Business Analytics and its future scope

01 Jun 2021

What is Business Analytics?

Business Analytics is one of the buzzwords used in the industry. Now, as we know that the data is master and that's where business analytics comes in. Business Analytics can be defined as a set of skills that are used to examine the data of an organization to gain insights and make data-driven decisions in future. It basically helps organizations cull out the data that can bring an increase in revenue, efficiency and productivity.

Changing Business Needs and Business Analytics

The world is changing at a rapid pace. Analyzing the current business scenario, analyzing the problems and suggesting solutions is part of the business analyst role. Strategic Business Analysis is the need of the hour. An organization needs to set goals and objectives. Few of the business analysis processes include improving the existing business processes, finding current business needs, analyzing requirements and creating a plan of action.

Here comes the need and demand for business analysts. Business analysts are professionals who work meticulously with data to engineer processes and re-engineer business plans for higher return on investment for the organization. The last 10 years has seen a great demand for business analysts. For the past few years, business analytics has become a key part of every department in many companies.

Eligibility Criteria for Admission to courses in Business Analytics:

Eligibility for UG Courses: To get admission in BBA Business Analytics and other related courses, students must have passed in 10+2 examinations with at least 50% marks in aggregate in 5 subjects.

Eligibility for PG Courses: To get admission in MBA Business Analytics and other courses, student should be a graduate or post graduate or should have passed the final examination conducted by the Institute of Chartered Accountants of India/ Institute of Cost & Works Accountants of India/ Institute of Company Secretaries of India/ any other course which is Government recognized course with minimum 50% marks.

Role of a Business Analyst

Role of a business analyst is constantly changing along with the way organizations run their businesses. Wells Fargo data management consultant Atanas Hansen writes that the business analyst is much like neuron processing and transmitting information throughout the nervous system Business analysts can focus on developing solutions to problems. They can convert hard to understand data into meaningful information and easy to comprehend by others using tables, pie-chart and graphs etc.

Business Analyst skills needed to perform

The business analyst role demands excellent facilitation and stakeholder management skills:

  • Skills and knowledge about the business analysis processes, the approach and tools required to conduct analysis.
  • Skill to build financial models that link products to business outcomes.
  • To be able to perform in customer facing roles, to be a contributor to support sales, marketing and Business Development efforts.
  • Be a Subject Matter Expert on business metrics, Key Performance Indicators & ability to set benchmarks company requirements.
  • Excellent communication and presentation skills
  • Practical experience of using tools like Excel,SQL,Python/R,Metabase and Tableau.

Industries that rely on Business Analytics

  • Retail
  • Hospitality
  • Energy
  • HR
  • Food Processing
  • Pharmaceutical
  • Education
  • Fashion
  • Agriculture and Farming
  • Banking & Securities
  • Media
  • Transportation
  • E-Commerce

Scope and Profiles in Business Analytics in these Industries:

Below given are the few segments of industries in which you find your dream role:

Customer Experience: To ensure smooth business operations, an organization needs to have a pleasant customer experience. Analysing their customers' experience helps them personalize products and services catering to their needs.

Sales and Marketing: Through analytics, companies study behaviour of their customers and target them accordingly. It helps them work on a new strategy and motivates them to make purchases.

HR: Talent acquisition is majorly dependent on data analytics and business intelligence. By analysing data, HR ensures to onboard skilled and professional employees.

Finance: Business Analytics help companies to manage their data and improve the decision-making abilities of their business to everyone's benefit. You can take up the role of a Financial Business Analyst and head towards a glorious career.

Job Profiles for a Business Analytics Graduate

  • Machine Learning Engineer
  • Data Architect
  • Data Analyst
  • Statistician
  • Operations Research Analyst
  • Chief Data Officer
  • Application Architect
  • Project Manager

Business Analyst Salary

As a Business Analyst, the leading IT giants and other MNCs in India offer a range of 4 LPA to the freshers entering the field. For the mid-level professionals, this range increases to 5 LPA, and for the experienced seniors in the field, the compensation can increase to 8-12 LPA.

Business Analyst as a career option can be very rewarding with financial stability and professional growth combined.

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