Amidst the ongoing trends and buzzwords in the market, Business Analytics has arrived as a valuable methodology for driving business insights and decision-making. It has evolved gradually with its application in the World War II era where it was used for data analysis in military operations, to its modern day avatar which is a medley of information technology, data and statistical analysis.
What is Business analytics?
Business Analytics is the science of collating, analysing and processing vast amounts of data through unique methodology and statistical models. Based on the analysis of data, it helps make predictions for future events, devise action-plan to drive ideal outcomes and interpret past events.
Why a master’s degree in Business analytics?
A master’s degree in Business analytics explores the concept of Business intelligence, offers in-depth knowledge of Data Analysis tools and helps train in performing predictive modelling. The degree is designed for professionals/students to understand complex data analysis for solving business-related issues and enhance profits. Here are some key factors as to why pursue a master’s degree in Business Analytics:
- Highly sought after by top-most MNC’s and specifically by IT companies
- Pay structure for Master’s degree holders in Business Analytics is high with roughly an average salary of $80,000
- As per US Bureau of Labour Statistic’s prediction, there would be a 20% rise in Business Analyst jobs by 2020
While a Master’s in Business Analytics is a great decision for career progression and higher pay scale, this degree also opens up avenues for some interesting career options:
- Business Analyst (Consultant/Manager)
The role of a business analyst is understanding the dynamic changes an organization undergoes, think strategically, streamline processes and perform systems analysis.
Right from preparing data visuals which offer valuable insights to database management, the role of a Business analyst involves helping business grow and prepare for future.
- Marketing Analyst
Pioneers in understanding the scope of a new product/service, Marketing Analysts play a crucial role in an organisation. Through a Master’s degree in Business Analytics, they can enhance their research to find promising market trends, understand the outcome of marketing programs and perform detailed analysis for finding potential markets.
- Data Scientist
The role of a data scientist is based on collating and processing data for producing keen insights and strategies to enhance the business’s productivity. A Master’s in Business Analytics is invaluable for a Data scientist as it helps them present their findings with visual representation and detailing.
- Operations Research Analyst
Their primary role is to improve the efficiency of processes and streamline workflows across departments.
Equipped with a Master’s degree in Business Analytics, prepare to embark on a promising career while dabbling with the latest technology and software.