Data is seeing a sizeable boom across industries. It’s a potential goldmine that could aid organisations with insights into their products, business processes, customer behaviour, and the factors shaping their target markets. To get an edge over the competition, organizations are maximizing their efforts to gather, process, and extract insights out of the data extracted from a wide range of sources and customer touchpoints.
Who runs the show, you ask?
Skilled data science professionals.
Professionals who are both curious and skilled to observe and process data and depict patterns, who know how to get around with a lot of data and dig out meaningful insights from there, are facilitating this proliferation of data and analytics.
Consider a career in business analytics or business intelligence for the following reasons:
– The supply is far from being saturated – A recent report by burning glass technologies, business higher education forum, and IBM found that data science and analytics jobs remain open an average of 45 days, which is a much longer duration than the market average. Businesses in all industries today need skilled data professionals, but there are not enough with the right skills to satisfy this demand.
– The skills apply across industries – Analytics can be and is being applied to many industries, including sports, manufacturing, banking, insurance, education, entertainment, and so on.
– It is a highly dynamic career opportunity – Business analysts and business intelligence professionals have no dull days at work. These professionals face challenges every day and constantly learn and upgrade themselves.
According to PwC, in the year 2020, there will be 2.7 mn job postings for specialists in data science, meaning all proficient experts will be in high demand.
Exploring Career Options in Business Analytics
The use of data, statistical analysis, quantitative methods, and computer-based models to help managers gain improved business insight and make better decisions is the job of a business analyst.
Business analytics will mine existing data to unearth, interpret, and integrate meaningful insights into a company. A career as a business analyst requires proficiency in programs such as Perl, SQL, VBScript, .NET, and more.
Here are a few career paths in Business Analytics you can choose from:
– Reporting – These roles are mainly concerned with the event that happened instead of why it happened. A lot of the reporting roles are now automated, but companies still prefer human eyes on their organization to unearth insights on what’s happening and to report incidents.
– Intermediate Analytics – A majority of professionals begin their journey with analytics in these roles. An intermediate analytics professional will get to understand all about analytics and the business. You might be tasked with creating an algorithm that accepts or rejects credit card applications based on the customer risk profile, or you might find yourself deciding the optimum pricing of products in an e-commerce setting.
– Strategy – As an analytics professional in a strategic role, you will be responsible for defining the right business strategy by looking at the data of how the company has been operating, the profit they have been deriving, and so on. The bottom line for you would be to maximize business revenue by changing or implementing strategies.
– Data Scientist – You can specialize in any of the following- NLP, speech analytics, image or video processing- to become a data scientist. These roles demand that you stay abreast with the latest technologies and be able to explain complex business and data models in simpler terms.
Popular job positions in business analytics and how they pay:
– Entry-level business analyst – Payscale says that the income sits in the ballpark of $62k a year globally
– BA manager – Glassdoor says the average income for this position is at $110,232 annually.
– Enterprise BA – Glassdoor reports an annual base salary of $70,710 for this position.
As per a study carried out by Analytics India Magazine in association with Great Learning, the analytics salary trends in the Indian market are:
– The median analytics salary in India for the year 2017 is INR 12.7 Lakhs across all experience level and skill sets.
– This is the highest median salary for analytics professionals ever, with an almost 8% increase since a year ago.
– 37.6% of analytics professionals in India command a salary of less than 6 Lakhs. This is lower than 2017 (39%) & 2016 (42%).
– There has been visibly a more demand for senior professionals this year, thus pushing the average salaries higher.
– On one hand, the percentage of analytics professionals commanding salaries less than INR 10 Lakhs has gone lower; the percentage of analytics professionals earning more than INR 15 Lakhs has increased from 17% in 2016 to 21% in 2017 to 22.3% in 2018.
Check out more details on Business Analytics salary trends in analytics in the Indian Market.
Exploring Business Intelligence
BI leverages software and services to convert data into intelligence that informs an organization’s tactical and strategic business decisions. BI tools access and analyze data and present findings in the form of reports, dashboards, graphs, summaries, maps, and charts, providing users with a detailed view of the state of the business.
According to Zion Research report, the global BI market accounted for USD 16.33 bn in 2015 and is expected to reach USD 26.50 bn by 2021, at a CAGR of 8.4 per cent.
Here are a few career paths in Business Intelligence you can choose out of:
– Business Intelligence Analyst – A BI analyst is responsible for developing a comprehensive understanding of business processes, production systems, data warehouses, and departmental databases. They work in cross-functional teams to help create awareness around BI tools and assist in demonstrating BI solutions.
– Business Intelligence Project Manager – A BI project manager’s primary responsibility is the overall success of reporting data deliverables. These people coordinate with internal teams to build and deploy data warehouses, portals, and apps. They also identify gaps in the business and develop appropriate solutions.
– Business Intelligence Developer – BI developers design relevant solutions to meet client requirements. They also develop ETL to support data integration requirements. A BI developer is also responsible to manage database applications in DB2, Oracle, or SQL Server.
– Business Intelligence Administrator – BI administrators use database management systems to determine more effective ways to leverage data for analysis and presentation. Since BI systems help businesses make informed decisions, BI admins are also responsible for generating standard and custom reports that summarize the available data.
– Business Intelligence Consultant – BI consultants work to help organizations learn new strategies to manage their data. Consultants improve the existing software or implement new systems to improve a company’s operational efficiency.
Popular careers in BI and how they pay:
– BI architect – Payscale says BI architects earn $108k annually.
– BI analyst – Glassdoor maintains that the average pay for this position is $79,613.
– BI developer – Payscale reports that individuals at this position earn $78k annually.
– BI manager – Glassdoor says the average income of a BI manager is $116,539.
Business analytics and business intelligence are expanding fields for professionals with a keen interest in data and how it can solve emerging enterprise challenges.
Have a look at Great Learning’s PG program in Business Analytics and Business Intelligence to upskill and grab a lucrative career opportunity in Business Analytics and Business Intelligence.