Introduction to Business Analytics: Things you need to know

Business Analytics Experts are sought-after business professionals who bring a distinct value to an organization and are expected to invest their intellect and knowledge to the best of their capabilities into the function they specialize in. Analytical skills are nothing but an indicator of how well an individual can utilize their experience with the knowledge gathered in present.

To market yourself as somebody who has the potential to become an indispensable part of a team, you must demonstrate your problem-solving aptitude to your potential employer. If you’re thinking of switching to a business analytics career, analytical and research skills are your passport to the hottest job market of the 21^st century.

According to recent industry salary reports, the average base salary for a business analyst in India is Rs. 6.4 LPA per year. The higher end of remuneration for established professionals who keep themselves updated with the latest BI technologies and industry trends is something between 25-40 LPA.

A career in Business Analytics requires you to have the following strengths:

1. Problem-solver
2. Storyteller
3. Resourceful
4. Excellent Communication Skills

1. Problem-solver

Problem-solving requires you to understand and define the nitty-gritty of any given situation at a minuscule level. Anybody with the ability to identify the underlying issue and find a unique approach to resolve the issue will be an irreplaceable asset to the company. The ability to analyze a problem, be able to have multiple perspectives, and propose a solution are the vital skillset of a good analyst.

2. Storyteller

The job of an analyst is to decode the data and bring uncover the story behind it by building an interesting and compelling perspective for the audience to understand. It helps the analyst to lead the clients to an improved understanding of the situation and suggest a strategic action plan.

3. Resourceful

Collecting information and putting technology into use requires a solid grasp of industry-relevant tools and methods. It requires the analyst to be on top of the latest technological trends by learning new tools, upskilling through various online courses, and understanding new tools.

4. Communication Skills

A regular analyst will have multiple audiences including the stakeholders and prospective investors who would need him to understand their business plans concerning the ongoing market scenario. This would require the analyst to have an excellent command of the language in use so that he can communicate his findings in a clear and concise message.

The skill gap reported by top recruiters is a huge opportunity for aspirants in today’s challenging times. The Bureau of Labor Statistics estimates the need for business analysts to increase by 14% by 2024.

Like any other field, business analytics career requires you to hone your soft skills and upgrade your core technical proficiencies. However, having a good analytical sense of situations and data is a must-have strength for a distinct performance. Do check out our MBA in Business Analytics program and allow us to accompany you on the path to becoming the next Data Wizard an illustrious career ahead.