Business analytics is a booming industry. Valued at $67.9 billion, the market for transformative business insights is growing all the time, producing innovations and bringing in new professionals. As the analytics field grows, younger generations are taking over.

Millennials, Gen Z, and the generations to follow will define the role of analytics in business in the years to come. We’ve already seen these demographics begin to influence the way companies use and apply data. In the future, we can only expect more change.

So, to take advantage of evolving business analytics, you need to first understand the role of future generations and how changing demographics influence business technology. We explore these topics here.

Changing Demographics of the Business Analytics Field

Right now, the business analytics field is a relatively diverse and thriving segment of the economy. The advantages of the profession are many since data these days drives much of the business growth that companies are after. In the wake of COVID-19, business analytics is even more vital to improve decision-making in every aspect of business, from marketing to inventory management.

As a result, people from all over the world—of every age, race, and background—are flocking to the industry. In the United States, for example, the business analytics field consists of:

● 271,513 professionals

● 45% females, 55% males

● Average age of 43

● 72% white

● 66% with a bachelor’s degree, 17% with a master’s degree

These demographics are essential to note. Since the oldest millennials are just turning 40, we see that this group makes up a large portion of the field, skewing the average age to a young 43. They and younger generations might not make up the majority yet, but that will likely happen soon.

With most business analysts being made up of younger generations, we can expect many shifts. First among these are opportunities for growth and innovation.

The millennial generation is the most diverse in recent history, second only to up-and-coming Gen Z. Gen Z has only a slight majority that is white, at 52%. Additionally, they are digital natives and shrewd consumers. They want sustainability and bring their values and technological expertise to the workplace.

Studies have shown that more diverse workplaces can bring in 19% more innovation revenue. We’ve already seen younger generations exemplify this data through game-changing developments in the business analytics field.

How Younger Generations Are Impacting Business Analytics

Business analytics and technology are two sides of the same coin. They both are increasingly powered by big data and comprehensive software that enables new solutions. With a young and diverse group of new experts in the field, we see an evolution of practices designed around AI and big data.

These transformative innovations have allowed companies to streamline how they produce, assess, and apply analytics to better business practices.

Here are three of the business analytics developments that would not have been possible without the insights of young entrepreneurs:

1. Structuring & Managing Data

Modern business analytics tools revolve around structuring and managing data. The millennial wave of expertise has only streamlined the software capable of completing these tasks. Now, companies like Xplenty offer adaptable and comprehensive packages capable of elevating data storage strategies for business analytics.

2. Communicating Insights

Business analytics is only as good as its applicability. To make its application clear, you must first communicate the relevance of data through compelling visuals and stories. In fact, communicating not only data but the needs and concerns of businesses is an essential skill for any business analyst.

Fortunately, the process has been revolutionized by young entrepreneurs. Like the ones at Rudder Analytics, these professionals understand the power of data visualization in insightful communication and apply solutions accordingly.

3. Automating Awareness

Younger generations have grown up with technology. They view it as a partner that can assist humanity in all kinds of tasks, eliminating the tedium from work. Now, AI and machine learning innovations have powered a new kind of automated analytics, and young entrepreneurs are at the forefront of this transformation. MobiDev, for instance, is an example of a software company that is streamlining the way businesses evolve with the help of machine learning software.

These innovations in business analytics have all depended on the work of young data professionals from all over the world. With the new perspective young and diverse workers bring, we are changing how we learn about business. You can join these experts in cultivating valuable insights for the future, but it will take hard work and education.

Tips For Entering The Analytics Arena

Considering a Master’s Degree in Business Analytics?

Before you go and get a master’s degree in business analytics, it will help to have some advice under your belt before entering the field. Plenty of considerations abound when you’re committing to an analytical career. Here are some tips for making the most of your potential:

Focus on your soft skills like communication and problem-solving.
Build an ideal resume honed to common analytics skills keywords.
Cultivate a set of helpful resources like software and tools.
Never stop improving yourself through ongoing education and training.
Pay attention to innovations in technology.

By following these strategies, you’ll be better prepared for a lucrative analytics career. With all the new changes constantly being introduced in the field by young professionals, there has never been a more exciting time to be a business analyst. In this role, you can make a real difference by developing actionable strategies for improvement — but you’ll have to know your stuff.

Learn how younger generations are changing the field of business analytics to get a better idea of what is in store for the future. Then, you can join them by pairing tech with data evaluation.

Career Matters

How Millennials and Future Generations Are Changing The Business Analytics Career Path