Business analytics, as a discipline, is fairly old and established as a feasible career option. The ongoing recession and a devastating pandemic pushed the world economy till the brink of collapse. Businesses and commercial institutes started to fear the prospects of new investments and growth in commerce halted indefinitely. The homestuck population was faced with enormous price hikes in the daily amenities. Thus the need for effective predictions emerged as an instinctive one. Our lives are completely or partially dependent on the internet, and thanks to the lockdowns the dependency is at an all time high. This entire process generates a lot of data, some of it freely available with the users consent. This data granted the power of predictions in the field of commerce. Right now, in this year of change, the pens already practicing the utilization of data are more likely to be ready for the newfound opportunities. The world economy is healing and the only way businesses can benefit from this is by extensive analysis of business data, Thus the importance of a business analyst is likely to increase. This article will discuss this phenomenon in detail. And try to answer why study business analytics is still a profitable proposition in 2022.
The promise is still real
Business analytics has changed the commercial world in ways we simply can not understand if evaluated superficially. Thus a deep dive into the modern implementations of business analytics is essential to understand the prospects of a career in the same.
Marketing a product is often the most essential, especially in the presence of worthy competition. These expensive ventures of marketing a product can go entirely wrong for small misassumptions. Thus utilization of business data like user’s feedback, purchase and financial information of potential buyers. And most importantly aspects like buying habits and shopping choices are taken into consideration. Thus today with the right kind of business analysis a company can reach the most relevant people with their products. People who might need the product and are willing to buy it.
- Increasing overall efficiency
A business analyst is expected to be a good manager, of course with statistical and data science skills. The presence of a data literate manager in the house means more utilization of daily internal data. This analytical approach towards internal processes is expected to increase the performance of an organization. This mutual data dependency is also seen to increase internal coordination as well.
- Predictions and prescriptions
Utilization of past business data is essential for planning a safer future. A business analyst is expected to analyze business data and figure out what to and what not to do. The analysis occurs in descriptive , predictive, and prescriptive stages, followed by communication of the prescription. This measured approach secures the safest course of action, and chances of very less risk or setback.
A business analyst after completion of training and achieving a satisfactory level of experience can indulge into market research. This indulgence can end up as a career in research or as an academician to university students or business schools.
Quick growth in career
A business analyst’s job is dynamic in nature, always changing in accordance with the changing markets. Thus it is not difficult to acquire a variety of experiences to show for while trying to reach a new zenith in career.
Lot of room for freelancing and diversification
Business analysts can be versatile and work in both the public and the private sectors. The utilization of data is key to a right and secure future. And the future demands more efficiency, right investments and bold moves. If an organization is to survive amidst the competition, a business analyst today is essential for them.
Work life balance is of the essence when it comes to a fulfilling professional experience. While pursuing a career of choice many tend to compromise on this front. But the life of a business analyst in our times is full of promises and not much room for compromises.