Business analytics uses statistical methods and analytical technologies to analyze data and enhance business growth. Business analytics helps gain insights into processes to improve decision-making strategies.Business analytics is one of the highest-paid data analytics jobs.
Business analytics is a business intelligence and data management solution. It involves using methodologies like predictive analysis, data mining, and statistical analysis to analyze and transform data into information and identify trends and outcomes for strategy-driven business decisions. It holds significance in organizational decision-making processes of business growth. It leads to surging demand for the business analytics job role.
Business analysts use data to form multiple business insights and recommend required changes and corrections in organizations. The professionals can identify issues in any part of the organization, such as industrial structures, IT processes, staff development, etc. Therefore, business analytics is a significant component of operations because organizations seek to reduce costs and increase efficiencies.
Here is why the top career options in business analytics remain in demand –
Business analytics help identify and prioritize organizational functional and technical requirements.It uses tools like Excel and SQL to analyze data sets.It helps compile tables, charts, and other elements related to data visualization.It helps create financial models to support business decisions.It enables others to understand business strategies, requirements, and goals.It helps plan enterprise architectures and structures related to business.It helps forecast, budget, and perform variance and financial analysis.
Why a career in business analytics?
You get the opportunity to work in multiple sectors and industries and enhance your skills as a business analyst. The business analytics job role helps address significant challenges and provide solutions to critical business problems.
Here is why you should choose a career in business analytics at present times.
Growth in the analytics industry
The corporate and IT world has witnessed significant growth in business analytics in the past years. It provides ample scope for professionals interested in data analytics to showcase their talent across organizations and solve business-related issues and problems.
Every organization wants a professional to observe and recommend changes in strategies to improve business growth. So, the business analytics career path works best if you want to pursue a career in it.
Dynamic job nature
Business analysts can understand each customer’s unique needs and propose informed decisions to satisfy them while keeping in mind the organizational goals. The professionals also get subjected to new challenges daily that make them enhance and develop their skills frequently. Thus, you can choose to be a business analyst if you want a mentally stimulating role in your career.
Good pay scale
Business and analytical skills are one of the most sought-after skills. You get to learn both aspects if you undertake data and business analytics courses to enhance your skills. Moreover, studies reveal that the average salary package of business analysts is better than other IT professionals. Hence, pursuing this career helps you open up ample learning opportunities and an envious pay scale in the competitive marketplace.
Most organizations consider analytics one of the most significant decision-making factors in business growth strategies. The team members rely on analytics to enhance performances by recognizing marketing and sales opportunities and understanding customer patterns and trends within a stipulated time. Organizations, therefore, must rely on professionals with analytics backgrounds for such decision-making processes. It makes business analytics the perfect job option for your career.
Multiple career choices
All industries can utilize analytics for multiple purposes. So, you get job opportunities in sectors like healthcare, retail, textile, automotive, banking, etc. The scope of job roles related to business analytics prompts many professionals to embark on a journey in the lucrative industries.
High-paying jobs in business analytics
Business analytics jobs have witnessed a surge in the past years. The careers in information and technology may be subject to drastic fluctuations because of their flexibility. But the high-paying jobs in business analytics witness steady growth despite the industrial ups and downs.
Take a look at some top jobs in business analytics that promise a whopping remuneration for professionals.
RoleAverage salary (INR-LPA)Business Analyst700000HR Analyst480000Supply Chain Analyst550000Financial Analyst400000Marketing Analyst370000Source
A business analyst bridges the gap between information technology (IT) and business by using data analytics to assess different processes, determine requirements, and deliver recommendations and reports to stakeholders, clients, and executives.
Here are the responsibilities of a business analyst.
Create detailed business analysis and outline problems, solutions, and opportunities.Plan budgets and forecast marketing and sales expenditures.Plan and monitor data-driven business strategies.Conduct variance analysis of tasks and activities across the organization.Analyze pricing and reporting processes and define the business requirements across teams.
A business analyst’s salary in India ranges between Rs 5.0 Lakhs to Rs 15.0 Lakhs. Moreover, the average annual remuneration is around Rs 7.0 Lakhs.
Here is the guide to become a business analyst.
An HR analyst collects, compiles, and analyzes multiple HR metrics, statistics, and data. The professional recommends changes and modifications in retention, recruitment, and legal compliance related to organizational structures.
Here are the responsibilities of an HR analyst –
Work with the HR team to resolve various human resource-related issues.Communicate with customers and clients and help them to troubleshoot issues.Help with HR investigations and job audits and follow up with relevant parties.Create and deliver presentations and pieces of training on HR-related topics.Advise and support multiple departments regarding HR policies, processes, and best practices.Analyze and present significant data and reports to appropriate areas of expertise, identify errors, and recommend solutions.
A human resource analyst earns an average compensation of around Rs 4.8 lakh in India.
Supply Chain Analyst
A supply chain analyst helps analyze methods and data to predict and improve an organization’s delivery of products and services to customers and clients. The professional ensures that an organization’s supply chain runs smoothly and helps incur profit in the business processes.
Here are the responsibilities of a supply chain analyst.
Collect and analyze supply chain data.Oversee and manage supply chain operations.Provide training to the supply chain team members.Perform and prepare inventory analysis reports.Identify and analyze multiple supply chain trends.
A supply chain analyst’s salary ranges between Rs 5.6 Lakhs to Rs 11.9 Lakhs. Moreover, the average annual remuneration is around Rs 5.5 lakhs.
A financial analyst helps guide individuals and business organizations in decisions related to expenditures and profits. The professionals provide guidance by accessing the performance of bonds, stocks, and other significant investment types.
Here are the responsibilities of a financial analyst –
Analyze financial statements and forecast the organization’s future.Forecast future expenditures and revenues and suggest ways to improve them.Track the organization’s financial plan and suggest changes and corrections to it.Identify and interpret data to assess any errors or discrepancies in the organizational expenditure and revenue structure.
The average annual salary of a financial analyst in India is around Rs. 400000.
A market analyst helps analyze data and information to support an organization’s marketing strategies and efforts. The professional uses multiple insights to help the organization make better marketing decisions to enhance business growth.
Here are the responsibilities of a marketing analyst.
Interpret research about an organization’s clients or customers and their buying habits.Identify target audiences and gather significant web analytics to prepare strategies for successful market campaigns.Study market conditions and assess the potential sale estimates of an organization’s products and services.Provide actionable market and customer insights to address strategic questions related to sales and marketing processes.
The average annual salary of a marketing analyst in India is around Rs 3.7 lakh.
How can I join business analytics?
You have to excel in relevant skills to join the field of business analytics. You can also choose courses or programs from Online Manipal to gain expertise in the fields.
Here are a few tips to join business analytics –
Hold a relevant undergraduate or postgraduate degree related to analytics to have a strong background or knowledge in information technology.Pursue a master’s degree or MBA in business analytics to improve your skills and get information on the latest data trends, cloud-based software, and other operational systems related to multiple industries.Try to supplement your training and learning with additional certifications and courses from online institutions.Try to gain real-world experience by undertaking industry-specific training or internships in multiple fields.Practice the latest software to understand and analyze the gap between business and information technology in present industries.
Business analytics is one of the best ways to help organizations reduce risks and make the right decisions depending on available data, such as customer preferences, trends, marketing statistics, and patterns. The process entails the analysis of data for the creation of predictive models and the application of optimization techniques to communicate successful business results.
The technology utilizes data-driven methodology in the business environment by relying on data and statistics to create better business insights. Every organization wants efficient business strategies to grow in the competitive marketplace and the best way to move forward is by adopting business analytics and related strategies.
However, you must have the required skills to get a business analytics job role. You will find multiple online courses, programs, and certifications to hone your skills. Manipal Academy of Higher Education (MAHE) with Online Manipal provides M. Sc in Business Analytics and PGCP in Business Analytics, among other courses.
You can also choose the online MBA – Analytics and Data Science course to help you look for jobs after MBA in business analytics. Choose a relevant course of your choice from Online Manipal and get ready to excel in the field of business analytics. Join today!
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