Blog_Banner_Asset
    Homebreadcumb forward arrow iconBlogbreadcumb forward arrow iconBusiness Analyticsbreadcumb forward arrow iconWhat is Business Analytics? Career, Salary & Job Roles [2023]

What is Business Analytics? Career, Salary & Job Roles [2023]

Last updated:
9th Jun, 2022
Views
Read Time
10 Mins
share image icon
In this article
Chevron in toc
View All
What is Business Analytics? Career, Salary & Job Roles [2023]

The past decade has seen an unprecedented explosion of data which has inevitably affected the already competitive marketplace. Organisations across all sectors and industries generate colossal amounts of data, resulting in skyrocketing demand for professionals who can interpret and analyse the information for making better decisions in the workplace.

Add to that the increased access to the cloud and all the other ways technology is changing, data mining, and data analytics have taken the lead in making or breaking a business. While traditional spreadsheets have taken a backseat, insightful and actionable data visualisations and interactive business dashboards are trending. 

That’s where business analytics comes into play and brings us to the most logical question – what is business analytics?

What is Business Analytics?

In the simplest terms, business analytics refers to how businesses employ different technologies, skills, and practices to analyse data, gain new insights, and improve strategic decision-making. It relies on statistical analyses to make data-driven decisions to increase productivity, revenue, and efficiency. 

Ads of upGrad blog

Even though business analytics has several use cases, its applications in commercial organisations include the following:

  • Analysing data from various sources, including cloud applications, CRM software, and marketing automation tools.
  • Monitoring Key Performance Indicators (KPIs) and trends and how they change in real-time. It dramatically helps businesses come to conclusions rapidly and accurately.
  • Business analytics is not limited to tracking current trends; with a combination of statistics and advanced analytics, it helps predict future trends and gain valuable insights on consumers and their behaviour.
  • With the vast degree of data analysis that business analytic methods accomplish, businesses can rest assured that all their decisions are backed by data, not just in one but almost all business scenarios. 

Explore our Business Analytics Programs from World's Top Universities

Business analytics uses several methods to draw insights from data, and the method you choose will depend on your business objectives. Regardless of which method you work with, the result is the same – actionable insights for the betterment of the business.

Must read: Business analytics free online courses!

Let’s take a look at some of the critical elements of business analytics:

Data Mining: A helpful element of business analytics that includes several different techniques such as clustering, regression, and outlier detection. Data mining is the process of filtering through massive datasets to discover trends and patterns that would have been otherwise difficult to uncover using statistics, machine learning, and database systems. 

Data Aggregation: Before you analyse the data, it must be collated, cleaned, centralised, and then filtered to remove any inaccuracy or redundancy. It is achieved through data aggregation, which involves gathering and collecting data and presenting it in a condensed format.

Text Mining: Text mining is the process of extracting raw data from app texts or the World Wide Web that can be subsequently used to develop new products, improve customer service and experience, and review market competitors’ performance.

Forecasting: As the name suggests, forecasting analyses data of a specific period or season to make informed predictions about future behaviours or events.

Data visualization: An absolute critical aspect of business analytics, data visualisation is all about providing visual representations in the form of graphs and charts for quick and easy data analysis. It is achieved through data visualisation software that helps track KPIs and business metrics in real-time to assess performance and goals better.

Career Scope of Business Analytics

Traditional business analytics relied on big, centrally-managed data warehouses or data servers that influenced strategic decision-making in many organisations. However, the conventional business analytics tools lacked powerful data visualisation means and data storage facilities. 

But things have been changing recently; modern business analytics has become machine language-powered with platforms offering improved data comprehension and data visibility. Faster, smarter, and more automated technologies coupled with flexible development methods are helping to mitigate delays and allowing business analysts to pull data from heterogeneous data sources.

Today, business analytics is spread across all areas with a strong foothold in social media, consumer data, finance, sales, marketing, human resource, search engine optimisation, and eCommerce. 

Furthermore, the business analytics market has shown remarkable growth in recent times. To put it in figures, the business analytics market had a valuation of USD 67.92 billion in 2020, and the numbers are expected to reach a whopping USD 103.65 billion by 2026 with a CAGR of 7.3% during the forecast period (2021-2026).

With key players like Microsoft, Oracle, and IBM dominating the market scene, the business analytics field will keep growing with a parallel hike in demand for skilled business analysts. In fact, the U.S Bureau of Labour Statistics predicts that there will be a 14% growth in the employment of business analysts during 2018-2028, a much higher rate than the average of all occupations.

Read our Other Articles Related to Business Analytics

The increasing reliance on digital tools and the heavy dependence of business analytics on technology makes a very secure career in business analytics, with ample growth opportunities. Moreover, the acute lack of talent and expertise in the field is driving companies to hire skilled professionals with high salaries to fill the different job roles in business analytics.

upGrad’s and IIT Delhi’s Certificate in Business Analytics on “Applying Business Analytics” can help you enhance your business performance and drive growth. Since the course is conducted 100% online, it doesn’t require you to compromise focus on business operations. So, book your seat now and avail the benefit of learning from world-class faculties and industry experts for the next seven months!

Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance.

Our learners also read: Learn Business Analytics Free

upGrad’s Exclusive Business Analytics Webinar for you –

How upGrad helps for your Business Analytics Career?

 

Various Job Roles

Business analysts are the key individuals when it comes to managing company data. Regardless of the industry or organisation, every business analyst’s job profile demands versatility and a broad spectrum of skills. So, let’s take a look at the top job roles and titles business analytics has to offer:

1. Data Analyst

A data analyst is tasked with interpreting data and analysing results in response to a specific business problem that needs to be solved. The job profile of a data analyst includes data acquisition, database management, data interpretation and analysis using statistical methods and techniques, recognising patterns in complex data sets, filtering and cleaning data through regular reviews, identifying tools and techniques for process improvement, and reporting analytics. Read about data analyst salary in India.

2. Data Scientist

A data scientist uses many technologies such as Python, SAS, R, and SQL for qualitative data analysis. In a nutshell, a data scientist’s tasks include identifying data sources, automating data gathering processes, discovering patterns and trends in large data sets, pre-processing structured and unstructured data sets, building machine learning models and algorithms, identifying business challenges, proposing solutions to bottlenecks, and using data visualisation tools to present valuable insights.

3. Data Engineer

The primary responsibilities of a data engineer include the development and maintenance of architectures that align with business requirements, improving data quality, developing data acquisition processes, working with large data sets to solve business problems, identifying ways to endure data reliability and efficiency, deploying statistical and machine learning methods, performing prescriptive and predictive modelling, and engaging with stakeholders.

4. Data Architect

Data architects are one of the key individuals behind data management. They are responsible for developing database solutions, installing information systems and ensuring their functionality, designing flowcharts and data models, ensuring the structural requirements for new applications or software, optimising database systems, providing Management Information System (MIS) support, and improving the overall system performance through testing and troubleshooting.

5. Database Administrator

A database administrator’s job is critical, considering that they are responsible for supervising the proper functioning of databases and managing the backup and recovery of essential business data. The administrator’s job profile includes, among other things, building high-quality database systems, enabling the distribution of data to the right users, minimising database downtime with quick response to queries, documenting and enforcing database policies, and ensuring data security, integrity and privacy.

6. Analytics Manager

Overseeing all the above roles is the analytics manager responsible for aligning analytics strategies for successful data analysis and reporting. The manager sources, configures, and implements analytics solutions, leads the team of data analysts, collates reports from various sources, builds systems for effective data interpretation, analysis, and performance, and keeps track of the latest industry trends.

Business Analytics Salary Range 

Now, let’s look at the average salaries of some of the most in-demand business analytics job roles in India.

Job titleAverage salary per annum
Data AnalystINR 436,988
Data ScientistINR 822,895
Data Engineer INR 838,090
Data ArchitectINR 1,967,406
Database AdministratorINR 497,749

How To Become A Business Analyst?

If you are a fresher wanting to make a career in business analytics, make sure you have a Bachelor’s Degree in information systems, business, accounting, human resources, or any other relevant field. On the other hand, if you are already associated with the business or the IT field, you most likely possess many business analyst skills that can quickly transfer to a business analyst’s responsibilities.

Regardless of your educational and professional background, there are some critical skills that you need to possess to set yourself apart from the crowd.

1. Technical Skills

Technical skills are associated with the core responsibilities of a business analyst. If you are interested in a career in business analytics, make sure you master technical skills such as programming languages, data visualisation, data proficiency, and software development.

2. Soft Skills

While technical know-how is important for a business analyst job, soft skills are equally indispensable. Some of the essential soft skills that a business analyst must master include communication, presentation, critical thinking, and organisational skills. Read about the list of skills necessary to become a business analyst.

3. Business Analyst Certification

If you aim to enhance your professional development in the business analytics field, consider earning a professional certification. Job-ready Program in Business Analytics is the best choice if you want to learn how data and analytics can be leveraged to make better business decisions. Here’s a look at the course highlights:

  • Fully online course of 11 months duration
  • 300+ hours of learning with 100+ hours of live sessions, 8+ case studies and assignments, and four practical hands-on capstone projects
  • Comprehensive coverage of essential business analytics tools, languages, and libraries
  • Programme completion certificate from LIBA
  • Regular doubt clearing sessions
  • Mentorship sessions with industry experts
  • Career support with hiring drives, job opportunities portal, and mock interviews

Conclusion

Generating truckloads of data is of no use unless it is gathered, analysed, and put to good use. Whether the business is big or small, the information collected from data analysis provides the foundation for introducing new products and services, tracking performance and sales, and making smart business decisions. 

Business analysts play a critical link between the business and technology. Given the obvious benefits business analytics has on an organisation, its scope continuously expands with both large and small companies looking for qualified professionals with the right skillset.

A career in business analytics has bright prospects. Partner with upGrad today and begin a rewarding professional journey that awaits you in the field of business analytics.

Profile

Kamal Jacob

Blog Author
Kamal is an experienced Online marketing consultant with a high degree of expertise in SEO, Web Analytics, Content/Technical planning and marketing.
Get Free Consultation

Selectcaret down icon
Select Area of interestcaret down icon
Select Work Experiencecaret down icon
By clicking 'Submit' you Agree to  
UpGrad's Terms & Conditions

Our Popular Business Analytics Course

Frequently Asked Questions (FAQs)

1What are the hard skills required to become a business analyst?

To become a business analyst, you need to have a deep understanding of statistical analysis and data visualisation. It is important to know how to use data analysis tools such as SQL as it helps in problem-solving. Besides this, learning how to prepare your dataset efficiently and accurately is also important. Also, though it is not always listed in a business analyst job description, it is always better to have a solid foundation in linear algebra and mathematics too.

2How can I become a business analyst?

To become a business analyst, you need to learn core business analysis skills. Some of the most important ones include analysis, documentation, visual modelling and elicitation. Once you ace these fundamental skills, the next step would be to take business analysis training courses online. These courses usually teach an individual how to write compelling business cases, budgeting, problem solving and agile project management. Once you complete the course, you will earn a business analyst certification.

3What is the difference between a data analyst and business analyst?

Though business analysts and data analysts work with data, what they do with it differs. A business analyst usually uses data to help organisations make effective business decisions while a data analyst is more engaged in gathering and analysing data for a business, and uses it to make important decisions.

Most business analysts work in the corporate world, and are essentially problem solvers. They research, organise and oversee the implementation of workflows. On the other hand, data analysts are mainly number-driven people. Since they excel in statistics and programming, they are usually the gatekeepers of business data.

Explore Free Courses

Suggested Blogs

9 Key Skills Every Business Analyst Needs In Order to Excel
91720
Doctors, engineers, data scientists and other such professions demand a lot of focus, will-power, learning ability, anticipation and other similar men
Read More

by upGrad

08 Apr 2024

Business Analyst Salary in India 2024 [For Freshers & Experienced]
911586
Over the years, Business Analysis has emerged as a core business practice in the enterprise and IT sectors. It pertains to understanding the changing
Read More

by upGrad

04 Mar 2024

Top 11 Industry Applications of Business Analytics in 2023
12712
Business analytics uses sorting, collating, processing, and studying data through iterative methodologies and statistical models to generate meaningfu
Read More

by upGrad

22 Sep 2023

Business Analytics Free Online Course with Certification [2024]
87287
Summary: In this article, you will learn more about Business Analytics Free Online Course with Certification. Why Learn Business Analytics? Getting
Read More

by Rohit Sharma

21 Sep 2023

Top 10 Business Intelligence Tools To Improve Business Decision Making [2023]
6008
Business intelligence (BI) tools are applications that collect and interpret massive volumes of unstructured information from internal and external sy
Read More

by Rohit Sharma

28 Jun 2023

What is Excel VBA? Explained with Real Time Examples
6482
What Is VBA? Do you know what VBA stands for? VBA full form is Visual Basic for Applications. This simple, but powerful programming language was deve
Read More

by Keerthi Shivakumar

26 Jun 2023

Types of Sampling Methods & Techniques in Business Analytics [With Examples]
7017
Introduction  Dealing with enormous amounts of data is one of the main challenges in data analytics. It would be unnecessary and even impossible to a
Read More

by Keerthi Shivakumar

21 Jun 2023

Top 15 Ways to Improve Excel Skills [Actionable Tips]
5767
Excel is a powerful spreadsheet software widely used in businesses, organizations, and personal finance management. Whether you’re a beginner or
Read More

by Keerthi Shivakumar

19 Jun 2023

What are Requirement Elicitation Techniques? The Complete Guide
11362
Requirement elicitation is a crucial phase in any software development project, as the success of a project largely depends on how well the requiremen
Read More

by Keerthi Shivakumar

19 Jun 2023

Schedule 1:1 free counsellingTalk to Career Expert
icon
footer sticky close icon