It is 2021, and the business analytics market is on fire as it continues to increase and disrupt the business environment. According to a Mordor Intelligence report, the business analytics market valued at USD 67.92 billion in 2020 and is predicted to reach USD 103.65 billion by 2026. Every day, thousands of terabytes of unstructured data are generated on the web through emails, surveys, social media, and websites, which will shape the future of hundreds of businesses. Today, data is an invaluable asset for organisations, and it is available at a spectacular volume. So how do organisations make use of this data? This is where business analytics steal the show.
Simply put, business analytics is the process of investigating historical data through different statistical methods and software to obtain new insights, identify trends, and enhance decision-making. The term commonly refers to technologies, practices, and skills needed to explore past data systematically. It is estimated that by 2025, there will be almost 150 trillion gigabytes of unstructured data. Organising, cleaning, and analysing such information is a significant function of business analytics. Business analysts perform these tasks.
Business analysts are an essential part of modern organisations. But, do you know who business analysts are? They help organisations make data-based decisions by processing and skimming unstructured data and discovering significant insights. Business analysts engage with different parts of an organisation to establish new models that drive business decisions based on accurate data. It is the job of a business analyst to eliminate all vagueness and minimise the chances of errors.
There has been a spike in demand for business analysts in recent times as businesses rely on data now more than ever. According to the U.S. Bureau of Labor Statistics, the employment projections for business analysts are likely to witness a growth of 7% to 27% in the ten years of 2016 and 2026. For instance, the demand for management analyst, a typical job title under business analyst, will supposedly rise to 14% as businesses become more data-centric, and companies will seek more significant efficiency.
If you are a business analyst, you are probably aware that you are no less of an asset to your organisation. However, if you plan to jump on to this bandwagon, this is just the article for you.
Essential skills required by a business analyst
Business analyst as a profession is growing multifold as data are controlling businesses. When treated, the unstructured data gives insights, sets trends, and paves the way for future operations and innovations. Therefore, companies are actively seeking for skilled business analysts to help them thrive in a disruptive environment.
The basic skills you will need to become a business analyst include mastery of Excel, performance analytics software, CRM software, critical thinking, evaluation, problem-solving aptitude, and processes modelling. If you have already mastered these skills, then you must move up to the advanced levels. At this stage, you need to equip yourself with machine learning, predictive analytics, prescriptive analytics, diagnostic analytics, data visualisations, sentiment analysis, and more.
So, how will you acquire these skills? The answer is simple- through various courses available in online as well as offline modes. But, the real question is which course is the best course for YOU? Wondering how to find out which course fits you the best? We have got you covered. Read on to see what factors you must consider before enrolling in a business analytics course.
How to select the perfect course for yourself?
"Best business analytics course", "Skills required for a business analyst", "How to become a business analyst?", "How to find the best fit business analytics course?" - does your search history look like this? Have you also been searching for a business analytics course but can't decide where you should start? Worry no more because we are here to help you choose a practice that is best for you.
With the surge in demand for business analysts, several institutions and e-learning platforms offer a plethora of business analytics courses. Even though these options allow you to explore and choose, the selection process often becomes cumbersome. Whilst most preliminary courses have a similar curriculum, as the level advances, accordingly does the content.
So, how do you find the best-fit analytics course for yourself? After doing some meticulous research and thinking, we have listed down some of the factors you need to consider while selecting a business analytics course.
• Identify your needs and set your goals: Before you enrol in a course, try and identify your needs. For example, do you want to acquire a new skill, add on to an existing skill, move forward, or make a shift in your career? Whatever may be the reason, be clear of your learning goals. It will assist you in making choices that will allow you to attain them.
• Analyse your level of understanding and knowledge of the subject: Ask yourself, what do you know and want to know? Next, assess your existing skills set and knowledge level of business analytics to recognise your strengths and weaknesses. Once you have identified the areas of improvement or development, you can choose a course that fills the gaps. For instance, at the beginners level, you probably will be looking for a course with a code-free introduction to data. On the other hand, you might want to learn about machine learning, predictive analytics, diagnostic analytics, etc. Hence, by evaluating your know-how, you can select the course best suited for you.
• Identify the different roles of a business analyst and the industry-demanded skills: Business analyst is an umbrella term that encompasses multiple other functions. These include IT business analysts, data scientists, solutions architects, quantitative analysts, management analysts, and information security analysts. Now before you choose a course, identify which career path is best suited for you. As and when you know your area of interest, recognise the skills required for the job. You should only proceed to select a course once you have answered two critical questions- "What role do I want?" and "Which skills do I need for that role?". Your choice will only be the best if it fulfils your goals.
• Determine the time commitment and mode of learning: Taking up a course demands a time commitment. Decide on how much time you can spend on education and which method provides that flexibility. Assuming you are a working professional and can only learn on weekends. In this case, you can opt for courses on e-learning platforms. Again, you may wish to pursue a master's in business analytics and join an institution for this purpose. Once you have these sorted, you can select a course that fits well into your plans.
• Thoroughly check the course content: Most courses explicitly mention the topics covered and the learning outcomes. Make sure to read them carefully and compare alternatives. You would like to engage in an extensive practice that gives a holistic idea of business analytics and its components. Nevertheless, it is imperative to check that the topics are not repetitive or similar to what you already know.
• Have a budget in mind: Decide on a budget you would like to spend on a business analytics course. A well-defined budget will introduce a practical aspect to the searching process.
• Look out for the added advantages: Remember to check the extra benefits that any business analytics course will provide you. It can include scope for doubt solving, certificates, guaranteed placements, lifetime access to course materials, alumni benefits, networking opportunities, and more. These conveniences often motivate the learners and enable them to commit to the coursework.
Other than the determinants stated above, you can also consider any of the following factors - the reviews and ratings of the courses, faculties involved, and the emerging trends of different industries. Finally, ask yourself if the method you have selected matches all or most of your needs. Remember, you are not only investing in a course or yourself. You are also investing in the advancement of your organisation.
Now that you know how to pick the perfect business analytics course for yourself let's look at why you need to pursue one of these and how it will help you move forward.
Why do you need to pursue a business analytics course?
Research by Forbes mentions that 95% of businesses have to make sense of an enormous amount of unstructured data. Such data is generated every second. The organisations must carefully sort and use this data for maximum customer engagement & satisfaction, cost-effective operations, and efficient management. Hence, business analysts are some of the most sought-after professionals in the present world. Other than being one of the highly demanded professions, the job of a business analyst is lucrative. Did you know, the annual base of a business analyst at entry-level is $50K? Yes, you read it right. It must be a good enough reason for you to take up a business analytics course. Yet, we have some more reasons to convince you.
• As organisations struggle to manage their humongous data, it is a business analyst who can save them. After all, not all heroes wear capes. However, some are adept business analysts. The best-fit business analytics course will prepare you to make informed and better data-based decisions for your organisation.
• You will acquire the skill of performing fast-paced and real-time analysis using different data sets.
• You become an asset for your organisation as you can quantify business values. A business analytics course can be made possible that lets you investigate deep into matters and translate them into numbers. These quantifiable figures are then effectively implemented in the business.
• A business analytics course will guide you on how to study visual data and identify trends. The more you analyse market trends and recognise what will work, you can rule out ambiguity and chances of errors. It will let your organisation avoid mistakes, perform better, and focus on innovation.
• Business analysts have the potential to provide organisations with a competitive edge. The right business analytics course instils the skills needed for leading the way through the various sections of its coursework.
Today the world is data-driven, where companies constantly unearth data to derive meaningful insights. Therefore, the demand for business analysts is skyrocketing. This new-age profession offers multiple areas to its enthusiasts for exploring and building a career. Now is the best time to jumpstart your dream career as a business analyst. All you need to do is find the best-fit business analytics course for yourself and build the right set of skills.