What is Business Analytics?

Do you see yourself as a problem solver, an investigator who focuses on data, hard facts, and well-thought-out solutions to help businesses run better? Do you get satisfaction out of knowing that you helped to improve a business by analyzing its past performance and its future environment? Are you able to communicate your findings in a way that catalyzes change? Then business analytics may be for you.

And there’s good news: In a world that’s being transformed by increasingly complex and voluminous amounts of data, the skill to both analyze and translate that data is more in demand than ever. The United States Bureau of Labor Statistics has projected job growth for many occupations in the field—from operations research analysts¹ to management analysts² to computer systems³ analysts—as “much faster than average” over the next decade (2022 to 2032).

What’s the Job Like—and How do You Succeed in It?

A business analyst is, primarily, an “agent of change.” That’s according to the International Institute of Business Analysis⁴, a global nonprofit organization that oversees standards and certifications for the profession.

Change comes best when it’s disciplined, and based on well-researched data and projections. It’s a business analyst’s job to not only derive the right conclusions, but to effectively communicate those conclusions and to facilitate the changes needed to address them within all levels of an organization. According to the IIBA:

“Business analysts work across all levels of an organization and may be involved in everything from defining strategy, to creating the enterprise architecture, to taking a leadership role by defining the goals and requirements for programs and projects or supporting continuous improvement in its technology and processes.

[Business analysts] have the specialized knowledge to act as a guide and lead the business through unknown or unmapped territory, to get it to its desired destination. The value of business analysis is in realization of benefits, avoidance of cost, identification of new opportunities, understanding of required capabilities and modeling the organization.”

The IIBA has identified key skills of the trade:

• Oral and written communication skills
• Interpersonal and consultative skills
• Facilitation skills
• Analytical thinking and problem solving
• Being detail-oriented and capable of delivering a high level of accuracy
• Organizational skills
• Knowledge of business structure
• Stakeholder analysis
• Requirements engineering
• Costs benefit analysis
• Processes modeling
• Understanding of networks, databases, and other technology

How is a Business Analyst Different from a Data Analyst?

While the two careers are closely related, business analysts are not simply data analysts. Not only does a business analyst need both technical and analytical skills, they also must have the ability to communicate their findings within a company’s hierarchy. In short, business analysts focus more on explaining why data is relevant and recommending solutions, while data analysts work more closely with the data itself.

Career Prospects:

Below are a few examples of jobs related to business analysis, including salary information and the potential for near-term job growth. Source: U.S. Bureau of Labor Statistics, May 2022 data. Note: For comparison, the average projected job growth rate for all occupations nationwide over the next decade (2023-2032) is 3 percent.

Business Intelligence Analyst⁵

• Responsibilities: Produces financial and market intelligence by querying data repositories and generating periodic reports. Devises methods for identifying data patterns and trends in available information sources.
• Median annual salary: $103,500
• Projected job growth over next decade: 9 percent or higher

Computer Systems Analyst⁶

• Responsibilities: A tech specialist who studies an organization’s current computer systems and designs ways to improve efficiency.
• Median annual salary: $102,000
• Projected job growth over next decade: 10 percent or higher

Financial Analyst⁷

• Responsibilities: Guides businesses and individuals in decisions about expending money to attain profit.
• Median annual salary: $96,000
• Projected job growth over next decade: 8 percent

Management Analyst⁸

• Responsibilities: Recommends ways to improve an organization’s efficiency.
• Median annual salary: $95,000
• Projected job growth over next decade: 10 percent

Operations Research Analyst⁹

• Responsibilities: Uses mathematics and logic to help solve complex issues.
• Median annual salary: $86,000
• Projected job growth over next decade: 23 percent

Merging Business and Technology

Want to pursue a degree in business analytics? There’s a reason Illinois Institute of Technology’s Stuart School of Business is recognized internationally: its STEM and tech focus, which is rare for a business school. Tech is in Stuart’s DNA. Additionally, its location in downtown Chicago places it at the center of a vibrant hub of global business and finance, surrounded by some of the world’s best analytics and managerial talent, as well as thousands of alumni who remain in the Chicago metropolitan area.

Fields such as business analytics, which require both technical and business skills, are a perfect fit for Stuart graduates. 

Spotlight on Artificial Intelligence in Business

Do you want proof that Stuart is on the cutting-edge of both tech and business? Let’s look at just one of their courses. In the Master of Business Administration-Business Analytics program’s Predictive Analytics course, students learn how to harness the power of artificial intelligence for competitive advantage. Whether it’s predicting customer behavior or determining the optimal maintenance schedule to keep a production line humming, predictive analytics is essential for turning data into actionable business information.

Learn on Your Schedule

Stuart’s M.B.A.-Business Analytics program offers flexibility for working professionals who can’t afford to put their life or career on pause. Courses are offered on Saturdays and weekday evenings, and the program is offered both full-time and part-time.

Footnotes

¹https://www.bls.gov/ooh/math/operations-research-analysts.htm

²https://www.bls.gov/ooh/business-and-financial/management-analysts.htm

³https://www.bls.gov/ooh/computer-and-information-technology/computer-systems-analysts.htm

⁴http://www.iiba.org

⁵https://www.onetonline.org/link/summary/15-2051.01

⁶https://www.bls.gov/ooh/computer-and-information-technology/computer-systems-analysts.htm

⁷https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm

⁸https://www.bls.gov/ooh/business-and-financial/management-analysts.htm

⁹https://www.bls.gov/ooh/math/operations-research-analysts.htm