Business analytics is a field that investigates the performance of businesses and explores the market through data and statistical methods to gain insights and drive business planning. With the emergence of start-ups that have ambitions and great ideas, skills in business analytics become more and more indispensable in the job market. In China, there is a huge number of start-ups established every year, but the survival rates of those firms decrease exponentially within a few years of their establishment. It is really unfortunate to see firms that propose and develop insightful business plans falling so quickly. I believe that we can do more, by using the skills of business analytics, for those firms to be successful. The technical skills of a business analyst enable start-up firms to realize not only opportunities but also risks behind numerous business data, and help those firms manage their limited resources efficiently to achieve their business plans. To help corporations to move forward with rational decision-making and reach their objectives, a career in business analytics is my best choice to achieve this goal.
I realized how important business analytics is through the rise and fall of my cousin’s company. My cousin established an outdoor product brand three years ago, but he struggled to choose the location for the retail store. He opened the first retail store in a busy shopping mall in Shanghai. Although the shopping mall had a strong exposure, customers of the mall preferred luxuries much more than outdoor products, and the store’s earnings hardly offset the rent. Then, my cousin moved the store’s location to a less crowded merchandise street, but it turned out that only professional outdoor enthusiasts would consume. It was after many time-consuming and unprofitable trials, he finally found an appropriate location for the store. I saw the reason why business analytics matters through this incident because I could imagine that with the help of statistical and financial analysis, factors that affected the performance of retail stores could be quantified and evaluated to support and also adjust decision-making prior to the implementation of business plans. Although I understand that trial and error is a crucial and sometimes inevitable method to the success of a business, the process of business analytics not only can minimize the cost of trials by recognizing the optimum choice among different paths of business plans and decreasing the number of failing trials but also help administrators of firms to gain the perception of the market’s big picture from a technical perspective.
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As a student of Financial Mathematics, I have equipped myself with statistical and financial models that can promote strategic marketing and operational decisions of businesses. For example, I have learned how to apply multilinear regression analysis by EViews in one of my econometric courses. In a project of this course, I was assigned to carry out a regression analysis based on 300 random samples for evaluating the relationship between US salary and its related factors such as gender, race, and work experience. Through my exploration of EViews and regression models, I was able to find important statistical values, including T-value, P-value, and R-squared, for those variables, and built a reasonable regression model that was in accord with my initial assumption for the coefficient of the regression equation. This project triggered my interest in business analytics because it was fascinating to know that real-life factors that seem uncorrelated to salary, such as religion and political tendency, actually can be incorporated into a quantitative pattern, which made me eager to know how this mode can be applied to business. Since technological proficiency is an important idiosyncrasy for a career in business analytics, which fits with my enthusiasm and educational background, thus I believe that business analytics is the right career path for me.
And the last reason why studying business analytics attracts me is its variety and diversity since the skills required by the job are comprehensive. One cannot be satisfied with the industry knowledge and statistical concepts that he or she is already familiar with and expect to rely on them for any incoming challenges. Thus, professionals in business analytics are expected to keep updating their skills and knowledge to accommodate the challenges and needs of the industry. Apart from technical skills, one also needs strong soft skills to have an outstanding performance in the career. I enjoy interacting with people, and I also regard communication as a necessary ability in the workplace. As a business analyst, one needs to communicate with clients in a rigorous but also comprehensible way to accurately present suggestions for business plans, which is challenging. Through multiple extra-curricular activities such as tutoring and charity work, my communicative ability is prepared for further development in business analytics. Since I trust the spirit of team working and the power of effective communication, I believe that business analytics is the right career path for me, and that's why I really want to study it.
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