The amount of data is increasing and so is the cost of its storage. It is hence very important to make use of this data by analyzing it and drawing out meaningful insights out of the same. Almost every organization leverages the benefits of Business analytics to use their data in the best possible way. Since Business Analytics has become a budding field and full of opportunities, it is important to understand the various career growth opportunities this field has to offer. To excel in a Business Analytics role, it is very important to acquire the right skills from the right experienced people. Enrolling in a Business Analytics course will be of great benefit for those aspiring to launch their career in this growing domain.This blog discusses all the topics related to Business Analytics and its career scope.
This blog includes the Following Topics :
Contents
- What is Business Analytics ?
- Roles and responsibilities of a Business Analyst
- Career Opportunities in Business Analytics
- Data Analyst
- Chief Technology Officer
- Project Manager
- Market Research Analyst
- Data Scientist
- Salaries in Business Analytics as per Job Titles
- Business Analyst Salaries as per Organizations
- Conclusion
What is Business Analytics ?
Let start with What is Business Analytics, Business Analytics is the method of performing analytics on large data sets to arrive at insightful conclusions and identifying trends and patterns to help the management of the organization in data driven decision making. Business analytics helps in accelerating the decision making process and providing the right direction to the business management. More and more organizations are investing in business analytics as it saves time, money and other useful resources. Business analytics has become a whole new popular approach to business problem solving. This has given rise to a huge demand for Business Analysts across the globe. However there is a demand supply gap, which proves there is a lot of growth potential for skilled business analysts. As per reports by McKinsey, the shortage is approximately 1.9 million, i.e. over 1.9 million job opportunities are still out there for business analysis skilled professionals.
Roles and Responsibilities of a Business Analyst
The roles and responsibilities of a Business Analyst are as follows:
- Gaining in-depth understanding of business requirements and problems.
- Performing analysis on data models for arriving at logical conclusions.
- Developing solutions for business problems.
- Identifying trends and patterns in the data sets
- Performing Data Visualization and presenting results to the senior-level management.
- Improving business processes and systems.
- Establishing cause-effect relationships.
- Collaborating and working with senior management, partners, clients and other stakeholders.
- Carrying out research and analysis
- Evaluating business performance and coming up with ideas to improve the same.
Career Opportunities in Business Analytics
As more and more expansion of projects is taking place, the involvement of Business Analytics is increasing. This has given rise to further career opportunities for Business Analysts. There are many roles that a Business Analyst can play. We have explained below some of those roles:
Data Analyst
Data Analysts are the professionals who analyze the data to find out a clear insight into a specific business problem directed at one particular field. Data Analysis is a more focused domain as it concentrates on one single problem and gives a strategic solution for it. The average annual salary of an entry-level Data Analyst is around USD $95,167 and that of a senior-level Data Analyst is USD $ 1,06,748.
Chief Technology Officer
Since a Business Analyst has a good knowledge of the new technology trends in the market, he/she has a potential to play the role of a CTO in an organization. A CTO is mainly responsible for implementing the latest technologies to improve the current business processes and overseeing the performance of the new technology in the business. The average annual salary of a Chief Technology Officer is around USD $1,61,257.
Project Manager
Business Analysts may also play the role of a Project Manager as their role involves making use of data to manage projects and guide the entire project team from starting to end to deliver results as per the client’s needs and expectations. The average annual salary of a Project Manager is USD $75,000.
Market Research Analyst
One of the primary roles of a Business Analyst is conducting market research and collecting data from various sources and compiling complex findings into reports to help the organizations deliver quality products and make them better. Similar to this, a market research analyst also collects data from various sources, works on the complex data using statistical techniques to arrive at conclusions and findings to help organizations make better decisions regarding the products and services offered to customers. The average annual salary of a Market Research Analyst is around USD $65,000.
Data Scientist
Data science professionals extract valuable information from raw data to build models and draw actionable insights. The role of a Data Scientist includes data analysis, building models, prescriptive analytics, machine learning, etc.The process of data science typically involves obtaining raw data, converting it into analysis-ready format, and, finally, feeding it into algorithms and models to draw actionable insights. Similar to this, even Business Analysts work on data to arrive at actionable insights. The average annual salary for a Data Scientist is USD $90,000.
Salaries in Business Analytics as per Job Titles
The average annual salary of a Business Analyst in India is Rs.8,00,000 as per the data from Glassdoor. Let us discuss the respective salary figures for few other similar roles in Business Analytics:
| Role/ Job Title | Salary (in Rs.) |
| Business Management Analyst | 44,71,672 |
| Business Intelligence Analyst | 7,49,457 |
| Technical Business Analyst | 8,61,758 |
| Agile Business Analyst | 14,00,000 |
| Business Performance Analyst | 8,13,665 |
| Systems Business Analyst | 15,00,000 |
| IT Business Analyst | 8,26,053 |
| Jr. IT Business Analyst | 4,70,000 |
| Business Solutions Analyst | 11,00,000 |
| Senior Business Analyst | 17,00,000 |
Now since we have discussed the various salaries of a Business Analyst as per various job titles, let us now understand the earning opportunities for a Business Analyst in various companies.
Business Analyst Salaries as per Organizations
Business Analysts are in huge demand across the globe irrespective of the industry. Hence organizations are ready to pay good salaries to skilled professionals. Let us have a look at the various average salary figures offered to Business Analysts by some of the top organizations:
- Tata Consultancy Services- Rs. 8,00,000
- Deloitte- Rs. 6,85,824
- Accenture- Rs. 7,02,288
- Genpact- Rs. 6,18,441
- Cognizant- Rs. 8,48,770
- Wipro- Rs. 8,36,645
- Mu Sigma- Rs. 5,76,369
- American Express- Rs. 14,16,559
- IBM- Rs. 7,59,075
- Amazon- Rs. 10,19,937
- Tech Mahindra- Rs. 6,28,057
- Barclays- Rs. 11,35,654
Conclusion
From this blog, it is clear that the scope of career growth in Business Analytics is positive and bright. The number of roles that an individual can get into is huge. An aspiring Business Analyst simply needs to acquire the right skills to carve out a rewarding business analysis career for himself. In this blog, we covered what is Business Analytics, the various roles and responsibilities of a Business Analyst, salaries etc. We hope this blog will be of some help to you in your Business Analytics career decisions.