Home

Learning Hub

Articles

A Guide to Business Analytics and its Scope in India: 2024 Outlook

In recent times, especially after the pandemic the way of working has seen a dynamic shift. With this shift business analytics has come into focus and has become a vital factor for the success of a business. Today a business analyst role comprises of a multitude of   functions. They have an insight into all verticals and data from every aspect of a business. 

The scope of business analyst is endless and continues to grow in India. Today courses ranging from data analyst roles to business analytics courses are available online.

From top tier companies to mid to small sized industries and companies uses business analytics and data analytics to find intelligent and economically beneficial solutions to persistent problems. 

As the need for business analytics and data analytics grows, the role of a business analyst is becoming more dynamic and continues to evolve. 

The Scope for Business Analytics in India 

India is a growing and developing economy, and business are also growing and expanding at breakneck speed. In order to accommodate this growing economy, the need for a business analyst is much more vital and an important pillar for the success of a business organization. A business analyst has streamlined business and brought in more discipline, along with providing long term solutions to persistent business problems.  As the need for this grows, we see online business analyst course and data analytical courses being offered.  Apart from this certificate courses in business analysts are being offered. We have a wide variety and scope of online courses that we offer, be it certificate courses in Business analytics or data analytics.

Networking and Stakeholder Relationship 

When it comes to the success of an organization or a business, ensuring a well-balanced and well-rounded relationship with all stakeholders is a necessity. From your vendors to the board of directors as well as the employees working with you and mainly your customers, is essential. A business analyst comes into play here, by quantifying these relationships using different tools at their disposable, they can check and correct for any missteps. When any complaints are identified, steps are taken to correct this. When it comes to customers, having their complaints resolved faster and better customer care service can be offered to improvise, build and cultivate long standing relationships. 

Pulse of the Market 

As India continues to grow as a developing nation, our economy and infrastructure need to grow along with this. In order to do bridge any gap in the market, it needs to be recognized first and capitalized on. Trends needed to be identified, what will become popular, what has the potential to add value to the business and necessary actions need to be taken to execute the plan.

A business analyst needs to be aware of all these changes and what is currently happening in the economy and the world.  A business analysts should be on the top of this and know the pulse of the market. The data from across vertical’s needs to analyzed and studied. The result from this then needs to be communicated and help the decision-making process on what action ta take. 

Today online courses and certificate courses in business analytics and data analytics can be accessed to help boost your career or take you in the right direction of starting your career as a business analyst. 

Inventory management

Inventory management is an essential and vital role in every business. Improper management of inventory can lead to rising cost in business, loss of revenue and missed opportunities. This is where a business analysts came in to play and they will be able to understand trend and patterns based on data available. Business analytical tools help optimize inventory management, bring in efficiency and lessen the cost to the company. 

Technology and accessibility have now enabled us to take up online courses in data analytics, business analytics along with certification courses in both to help achieve the desired results.  We offer some of the best online courses in data analytics that help you understand and build a strong base in data analytics and business analytics. 

Business analysts have a significant contribution in the decisions making process of a business. They must be able to bridge the gap in understanding the management of the organization, break down complex data and aid the originisation in achieving higher efficiency results.

Below mentioned are the roles and responsibilities of a business analyst:

• • Developing and managing different projects that add value to the business, along with monitoring performance of existing projects and deliverables.
  • Regularly evaluating various processes for efficiency, costs and results and taking corrective actions to correct any gaps. 
  • Being on top of all the changes happening in the business environment, economy and technology. 

• Understanding what the business does, the process they use to accomplish their goals, and revaluating these processes to maximize efficiency. 

• Researching and designing business models and all the other divisions that come under the umbrella of the business, be it logistics, supply chain, financial and all other operations. 

•  Communicating in a timely manner about any changes and the impact they have on the business.

• Engaging with business leaders regularly to align with the company’s goals and deliver data that would boost the business and enable the leaders to take proactive actions.

In order to ensure you meet these roles and responsibilities diligently you can take up online certification courses in business analytic and data analytics. The role of the business analyst will continue to grow if the business grows and expands. In order to keep up with the changing dynamics of the business a business analysts should continue to evolve and be well versed with the new techniques and tools used to perform their role better. 

Skills required for a business analyst role 

To become a successful business analyst, it is important to continuously work and upscale your skills and build on your skills. Online courses in business analytics can help you achieve this. 

The skills you need are if you are planning a career as business analyst include 

Critical thinking and Business Acumen

One skill that you need and is required is to be able to think in critical situations. A business analyst should be able to analyze problems from all angles and come up with a solution that serves the organization and business the best.  You should be able to think logically under pressure and deliver results best suited to the business needs. In order to do that you need to have an in-depth knowledge about the business, the industry it operates in and what could be the potential outcome of the data analysis you do. Your business acumen and knowledge should be on point to make a well-informed decision. 

Research 

A business analyst is as good as the data he has. In order to have a successful career in business analytics you should have good research skills. Business analysts will always have some or the other research project running in the background, in order to be able to make strategic changes that would maximize efficiency, reduce costs and improve the functions of a business for the betterment of the organization. In order to accomplish this, a business analyst should know how to acquire the data, what data should be filtered out what are the best data analytical tools they will give him a solution to the problem he is researching. 

Data Analysis 

A business analyst cannot just research data, he should be able to analyze this data and make sense of it all. He should be able to come with a comprehensive plan on how better to position the business, in order to get a higher market share, what needs t be corrected to make the business grow, what strategies should be implemented when to expand the business, and what the future trends look like. 

Negotiation 

In order to be a successful business analyst, you need to constantly ask questions, listen to all stakeholders and build good relationships with them, in order to understand what they need from the business. You need to be a good listener, so that you can negotiate and implement changes as and when needed. Humans are generally wary of change, hence you as business analyst need to ensure that the decisions you implement should be communicated in the right manner. 

Communication 

One critical skill that a business analyst should needs is good and effective communication skill. A business analyst must ensure that his communication to is precise concise and to the point, with no room for misinterpretation. 

A business analyst should also have good software skills, he should be able to analyze and navigate effectively through various technical charts and programs in order to efficiently do his job. 

Growing popularity of business and data analytics 

The business landscape is evolving and reforming as technology continues to become a larger part of business. More than ever today, companies are relying on insights and reports from business and data analytics are seeing a rise in the demand and need for experienced and qualified business analyst experts. As more or less all business functionalities merge within the purview of business and data analytics we are seeing high dependency on how business analysts are reforming the way a business function. With the internet of things and big data analytics growing the need for business analysts will also see a continuing rise in popularity and demand.  Today easy access to online courses in business analytics certification and courses can help you establish, grow and flourish in this career.