The Scope and Salary of a Business Analyst in India

Business analytics is one of the fastest-growing fields right now. The field focuses on solving business problems through data analytics and uses various technologies and disciplines to do so. Quantitative methods like statistical models and data analysis are used in business analytics. 

In the modern data-driven world, information and big data are business assets that companies use to gain a competitive advantage over their competitors. Data quality is the driving factor in the success of business analytics. That is why, experienced business analysts who understand the business and technology behind data analytics and can gain insight from using data to drive business decisions better are an asset to these companies. 

The field of business analytics has seen exponential growth in the last few years and data has become one of the key elements of business management.

In 2020, the business analytics market was valued globally at USD 67.92 billion. And, with a CAGR of 7.3%, it is supposed to be valued at USD 103.65 billion by 2026. The field is growing really fast and with the help of faster and smarter technologies and automation, the delays in data analysis are also being reduced. 

What is Business Analysis?

Business Analysis refers to the practice of identifying business needs, analyzing processes, and recommending solutions to improve organizational performance. It involves gathering requirements, conducting feasibility studies, performing gap analyses, and facilitating communication between stakeholders. Business analyst salary in India comes at the higher end of the list. Learn more on Business Analytics and Data Science course.

Importance of Business Analyst:

Business Analysts play an important role in bridging the gap between business objectives and technology implementation. They possess a unique skill set that combines business acumen, analytical thinking, and technical understanding. Their expertise helps organizations optimize operations, enhance efficiency, and make informed decisions. Explore more on Data Warehousing and Data Mining. Let’s deep dive into the business analyst salary in India.

Business Analyst Salary Based on Skills

While the Business Analyst skills required can vary depending on industry and domain, different job roles and skills will result in different annual pay. Here is a basic guide to the Business Analyst salary you will receive in India. This is the base average pay of these job roles and the amount will differ depending on your experience and location as well. 

As you can see, the more skills you master, your salary as a business analyst will also increase. This is why, it is so important to upskill yourself in the IT sector. It is also important to remember that the more skills you learn and the more years you gain on your resume as a professional business analyst, your salary will also increase exponentially, as we will explain further down in the article. 

Business Analyst Salary Based on Location

If you are working as a business analyst in India, then another factor that will have an effect on your business analyst salary is the location. Based on the city you are working in, your annual salary will differ. Here is a list of cities and the salary you can expect there as a business analyst to give you a better idea. Keep in mind that this is an average for each city and salary may differ depending on your skills and experience as well. 

Business Analyst Salary Based on Experience

Experience is one of the main factors in defining the business analyst salary. Since in this field, you will get better as you gain more experience working with different people and companies, the more time passes, the better your salary package will become. Based on your experiences, this is the average base salary you can expect in India as a business analyst. 

Business Analyst Salary Based on Industry

Based on which industry you are working in, your business analyst salary will also differ. Here is a comprehensive list of how much salary you can expect annually based on the industry you choose to work in as a business analyst. 

Business Analyst Salary in India

The average salary of a business analyst in India is Rs 6,15,935. But, depending on what skills you have and how many years of experience you have gathered in the field, the salary will change. This field is expanding and growing as we speak, which means it is full of opportunities for new professionals. 

Every sector in the world right now is looking for business analysts. A professional with business analytics skills is very important for improving business processes. With the help of machine learning (ML)-powered platforms, the field is getting better at comprehension and data visibility, which was not possible with traditional tools of business analytics. 

There are also some problems in the field. One of them is that there are too many data sources in the business analytics industry and it becomes very hard to integrate all of this big data into the analytics strategy. 

The other problem is a lack of skills. Since the industry has grown exponentially, the need to have business analysts who have a lot of skills in the field has also grown. But sometimes, small and medium businesses cannot hire enough professionals who are proficient in all these skills. 

But in the end, we can conclude that there is a lot of scope in this field if you have the right skills. If you want to continuously grow and get a handsome salary in this field, you will have to learn new skills as time passes. 

The field of business analytics is full of opportunities and scopes. If you are thinking of becoming a business analyst, then now is the best time to do so. Enroll for Hero Vired’s PG Certificate Program in Business Analytics and Data Science or the Accelerator Program in Business Analytics and Data Science to get started. 

The Accelerator Program is for people who are looking to learn the fundamentals of  data science and business analytics. The PG Certificate Program, on the other hand, helps people gain a MicroMasters certification from edX and Georgia Tech. 

Scope of Business Analysis in India:

The business analyst salary in India and the scope of business analyst is immense, given the country’s thriving technology landscape and growing emphasis on digital transformation. With businesses increasingly relying on data-driven insights, there is a high demand for skilled professionals who can effectively analyze complex business problems and drive strategic initiatives. Read further on Primary keys in DBMS. 

• Automation:

  Automation is a key aspect of modern business analysis, enabling organizations to streamline processes, reduce manual effort, and improve efficiency. Business Analysts leverage automation tools and techniques to identify opportunities for process optimization, workflow automation, and cost reduction.

• Big Data Analytics:

  In the era of big data, Business Analysts play a critical role in leveraging data analytics to extract valuable insights. They utilize advanced analytical techniques to mine and analyze large datasets, uncover patterns, and derive meaningful business insights that can drive informed decision-making.

• Visualization Expert:

  A Visualization Expert within the realm of Business Analysis specializes in translating complex data into visually appealing and easily understandable representations. They use data visualization tools and techniques to create intuitive dashboards and reports, enabling stakeholders to grasp insights quickly. Interesting read on Application of Data Structures.

• Machine Learning Engineer/Data Engineer:

  Business Analysts with expertise in Machine Learning work closely with data scientists and engineers to develop and deploy machine learning models, build data pipelines, and enable data-driven decision-making.

• Artificial Intelligence (AI):

  AI has the potential to revolutionize business processes, and Business Analysts are at the forefront of leveraging this technology. They identify AI use cases, assess feasibility, and help organizations adopt AI solutions that drive innovation, improve customer experiences, and optimize operations.

• Cloud Computing:

  They evaluate cloud solutions, assess the impact on business processes, and facilitate cloud migration strategies, enabling businesses to leverage the scalability, flexibility, and cost-efficiency of cloud platforms.

• Internet of Things (IoT):

  As IoT continues to shape industries, Business Analysts facilitate the integration of IoT technologies into business operations. They identify IoT opportunities, analyze data from connected devices, and help organizations leverage IoT to enhance efficiency.

Must Have Business Analyst Skills

A commonly asked question is about the business analyst salary one can make. Business analysts are involved in all aspects of a business. Since their job is to understand and provide solutions that will help maximize the value of the business to shareholders, they also act as a bridge between the different stakeholders. They have a very important job that requires them to have skills such as: 

1. Critical and analytical thinking 
2. Business objective understanding 
3. Interpersonal and communication skills/ telecommunications
4. Programming, SQL, and database
5. Product management
6. Decision making 
7. Negotiation skills 
8. Machine Learning
9. Documentation 
10. Microsoft Excel

These are some of the key business analyst skills required for the job. The more skills you add to your resume and the more experience you gather in the field, the more handsome your salary package will be. 

What Does a Business Analyst Do? 

The job role of a business analyst is to technically translate data between non-tech stakeholders of a company to the IT department. As a business analyst, you need to know both the business and technical terms and concepts to grasp the needs of the business stakeholders and translate their demands and plans into a technical language for the IT people of the company. It is a data-driven job role, especially important in the field of software development. 

• Some of the basic job skills that a business analyst needs to have are converting pieces of data into cohesive pieces of information, analyzing and documenting skills, and also management. If you are a business analyst, then you should also be an excellent communicator as you will have to communicate and negotiate with stakeholders on a daily basis to align their needs and demands. 
• Even though business analyst is a job role in itself, there are many other profiles to choose from in the field of business analytics. Depending on the project or goal you are working on, your job role could be different. Some of the business analytics roles are requirements manager, products manager, business consultant, and marketing specialist. 
• There are some foundational processes involved with data analysis that a business analyst needs to take care of before data analysis actually happens.
• You will have to regulate the goal of the business through communication and decide upon a method of analysis. After that, you will need data to support your analysis which you will acquire from various sources. Lastly, you will have to integrate the acquired data into a repository like a data warehouse. 
• Depending on which job roles you take and what your skills and experience level are, your business analyst salary will also vary. Salaries of business analytics professionals can also vary based on their location and industry. In this article, we will discuss what salary package you can expect as a business analyst in India based on these factors. 

Conclusion:

With the expanding scope of business analysis in India’s tech landscape, professionals in this field can expect rewarding career prospects and competitive salaries. As businesses increasingly recognize the value of data-driven insights, the scope of Business Analysts is expected to grow, offering exciting opportunities in the dynamic world of technology-driven businesses.