How to Become a Successful Business Data Analytics Specialist
Business data analytics specialists are responsible for taking large quantities of complex data and making sense of it all. However, the job of an analyst is more than just crunching numbers. An analyst converts data into critical information that can be visualized and summarized for management. A vital member of the team, they help leadership make sound decisions that impact relationships with consumers and stakeholders and achieve their goals as market needs change.
With a well-rounded education, students can learn how to use data in ways that pave the way for company success. If you have an affinity for exploring hidden truths that influence real-world decisions, a position in business data analytics may be for you. Here, we'll take a closer look into the role of a business data analytics specialist and what it takes to step into the field.
What Do Business Data Analytics Specialists Do?
Business analytics specialists and data analysts use the information to answer tough questions and help businesses solve some of their most pressing problems. They uncover trends, pinpoint patterns, and use those insights to create a roadmap that can help leaders make informed business decisions for the future. Backed by data, decision-makers can make business moves with confidence.
Just a few of the things business data analysts do on the job include:
- Gather, extract, and organize data to discover new opportunities and gain a competitive advantage while identifying inefficiencies that can be rectified
- Analyze marketing, supply chain, manufacturing, financial, and administrative data and reports
- Make data-driven recommendations for critical business success and process improvements
- Become experienced consumers of internal and external internet sources to find niche markets and gain insights that are often missed
Even though this field can be highly technical, strong communication skills are just as essential as strong analytical skills. Data analysts need to be able to effectively discuss problems, propose solutions, and explain how they came to those conclusions. From crafting bar graphs of easily digestible data to presenting complex concepts to colleagues who are unfamiliar with technical information, business data analytics specialists who can effectively communicate are preferable among many employers.
Education Requirements for Business Data Analysts
As the business landscape advances, the need for driven, well-educated data analytics specialists increases. While a bachelor's degree in a related field may be enough to get your foot in the door, a graduate-level degree is preferred for many top-level positions. An MBA in Data Analytics gives students the tools they need to effectively obtain key business insights and use them to their advantage within the scope of their company's strategic and operational goals.
The areas covered in a business analytics master's program may include:
- Corporate finance
- Legal issues in management
- Global business
- Managerial economics
MBA programs with coursework in ethical leadership, marketing management, and organizational behavior provide a solid foundation for students. Plus, courses in business intelligence and decision-making analytics help students learn how to apply their skills to real-world scenarios. Students learn how to structure meaningful queries, visualize key performance indicators, and effectively communicate their findings to decision-makers.
A Quick Career Look: Get the Facts
Graduates can take advantage of several career opportunities. Explore some of the common career paths for business data analytics specialists, along with the 2020 median salary from the Bureau of Labor Statistics:
Management Analyst: $87,660 per year
Management analysts specialize in operations. They advise managers on how to make organizations more efficient and profitable by making recommendations for new systems, practices, and other modifications.
Market Research Analyst: $65,810 per year
Market research analysts examine market conditions to make informed predictions about how products and services should sell. They help businesses identify market needs, target audiences, and ideal price points.
Operations Analyst: $86,200 per yearOperations research analysts use specialized research methods to help organizations solve complex issues and make informed decisions. From statistical analyses to simulations, these professionals examine the information and advise leadership on the best courses of action.
Financial Analyst: $83,660 per year
- Financial risk specialists
- Fund managers
- Investment analysts
- Portfolio managers
- Securities analysts
Budget Analyst: $78,970 per yearBudget analysts help companies plan their financial future. They monitor spending, craft budgets and financial reports, explain funding requests, estimate future financial needs, and more.
Earn Your MBA in Business Data Analytics at MVNU
At MVNU, you don't have to suspend your career to further your education — you can do both. Our online MBA programs give working adults the freedom and flexibility to learn while balancing a busy schedule. For more information, contact us today.
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