Business analytics might sound like a recent development, but companies have actually been using it for decades. This area of research has blossomed in recent years, thanks to technological developments. However, the demand for experts in the field has outpaced the available supply.
Companies Struggle to Fill Positions
Educators are working feverishly to prepare people for careers in business analytics. But severe shortages still remain. “Forty percent of companies are struggling to find and retain data analytics talent,” notes a Business.com article.
In an effort to fill their increasing needs, many businesses are turning to outside sources for help, according to the professional services company Deloitte. External providers have cropped up as a result, specializing in fields such as data science, predictive analysis and business intelligence.
Many companies desperate to find experts in business analytics are offering substantial salaries as a result. Students who pursue a master’s degree in the field can position themselves for lucrative analytics careers.
Here are just a few examples of specific analytics-related job titles, along with the projected increase in open positions for the 2016-2026 time frame, according to U.S. Bureau of Labor Statistics data.
- Management analysts – (14%)
- Computer systems analysts – (9%)
- Operations research analysts – (27%)
- Logisticians – (7%)
- Financial analysts – (11%)
- Information security analysts – (28%)
Information Security — A Potential Boon for Business Analytics Experts
It appears the area of information security will have a particularly pronounced need for business analytics experts. Organizations continue to suffer due to data breaches — not only from a monetary standpoint, but from reputation damage as well. Cybercriminals keep improving the techniques they use to conduct attacks.
Companies must respond to cybercriminals in a more sophisticated manner. They are looking for ways to predict how and when an attack may occur. This not only involves analyzing prior breaches, but also monitoring activities by individuals and groups that could harm a company’s electronic infrastructure. Preparedness involves taking a hard look at their defense systems to identify areas of vulnerability.
And they are turning to business analytics experts in increasing numbers for help. According to Forbes magazine, companies were expected to spend more than $120 billion on information security in 2019 alone. There are other reports suggesting that number could be a staggering $655 billion by 2020.
Charting Your Path
Pursuing an education in business analytics will not be easy; it will take a great deal of time and effort. And, of course, nothing is guaranteed when it comes to predicting the future, but by all accounts, business analytics can expect to be in high demand for many years to come.
U.S. Bureau of Labor Statistics