If a business wants to succeed in today’s digital world, it must study trends and act accordingly. From the smallest start-ups to the largest organisations, everyone depends on data to formulate better strategies to stay ahead of the competition. But in order to do this, the knowledge and skills of a qualified professional is required.
As you may already know, analytics involves using data to make better business decisions. An example can be a restaurant using certain statistics to determine which location will be the most lucrative for a new branch opening. The concept dates all the way back to the late 19th century, most notably used by Henry Ford.
The American industrialist made use of analytics by measuring the amount of time it took to manufacture each component on the assembly line in his factories. Thanks to modern innovations in computing power, business analytics has developed considerably since then, allowing increasingly complicated analysis to take place.
Many large organisations employ their own in-house analysts, while a growing number of business analytics companies are beginning to offer their services on a consulting basis. It should come as no surprise then, that more and more schools are beginning to offer master’s degrees in business analytics.
So, why would pursuing a qualification in this field be a smart career move? Read on to discover 7 reasons why you should study analytics.
A Growing Industry
What we refer to as big data is already pretty big, but it’s only getting bigger. One prediction by the EMC Digital Universe says that within the next year, 1.7 megabytes of data will be created every second for every human being on the planet. That equates to approximately 44 trillion gigabytes of data. Where does it come from?
Well, just about everywhere. Google’s search engine receives 1.2 trillion searches per year alone, while over a billion people are using Facebook to share hundreds of millions of images, videos and more. By 2020, over 6.1 billion people will be using smartphones, and that’s not even mentioning business, movies, music, gaming, banking and so forth.
There’s a vast amount of data out there, but companies don’t always know how to use it. Big data can lead to big rewards, provided organisations have the right people in place who know what to do with that data. Hence, the demand for competent analysts is greater than ever and will only continue to grow.
Education Opportunities
In the past, obtaining a master’s degree would require a serious dedication of time and money. Not only were tuition fees high, but you’d also have to find accommodation near the campus and deal with the subsequent obligations that come with being away from home. Today, this is no longer the case, especially in fields such as business analytics.
This is namely thanks to online universities, which allow you to obtain your degree entirely over the internet. Take this business analytics masters degree at Aston University as an example; not only is it completely online, but you’ll still benefit from being able to complete the course in just two years, as well as being able to choose when you start.
Variety of Fields
The need for data analysts is prevalent across countless industries. After obtaining your degree, it’s likely that you’ll have the opportunity to choose the specific sector that you’ll enjoy working in most. This can also include certain departments, such as marketing, sales, business intelligence, finance, data assurance, data quality and so much more.
Freelance Possibilities
Perhaps even better is that you don’t necessarily have to work for a specific company. As a business analyst, you can work independently from the comfort of your own home. This allows you to broaden your sources of income and develop a work-life balance that suits your needs.
It’s easily possible that you can start creating your own analytics business in your spare time, be it while you’re working or even while you’re still studying. In the latter case, if things don’t go as planned, you’ll still have a degree to fall back on, which brings us to our next reason.
Job Security
Of course, with such high demand for qualified data analysts, this is one career path where you won’t have to worry about job security. According to a recent report by The Science and Technology Committee, around 58,000 jobs will be created in business analytics and £216bn will be contributed to the economy by 2022.
Demand will continue to rise, while supply remains low, thus creating a stable platform for professionals in the industry. Another benefit here is that if the company you end up working for doesn’t suit your needs or pay high enough for your liking, chances are that there’s another company waiting to hire you and pay you more for your expertise.
Significance Among Top Organisations
While smaller businesses are less inclined to make the investment in serious analytics, data holds significant value among the world’s biggest companies. Fortune 500 listers and Silicon Valley’s residents rely on data to maintain their positions. As a qualified analyst, you’ll likely be able to experience the benefits of working for a top organisation.
What’s more is that business analysts are major decision-makers in the companies they work for. They serve as a vital part of policy creation and future strategies. This makes the career of an analyst a highly rewarding one. If you perform well, your company reaps the benefits and you can go home knowing that you’ve made a positive impact.
Salaries
High demand and limited supply means organisations are willing to pay top salaries for the best business analysts. According to careers website, Prospects, entry level analysts are paid between £24,000 and £25,000 per year. With a few years’ experience, salaries rise to £35,000, while high-level consulting jobs command salaries exceeding £60,000.
It’s clear that pursuing a career in business analytics is indeed a smart move. Your efforts in obtaining a relevant degree will quickly pay off, and it won’t be long after that you’ll start enjoying the benefits of a lucrative, rewarding and stable career in a thriving industry. There’s no better time than now to get started, so go for it.
