBMS like Microsoft SQL Server. MySQL, Oracle RDB, PostgreSQL etc. Having  knowledge of SQL will help to do some basic tasks like creating a DB table, dropping or deleting it, creating and modifying the query to get the data out of DB tables, etc

As a business analyst, you may need to work on ER diagrams which consist of all the information on the entities and relationships of the data and its flow. It will be very helpful for you to read and understand these documents when you know SQL basics.

You can get the data you want by writing a simple query without asking for any external help especially during the application testing.

Just to answer the question – Should business analyst know SQL ?

Here is a summarized answer – a business analyst doesn’t need to get trained on database administration. All he can do is to learn some simple functions to work with SQL which will help you do better in your data driven projects.

What is Business Analytics Course?

Business analytics courses help teach students statistical skills and tools, programming languages and other various skills. These courses help prepare students for real-world applications in their current or desired role.

STEM covers Science, Technology, Engineering and Mathematics. There are two main types of business analytics degrees, an M.S. in Business Analytics and M.A. in business analytics. Both of these degrees are typically considered STEM degrees by universities.

Admissions requirements for business analytics degrees depend on the university you’d like to attend. Some universities may require the GMAT/GRE, while others allow GRE waivers. Some universities may not require any standardized testing as part of the application process. It is important to check with the university’s admissions office to learn about requirements.

Importance of Business Analytics

In today’s business environment, every organization is looking for a way to make their decision making more efficient and business analytics gives them that advantage. What makes business analytics standout is the fact that it can be applied in several areas.

• Organizations employ Business analytics so they can make data-driven decisions. Business analytics gives business an excellent overview and insight on how companies can become more efficient, and these insights will enable such business optimize and automate their processes. It is no surprise that data-driven companies, and also make use of business analytics usually outperform their contemporaries. The reason for this is that the insights gained via business analytics enable them to; understand why specific results are achieved, explore more effective business processes, and even predict the likelihood of certain results.
• Business analytics also offers adequate support and coverage for businesses who are looking to make the right proactive decisions. Business analytics also allows organizations to automate their entire decision-making process, so as to deliver real-time responses when needed.
• One of the apparent importance of business analytics is the fact that it helps to gain essential business insights. It does this by presenting the right data to work it. This goes a long way in making decision making more efficient, but also easy.
• Efficiency is one area of business analytics helps any organization to achieve immediately. Since its inception, business analytics have played a key role in helping business improve their efficiency. Business analytics collates a considerable volume of data in a timely manner, and also in a way that it can easily be analyzed. This allows businesses to make the right decisions faster.
• Business analytics help organizations to reduce risks. By helping them make the right decisions based on available data such as customer preferences, trends, and so on, it can help businesses to curtail short and long-term risk.

There is no denying it that business analytics have come to change the dynamics of businesses and how they operate. Its importance cannot be overestimated, and with more and more companies relying on it for their decision-making process, it is something your business should consider incorporating if it hasn’t done so already.

Why Study Business Analytics

Due to the rising interest in business analytics in the tech sector, more and more business schools have begun to offer a master’s in business analytics. This rise has largely been driven by American universities and schools, which explains why the majority of institutions in the QS Business Analytics Rankings are from the US.

To comply with the requisite skill sets, a business analytics course is mandatory. Here are the top four implementations after you have completed your business analytics course. To put it simply, here are top four things your business analytics course will teach you.

1. A business analytics course will teach you to quantify business values.

A business analytics course will help you dig deep into values and translate them effectively for business implementations. These values, when translated into quantifiable numbers, can help a business broaden its business proposition real-time.

Nothing is left to assumption with a data analyst at the desk. You become an asset in aiding your company in using data in favour of the company’s values.

2. You become adept at making informed and smart decision for your company.

The next thing that a business analytics course will teach you is to grasp the power of effective decision-making. The fast-paced and real-time analysis is essential for any business to thrive. Along with this, informed and careful decision-making is also a big asset for any company.

Once you know how to make the most optimum yet smart decision based on numbers, you can save time for your company. An informed decision can only be made through proper analytics. Use vital data to create new ideas and projections that will work for your business.

3. Business analytics course will help you gain detailed insight via data visualization.

Your analytics course will teach you how to make clearer trends from visual data. By studying visual data, you can predict better trends that are agile and faster. You can quickly make out what will work and what will not based on the recent market trends you see in the visual data. Charts and graphs become a cakewalk for you as you keep making informed decisions faster than ever.

4. You learn to take the responsibility of putting off your company ahead in the competition.

A business analytics course is also about maintaining the competitive edge while you study datau need to keep learning from your practical experiences.

Business Analytics Masters

There are definitely career benefits to earning a master’s in business analytics, but we’ll be entirely honest: it’s not for everyone. First, you’ll need to think about what you really want to do with the degree: Do you want to move up in your organization? Switch careers? Gain more visibility and influence in your job? This is an intensive degree, which means setting some driving goals for earning an MSBA will help you get the most out of your experience.

Second, you absolutely must be fascinated by data. Succeeding in a rigorous MSBA program like ours requires a relentless inquisitiveness and a passion for wielding data in a way that makes your organization more competitive.

Read Also: How to create a Business Plan

In general, business analytics master’s curricula focus on the use of advanced quantitative and analytical tools to make strategic business decisions. Students learn how to manipulate large datasets and how to apply that information to make data-backed judgements. Coursework incorporates machine learning, algorithms, probability and more.

Because business analysts must be able to translate their insights to their team or to managers, our MSBA program also covers leadership, corporate communication and data visualization to help our students hone both their analytical and persuasive skills. The best programs teach you how to turn raw data into strategy-leading stories.

“I learned how to accurately present my data and draw my manager’s attention to a certain takeaway,” said Andrew Kwiatkowski, a current student in Tepper’s online MSBA program and senior business specialist at EQT. “Knowing how to help deliver a message has been immensely helpful and I always get compliments on the visualizations or the graphics I create now.”

Finally

If you have a business that involves a huge amount of customer data and you feel you are unable to use this to increase profitability then business analytics is going to give you immense gains. Business analytics can help you unite all your data and help you understand what should be your next steps to increase sales and grow your customer base.