Business administration is a broad field encompassing various roles and responsibilities. Professionals in this field can work in multiple settings, including private companies, government agencies, non-profits and educational institutions.
Business administrators at all levels have opportunities from entry-level positions to executive suites. They can specialize in finance, marketing, human resources, operations and information technology.
These professionals play a vital role in the success of any business, and employers are looking for individuals who can help them stay competitive.
What is business administration?
Business administration is the process of managing business operations, planning and organizing, arranging resources and personnel, and overseeing the implementation of plans to achieve the goals of an organization.
This process involves the coordination and integration of activities across all areas of the business, including finance, marketing, operations and human resources. It also includes setting strategies, developing and executing plans, analyzing data, forecasting and budgeting.
Business administration is a broad field with many sub-disciplines, such as accounting, finance, human resources, marketing, and supply chain and operations management. It is a critical component of any successful business and is essential for ensuring the long-term success of an organization.
Responsibilities of business administrators
The following are some of the duties of business administrators:
- Making decisions to meet the organization’s goals
Business administrators oversee an organization’s decision-making process and can make choices based on their best understanding of what would be most valuable. They are expected to determine the most appropriate action to take from there.
Making decisions that meet an organization’s goals is vital for organizational members. The success of an organization depends on the quality of the decision making, because the actions taken are based on these decisions and are usable in future situations to help develop new ideas.
- Developing internal controls
Business administrators develop and maintain internal controls, ensuring all decisions are legal and ethical. They are also responsible for the integrity of information and records. In other words, business administrators scrutinize how well an organization manages its risk and compliance management systems.
The business administrator is vital in helping the management team identify potential risks and formulate a strategy to prevent them. They are also responsible for upgrading the organization’s systems, procedures and controls.
- Auditing against financial standards
These professionals are responsible for complying with standards and regulations mandated by the federal government. The standards and regulations include reporting requirements for businesses financed in whole or in part by the government.
A business must meet a set of accounting procedures to demonstrate its compliance with these regulations.
For example, a company receiving government contracts must follow applicable laws, policies and procedures. If the business does not follow these rules, it may be fined for any deficiencies or prohibited from entering future contracts.
Opportunities that exist for business administration professionals
Here are some of the career options that exist for business administration professionals:
- Market research
Market research professionals are responsible for researching and analyzing the markets and collecting data on industry trends and demographics. They then use this information to develop solutions for their clients.
This information can range from researching demand, identifying new opportunities and understanding customer needs.
Market research professionals are also responsible for developing and maintaining accurate data. Accuracy is crucial in this field because it ensures the best possible results for those who seek it. These professionals must employ various tactics to research, analyze, report on and implement data. Walsh University offers an affordable online MBA in data analytics program that gives students this much needed data skills to lead organizations in the current data-driven economy. The program provides a comprehensive curriculum designed to build a robust foundation in data analytics and emphasize the practical application of the knowledge.
To summarize, as a market researcher you must analyze if a business idea is viable and contribute to the development plan though market research.
- Management consulting
Management consulting professionals provide advice in an advisory capacity to companies seeking help with business development or organizational issues that they believe they can help resolve.
Consulting professionals engage in a management buyout or acquisition of another company concerning the target company’s operations and assets divested by the purchaser’s organization or unit.
Management consulting may be a precursor to, or an alternative to, the more traditional management role for the client organization.
- Sales and marketing
Sales and marketing professionals are responsible for selling products, services or ideas to their clients. They may also assist their clients in developing product strategies.
They may also serve as the chief executive officer of a company with a sales department instead of the owners of the company or elected officials. There must also be a good working relationship between the sales and marketing departments, as they need each other to build the companies.
Sales managers are formally trained in sales processes, strategy, closing skills, lead qualification and product knowledge. Market researchers and analysts will design the product to meet clients’ needs.
Professionals study human behavior through scientific research to gain insight into human nature and ways to improve society through better learning, communication and social techniques. These techniques include experiments, interviews, surveys, observations and discussions that help us make sense of our world through its events and trends.
Researchers must be professional and ethical in their work. They need to ensure that their research methods are valid and reliable, which means that the findings are accurate and dependable.
Researchers also need to ensure that ethical considerations are in all stages of research. Research methods professionals teach others how to design experiments, gather data from samples, and analyze the data using statistical techniques.
Systematic analysts design, implement and maintain organizational control models. They ensure the consistency of decision making and use data from multiple sources to support those decisions.
They contribute information and insights to the organization to improve decision making. They identify problems, ensure decisions are well documented and communicated, and assist in selecting resources for decisions.
Their role is increasingly vital as organizations become more complex, with smaller groups making decisions about more significant numbers of things. Systematic analysts work as part of a team under the direction of a senior manager within the organization.
They work with other team members to assess the risks in systems and processes, provide recommendations for actions to reduce those risks and create action plans for those recommendations.
Information security research
Information security research professionals focus on studies of cyber security, communication security and other related issues to find proper solutions for protecting organizations’ information assets in various environments, including internet-based networks.
Professionals in this field are often required to know numerous communication and information security systems, network security and digital forensics procedure technologies.
Information security research professionals are also expected to identify and evaluate various network vulnerabilities in this field. They also ensure that systems are secure using multiple technical features, such as firewalls or intrusion detection systems, and design and implement security measures to protect data.
Economic research professionals study the economies of a region, nation or international organization to determine how well it functions and how changes can improve it.
They may also study the effects of the government’s economic policy and how these changes influence the overall economy. Research can also improve an economy by helping business leaders find ways to increase the size and productivity of their workforce.
For instance, economic research might reveal ways a company can increase turnover or create more jobs without increasing the number of people working. The results might incorporate into a larger plan to create new job opportunities.
Policy analysts use data collected by statistical services and research institutes in government agencies, such as national statistical offices and fund management offices, to analyze trends in social welfare, economic growth, inflation, employment levels and municipal debt.
Policymakers use the analyses in government and business to determine the most effective types of social and economic services to provide, as well as to plan for future investment. Policy analysts work at various organizations, including businesses, banks and government agencies.
The success of many organizations depends on the quality of their strategic thinking, ranging from operational strategies to the organization’s mission statement.
The opportunities for business administration professionals to specialize in specific business areas have significantly increased with the evolving landscape of businesses. Individuals with a keen eye for investment opportunities and anticipating market changes can choose from many new career paths, like financial management or digital marketing.
Individuals who choose academic pursuits such as business administration will be able to hone their skill set in multiple fields while also becoming familiar with society’s evolving needs.