This post explains what is business analytics and how to make careers in business analytics.
How many of you are really good in business analytics and excel skills and can analyse “any” huge data? You really enjoy working on analytical tools and come up with solutions that are useful for decision making?
I know majority of you would enjoy working in a field which is not only interesting but equally rewarding too. Companies like IBM, Accenture, and Deloitte are using business analytics tools and coming up with decisions that are useful and profitable. I will publish a detailed list of companies that are using analytics for decision making and thereby to increase market share and profitability. But,before that let’s see – what is business analytics all about.
What is Business Analytics and its usage
What Does Business Analytics Mean :
- Private banks are using data mining and analytics to compete successfully
- Credit Card companies use analytics to predict customer risk profile and identify profitable segments
- Insurance companies use analytics for risk estimation
This is just a representative list; the scope of analytics is much more than this. Big MNCs are optimistic about the data and business analytics.
“Data analytics is going to be the next big wave that will sweep across the world — and India is going to be right at the forefront of it”, says Manoj Singh, global managing director (operations) at Deloitte Touche Tohmatsu
Mid-sized analytics consulting companies focus on Retail Banking, Consumer Finance, Consumer packaged goods and Retail, Customer Relationship Management and Media.
Examples of Business Analytics
I ran a search on simplyhired.com on keyword “Business Analytics” and I got almost 250000 results. Interesting point is, these were the openings for fresher with “0” experience. Sounds good? But wait, though these openings were for freshers, they require certain skill set in data and business analytics.
Skills required to succeed in Business Analytics Career
Imagine, a huge data about customers’ demographics is given to you and your boss has asked you to come up with meaningful conclusions to design a product. If you are not curious about the data and the usage of it like why’s and how’s of it, you will not be able to provide the right solutions. So, inquisitiveness will help you work on huge data sets.
2. Interpretation skills
You are working on huge data and want to find out meaningful solutions which will help in decision making and designing a product or service. Experience and domain knowledge will help you in interpreting the results. You can form strategies, products based on your interpretation of the results.
3. Understanding tools and methods
Having knowledge of SAS and Excel is good. But, knowing how to apply thoughts, while analyzing the data (using SAS and Excel) is better! SAS and Excel are tools which every analyst needs. However, tools will not give you result unless you use your intelligence.
4. Detail Oriented
This skill is important as often while keeping the big picture in mind, people lose track of small details.
5. Quantitative Skills
Business analytics requires you to work with figures. You need to be comfortable with mathematical formulas. If you are scared of the word “Quant”, then this career is not for you.
To help you make a career in business analytics, we, in association with our training partner, aim to meet the growing demand for talent in the field of analytics by providing industry-relevant training and education to develop business-ready professionals.
I hope now you understood what is business analytics and how to make career in business analytics.