New innovations are being developed every day and companies are placing big bets on whether their products will be the future. Apples Vision Pro or Elon Musk's Neuralink are two examples of this today.
But what's common to virtually every major decision made in companies small and large – and across industries – is the reliance on business analysts.
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Business analytics involves identifying data trends and applying them to business decisions. And as more companies rely on this data for their largest ventures, business analysts are in high demand.
Related to Assets According to an analysis by online job board platforms LinkedIn and Indeed, there are thousands of business analyst positions open at companies small and large, across industries ranging from McDonald's to Lego to Amtrak and Harvard University.
With professionals on average expecting salaries approaching six figures, the career field is enticing for those interested in the intersection of technical skills and business acumen. In addition, they are increasingly important for a successful company.
“Every company needs business hours, I always think of business analysts as a Swiss army knife,” says Yao Morin, Chief Technology Officer at JLL. “And you have to be curious when it comes to solving all kinds of business problems in different industries, because you're needed everywhere.”
What does a business analyst do?
Although a job as a business analyst can sound tempting, this field revolves around one idea: problem solving.
On a day-to-day basis, a business analyst can read dashboards, interpret data, and transform data into narratives that fit a company's goals. Jan Ackerman, senior vice president of global recruiting at Oracle, adds that business analysts are effective communicators and data visualizers.
For example, business analysts in the recruiting department of an organization like the one Ackerman oversees may focus on how the company can make its recruiting services faster, smarter and more cost-effective.
However, it is also important to remember that in reality, the responsibilities of a business analyst can vary depending on the company and seniority.
For example, a junior analyst may initially just focus on identifying business needs that could benefit from analysis, and over time they may work more with the data itself.
“Believe it or not, analysis is the shortest part of it. The biggest part is finding the business problem, finding the value you can add, sourcing and sourcing the data, and understanding whether the data is correct and accurate for your needs,” says Devanshu Mehrotra, curriculum developer and Senior Instructor at General Assembly has a background in analytics.
Mehrotra adds that an individual's interaction with data is not just about “playing around with data until you find something cool,” but adding value to an organization is paramount.
Ackerman reinforces this by pointing out that the main goal of business analysts is, above all, to solve business problems.
Where do business analysts work?
To keep it simple, business analysts work everywhere, especially in large companies. And while there may not be an economic analyst with the same name, it's likely that there is Someone performs tasks as a business analyst Despite it.
Even the International Institute of Business Analysis admits that the exact role of these people in business analysis is difficult to determine. Those who perform business analyst duties might have titles such as business analyst, project manager, business systems analyst, product owner, or consultant.
In his Global State of Business Analysis Report 2023More than one in four business analysis professionals said they have a title that doesn't fit into one of these five areas.
How much do business analysts make?
According to this, business analysts will earn an estimated $93,482 in total salaries in 2024 glass door. But here too, the salary can vary depending on the company, location and level of experience.
Educational experience can also play a role, especially when it comes to raises and promotions. IIBA's report finds that 39% of business analysis professionals have a master's degree.
If an advanced degree in business analytics is for you, Assets has narrowed down the selection for you in our ranking Best Online Master in Business Analytics. If you're looking for something less intense, check out a Business analytics course or certification program can be an easy way to learn the basics or upskill with the most current skills.