Data is everywhere, and data is in high demand, but utilizing all of said data is not a task anyone and everyone can do. For those who can, however, growth potential within a given field increases immensely. Business analytics is the term used for collecting and analyzing data surrounding a given business, and though many careers exist solely in analytics, having a grasp on the concepts and uses for the analyzed data can and will set you up for more success in your field. Here are three ways business analytics can help boost your career.
Whether you’re an entry-level employee looking to make a name, or a midlevel employee hoping to join the senior management team, adding finance analysis to your resume will open up some doors. It doesn’t take a business person to know that businesses generally exist as means of creating revenue. With money as the be all and end all for most companies, financial analytics are prized possessions.
Generally, financial data is analyzed in an “as needed” manner, some examples being: when the success of a given product or marketing initiative needs measured, or when sales during given periods of time need to be measured against one another. Given the ad hoc nature, becoming familiar with financial analytics and, at very least, developing an understanding of how they are utilized adds a lot of value to your position. Picture it like this: even if you don’t know how to analyze data properly, if your company has data analysts and you’re able to say, “So I can take finances into account as I fix this issue in my department, could we compare the data analysis for [A] and [B] so I can save us some money, too?” makes you really stand out as someone who is thinking about the bottom line.
Another trait of a team player who understands that his or her individual role is part of a bigger picture is understanding the “whys” of marketing. Understanding your product or services’ target audience is very important when it comes to “being on the same page.” Being able to help when it comes to correctly identifying who that audience should be, puts you on the top of that page, and marketing analytics is how that feat is achieved.
More often than not, a team’s predicted target audience for a given product or service winds up being different than the actual target audience. Being able to utilize big data and marketing analytics correctly allows for companies to compare and contrast product sales based on demographics. From a customer standpoint, you see marketing analytics at work when Amazon shows you products that are “related to your recent purchase.” Understanding what customers buy at the same time as your products allows your company to further pinpoint a target audience, and market to that audience better.
Having an understanding of supply chain analytics is another thing that makes individuals stand out as team members who “get it” related to the ultimate goals of the C-suite. Supply chain analytics help to paint a picture of when and where time and money can be better utilized throughout the development process. For example, if supply chain analytics determine that a team is overstaffed, personnel can be shifted to increase production in an area that analytics deems understaffed. Having an understanding of the ins and outs of supply chain analytics can help better determine timelines, and also improve efficiency within your team.
Business Analytics = Team Player = Career Growth Potential
As is probably apparent by now, the best value add for an employee who understands how to utilize business analytics properly is in that employee’s increased ability to make everyone else’s job easier. When you are able to add to your list of abilities relevant to your job, it always makes you stand out, but when that new ability also helps make everyone else’s job easier you start to look like someone who should be managing those people.