An MBA in business analytics is one of the most applicable degree concentrations available today since it can be used in fields as varied as medicine, manufacturing, finance, retail, and so much more. Individuals who study business analytics receive thorough training in the general principles of business, which includes communication, project management, and people management as well as data analytics courses focused on using quantitative methods like data and statistical analysis to solve business-related problems1.
This combination of soft and hard skills is critical to ensure students can make a positive impact on future job environments and outcomes. Earning an MBA in business analytics is helpful for most business professionals whether working in the private or public sectors, for established companies, those that are growing or start-ups just getting off the ground.
Business analytics definition
Before we continue, it’s essential to understand the central tenets of a business analytics degree. Essentially, the definition of business analytics2 is the study of historical and incoming data, which is then used to make smarter, data-driven decisions for the organization. Data offers the opportunity to glean valuable insights from conscious and subconscious behavior and actions. For companies looking to create efficiencies and develop a more strategic growth plan, having a team that can collect and analyze this data while understanding its impact on the company’s bottom line is essential to their future success.
Trends in business analytics
An MBA in business analytics will provide you with a lot of key lessons in refining both hard and soft business skills. Data analytics courses combined with contemporary management, human resources, and leadership classes will prime you for a career in business analytics. While some of these trends will be offered as curriculum, others will require your curiosity and time spent in the field to gain more familiarity.
Here are some of the latest trends in business analytics that individuals interested in building expertise in the field should become familiar with3:
With more data collected by technology than ever before, it’s no surprise that this growing cache of information is ripe pickings for cybercriminals. New graduates of business analytics programs should be prepared with current knowledge of data security best practices so that they can lead teams to implement the correct safeguards and compliance measures.
Data quality management
As more data is produced, it becomes more challenging for data analysts to determine what information is valid and which is best left out of their modeling. Using incorrect or irrelevant data can lead to inaccurate insights that skew company strategy and profitability. Understanding how to measure and evaluate data for accuracy and utility is becoming a sought-after skill for business leaders.
As a professional working with business analytics it’s important not only to understand the information you glean from your work but to be able to share and communicate it to others. Apt data visualization skills can be the difference between persuading your colleagues and bosses to see your perspective or winning an account.
Jobs in business analytics
Many career paths are open to individuals who choose to pursue an MBA in business analytics as organizations across industries are eager for the insights their data can provide.
While the options for jobs in business analytics are extensive, many of them have similar characteristics and responsibilities4, such as:
- Data collection
- Analysis and examination of current data
- The creation of predictive analytics
- Visualization and reporting of data
- Presenting ideas and interpreting them for a variety of audiences
- Collaborating with users and stakeholders
- Creating new initiatives based on business goals
While not all of these skills are required in each career or position, a professional leading teams in data analysis should try to become well-versed in several of these aspects to produce meaningful outcomes at their job. Data analytics courses and master’s level business courses like business analytics, project management, financial technology, consumer behavior, risk management and operations can all be helpful to build up this foundation of knowledge.
Jobs in business analytics: roles and responsibilities
There are many career opportunities available to graduates of business analytics programs. With the amount of available data growing daily, businesses worldwide are searching for qualified professionals who can help them collect, analyze, and use this data to make smarter and more tailored business decisions.
Here are a few common jobs in business analytics 5,6:
Management analysts are experts at reviewing processes and taking in information to make a company run more efficiently. Often management analysts make recommendations specific to procedural improvements and personnel management. Presentation and communication skills are a must for these professionals.
IT business analyst
This role is perfect for someone who is adept at using technology and understanding organizational information systems as well as understanding the impact of those systems on a business’s performance.
Chief technology officer/information security analyst
As alluded to in the business analytics trends section of this blog- cybersecurity is now a critical aspect of any organization. Information security analysts should know the ins and outs of their company’s security systems and will lead teams in finding potential vulnerabilities and opportunities for improvement based on their findings.
Develop diverse skills through an MBA in business analytics
Taking business analytics courses as a part of your MBA degree is a great way to secure a more fulfilling and impactful career path. The specialization will give you skills and knowledge that can facilitate meaningful work in various industries and help increase your impact as a business leader.
- Retrieved on May 18, 2022, from techtarget.com/searchbusinessanalytics/definition/business-analytics-BA
- Retrieved on May 18, 2022, from oracle.com/business-analytics/what-is-business-analytics/
- Retrieved on May 18, 2022, from datapine.com/blog/business-intelligence-trends/
- Retrieved on May 18, 2022, from indeed.com/hire/c/info/what-does-a-business-analysts-do
- Retrieved on May 18, 2022, from www.bls.gov/ooh/business-and-financial/management-analysts.htm
- Retrieved on May18, 2022, from simplilearn.com/business-analyst-career-path-article