As organisations continue to expand steadily while meeting the customers’ and clients’ requirements, the role of business analysts is also increasing in demand. According to a recent survey by the Bureau of Labour Statistics, the demand for business analysts and management analysts will grow to 14% by 2030, which is significantly higher than other professions.
Business analytics is all about transforming information into insights. This profession has a strong record of helping organisations in improving efficiencies, thereby strengthening the demand across all business verticals, coupled with competitive salaries and a wide range of employment opportunities.
But do you know how to start a career in analytics? Let us take a look at the requirements, ways, and responsibilities needed to become one.
What exactly is a business analyst?
A Business Analyst, also known as BA, is a professional who focuses on helping a business deal with change by practising effective business analysis. This discipline includes identifying the specific needs of the business and planning solutions to the problems.
Simply put, these professionals have to deal with the facts and data in a data-oriented mindset and should keep up with the recent market changes. With this, they will develop the procedure and structure by evaluating the model or technology implementation.
What is the role of a business analyst?
As data becomes more valuable to businesses, so does the role of business analysts. The roles and responsibilities of a business analyst differ from organisation to organisation. Moreover, the name of a business analyst is also mentioned by various titles, including business process analyst, process analyst, and product manager.
The major four levels of a business analytics in an organisation are,
- Strategic management – One of the most critical levels, where a business analyst evaluates and determines the strategic plan for a company.
- Business /Operation model analysis – At this level, business analysts will evaluate the company’s existing policies, enabling them to employ new ones and predict the efficiency of the previous ones.
- Defining and designing the process – The step involves designing the business process by the business analyst using their critical skills.
- Analysis of IT and technology business – This last level encompasses the rules and requirements of technical systems, which a business analyst should take care of to avoid severe consequences.
Responsibilities of an business analyst
- Evaluating business processes, predicting, designing, and employing the solutions
- Staying ahead on the latest technologies to automate the business processes and enhance efficiencies
- Budgeting and forecasting
- Communicating feedback to other team members and management
- Planning and monitoring projects, in correspondence with regular requirements
- Conducting detailed marketing research and competitive analysis
- Managing competing resources and leading teams
- Persuading internal and external stakeholders on the benefits of new strategies or technology
Why should you pursue a profession in business analytics?
- Independent work process: Business analysts have to regularly face new tasks and unprecedented challenges. Hence they don’t have to follow a set of rules and procedures. It gives them a higher level of independence, trust, and freedom to approach issues.
- Impactful action: Unlike other professionals, Business Analysts can see the positive impact of their work on the benefit of the organisation, clients, and employees. Witnessing such direct improvement will act as a powerful motivation tool.
- Effective collaboration: Business Analysts need to communicate and collaborate with different departments, allowing them to learn from a wide range of people.
- Significant growth opportunities: Business Analysts are regularly motivated to learn new skills and implement new ideas, thereby improving as a professional. This will positively impact your career growth, leading you to acquire a top management position.
What are the requirements to become a Business Analyst?
With the rapid changes and unpredictable economic conditions, organisations are looking for an expert Business Analyst. Having multi-functional expertise and critical skills for a business analyst is important before venturing into the real challenging world. Below are the top requirements to become a business analyst.
- A degree in the domain: You should have a relevant degree in the field, which will help you gain domain knowledge with experience.
- Analytical skills: You should possess excellent analytical, logical, and critical thinking skills to interpret business requirements and choose the best solution to overcome challenges.
- Data visualisation: You must know how to use data visualisation tools like PowerBI to create reports, dashboards, forecast data, and make critical decisions.
- Communication skills: Having good communication and negotiation skills to interact with clients and stakeholders is essential for a Business Analyst to achieve a profitable result.
- Programming: A good knowledge of programming languages such as Python is important for business analysts, which helps solve complex problems and implement faster data analysis.
- Microsoft Excel: Proficiency in MS Excel is a prerequisite to generating dynamic reports for businesses.
How to get a job in business analytics?
Is Business Analytics a good career? Yes, pursuing a career as a Business Analyst is highly rewarding and lucrative if you are an analytical thinker who is good at solving business problems. But how can you start a career in analytics? Below we have compiled the ways to guide you start a career in business analytics.
- Pursue a master’s degree in business analytics
Many employers like to prefer candidates with a master’s degree rather than a bachelor’s on their resume. To achieve a higher position in business analytics jobs in India, you should pursue a master’s in business analytics that could help you advance your sought-after, transferable skills and knowledge in business analytics.
- Get certification in business analytics
Even after gaining a master’s in business analytics, you might want to add value to your education through online courses. Reviving the skills for business analyst expects by acquiring a certification course in business analytics is the best way to learn business analytics. It will help you to gain a holistic understanding of the profession and expand your skills, making you more competitive in the field of business analysis, where employers are actively hiring candidates with strong analytical skills and business expertise.
- Work on projects to improve your practical data analytics skills
Whether you are a fresher planning to do an internship or an experienced individual who wants to enhance your skills, make sure to look for opportunities to work on projects. It will ultimately improve your practical data analytics skills and bring you one step ahead in your business analyst career.
- Develop visualisation and presentation skills
While expanding your knowledge of the profession and building skills are crucial, developing your visualisation and presentation skills is equally important. Taking part in industry events, conferences, workshops, forums, and other events in the relevant sectors will provide you with exciting opportunities and aid in career development. With the rich resources and experience in visualisation tools like Power BI and Tableau, you can land your dream job.
- Apply for relevant business analyst positions
After completing your certification or graduation course and honing your skills, you can now start applying for relevant positions. As a beginner, starting as an entry-level business analyst role demands little to no experience and guides you on how to start a career in analytics and build a prosperous professional path.
Considering the growth opportunities and competitive benefits, it is no wonder most critical thinkers are taking on this interesting career path. Online Manipal offers flexible and standardised online PGCP and Master of Science in Business Analytics courses that will help aspiring individuals kick start their careers as business analysts.