How to Find the Best Business Analyst Career Path for Yourself
The market size for business intelligence and analytics software applications worldwide was $15.3 billion in 2021 but is slated to grow to more than $18 billion in 2026, as per a Statista [1] report. Hence, Business analytics, as a skill, provides a significant opportunity for professionals to seek out avenues for business growth in a highly competitive market. However, the scope for business analytics is not an industry; it is a skill that can be applied across industries. So, how can professionals carve out a trajectory that positions them as the best talent in this field? To do so, understanding the steps, necessary skills, and future scope for business analysts is critical.
Therefore, let’s break down what a business analyst career path entails and how you can set yourself up for success.
What Does a Business Analyst do?
At the core of this job lies the ability to analyse and interpret data to inform business decisions. However, any professional venturing down the business analyst career path needs to first and foremost understand what does a business analyst do exactly. In simple terms, a business analyst acts as a bridge between an organisation’s business and the technical side. They work closely with stakeholders to understand business needs, identify opportunities for improvement, and develop solutions that drive business growth.
For example, a business analyst might analyse sales data to identify trends, pinpoint areas for improvement, and recommend strategies to boost revenue. In other cases, they might optimise internal processes, reduce costs, or improve customer satisfaction. Thus, a business analyst’s role is multifaceted, requiring a deep understanding of both the business and technical aspects of a company.
Furthermore, business analysts often use a variety of tools and techniques, such as data modelling, process mapping, and statistical analysis, to achieve their goals. They must also possess strong communication skills to effectively convey their findings to non-technical stakeholders. Therefore, if you are considering a business analyst career path, you need to develop a diverse skill set that includes both technical expertise and business acumen. With this as a background, let’s dive into what the best career paths are for a business analyst.
ALSO READ: Who is a Business Analyst? Salary, Skills & Career
What are the Best Career Paths for a Business Analyst?
The business analyst career path is varied and opens doors to several roles. Therefore, understanding what the best career paths for a business analyst are will help you choose the right focus for your career. Some common paths include:
1. Data Analyst
For those who enjoy working with raw data, becoming a data analyst is a logical step. In this role, you will gather, organise and interpret data, identify trends and present actionable insights.
2. Product Manager
Some business analysts transition into product management roles. This role allows one to take charge of a product’s entire lifecycle, from development to launch, ensuring that it meets market needs. A capability to analyse data and make quick decisions based on it as well as business acumen essential for product roles.
3. Project Manager
Business analysts often evolve into project management roles. By leveraging their understanding of processes and data, they manage project timelines, budgets and resources efficiently.
5. Business Intelligence Analyst
If you prefer working with technology and advanced analytics, pursuing a career as a business intelligence analyst could be for you. These roles often focus on using specialised software to provide insights that help guide decision-making.
ALSO READ: Become a Top 1% Business Data Analyst: 10 Key Skills to Master
How Can Applied Business Analytics Help Business Analysts Grow?
Given the evolving nature of the business analyst career path, it is essential to stay ahead of the curve. This is where applied business analytics comes into play. So, how can applied business analytics help business analysts grow? This involves using advanced data analysis techniques to solve real-world business problems. By mastering these techniques, you can significantly enhance your ability to deliver insights that drive business success.
For instance, applied business analytics allows you to move beyond descriptive analytics. While the latter focuses on understanding what happened in the past, with applied business analytics you can move on to predictive analytics, which forecasts future trends, and prescriptive analytics, which recommends actions based on those predictions. These advanced capabilities make you more valuable to employers, as they enable you to provide deeper, more actionable insights.
Furthermore, applied business analytics can help develop a more strategic mindset. By understanding how data can be used to support long-term business goals, you can position yourself as a trusted advisor to senior leadership. This can lead to opportunities for career advancement as executives increasingly rely on data-driven insights to make critical decisions.
Another significant advantage is that it can ensure you stay competitive in a rapidly changing job market. As more organisations adopt data-driven strategies, the demand for business analysts with advanced analytics skills is only going to increase. By upskilling in applied business analytics, you will be better equipped to meet this demand and secure high-paying, high-impact roles.
ALSO READ: How do IT Business Analysts Help Businesses With Technological Advancements
Upskilling in Applied Business Analytics
As is the case with every skill-based field, business analytics, too requires upskilling to stay competitive in an evolving business landscape. Therefore, choosing the right programme is crucial to enhance these skills. The Applied Business Analytics Programme from ISB Executive Education goes beyond theory, offering hands-on experience with the latest data tools and real-world projects. Ready to upskill? Discover more and enrol with Emeritus today.
Reference
[1] Statista
Write to us at content@emeritus.org