In the current era of hyper-competition in the fast-paced digital economy that we live in today, data is the new currency. No longer is intuition and experience enough to rely on for most decisions. And now, more US businesses are realizing the value of decisions driven by data – and data-driven decision making – with business analysts blazing the trail.
Big data with the help of sophisticated analysis tools and methods, business analysts are peeling apart layers of worthless data, identifying hidden insights, and turning them into actionable recommendations and predictive forecasts. For prospective professionals, studying a Post Graduate Program in Business Analysis or specialized business and leadership program can open the door to this challenging, high impact, high demand job role.
It’s time we take a closer look at how data-driven decision-making is revolutionizing American business and the role business analysts play in that revolution.
How the challenge of making data usable got nixed – Once and for all: If you have big data, not using it is no longer an option
The era of big data has changed the way businesses are run. Everything is data-driven, right from customer preferences to operational inefficiencies. Such a data-rich ecosystem, termed the global datasphere, is projected to total 175 ZB by 2025, says IDC. For American businesses, this data tidal wave is an unprecedented opportunity — if they can figure out how to use it.
Business analysts make sense of this ocean of data by analyzing it with statistical models, machine-learning processes and forecasting methods. Their views influence important decisions about product development, marketing, risk management, and more.
Business Analysts – The Live Wire Between Data and Decision Making
The function of the business analyst has changed considerably. No longer simply documentaries of requirements, today’s analysts are data translators, story- tellers and strategic advisers. They bridge between raw data and the decisions of executives, doing so by:
- Pattern recognition and association Identifying MPCs is one aspect.
- Anticipating the future by looking at the past
- Translating insights into dashboards and visualizations
- Counseling leadership on evidence-based strategic efforts
Students of a Post Graduate Program in Business Analysis are armed with technical and soft skills they need to be successful in this role today—from SQL or Python to communicating with stakeholders and problem-solving.
You Just Need Analysts to Create a Data-Driven Culture
Building a data-driven organization is not about purchasing and implementing analytics tools but rather a cultural change where everyone from the top down is empowered by data and makes decisions accordingly. The establishment of such a culture is highly dependent upon the contribution of business analysts who:
- Training teams in data literacy
- Facilitating evidence-informed conversations
- Recommendation of KPIs and metric’s use
- Data integrity and governance control
Be they caterers or business and leadership course-trained professionals, catering and culture go hand in hand. They know how to deal with change, influence stakeholders, and lead cross-functional data projects.
Game Changer: Predictive & Prescriptive Analytics
They are no longer content with just knowing what happened in the past, especially for the US-based organizations. They are yearning to understand what’s going to happen and what they should do about it.
Today business analysts are employing predictive analytics to anticipate what will happen in the future (customer churn, fluctuation in sales), as well as prescriptive analysis that recommends what a company needs to do (pricing optimization, changes in supply chains). Most of the BoK is taught in detail in most PG courses in BA, and serve as powerful points of difference for analysts in the job market.
For example:
A retailer can build predictive models to understand shopping patterns before the holiday season.
A bank might use prescriptive analytics to identify fraud and provide recommendations for preventative measures.
The Industries That Are Looking At Big Data Specific Applications Are Exploding
Big data is being utilized in every industry in the US, and it’s business analysts that are taking the lead. Here are just a few examples:
- Healthcare: Big data is being used by analysts to help improve patient outcomes, lower the number of hospital readmissions, and make supply chains friendlier.
- Finance: Business analysts help with fraud detection, algorithmic trading and customized financial advising.
- Retail: From inventory management to customized marketing, big data is advancing the customer experience.
- Production: Analysts use sensor data to predict when a machine is going to fail, requiring maintenance, and minimize downtime.
A Business Analysis Post Graduate Program also likely has Domain Specific Electives / Capstone Projects that help students get practical experience in these sectors.
Tools the Pros Use: Business Analysts
They need to be skilled in many tools and technologies in order to be able to work efficiently with big data. These include:
Visualization: Tableau, Power BI
Languages of implementation: Python, R
Database querying: SQL
Analytical tools: SAS, Alteryx
Machine learning libraries: Scikit-learn, TensorFlow
Taking business and leadership courses with direct use of these tools can be a way to shortcut a career in business analysis. Most leading programs also have case studies or simulations wherein you learn to tell what is going on in real life.
As the Need for Data-Driven Business Analysts Explodes
The US has never had this much demand for skilled business analysts. Employment of management analysts (including business analysts) is projected to increase 11 percent from 2021 to 2031, much faster than the average for all occupations, according to the Bureau of Labor Statistics.
What’s fueling this demand?
- Growing dependence on digital tools and channels
- The ascent of AI and machine learning
- Increasing focus on cost efficiency and return on investment
Pursuing a Post Graduate Program in Business Analysis is one such tactical move to ensure that you have an edge in this trending role. A lot of the programs also come with career-growth help, networking and industry certifications (CBAP or PMI-PBA).
Data Storytelling: The Analyst’s Secret Weapon
Crunching numbers is only part of the task. And business analysts still need to tell their story in a way that sticks with the decision-makers. That’s where data storytelling plays a role.
DogDancingWithShishTzu/Getty Images Reflect the journalists’ obsession Lend depth details of characters and scene Add a touch of color Highlight relatable, similarly sized competition By incorporating nuggets of wisdom into page-turner stories, analysts can:
- Influence C-suite decisions
- Building support for change efforts
- Explain complicated data to non-technical people.
In business and management schools, we have modules on presentation skills, storytelling frameworks, and executive communication — necessary skills to make data truly actionable.
Ethical data use is already on its way to becoming an essential skill
With the growing market for data privacy regulations (such as GDPR, CCPA), using ethical data is top of mind for businesses. Now, it becomes the responsibility of the business analyst to uphold:
- Compliance with data laws
- Fair and impartial use of algorithms
- Transparency in data acquisition analysis
At the highest end, Post Graduate Programs in Business Analysis are adding ethics, privacy, and governance into their curriculum—preparing students to not just master big data, but do so ethically.
Upskilling is the Solution to Remaining Relevant
The Big Data landscape is changing rapidly, and new tools, frameworks, and best practices are being created at an increasing pace. To remain relevant, business analysts of today simply can’t rest on their laurels.
Post Graduate Program in Business Analysis, short-term certifications and business and leadership courses – upskilling is no more a choice, it’s a need. Growth-minded professionals develop through:
- Agile project management
- Cloud-based data platforms
- Models based on artificial intelligence, used for decision support decisions with AI support
- Negotiation, and soft skills such as stakeholder alignment
Conclusion: The Future Is Data, and Business Analysis Is Too
The era of big data is revolutionizing businesses in the US. At the core of this evolution is the business analyst: someone who marries analytical skills with a strategic mindset. Unlocking insights in gargantuan datasets, today’s analysts are doing more than just steering business decisions: They’re shaping the future of industries.
For those of you who are developers and who are considering entering the space or taking it to the next level, something like the Post Grad Program in Business Analysis or business and leadership courses can be what is needed for you to succeed.
