Artificial intelligence (AI) has the potential to redefine the business world in a way comparable to cloud computing, smartphones or even the internet. With 80-90% of large businesses planning to use AI in the next two years, emerging business analysts have a straightforward recipe for success: master AI and make yourself highly attractive in the job market.
A business analyst typically earns $99,410 per year on average while also enjoying creative and fulfilling workdays, per the U.S. Bureau of Labor Statistics (BLS). For these reasons, these types of roles are often competitive to land. However, recent college graduates can separate themselves in the job market by earning an advanced degree such as a Master of Business Administration (MBA). Some programs, like the online MBA with a Concentration in Business Analytics from East Tennessee State University (ETSU), even simplify the process of earning a degree by offering both business and technology courses.
What Is Business Analytics?
Business analytics involves transforming data into insights to help improve decision-making, mainly using techniques like data visualization, predictive modeling and data mining. Simply put, a business analyst uses all available data to make strategic corporate decisions that increase revenue, cut costs or improve efficiency.
Artificial intelligence excels at analyzing large datasets that are too big for an analyst or team of analysts to dig through. Since the role of a business analyst is heavily linked to data, industry insiders expect AI to drastically enhance the scope of what data analysts can do on a day-to-day basis. While it’s unlikely that AI will replace business analysts anytime soon, analysts can leverage AI-powered analytical tools to help supercharge their current capabilities.
AI-driven Decision-Making
Data is like gold in the modern economy, and today’s companies are practically overflowing with both internal and external data sources. Thankfully, AI technology can now help companies better understand their data. According to the research paper on AI in business, some of the main benefits of incorporating AI in analytics include:
- Quickly discovering patterns and anomalies in big data
- Rapidly creating visuals out of data
- Improving product design
- Delivering meticulous insights to analysts
Every single one of these benefits helps make an analyst’s life easier. Even better, AI can also automate manual tasks associated with cleaning and interpreting data. Without so much manual analysis to conduct, business analysts can spend more time thinking strategically about their findings while layering in their institutional knowledge and industry expertise.
Finally, the International Institute of Business Analysis states that analysts can also leverage AI as a proactive tool. AI can help power proactive analysis via tasks like diagnosing problems in real time, testing different solutions against each other, and anticipating and solving problems before they happen. By leveraging AI, analysts can help their companies make faster, better decisions that help boost profitability while avoiding costly mistakes.
Gain a Professional Advantage With Insights From an MBA in Business Analytics Online
Pursuing a career in business analytics can be challenging as the field requires a dual personality type. Business analysts must be data-driven and technologically savvy. However, they also need in-depth business knowledge to leverage insights to a company’s advantage. This is why many business analysts obtain an MBA, which helps them improve in both areas.
For example, ETSU’s online MBA in Business Analytics program offers students a solid understanding of both the theory and practice behind data-based decision-making, solutions and processes. Graduates of this program will enter the workforce with a thorough understanding of business fundamentals, such as accounting, finance and marketing, while also receiving key analytical topics from courses like Data Management, Decision Support Systems and Data Driven Marketing Decisions. These courses introduce students to the core technical concepts needed to succeed in analytics and explore model-based decision-making and different analytical tools, preparing them to adapt to new strategies and resources like AI.
Learn more about ETSU’s online MBA with a Concentration in Business Analytics program.
