Business Analytics is the act of collecting and processing historical business data to solve business problems by analyzing the data, patterns, and other quantitative methods.
Introduction to Business Analytics
Business Analytics helps organizations make decisions that benefit them by designing and describing solutions that can deliver their best interest. In addition, this field uses three types of analytics processes which includes; Descriptive analytics (What has happened in a business), Predictive analytics (what could happen), and prescriptive analytics (what should happen). This is to help develop a strategy for initiating and managing change in organizations.
Training type for Business Analysts
The training type in Business Analytics for Business Analysts could either be online or offline (Hybrid)
Average training duration for a Business Analyst?
A bachelor’s degree is required for data analyst roles, which normally take 3-4 years to finish.
What is the qualification required to become a Business Analyst?
The minimum qualification to become a Business Analyst is – bachelor’s degree / HND (Higher National Diploma)
Tertiary courses to become a Business Analyst
- Business Analytics
- Data Analytics
- Business Management
What is the common career path in Business Analytics?
A bachelor’s s degree is usually the first step to becoming an entry-level business analyst.
Nevertheless, there are no precise conditions about what you study in the career path of Business Analytics. However, having a background in finance, business, economics, marketing, or psychology may be useful.
Also, there is room for more career options to open up for you after you complete your MBA program in Business Analytics. For example, Data Scientists, Data Analysts, Business Analysts, Program Managers, Marketing Managers, Market Research Analysts, etc.
What are the professional grades in Business Analytics?
- Entry-level Business Analyst
- Mid-level Business Analyst
- Senior-level Business Analyst
- Enterprise Business Analyst
Average annual salary of each level in Business Analytics
The average salary in each professional stage of Business Analytics includes;
- Entry-level Business Analyst – $49,115
- Mid-level Business Analyst – $67,000
- Senior-level Business Analyst – $114,002
- Enterprise Business Analyst – $116,080
What is the Business Analyst’s work type?
Business Analyst’s work is hybrid. This set of professionals could either work online (remotely) or offline (in the office)
What is the work type shift for Business Analysts?
The work shift for Business Analysts is the typical 9 am to 5 pm work shift. However, this may vary if there are extra engagements or assignments.
Average daily hours spent at work by Business Analysts
Business Analysts spend on average 9 hours at work. However, this may vary if there is a deadline assignment or task.
What are the common occupational hazards in Business Analytics?
Like all other professional fields, Business Analyst has its common occupational hazards that must be taken note of by Business Analysts.
- Scope of work.
- Specifications.
- Changing requirements.
- Conflict with stakeholders.
- Undocumented processes.
- Changing requirements – This hazard may occur when a Business Analyst does not understand the business process in the new business project (for instance, the new rules).
- Scope of work – This simply means the inability of a Business Analyst to understand the scope and premises of the field or role.
- Conflict with stakeholders – This may happen when a team proposes a new approach relevant to the current business process.
- Undocumented processes – When a Business Analyst fails to document every process and step taken by the team for possible reference purposes.
Is there gender distribution in the Business Analysts field?
Is it only the females or males that should pursue a career in Business Analytics? The answer is – NO!
There is no gender distribution in the Business Analytics field. This field is occupied by both male and female professionals.
What are the suitable talents for Business Analysts?
- Thinker
- A good communicator
- A problem solver
- A critical thinker
- Inquisitive
- A visualizer
- Detail-oriented
What is the retirement age for Business Analysts?
Just like every other profession, the average retirement age for Business Analysts is between the age of 67 years – 70 years of age.
List of popular professionals in Business Analytics?
- Harut Poghosyan.
- Sunita Guyadeen.
- Erin Stewart.
- Manuel Jose.
These are the list of popular Business Analysts on the internet (according to Toptal.com)
How relevant is Business Analytics in other countries?
Business Analytics is one of the top relevant fields in the world when it comes to the advancement of technology and civilization.
Therefore, Business Analytics is a relevant field in all developing and developed countries.
What are the related fields in Business Analytics?
- Data Analysis
- Market Research
- Marketing
- Data Architect
Branches of Business Analytics
- Analytics
- Business intelligence
- Data Science
- Predictive Analytics
