Top Business Analytics positions to look out for 2023

Business analytics is one of the most sought-after career paths in the business field. Its popularity stems from the significant exposure it provides to professionals looking for promising career prospects. Many people opt for business analytics as a career choice right after finishing their education or switching from top-level positions.

The reason for its high demand is analytics’ central role in supporting decision-making and solving critical problems in business. Most companies rely on analytical results to improve their operations and drive growth in an organized way.

In 2023, professionals should keep an eye out for top business analytics positions, such as business analytics manager or data analyst. These roles hold immense potential for a successful and fulfilling career in the field of business analytics. 

Read more about advantages of business analytics.

What is business analytics?

Before learning more about the job positions, knowing a little bit about business analytics will help you make a well-informed decision. 

So, business analytics is a process through which data can be transformed into various insights through data analysis and represented in different visual forms, such as graphs, models, charts, statistical studies, and many more.

There are numerous tools or techniques that a data analytics engineer or business analyst can employ to leverage structured data and create visual representations. These are as follows:

• Data management

Data management is the organization, storage, and retrieval of information, which includes various processes for collecting, cleaning, transforming, and storing data in a secure and accessible way.

• Data visualization

Data visualization involves converting data into graphical forms for better understanding and decision-making. It helps identify data patterns, trends, and relationships through various techniques such as charts, graphs, maps, and infographics.

• Predictive modeling

A data analytics engineer or modeler uses a specifically designed model to use datasets and form a specific prediction for the business. It can be the sales forecast for the coming year, customer acquisition prediction, or something related.

• Data mining

One of the primary tools used in data analysis is mining. Through this, data analysts usually reveal hidden information from the datasets. Professionals need to leverage different technologies to mine the datasets and understand the information which covers various technical aspects of the process.

• Forecast modeling

Considered a unique tool, forecast modeling is a process through which an analytical data model is designed and further used for predictive analysis.

A data science analyst or business analytics professional heavily relies on utilizing advanced technology, performing statistical analyses, and applying mathematical concepts to carry out their responsibilities effectively. Without it, designing the models or strategies for data analysis won’t be possible.

Read more about top business analytics tools.

Expected business analytics trends in 2023

As data plays a critical role in gaining market insights, customers, business performance, and other crucial aspects, it is imperative for business analytics managers to stay updated on the latest trends. Businesses should incorporate the newest analytical trends into their strategies to maximize the benefits of analytical studies.

• Data sharing

Although there are several rules and restrictions on sharing private or confidential data, businesses can now acquire more datasets from third parties for analysis. These can be market-based datasets, demographics, census data, or anything else that will help businesses understand a concept thoroughly and take appropriate steps. 

• Prescriptive data analysis

As a business intelligence analyst or a data analytics engineer, you must understand whether or not a business decision will deliver the expected results. The future version of predictive analysis provides businesses with ample information about the impact of certain decisions. As a result, they can modify the decisions to minimize the negative effects and roll-out failure risks.

• Omni-channel data collection

Earlier, businesses used to collect datasets from a single channel to avoid confusion. However, it restricted their lookout and didn’t yield much information about a business process or the market. That’s why most businesses are now implementing omnichannel data collection. 

This data collection method helps analysts collect datasets from various sources and get a host of opportunities for visualization. 

• Embedded business intelligence

A business intelligence analyst can effectively analyze data using the built-in analytical tool within a business application, such as CRM, CMS, ERP, etc. It eliminates the need for additional analytical software to avoid creating isolated data repositories.

• Cloud analytics

Businesses seek to expand their understanding and gain deeper insights by acquiring various datasets from cloud applications and servers. The information helps reveal confidential details about their operations, customers, and market segments. By accessing this data, analysts can perform detailed analyses and provide valuable insights into the business.

Top business analytics jobs in 2023

From data science analysts to engineers, there are many business analytics jobs to opt for in 2023. These job roles and positions will open the gates for newer and better opportunities while ensuring people can benefit from the desired career growth. So, below are some of the significant job roles professionals can opt for in business analytics. 

• Data architect

Data architects are responsible for administering data security, maintaining databases, and improving overall protection. They also help develop blueprints for data collection, modeling, forecasting blueprints, and many more. Some of the significant roles of a data architect include

1. Building up database solutions;
2. Recognizing the structural needs of various enterprise applications;
3. Monitoring data transfer;
4. Enhancing overall database architecture.

• Data science analyst

As a data science analyst, you will be responsible for collecting datasets from various business channels or third-party sources to implement the qualitative analysis. Whether forecasting insights or assessing different datasets for a particular business process, a data scientist is an asset to every business that looks to ensure proper data management. Their role includes

1. Data source automation to facilitate the collection process;
2. Promoting data examination and organizing unstructured datasets;
3. Identification of trends and patterns in big data.

• Business analytics manager

You must have technical, statistical, and managerial skills to become a business analytics manager. You will be responsible for managing each phase of business analytics, whether it is data collection or visualization. They also focus on lowering the analytics failure risks, managing data security and privacy, and so on. Their role includes

1. Managing data analytics phases;
2. Optimizing each analytical data phase for better yield;
3. Supervising all operations and tools. 

• Business analyst consultant

As a business analyst consultant, you will be responsible for providing the right advice to businesses, executives, and stakeholders. It can be regarding the technology to use for a higher yield, assessing analytical data strategies to find loopholes, or understanding how the market is changing dynamically. Their role includes:

1. Provide the right solution to businesses;
2. Optimize business analytics strategies;
3. Provide insights into data analytics tools and processes.

You may be interested to read more about business analyst.

Conclusion

This article shares the top four job positions professionals can look forward to in business analytics. Besides, we have also shared details on the current market trends in the same field and how they can help a business grow. So, judge your skillset, get an appropriate certification, and start your career as a data analytics engineer, data scientist, and many more. Enroll in online M.Sc. in Business Analytics or one-year PGCP in Business Analytics program at Manipal Academy of Higher Education (MAHE). Both these programs help you become an in-demand professional in the upcoming workforce.