Data save lives and improve people's lives. Data is a problem solver and solves problems in multiple public and private organizations. Data has become essential for any modern business, helping many make the appropriate decisions and leading to better revenue generation. Data helps develop effective strategies to track the performance of people and events.
Business analytics helps to analyze this data and steer organizations in the right direction. Companies can make better decisions after consulting professional business analytics with the right expertise and experience in the field.
Currently, the Business Analyst career path in India is booming. Here we will discuss the most profitable careers in Business Analytics and help you understand how to step into this field!
What does a Business Analyst do?
Business analyst responsibilities include looking for patterns in historical data to make computational decisions. Business analysts help companies get the most out of themselves in political uncertainty, fierce competition, and rapidly advancing technology.
While the demand for Analytics is on the rise, there is a huge shortage on the supply side. This happens primarily worldwide and is not limited to any particular geography. Therefore, the need for experienced and knowledgeable business analytics experts is greater than ever.
Business Analytics will open up endless possibilities in the future. Everything around us is data-driven. Everyone uses historical data from AI to your local provider to predict the future. Business Analytics will grow by over $274.3 billion by 2023. Business analysts use tools and algorithms to classify data.
Business analytics information collects, sorts, and analyses data using statistical models to convert it into business information that can enhance a company's productivity, efficiency, and revenue. All set to start your career in business analytics? Let us understand the skills needed to be a Business Analyst.
Basic skills needed and the role of a Business Analyst
Business Analysts must have excellent communication skills that can help convey data insights to the relevant key stakeholders. Comprehensive business and industry knowledge, understanding of all aspects of the business, and being able to analyze the business data to gain meaningful insights.
They need to develop solutions and foresee future business problems. Business analyst skills revolve around technical and soft skills. Business analyst requirements include possessing critical business skills and subject matter expertise that advance an organization's goals. Here are some of the key roles that a business analytics professional should perform:
- Help improve operations and business processes.
- Participate in the design or modification of computer systems.
- Capture, analyze, and document business needs and requirements.
- Assist in system testing and also create system documentation.
Is a Business Analyst a good job?
A Business Analyst's responsibilities and functions determine the best Business Analyst career path in India. A Business Analyst:
- Works with the business to identify opportunities to improve business operations and processes.
- Assists in designing or modifying existing business and IT systems.
- Interacts with business stakeholders and Subject Matter Experts (SMEs) to better understand their needs and issues.
- Collects, documents, and analyses business needs and requirements.
- Design technical solutions.
- Solves business problems.
- Documents functional and technical designs of enterprise systems.
- Works with system architects and developers to ensure the system is properly implemented.
- Creates system tests and creates system documentation and user manuals.
A Business Analyst acts as an internal liaison, collecting, managing, and distributing relevant data between departments.
Business Analyst career path in India
Here are some of the key roles to build a career in Business Analytics:
1. Business Analyst
A Business Analyst in the country can earn approximately INR 3 - INR 10 lakh per year, including bonuses, profit sharing, and commissions. Your career does not end at being a Business Analyst, but you can move on to become a financial consultant or a project manager, and you can even be appointed an IT PMO in the system.
It is important to get certified as a Business Analyst, brush up on your skills and expertise in the field, gain some experience, and then upscale your career, which is an important move.
Job responsibilities of a Business Analyst
- Business Analyst responsibilities include improving a company's systems.
- They must constantly look for areas where improvements can be made and need to identify what options are viable for their company.
- They must have robust research skills to find the organization's weaknesses and improve accordingly.
- Strong communication is among the essential Business Analyst skills as they work with several internal and external stakeholders.
2. Product Manager
Product managers manage a product and see the bigger picture and collaborate with all teams working on a particular product. Product managers lead a product to success. The average salary of a product manager in India is INR 900,000.
There is a massive demand for product managers in India and overseas. Did you know that Sundar Pichai and Jeff Bezos started as product managers and later, with the enhancement of their experience and exposure to real-life situations, have grown to become undisputable companies like Google and Amazon, respectively?
Product management is a lucrative and booming job area for which you need to follow the right curriculum, attain the best theoretical and hands-on training, and sharpen your existing skillset. Companies don't mind paying product managers a competitive pay package as there is a huge shortage of professional product managers, and the demand is extensively high.
Job Responsibilities of a Product Manager?
- Determine success metrics
- Collect and interpret customer feedback
- Determine the characteristics of the product
A Product Manager bridges the gaps between the business teams working on a product and the final product path to release the product. A successful Product Manager can create strong cohesion between cross-functional teams.
3. Data Analyst
The average salary of a Data Analyst in India can range from approximately INR 2 lakh to INR 10 lakh per year, depending on experience, skills, and organization. As has been discussed above, data is the king.
If you attain the right experience and knowledge about the job role and skills required to be a data analyst, you can earn your dream package using your skillset.
Job Responsibilities Of A Data Analyst?
- A data analyst used data to collect insights on specific topics. He must conduct investigations and collect the data necessary to conduct the analysis.
- They are also responsible for displaying data in a simple way using technologies like SQL, Microsoft Access, Microsoft Excel, and many other technologies. Other essential Business Analyst skills for this role include data management, scrutiny and analysis, and error-free data reporting.
4. Human Resources Analyst
A Human Resources Analyst receives an average salary ranging from approximately INR 2 lakh to INR 8 lakh per year.
Job Responsibilities of An HR Analyst?
A Human Resources Analyst (Personnel Analyst) helps organizations with human resources data by collecting and researching data to recruit better candidates, encourage existing employees, resolve personnel issues, etc.
5. Financial Analyst
The average salary of a financial analyst in India ranges from approximately INR 3 to INR 10 lakh per year.
Job Responsibilities of A Financial Analyst?
- Every business must find ways to use its profits after studying current financial and market trends as efficiently as possible. Financial analysts study demographics, consider micro and macroeconomic factors, and help the organization make adequate investments.
- They understand investments well and advise leaders on protecting and growing the company's current assets during difficult times.
6. Supply Chain Analyst
One of the most important careers in business analytics is that of Supply Chain Analyst. The average salary ranges from approximately INR 3 lakh - INR 10 lakh per year. Their salary is highly dependent on their expertise and skill level.
Job Responsibilities of a Supply Chain Analyst?
- Supply chain analysts need to analyze and improve their organization's supply chain. They work with other organizational teams to understand the appropriate flow of the existing and forecasted supply chain and find ways to improve and enhance it.
- They find bugs in their company's current warehousing system. They work regular hours and may need to make occasional on-site visits.
7. Chief Data Officer
A CDO is responsible for analyzing data and aligning the company and products with the latest growing and upcoming trends. The primary task of a Chief Data Officer is to enable a company to achieve its financial and marketing goals using an innovative data-driven approach and provide a company with the best possible future solutions.
8. Marketing Analyst
A Marketing Analyst has immense career opportunities in business analytics and earns an average salary ranging from approximately INR 2 lakh to INR 10 lakh per year, depending on their experience, position, and ability.
Job Responsibilities of A Marketing Analyst?
A Marketing Analyst helps companies understand the reach and adoption of their products and services and industry trends.
Marketing Analysts work with several other internal and external organizational departments to improvise client results. They research opportunities for innovative marketing techniques and make sales forecasts. Your information helps businesses win new customers, retain old customers, and increase sales.
9. Data Scientist
A Data Scientist can attain an average salary between approximately INR 4.5 lakh - INR 25.1 lakh per year. Pay in this sector is highly dependent on one's skills and competencies. Some Business Analyst skills that provide a better salary package in this profession include:
- Artificial intelligence
- Software development
- Microsoft PowerPoint
- Natural language processing
Job Responsibilities of A Data Scientist?
A Data Scientist finds valuable information and uses different scientific processes and methods to extract information from unstructured and structured data.
They discuss, delete and filter data and use machine learning, deep learning algorithms, and additional technical skills to accomplish their tasks. They have great skills for sharing their insights with non-technical audiences.
How to get started with a career in Business Analytics?
Many profitable career careers in business analytics depend on your aspirations, expected pay package, skills, and interests. You need Business Analytics certification and learn the many technologies used in this industry.
Hero Vired offers an excellent program to help you get started - the PG Certificate Program in Business Analytics and Data Science. It is designed to help you learn the core skills and methodologies needed to become a pro. The main Business Analyst skills you will learn are data analysis and statistics, planning and monitoring, agile and scrum methodologies, visualizations, and SQL databases. The course uses real case studies to effectively train you and ensure you are ready for the market.
You will get to work on relevant industry issues in sales, marketing, finance, and operations using languages like Python and R. Hero Vired offers playful and interactive learning with an experience of 8-10 interviews throughout the 11-month program. We offer personal branding sessions, career support workshops, and guaranteed placement to build your career opportunities in business analytics.
You get access to an international learning experience with a dedicated program manager to support you on your learning journey. After completing the appropriate Business Analyst course, you will be eligible for hero Vired business analytics certification. Getting started in the field may seem difficult, but all you need are the right skill set and Business Analyst skills to be successful in business analytics.
This program lasts 11 months and offers live sessions, case studies, and assignments. Business Analytics skills will also come in handy if you aim to grow your career and step into managerial roles, focusing on gathering information for decision-making.