Specialists in Business Analytics, also known as Management Analytics examine a company and its customers, and recommend changes to improve its structure, efficiency, and profits. Business analysts determine an organization’s needs or objectives and then improve its ability to meet them, so that they can grow and provide greater customer satisfaction.
The core competencies of Business Analytic specialists are to help an organization solve problems by analyzing relevant data, reporting their findings, and recommending a course of action. With growth in complexities in the business, the challenges that Business Analysts face varies. By pursuing a career as a business analyst, you can help organizations remain competitive in today’s global marketplace.
What do they do?
A person who has specialised in Business Analytics performs research into their client’s customers.
They have a look at the needs of the customers, what background they are from, what they favor and what they don’t, and make suggestions and strategies for their clients on that basis.
As a simple example, let us take a market. Through their research, the analyst discovers that 90% of the customers like to eat South Indian Food. However, many customers complain that the idli and dosa mixtures are too far apart, or it takes them a long time to find the sambar powder.
Taking this feedback and information into account, the analyst may suggest that all the South Indian foodstuffs be moved closer to each other, placed near the entrance, or kept between other items, so that the customers also have a look at those items.
● Strong in common sense.
● Self motivated
● Must be strong in Mathematics, especially statistics.
● Must be able to spot trends.
● Must be good at critical thinking.
● Strong interpersonal skills
● Management skills
How do I get there?
You must first complete your BA degree, then complete an MBA course in Business Analytics. In addition, an experience of the industry in which a Business Analytic wants to work is an added advantage. Some of the common majors in Business Analytics are: business administration, accounting, economics, statistics, computer science and engineering.
However, there is no chalked out road-map to become a Business Analyst. You may develop various soft skills along the way like interpersonal, communication & organisational and pursue a degree in a related field and then gain experience in the industry you wish to work in.
Pros & Cons about this career
A healthy job outlook, with skills being applicable in many fields of work. A comfortable salary helps too.
Convincing clients to implement and helping them adapt to any changes you suggest can be a challenging task. The pressure of deadlines can also mean long work hours for you.