Let me start this blog by asking you this question: What is the first thing that comes to mind when you hear business analytics? If you are thinking about sci-fi movies like Imitation Game or Ex Machina, you probably have been surrounded by the various myths surrounding the field. Indeed, as an emerging field, Business Analytics is still commonly misunderstood. So are Business Analytics jobs. That is why I am writing this blog to explore major misconceptions and see what reality holds.
Misconception No 1: It is all about crunching numbers and analytics
This rosy statement is far from reality. The analytics team of a company works on a specific problem, which may or may not involve a large dataset. If you have good foundational knowledge and can apply your concepts to practice, you can become a successful business analytics professional. Structure issues and use of numbers to understand business and changes required in strategy is the primary requirement of this role.
Misconception No 2: Business Analytics is a fancy name for Business Analyst
Business Analyst and Business Analytics are two different terms, but then they are often interchangeably used. Do not get amused if you see any organization seeking out a business analyst when they are actually hiring for a Business Analytics professional. The role of a Business Analyst is to coordinate between a client and the technical team. A client can be either the internal team required to work with the technical team or an external stakeholder. Utilizing different techniques to analyze the problem and determining the solution is the primary role of a Business Analytics professional, on the other hand. They are responsible for conducting analysis and deconstructing the solution or problem by making use of various methods. The graphic mentioned below will help you to paint a clear picture.
Misconception No 3: You should know about tools
It might be surprising that some people think that to secure a business analytics profession, you do not need some knowledge about tools, while others presume it is a must-have. But it happens. So, let’s clear this up too. Business Analytics professionals come from different backgrounds, such as statistics, engineers, and programmers, but we need to differentiate ‘skill’ from the backdrop. Business analytics professionals need to know about some tools such as SAS, R, and SQL, but it may not require experience.
Misconception No 4: It is Difficult to Find a Job
Had there been a list of the biggest lies of the decade, this misconception will be on the top of that list. Jokes apart, it will secure a spot in the top 10.
You’ll be surprised at how many jobs for Business Analytics roles are vacant in India today. As per the analysis carried out by AIMResearch, there were approximately 93,500 open jobs available at the end of August 2020. Whether you are an experienced professional with more than 15 years of experience under your belt or a beginner, you can easily find a job in the field of business analytics.
Misconception No 5: Business Analytics Profession is required for a short period
Even the accomplished IT folks believe that the role/responsibility of a Business Analytic ends once the requirement phase is over. But this commonly heard misconception about the Business Analyst profile is wrong. If a project has complete requirements (not changing until it goes live), Business Analysts will go beyond the first phase as they may handle UAT (User Acceptance Testing). The role of a BA goes beyond documentation, and peers from the technical team often require their assistance to answer questions such as who would approve the test cases, test strategy document, etc.? How would the UAT be handled?
Misconception No 6: You should have a strong IT Background
Not true. The proof that this is the biggest myth of all is in every business analytics job description available on job portals today. You don’t need to have a strong IT background or be fluent in areas such as coding and SQL.
Despite being one of the highest paying jobs, business analytics profiles are in tremendous demand. However, the problem remains in the fact that there are not enough resources to meet the demand. Considering the requirement, if you want to secure a career in business analytics, apply for the Executive PG Program in Management. Click here to know more about the program.
Are you aware of any other myths/misconceptions related to business analytics? In case you have or are unsure whether it is a myth or a fact, please comment below, and someone from our team will get in touch with you to help with all the concerns.0