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The ever-growing volume of data in today's world presents a significant challenge for businesses and organizations. In fact, according to market research firm Statista, the global data surge is forecast to reach a staggering 180 zettabytes by 2025 - that is equivalent to 180 trillion gigabytes! This reality creates a high demand for individuals with analytical minds and a passion for data that translates into a great career in business. If this sounds like you, then you will be well-positioned to excel in a variety of industries.
What is business analytics?
Business analytics is the process of using data to understand what is happening in a business to make informed decisions. It involves collecting, analyzing, and visualizing data to discover trends, identify problems, and recommend solutions.
While analytics plays a crucial role in leveraging data for strategic insights, the value of a data-driven mindset goes beyond this specific field. Here is what truly sets individuals who acquire this skillset apart:
- Analytical thinking and problem-solving: Individuals with this important skill effectively tackle diverse business issues by utilizing their ability to analyze complex information and identify underlying patterns logically.
- Data visualization and storytelling:The ability to transform raw data into clear and compelling visuals, effectively communicating insights to both technical and non-technical audiences, is a powerful asset for any company today.
- Quantitative reasoning and statistical analysis: Comfort with numbers and statistical concepts enables the interpretation of data trends, risk assessment, and the formulation of data-supported recommendations.
- Effective communication and presentation skills: Data analysis is not the end goal. By effectively translating findings into actionable strategies, these skills influence decision-making across various business functions.
Diverse career paths for data-driven minds
The skills honed by a data-driven approach are highly sought-after across various business disciplines. Here are just a few examples:
- Marketing analysts: Leverage data to understand customer behavior, personalize marketing campaigns, and measure campaign effectiveness.
- Financial analysts: Analyze financial data to assess investment opportunities, manage risk, and make data-driven financial decisions.
- Operations research analysts: Apply data analysis techniques to optimize business processes, improve efficiency, and solve logistical challenges.
- Human resources specialists: Utilize data to identify high-performing employees, develop targeted training programs, and assess employee engagement.
- Product managers: Analyze customer data and market trends to inform product development strategies and enhance product offerings.
Beyond business analytics
The demand for data-driven professionals extends beyond traditional business settings. Individuals with these skills are valuable assets in:
- Healthcare: Analyzing patient data to improve diagnoses, predict potential health risks, and personalize treatment plans.
- Technology: Developing data-driven algorithms, optimizing software performance, and personalizing user experiences.
- Education: Utilizing data to assess student learning outcomes, identify at-risk students, and tailor educational approaches.
- Non-Profit Organizations: Leveraging data to measure the impact of programs, optimize fundraising efforts, and gain insights into stakeholder needs.
The appeal of a business analytics career
The burgeoning demand for professionals with business analytics skills presents a lucrative career path for individuals with a desire to leverage data for strategic problem-solving.
- High demand: The Bureau of Labor Statistics projects 8 to 10 percent employment growth for business analyst-related jobs between 2022 and 2032, significantly faster than the average for all occupations.
- Lucrative salaries: According to Glassdoor, the median base salary for business analysts in the United States is $94,646, with the potential for even higher earnings with experience and specialized skills.
- Diverse career options: Business analytics skills are applicable across various industries, offering graduates a broad spectrum of career choices, from finance and marketing to healthcare and technology.
How to start a career in business analytics
Education is the key! Online education has revolutionized access to higher learning, offering individuals the opportunity to pursue a business analytics degree while balancing other commitments:
- Flexibility: Online programs cater to working professionals by providing asynchronous learning options, allowing students to complete coursework at their own pace.
- Convenience: Eliminating the need for physical commutes, online programs offer the advantage of studying from the comfort of one's own environment.
- Coursework tailored for working professionals: Many online programs are designed with the needs of working adults in mind, offering accelerated courses and condensed formats.
Ohio University's online business programs
Ohio University recognizes the growing demand for business analytics expertise and offers a comprehensive portfolio of online business degrees designed to equip students with the necessary skillset:
- Associate in applied business, business management technology: This program balances theory and practice, preparing students for supervisory roles. Courses explore business functions like HR, marketing, operations, and planning through a management lens.
- Bachelor of science in business: An online bachelor’s degree in business with the added value of a certificate or minor. This program equips you with essential business skills, fostering leadership, risk assessment, and competitive analysis expertise.
- Online master of business analytics: This program, ranked 14th in the nation by Fortune Education provides a rigorous curriculum specifically designed to develop students' proficiency in data analysis, business intelligence, and data visualization. Courses combine practical application, technology and leadership designed to make sound organizational decisions.
- Master of accountancy & analytics: Ranked #10 in the nation by Fortune, this program teaches you to leverage big data and advance accounting skills. Students will learn from a real-world curriculum using actual cases, take part in a residency week and prepare for CPA licensure.
Add value with online graduate business certificates
Take your career to the next level by acquiring new, focused competencies in less than a year. OHIO online boasts a comprehensive selection of ten graduate business certificates, catering to the core skill needed for today’s business environment.
The data speaks for itself
Earning a degree from Ohio University's online business programs offers a versatile platform for individuals looking to earn the necessary skills to navigate the evolving business landscape that leads to good business careers.