Business and technology are inextricably linked. The constant influx of tech innovation continually changes how companies operate and how people in business connect, communicate and strategize. One of tech’s biggest impacts on the business sector has been in data analytics. From the increasing presence of scalable artificial intelligence that can efficiently gather data, to visualization strategies that can synthesize raw data from a wide range of sources into user-friendly charts and graphs, data analysts’ ability to seek, discover and glean insights from a vast amount of information can provide a business with an unprecedented means to optimize their growth and stability strategies in an effective, financially efficient manner.
Because of this, it’s no surprise to see that the use of data analytics in business is on the rise. A 2019 Forbes article indicated that 59% of businesses utilize analytics in some way for their business. This percentage seems poised for growth, as it’s anticipated that an increase in spending on data analytics will occur in the coming decade. In fact, a 2021 report from Allied Market Research projects the big data and business analytics market size to hit $684.12 billion by 2030 — a substantial increase from the $198.08 billion valuation they gave the market in 2020.
While these projections demonstrate the staying power of big data, they also point to the need for businesses to hire people with the skills to analyze and extrapolate meaningful information from these diverse data sets. This has led to high interest in bringing on new talent: According to a survey generated by the executive recruiting firm Burtch Works, 81% of data analytics and data science teams were planning on hiring during the third and fourth quarters of 2021.
In this new climate, experts in the field such as business systems analysts are in high demand, with the competitive labor market driving wage increases and new job opportunities. But what are the average business systems analyst salary, career outlook and job requirements?
Business Systems Analyst Job Description
Business systems analysts are responsible for introducing and managing organizational changes that impact every facet of modern companies, nonprofits and government agencies. They use their specialized knowledge to help maximize profitability, improve services and streamline the customer experience, usually with a focus on technology. Those in the role often serve as the bridge that can connect information technology with business strategy, as they utilize various tech-driven data systems and software to gather, analyze and interpret data and then provide recommendations and status reports to company leaders, including C-suite executives and shareholders. Of course, each business systems analyst role is highly dependent on the organization, and some positions may call for more computer program design experience. Common job responsibilities include:
- Working with managers and executives to determine IT needs, limitations and improvements
- Researching emerging technologies and the business impact of new deployments
- Analyzing the costs and benefits of IT implementations and upgrades
- Adding increased functionality to existing computer systems
- Designing new business applications and IT controls
- Directing the installation and configuration of business software and hardware
To qualify for a business systems analyst role, candidates should have advanced knowledge of the business field they choose to pursue. They must also have a functional understanding of software systems and at least some experience with coding. This requirement accounts for why many in the field pursue an online MS in Business Analytics or other graduate degree. While job seekers may be able to secure an entry-level position with a bachelor’s degree, most midcareer roles call for years of experience in business analysis and a strong grasp of computer system design.
Entry-Level Business Systems Analyst Salary
Business systems analyst salaries tend to vary based on a candidate’s level of education, work experience and technical skills. According to the U.S. Bureau of Labor Statistics (BLS), the 2020 median annual salary for business systems analysts was $93,730. As with all professions, entry-level analysts earn lower wages than their senior-level counterparts; the BLS reports that the annual salary for the lowest 10% of earners was less than $56,510.
Entry-level business systems analysts with less than one year of experience had a median salary of around $59,000 as of October 2021, according to PayScale. Professionals with between one and four years of experience had a median annual salary of approximately $65,000.
Senior Business Systems Analyst Salary
According to October 2021 PayScale data, midcareer business systems analysts who have spent at least five years in the industry had a median salary of around $77,000, while those with 10-plus years of experience had a median salary of approximately $85,000. Additionally, the BLS reports that the top 10% of earners within the business systems analyst profession made more than $152,060.. However, as more companies prioritize data analytics skills and software coding expertise, wages for business systems analysts are expected to rise.
Much like in other occupations, wage estimates for business systems analysts are heavily tied to the industry and employer. In 2020, the highest-paying industry was information, with a median salary of $96,430, according to the BLS. The lowest-paying industry was government, which had a median wage of $82,560.
Business Systems Analyst Career Outlook
As organizations across industry lines increase their reliance on information technology, the demand for qualified business systems analysts is expected to grow exponentially. According to the BLS, the business analysis field is projected to expand by 7% between 2020 and 2030. Additionally, data from O-Net Online suggests that around 47,500 new openings in this profession will be created between 2020 and 2030.
One factor driving the business systems analyst job outlook is the fact that many companies are adopting cloud computing in place of on-premises hardware and software. To harness the full potential of cloud-based solutions, organizations must attract tech-savvy employees who have experience with IT implementation and management. In one specific example, job growth is anticipated in health care fields, where the use of electronic health records, e-prescribing and online patient portals has created a need for tech-oriented business professionals.
Shape the Future of Business
With business systems analyst salaries on the upswing and new job opportunities on the horizon, there’s never been a better time to break into the field. But becoming a business systems analyst isn’t merely about pursuing a well-paying job with solid employment options. Working as a business systems analyst can allow individuals the chance to use technology to shape the course of business. This high level of impact makes this one of the most satisfying business careers around.
The online Master’s in Business Analytics program at the University of Nevada, Reno can prepare you to take an exciting step into a dynamic field. Our program is designed to prepare students for the future of work by offering an in-depth look at how big data, blockchain, AI and other cutting-edge technologies are changing the business world. Through the online MSBA program, you can learn how to implement data-driven decisions quickly and with greater efficiency, while also developing a solid understanding of applied data science, predictive modeling, risk management and enterprise analytics. Find out how we can help prepare you to make a real difference in the business world.
Recommended Readings
How Businesses Benefit from a Data-Driven Culture
How to Become a Business Analyst
How to Become a Salesforce Business Analyst
Sources:
Allied Market Research, Big Data and Business Analytics Market Statistics — 2030
Burtch Works, Survey Results: 2021 Data Science, Analytics, Data Engineering Hiring in Q3/Q4
CIO, “What Is a Business Analyst? A Key Role for Business-IT Efficiency”
Forbes, “The Age of Analytics and the Importance of Data Quality”
Gartner, “Gartner Top 10 Data and Analytics Trends for 2021”
O-Net, Summary Report for: 15-1211.00 — Computer Systems Analysts