Business analytics is the processes and technologies organizations use to sort through and derive insights from the data they collect. Descriptive analytics focuses on using historical data to evaluate previous actions. Predictive analytics includes examining historical data to forecast future outcomes. Prescriptive analytics combines elements of descriptive and prescriptive analytics.
When you learn business analytics, you can develop data skills that many employers seek out. Organizations have an impressive amount of data available to them, and they need people who can collect and process it into useful information. As of 2021, the average salary for business analysts in the US is $68,346, according to Glassdoor. Opportunities within this field should continue to grow faster than average through the next few years, according to the Bureau of Labor Statistics.
In addition to a job as a business analyst, learning business analytics can lead to related jobs like quantitative analyst, market research analyst, and statistician. Organizations rely on data to evaluate and make decisions about the performance of employees, products, and campaigns. They tend to hire individuals with the skills needed to sort through all of the available data and present it to the decision-makers. Business analytics skills can also apply to other career areas. Project managers and marketers may use business analytics tools to monitor the effectiveness of their work and decide how to proceed with campaigns. Machine learning engineers and data architects develop programs to collect, process, and present data.
People best suited for roles in business analytics tend to be creative and critical thinkers who adapt well to change and can work in a fast-paced environment. They often pay close attention to detail and manage their time well so they can meet deadlines. Business analysts typically work with teams and have the ability to communicate and negotiate with others. Many business analysts also have a working knowledge of computer software programs and statistics.
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