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Did you know that around 50% of business owners relied on their ‘gut feeling’ to make critical decisions? While there is nothing wrong with following your instincts, it can prove to be risky. Thankfully, businesses are putting the days of intuitive decision-making far behind, and focusing on something more reliable- data.
Today, the world is ruled by data. From the next academic course you should apply for, to the upcoming movie you can watch on Netflix; everything little thing is derived from data. And, yes, the masterminds behind decoding tons of data are individuals proficient in business analytics. These experts analyze and dissect the raw data to identify patterns and trends and draw insightful conclusions.
In the past few years, the Global Data Analytics Market has witnessed continuous growth and is forecasted to continue this same path. In fact, The Global State of Enterprise Analytics, 2020 states that close to 65 percent of global enterprises are planning to increase their expenditure on business analytics. And, 94 percent reported that “data and analytics” are critical to business growth. These statistics have opened doors to promising career prospects for business analysts.
In the previous blog, we learned how business analytics works and why it is the talk of the business world.
Now, let us focus on the 7 reasons as to what makes business analytics a fantastic career choice for you.
Here are 7 reasons why you should consider pursuing a career in business analytics.
With the amount of data now available, businesses are relying on it more than ever to build their growth strategies. The insights from this raw data can help make a significant impact on the company and its future growth.
This means you can be a catalyst to provide and become a key contributor to the success of a business. Isn’t that what every professional wants; being detrimental to the growth of any organization? Well, a career in business analytics can give you that.
Considering that skilled business analysts are in high demand, your earning potential can be quite substantial. According to Glassdoor.com, the average salary for a Business Analyst is ₹7,00,000 in India and can be even more if you have the proper education combined with the required skill set.
For every year you work in this industry, your package will likely to increase by 20-35 percent at least. If you are starting, this is one of the highest-paid jobs across the world. So, if you are looking for a career that pays you extremely well, this is the way to go.
Many jobs these days have a fixed set of responsibilities. You need to walk in at 9 am, complete your tasks and leave in the evening. This kind of routine becomes mundane after a point. Fortunately, you wouldn’t face this situation when it comes to you working as a Business Analyst.
This is because the roles and responsibilities of that title can evolve depending on the nature of your profile. Some Business Analysts perform very technical tasks, while others are strictly working on the business side. There will be days when you do both. Business analytics is a dynamic career with each day offering new tasks and challenges.
By now, it is pretty evident that business and data analysts are not confined to one specific industry, but their contribution spans the entire industry verticals. Once you have the skills and expertise, you can choose to work in any domain you like. This includes finance, manufacturing, information technology, communications, logistics, retail, automobile, and others.
So, by pursuing a degree in business analytics, you can have the liberty to choose a domain of your liking and grow in it while making the difference that you intend to do.
It is not easy to outsource the roles and responsibilities of a business analyst. Businesses always need someone on site who knows how each sector of the company operates. And, since you will be this expert for businesses, you won’t have to worry about becoming redundant or being replaced.
Also, since business analysts are in such high demand, there will be a plethora of job opportunities out there for you. So, you wont be hard-pressed to find a job, regardless of your global location.
Primarily, your work will revolve around interpreting data and drawing meaningful insights. However, it won’t be limited to this, and you’ll get a chance to learn much more than that.
You will work with different departments in the company and understand how each puzzle piece fits together. Whether it is how the marketing team makes strategies to retain clients or how the HR department attracts new talent, as a business analyst, you will learn the ins and outs of running a business. Equipped with this knowledge of all departments can help you even run your company someday!
Looking at the statistics mentioned earlier, the demand for business analytics is nowhere close to dwindling. If anything, it is only going to magnify. Thanks to this, your skills will always be needed in every industry. By pursuing business analytics, you will stand the chance of being one of the most sought-after professionals in tech.
There you have it- top seven reasons to become a Business Analyst. Remember, this field is going to flourish. So the benefits of making a career in it are not limited to the ones mentioned above. By the time you complete your degree, you will have the opportunity to explore better markets and earn a handsome salary package. What matters is that you make the decision before it is too late.
Are you willing to lead a career which has the highest demand, pays well, and evolves continuously? If yes, it is about time you consider signing up for a PGDM in Business Analytics & Big Data which is rated as one of the best in the industry. To learn more about this masters program, go here.
Stay tuned with our blog section to learn more about new career opportunities, academic programs, tips, etc!