Business Analytics

Business analytics

Business analytics refers to the aggregation, sorting and processing of the data using various statistical methods and software tools and convert them into useful business insights. It provides companies, the much needed quantitive data in order to understand the market trends and helps them in making strategies to deliver better products and enhance the customer experience.

According to the Bureau of Labor Statistics, the number of business analyst, financial analyst and computer analyst jobs are expected to increase by a minimum of 12% between 2014-24. However, it should also be noted that there is significant lack in the number of qualified professionals in this field. 

In order to pursue a career in Business Analytics you must have a bachelor’s degree in statistics, marketing, data science or any other field related to business. Alternatively, a bachelor’s degree in commerce or finance along with a certification in data science can also get you a business analyst post in a firm. Having a master’s degree can significantly help you in starting your career in business analytics as it adds more value and credibility to your resume.                             

Inside a company, business analytics is often a separate department and they work closely with other departments mainly sales, operations and marketing department. 

Scope in India and abroad

As more and more small and medium-sized companies are trying to make a place for themselves in the market and are going head-on with the big companies, a future in Business Analytics promises a prosperous future. The small and medium players are hiring business analysts in order to understand the market and plan their actions accordingly while on the other hand the big players are hiring business analysts in order to refine and enhance the customer experience and service. 

Whether you’re working in a developed country like United States or in a developing country like India, Business Analysts are in high demand everywhere as more and more companies are using business analytics in order to grow their business.

Job profile and responsibilities

Business Analyst are required to acquire data from different sources, go through huge piles of data, find relevant information and interpret the data into simpler form. There are different job profiles when it comes to Business Analytics like Data Analyst, Business Intelligence Analyst, Operations Research Analyst, Market Research Analyst, etc. 

All these profiles have different responsibilities assigned to them. Following is a list of responsibilities of a Business Analytics employee:

• Data Mining – Data Mining refers to the search of new trends and patterns from the available data. Analyst are required to go through huge amounts of data and using different statistical techniques try to find out new trends which can be then utilised by the company.
• Text Mining – Firms collect a lot of textual information from social posts, comments, blogs and reviews. Such information is reviewed and processed in order to enrich the customer service and improve performance of the form.
• Forecasting – Analyzing the historical data available in order to prepare a forecast of future trends and patterns. This is mainly used in planning for events which occur seasonally or during a specific period.
• Data visualisation – Important information and insights which are extracted from huge amounts of data is then converted into interactive graphics so that other departments can use them efficiently.

Top countries placement

Some of the top countries for working as a business analyst are:

• United States of America
• Switzerland
• India
• United Kingdom
• South Africa

Top companies hiring business analyst:

1. Google
2. Delolite
3. McKinsey & Company
4. Flipkart
5. TCS
6. Intuit
7. Cisco
8. American Express
9. Dell
10. Apple

Salary

When it comes to salary, Business Analysts are some of the highest paid workers in the corporate sector. The average salary for an entry level business analyst is roughly around INR 650,000 per annum, whereas experienced business analyst can easily earn upto INR 1,200,000 per annum. 

The average salary of a business analyst in the United States with more than 1 year of experience is $75,000 per annum while more experienced business analyst can earn as high as $125,000 per annum.