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 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 salary as a business analyst 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.
Business Analyst Skills - What you need to know
A commonly asked question is about the business analytics 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:
- Critical and analytical thinking
- Business objective understanding
- Interpersonal and communication skills/ telecommunications
- Programming, SQL, and database
- Product management
- Decision making
- Negotiation skills
- Machine Learning
- 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.
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 Analytics 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.
Business Analysis - Rs 6,31,572
Requirements Analysis - Rs 6,59,932
SQL- Rs 6,47,341
Microsoft Excel Expert - Rs 5,57,736
Project Management - Rs 5,93,715
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 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.
Bangalore - Rs 7,38,092
New Delhi - Rs 6,08,820
Pune - Rs 7,52,994
Mumbai - Rs 6,19,360
Hyderabad - Rs 6,38,815
Kolkata - Rs 6,81,163
Business Analyst Salary Based on Experience
Experience is one of the main factors in defining how much money you are going to make as a business analyst. 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.
Entry Level Business Analyst - Rs 3,69,525
Early-Career Business Analyst - Rs 5,13,065
Mid-Career Business Analyst - Rs 8,56,871
Late-Career Business Analyst - Rs 12,89,367
Experienced Business Analyst - Rs 19,65,270
Business Analyst Salary Based on Industry
Based on which industry you are working in, your salary as a business analyst 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.
IT Consulting and Services - Rs 7,00,000
Financial Services - Rs 8,10,000
Manufacturing - Rs 7,00,000
Hardware and Networking- Rs 7,30,000
Internet- Rs 8,40,000
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.