Business Analytics career : Paths, Opportunities & Earnings

Business Analytics (BA) refers to the knowledge, tools, and procedures used for ongoing, repetitive analysis.  It also investigates previous business performance in order to set future business strategies. Business Analytics is focused on creating fresh understandings of how businesses work using data and statistical techniques. However, the utilisation of a group of technologies that are used to extract information from data is known as Business Intelligence (BI).

Business analytics focuses on prediction and recommendation, whereas business intelligence focuses on the description. For the construction of efficient BI systems, the BI industry needs specialists with in-depth knowledge of BI as well as how data should be handled and arranged for analysis.

Why should you choose Business Analytics?

Studying both Business Analytics and Business Intelligence is becoming more and more popular in India as well as abroad. There is a high demand for expertise in this relatively young industry because there are numerous corporations looking for well-trained professionals in it. Given below are some other reasons why you should consider a career in Business Analytics.

• According to studies, the demand for Business Analysts is predicted to increase by 11% between 2019 and 2029.
• As companies of all sizes and analytical skill levels enter the big data game, the scope of Business Intelligence and Analytics is always expanding and improving.
• A Business Analytics professional has the opportunity of developing their career in a range of specialties that the industry has to offer, from data architecture, dashboards, visualisation, modeling, etc., to higher jobs in the administration.
• Many workers have started new careers or successfully transitioned into other fields thanks to a business intelligence and analytics training. This is achievable because you can acquire the knowledge and abilities necessary to become a specialist at any stage of your current academic or professional career.

Career in Analytics

Data is used by professionals to guide corporate choices through Business Analytics. There are various routes you can follow to become one once you acquire the required talents.

Data Analyst : Modern businesses rely heavily on data analysts to reflect on their work and client base, assess how these elements have affected earnings, and offer leadership advice on how to expand the company going forward. A data analyst examines data to find significant customer insights and potential uses for the information. They also advise the company's management and other stakeholders of this information.

A data analyst is much more than just a calculator. The job of data analysts include examining data to find solutions to different issues, getting significant knowledge about the clients (for a particular company), and increasing revenue. Key stakeholders, such as the corporate management, are also informed by analysts about the latest developments in the market.

Product Analyst : To help businesses create marketing plans for a product, product analysts research the market. In order to determine whether a product is appropriate and profitable, they compare it to market trends. Their responsibilities involve analysing the company’s offerings and benchmarking them against market trends, learning about the items offered by the organisation to fulfil its present and future demands, And to offer support for product and rating reviews.

Business Intelligence Consultant : A business intelligence consultant assists firms in improving their internal business processes and data strategy. In order to strengthen their “BI roadmap,” they assess the data and analytics platforms currently in use. By suggesting the most effective methods for organising, analysing, and presenting data, they assist firms in developing a data-driven strategy. By coordinating company needs and data strategy, they strive to improve performance, facilitate decision-making, and increase efficiency.

Business Analyst : Another entry-level employment in the industry is that of a business analyst. The duties of a business analyst and a data analyst are quite different, despite the titles being identical. Business analysts concentrate on analysing business processes with an eye toward performance improvement rather than building and maintaining data systems and databases throughout the day.

They analyse the data to search for opportunities to boost productivity, cut costs, and implement other beneficial improvements. They must be able to convey their ideas to key players in a convincing manner and provide data to support their approach. However, because they don’t do any real programming, they typically don’t need as much technical expertise as data analysts need.

Business Intelligence Manager : A business intelligence manager typically oversees the work of all these data scientists and engineers. They serve as a go-between for the data team and senior management, relaying findings in terms that management can comprehend and converting requests from management into specific requests that the data team can turn into databases and analysis.

Business managers typically rise through the ranks of the department, giving them a thorough understanding of the work done by data scientists and engineers as well as the technologies they use. Additionally, they help their data team break down the big-picture, strategic goals of the organisation into doable tasks.

Data Scientist : Data scientists develop data strategies, collaborate with data engineers to obtain the data they require, and conduct data analysis to draw conclusions. Statistical modelling and machine learning are two essential technologies that assist data scientists harvest data for analysis, and they are frequently adept at both.

They also use displays, dashboards, slideshows, and other tools to share their findings with important stakeholders. Data scientists continuously track the data over time to determine whether their recommendations are having the desired impact and how the company’s KPIs change.

Data Engineer : Data engineers and data scientists collaborate closely; in fact, in smaller businesses, a single individual may simultaneously execute the duties of a data scientist and a data engineer. Larger businesses, however, typically divide these responsibilities into two roles because they call for different skill sets. A data scientist basically determines what data is required and why, while a data engineer determines how to create the infrastructure to obtain that data.

Data engineers are also in charge of maintaining the infrastructure and troubleshooting any issues that may develop after it has been established. Jobs as a data engineer typically require higher technical skills than those of a data scientist, including knowledge of SQL, NoSQL, R, Python, Java, and others.

Business Intelligence Architect : Business Intelligence is a discipline that uses data in particular ways and develops particular architectures to benefit a business or organisation. A business intelligence architect (BI architect) is a high-level type of BI analyst who deals with particular aspects of business intelligence. These architectures, which are specifically designed to maximise the potential of data assets, will typically be created by or under the control of the business intelligence architect. Developing particular data structures or implementations for a group of end users inside a corporation is a common duty assigned to BI architects.

Databases, data warehouses, and other storage resources are only a few of the programmes that make up the architecture for processing data, and the business intelligence architect acts as their point of contact. Additionally, BI architects frequently handle tasks like handling metadata, which enables programmes to use data more accurately and efficiently, and linking legacy or enterprise software to BI applications or platforms.

Scope of Business Analytics in India 

In order to verify that the business processes are operating effectively, it is essential for Business Analysts to use the data that is readily available in every industry. No matter what industry a business intelligence analyst works in, their primary responsibilities are the same. The duties, however, change depending on the projects and teams they deal with. One of a business analyst’s main responsibilities is to analyse various business possibilities. Listed below are some industries and sectors where BI professionals are a necessity.

Human resources : Business Intelligence specialists in the human resources industry can use data to learn about the educational history of highly qualified applicants, the employee turnover rate, the number of years that employees have been employed, as well as information about age, gender, and other factors. This report may be quite important in the selection process for candidates.

Food and Beverage industry : In the food and beverage industry building a Data Driven strategy, which helps businesses to fulfil their consumers as effectively as possible and thus strengthen their competitive advantage on the market, is fundamentally dependent on professionals like business intelligence consultants and analysts.

By putting a capable team on the project, interoperability can be readily managed as a technical issue. The added value provided by a consulting company with substantial project management expertise in the food and beverage sector is directly correlated with the outcomes.

Internet Technology : The IT sector is both fiercely competitive and changing quickly. Companies must use every resource at their disposal to stay one step ahead of the competition in a sector that is always evolving. This is when a business intelligence analyst’s job becomes important.

Business intelligence analysts analyse the data that an organisation gathers, using the information to offer crucial insights that assist better business decisions in the IT sector. The foundation for future IT sector company success is provided by these insights. Without these important insights, IT companies risk falling behind their rivals.

Market Analysis: To find association rules, market basket analysis employs performance-based data. As a result, it is now simpler to recognise users who make significant transactions. Businesses have been able to foretell future consumer behaviour by looking into these user types.

Healthcare Industry : Costs, drugs, clinical data, and patient behaviour are the four main aspects of healthcare that can be studied to produce actionable insights through the process of healthcare business intelligence. Improved clinical performance and thus better patient outcomes are ensured through business intelligence in healthcare.

Readmissions and incorrect diagnoses are prevented thanks to analytics tools and business intelligence (BI). Errors have less of an impact on patient health than on administrative costs. It enables lower operational costs while providing higher-quality services without compromising patient safety or the satisfaction of the medical staff.

Banking: The banking and finance sectors are being reconstructed by technology. Today’s economic organisations must deal with growing customer demands, fiercer rivalry, and the need for strict control and risk management in a market that is undergoing significant change as a result of the Internet and the proliferation of mobile devices and apps. Banks must determine the borrower’s capacity to repay the debt before approving a loan. Analysing historical data and making future predictions about asset value are both made possible by business intelligence analytics.

Average Salary of a Business Analysis Professional 

According to ambitionbox.com, the average salary for a Business Intelligence Analyst in India is INR 7 lakhs per annum, at the entry-level. The tables below show the average income for professionals in various job positions and at various well-known companies and organisations.

Average salary figure in different organisations:

Top recruiters in Business Analyst Industry

Listed below are some of the most desired companies and firms amongst Business Intelligence professionals, for recruitment.

1. Tata consultancy services
2. USEReady
3. Capgemini
4. Dell technologies
5. NTT data
6. Accenture
7. Wipro
8. Visual BI Solutions
9. Infosys

• IBM
• HCL tech
• Oracle
• Tech Mahindra
• SAP
• Adobe

( https://www.glassdoor.co.in/Explore/browse-companies.htm?overall_rating_low=3&page=2&occ=Bi Analyst&filterType=RATING_OVERALL )

Top Placement Colleges for Business Analysts Professionals 

In India, there are more than 310 colleges offering Business Intelligence and Analysts courses. There are 256 private colleges among them, 19 government institutions, and two public-private partnerships.

In recent years, pursuing a Business Intelligence course or degree programme has grown significantly in popularity. There are several profitable work opportunities in this field. The table below lists the typical placement packages provided by India’s leading business and IT colleges:

 How to get a Job after Business Analysts course?

Even after graduating from a respectable university, it may be difficult to find a trustworthy career that pays well. The following options are available to Business Intelligence and Business Analyst students who are looking for work:

Making a resume: A strong CV is typically the only thing standing between a job prospect and their ideal job. The creation of a quality resume is the first step in the job search process. A number of job-related websites or websites that provide resume writing services can help you create one.

Create a network: It is advised that new professionals “build a network” in order to connect with people in their field who share their interests. As these peers get to know you and what you have to offer and you might obtain some reliable job referrals, the friendship may be advantageous to both parties.

Enhance your skill set: Since this industry requires a diverse range of skills, it’s imperative to do so. Success in this field requires a variety of qualities, including a strong and constructive work ethic, leadership skills, the capacity for teamwork, excellent communication abilities, and familiarity with relevant technologies.

Preparation for the interview is essential: Examine the job description in detail to decide whether you are qualified for the position. Make a list of interview questions and research the companies’ financial information. Participate in mock interview sessions to learn about the relevant questions asked in the interview and how to answer them confidently.

Obtain experience: Any prior experience in the industry can help you get the job you seek. Therefore, while pursuing your degree, search for opportunities to work part-time or complete an internship. You can also get involved with pertinent societies at your college to show your passion and advance skills like cooperation and teamwork.

Top Indian Cities to get Lucrative jobs in Business Analyst Sector

Careers as Business Intelligence analysts are blossoming in urban areas. Business Intelligence Analyst salaries in New Delhi are 16.4% higher than the national average. While BI analysts working in Gurugram, Haryana, make 9.9% more money than the national average. Therefore, depending on how much the local economy depends on it, different cities may value careers differently. The top Indian cities where BI professionals can locate lucrative employment packages are listed below:

Life after Completing Business Intelligence and Analyst Course 

In India, the beginning salary for a Business Intelligence analyst is INR 7 lakhs.This number increases when titles and degrees of experience vary. These figures support the demand for qualified BI specialists and are quite impressive when compared to other professions and purchasing power.

It is a typical 9 to 5 job with work time of 40 hours/ week and no field work required. Intelligence analysts gave their work environment a 3.6/5 overall satisfaction rating. The fact that the vast majority of intelligence analysts love their workplace is likely a factor in their overall higher job satisfaction.