Why You Should Study Business Analytics

Why You Should Study Business Analytics

Why Should You Study Business Analytics blog header - Analyst with computer

In today’s ever-changing, technologically-complex business environment, information and data are transforming the way organisations conduct their core operations and produce their strategic business objectives. Given the rise in the sheer amount of big data available, it is fundamental to have the business analytical talent to sort through it all and take advantage of its potential. 

According to a recent report from the Information and Communications Tech Council (ICTC), employment among Canada’s big data market is expected to reach 43,000 jobs by 2020, a 33% increase from 2016.

With Aston University’s online MSc Business Analytics program you will be enabled with these in-demand, data-driven analytical techniques and skillsets preparing you for multiple types of business analyst specialty roles, which are growing quickly. Why study business analytics? It can be a rewarding career path for any professional. Find out more about the field below.

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What does Business Analytics mean? 

“The goal is to turn data into information, and information into insight”, Carly Fiorina, former CEO of Hewlett-Packard. Business analytics blends the use of data management, statistics, technology and applications to extrapolate meaning from data in order to help drive business decisions and actions. Professionals interpret relationships and trends among various data sets to report, visualize and predict how this data interacts. This benefits businesses immensely as they are able to make informed decisions and projections based on real-time evidence and numbers. 

Not only does it help businesses understand their consumers, market and industry base, it gives them the meaningful insights they need to make things work better for their business. Students who chose to pursue an MSc Business Analytics degree develop both their business knowledge along with their technical abilities, enabling them to creatively translate their analysis into actionable information. 

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The Advantages of Business Analytics to Any Organisation 

As per Forbes, about 2.5 quintillion bytes of data are created each day with 90 percent of that data being generated in just over the last two years. With the acceleration of new software and services including the growth of the internet, businesses collect more data than ever. In this regard, it becomes essential for organizations to be able to utilize the information that their data provides and use it strategically to improve their operations. Nevertheless, the importance of business analytics cannot be understated to support this endeavor. 

The growth and performance of any organisation depends on the choices that are made. Analytics is now a strategic and universal necessity across all business industries to achieve the greatest value. Whether it’s data exploration, linear programming, data mining or statistical modelling you will learn key tools on how to make these right decisions and power toward your business goals. 

Here are some of the things that analytics can do for a business: 

  • Help quantify corporate values 
  • Encourage smart decision making 
  • Help formulate short and long-term business plans and objectives
  • Identify clear targets and determine what can be done in order to achieve them 
  • Obtain a competitive advantage and stronger customer relationships 

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What Can You Do with a Business Analytics Degree?

The possibilities are endless with a business analytics degree as most organisations from Fortune 500 companies to smaller businesses have become heavily reliant on the use of big data. The advantage is that you can work across any industry since analytics is used and applicable in a variety of business areas including marketing, operations, finance, customer service, insurance, human resources, and sales. 

Professionals tend to work within strategic-facing roles which consist of a blend of directing, optimising business efforts and mathematical statistics among many other job duties. Having said this, career paths for graduates with an online MSc Business Analytics are wide-ranging and varied including titles such as a management analyst, operations research analyst, market research analyst, data scientist and other big data jobs. 

Why Should You Study Business Analytics? blog image - people analyzing business data on computers

So ...is a Masters in Business Analytics worth it?

After being considered one of the hottest occupations of the 21st century, business analytics is an invaluable pathway to explore. There is a high demand for skilled professionals who have the analytical aptitude to understand these vast amounts of data sets and help make use of it. 

Although most companies are finding it hard to fill and retain suitable, highly-educated business analytics talent, the field is full of prospects and open for opportunity. According to Indeed, a data scientist and operations consultant were the fifth and sixth top jobs of 2018 earning up to C$93,286, accurately demonstrating the importance data roles are playing within a business and how they are highly sought after. 

Canada’s big data service market is generating C$1.1 billion annually and expected to double by 2020. As more demand in this profession grows, salaries are expected to grow along with it, especially for those with an MSc Business Analytics degree from an accredited school, like Aston University.

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Launch Your Career and  Learn Business Analytics Now 

The Aston online masters in Business Analytics is the perfect program for Canadian professionals looking to enhance their experience by learning how to apply practical business applications and advanced analytical decision making to managerial problems. The curriculum focuses on developing an understanding of three types of data analytics - descriptive, predictive and prescriptive. You will learn how to adequately look at raw data which describe past business periods, analyze current data to better predict future business periods and determine recommendations to achieve optimal business periods. 

Most importantly, this program will help you get one step closer to a dynamic and exciting career in the lucrative field of data analytics. Graduates will find themselves ready with the cutting edge business intelligence to make an impact.

Looking for More Information?

To learn more about our online MSc Business Analytics in Canada program, start by filling out the form on this page.