What Is Business Analytics?
Business Analytics shares some overlap with fields like Data Analysis and Data Science. Business Analytics is the process of collecting and sorting commercial data in order to find insights, increase efficiency and solve business problems.
When a company wants to figure out what went wrong, or more accurately predict the future, they turn to Business Analytics.
Business Analysts can leverage a variety of different tools and methods. These might include quantitative analysis, Cloud-based software, artificial intelligence, mathematical models or statistics. But you don’t have to be a maths wizard to learn Business Analytics. Anyone with a good head for numbers – and a passion for data – can upskill and change career.
What Is Business Analytics Used For?
You might hear about Business Analytics (BA) in reference to Business Intelligence (BI). Technically, BA is a subset of Business Intelligence, but instead of focusing on broad strategies used to gather data, Business Analytics is more about hands-on analysis: building data models, finding patterns and recommending business actions.
There are a few types of Business Analysts, including Descriptive Analysts, Diagnostic Analysts and Predictive Analysts, and they all help businesses in slightly different ways. Here are just a few fields where Business Analytics skills might come in handy:
Market Research Analysis
Customer Experience Management
Why Learn Business Analytics?
Now is a great time to learn Business Analytics. In the past, only industries that dealt with high levels of risk, like insurance, really focused on hard-core analytical modelling. Now it’s everywhere.
This widespread reliance on Big Data has fueled a massive recruitment boom. According to SEEK, Business Analytics careers are projected to jump 20% over the next five years, and there are literally thousands of current openings in Australia. Business Analysts also command excellent salaries: Indeed estimates around $101,000 per annum.
Here are some Business Analytics careers you might not have considered:
Business Intelligence Analyst
Operations Research Analyst
Market Research Analyst
Customer Experience Analyst
5 Reasons Why You Should Learn Business Analytics
It’s in demand
Industry demand for Business Analysts shows no sign of slowing down. Data Science and Analytics jobs remain open for around 45 days – five days more than the market average. There are simply not enough Business Analysts in Australia to fill all available positions.
It’s a growth area
Business Analytics careers can be quite lucrative. According to Indeed, the average Business Analyst in Australia earns $101,000 per annum, but there’s definitely scope for growth. Senior Business Analysts benchmark around $122,000, and Senior Operations Analysts can earn $125,000.
Business Analytics, like Data Science and Data Analytics, can take you almost anywhere. You can work in government, in finance, in retail or hospitality, in e-commerce, supply logistics or travel. Every industry is searching for Business Analysts, which gives you more flexibility.
It’s easy to learn
As you learn Business Analytics, you’ll pick up advanced quantitative analysis skills, but those aren’t necessary to get started. If you’re good at collaborating, testing and asking questions – and have some basic knowledge of stats tools, like Excel –you’re well on your way.
It opens doors
Because Business Analysts have to work closely with all departments, there’s plenty of room for professional development. You can take BA skills and apply them in Marketing, Product Design, User Experience Testing or DevOps. There’s no such thing as a ‘normal’ work day.
Business Analytics Careers
Why learn Business Analytics? Because there are plenty of options out there. SEEK is projecting more than 20% growth in Business Analytics over the next five years. In fact, the entire Australian data industry is expected to surge 20% by 2025. Learning Business Analytics is one of the best things you can do to future-proof your career, no matter your position, background or industry.
Here are just a few Business Analytics careers you might consider:
Business Analyst | $101,000
Management Consultant | $99,000
Data Scientist | $107,000
Business Intelligence Analyst | $104,000
Marketing Manager | $97,000
How To Learn Business Analytics For Beginners
Learning Business Analytics might seem daunting, particularly if you don’t have a background in data, but anyone can pick up the basics. You don’t need any advanced tech knowledge to get started, and the field actually draws on several generic soft skills: collaboration, curiosity, teamwork and stakeholder management.
Our learning content is purpose built for online study and our curriculum is divided into easy-to-follow units. Each unit combines interactive webinars, 1-on-1 tutorials, group work and practical analysis tasks. T The ultimate goal is to give you the skills you need for a career in Business Analytics.
Here’s a taste of what you’ll need.
Commitment. Our course content is divided into bite sized chunks, and designed to fit in around your schedule. We recommend studying a few hours every day to stay committed and on track.
Notes. Your RMIT Online mentors will encourage you to take lots of notes. It’s a good way to flag any potential problems.
Collaboration. As part of your course, you’ll be working with professional Business Analysts. You’ll also have access to an online peer community.
Knowledge. Analytics best-practice is always changing. We’ll help you stay up-to-date with the latest industry knowledge.
Resources. RMIT Online will provide cutting-edge Business Analytics resources. These tools and forums can be used during the course, or even after completion.
Learn About Business Analytics
Want to learn Business Analytics? This is the best place to start. Read as much as you can. Ask questions. Contact one of our RMIT Online course counsellors. You can find all our Business Analytics news and coverage below.
RMIT Online Business Analytics Courses
Ready to start your Business Analytics career? RMIT Online offers courses and certifications, depending on your career goals and experience. You can learn Business Analytics online, at your own pace, and get support from expert industry mentors.
Topics And Courses Similar To Business Analytics
If you’re interested in learning Business Analytics, it might be worth exploring related fields. BA draws on several disciplines, including Data Science, Data Analytics, Business Intelligence and Business Administration. You can browse RMIT Online’s related courses below.