With data analysis now at the center of business operations across almost every industry, the role of business analytics has become more crucial than ever.
So has the job of those who oversee analytics operations. Sometimes referred to as insight and analytics managers, they guide the collection, analyzing and interpretation of data that helps drive decision-making at the top of an organization.
Reaching this position requires expert knowledge in analytics, as well as an advanced degree such as a Master’s of Business Administration.
What Does an Insight & Analytics Manager Do?
Most organizations now have an entire department dedicated to business analytics. They collect data in a variety of areas, from customer behavior online to the correlation of issues such as pricing and sales volume as it relates to consumer demographics.
They use descriptive analytics to interpret past data and find trends. They use predictive analytics to make detailed forecasts on where certain business strategies could lead a company. They also make recommendations to business executives and other decision-makers on their data findings.
Insight and analytics managers oversee all of this. It’s a high-level management job in the modern business world. These managers work directly with other department managers and the executive team, helping business leaders make data-driven decisions.
Job duties include the following:
- Developing systems for data collection and analysis
- Assigning and overseeing teams on specific data analysis projects
- Interpreting data and developing actionable recommendations for business leaders
- Preparing analytical reports for business leaders that present complex data information in an understandable way
- Tracking performance of business strategies
Job Growth and Pay
As one of the most high-profile members of the management team, insight and analytics managers are well compensated for their efforts.
The U.S. Bureau of Labor Statistics (BLS) does not specifically provide information for the insight and analytics manager career. However, the BLS does provide information on the related field of management analyst.
In that field, the BLS projects 14% growth between 2014 and 2024, double the average rate of growth for all fields. The BLS also reports the median pay in this field was $81,330 in May 2016.
Those in the top 10% of the field earned more than $149,720.
Another related field the BLS tracks is advertising, promotions and marketing managers. Those in this field made a median salary of $127,560 in May 2016.
As with any career consideration, every prospect employee should conduct his or her own job growth and salary research. Factors such as geography and current economic conditions affect salary and position availability.
How to Become an Insight & Analytics Manager
The journey to an insight and analytics manager position begins with earning a bachelor’s degree in analytics. Those who wish to manage in this area will need expert-level knowledge in data analysis and business analytics or another business-related field of study.
Earning an MBA also is typically an important step. While understanding business analytics is important, earning an MBA gives students insight into how businesses operate. They then can do a better job matching the potential of analytics with the needs of a business.
Insight and analytics managers play a vital role in any business that wants to maximize the potential of analytics and become a data-driven organization. It’s a challenging, rewarding profession on the cutting edge of the modern business world.