In times of disruptive technological upheaval, data has rightfully become one of the most prominent assets to a business enterprise simply because of its channeling options and endless uses. Various multinational companies have grown bigger in the past years because they knew how to leverage data to their advantage. Gaining significant insights into a company's trends and performance in the market has a wide number of benefits. From early identification of market trends to the evaluation of those findings, a business analyst formulates strategic moves and business decisions for the long-term benefit of an organization. In a way, data analysis can be considered an upgraded and more insightful version of the age-old SWOT analysis.
As we know, the job profile of a degree holder in this field will be that of a business analyst, however, there are endless industries that require the expertise and skills of an analyst to give their business a prominent boost. Especially after the global havoc caused by the pandemic in 2020 and 2021, industries in developing countries like ours are slowly picking up and adjusting themselves to the pace of revitalization. In this article, we’ll discuss the top industries that actively hire business analysts in 2021.
The marketing industry makes use of the qualifications of data analysts by appropriating their marketing mix (product, price, promotion, and place) decisions. This sector is a competitive one that demands extensive research as its core foundation and only a business analyst can merge these combinations in a way that gives companies an edge over others. Pitching a product to target customers at the right time, forecasting fluctuations early on, and more, are some of the decisions that can only be made through the expert guidance of a business analyst.
Human resources are the backbone of all sectors, which makes the responsibilities of an HR analyst all the way more essential. Candidates looking to work as analysts in this sector would have to fulfill responsibilities such as analyzing statistics to bring out the patterns in recruitment, hiring practices, turnover, organizational policies, and employment regulations. Another crucial responsibility includes obtaining metrics out of the human resource information system. There might be a slight crossover of job roles between an analyst recruiter but when it comes to the package, an analyst almost always has an upper hand.
Therole of business analysts in this sector is of great importance to the economy and the people who constitute it. Specific financial decisions like generating summary reports, ensuring compliance with federal regulations, looking over financial models, structuring documentation related to the financial arrangement, etc. are some of the roles and responsibilities of a business analyst working in this sector. Another important function includes the reviewing and analysis of credit applications, risk assessment, crafting reports for collaterals, and many more.
The role of business analysts in the tech industry spans various responsibilities ranging from the initiation of a project to its execution, including everything in between. Most of the roles lie at an interesting point of technology and management. Establishing effective communication between stakeholders and developers to lay out the requirements, defining the scope, taking over the research specifications, and finally, conducting acceptance tests is what comes under the working bracket of a business analyst. Since the technology sector is intense and packed with prospects, the annual pay is handsome for most analysts.
Advanced abilities in management, finance, research, and data analysis and manipulation are combined by healthcare business analysts with the general purpose of enhancing the functioning of institutions such as hospitals and nursing homes. Devising and executing policy frameworks and maintaining databases for a medical facility are the primary responsibilities of a healthcare analyst, along with providing and evaluating input that substantiates plausible solutions. Along with this, working in a healthcare industry comes with its share of prestige, thus leading to job satisfaction.
Due to digitalization, e-commerce industries have created a wide job market for business analysts in the present times. E-commerce is growing at a rapid rate in India, which means the rival market is always on standby if one company falls behind in its operations. This problem requires the skills and capabilities of a business analyst to block their potential customers into permanent ones through guided and action-oriented decisions. Tracking progress through web analytics, search engine rankings, a sales record, monthly turnover, campaign metrics, etc, and forming resolutions out of these statistics are what concludes the responsibilities of a business analyst.
There's no doubt that the students who pursue a PGDM degree in business analytics are effective managers. Even though business analytics is a versatile profession, combining this degree with a future role in a management consulting firm will only further elevate the skills and potential of the student. The responsibilities may range from structuring ambiguous issues and taking steps for their solution, collaborating with consultants, synthesizing inputs derived from qualitative and quantitative analysis of complex information, and much more.
The telecommunications industry is the fundamental tool for any working business. This sector plays a huge role in data access and the exchange of messages between parties. For this reason, actionable compiling of this data to further advance the interests of companies has become a core function. This function is best performed by analysts who are adept in data modeling, managing presentations, systems demonstration, communicating with stakeholders for result-oriented outcomes, and documentation. Sometimes these roles also revolve around technical inputs from the analyst's end.
Fast-moving consumer goods, or the consumer packaged goods industry is the one to never run out of business. There is an insane amount of retail outlets established in India, some more renowned than others. Subjected to a competitive market, these retail chains recruit business analysts who can assist them in sales process optimization, conducting market research, overall planning analysis, competitive analysis, and more operations pricy to the success of these brands. Thus, the role of business analysts in this sector is irreplaceable.
Business analytics as a profession is becoming a widely pursued domain of Management studies for one major reason- its applicability across industries. This means the career path is not restricted to just one sector, but many. Students can take up jobs in any part of the world with brilliant compensation and an equally outstanding job profile. Crunching and mining data to squeeze a load of strategic resolutions, as well as implementing them for a purposeful movement is a skill that business analysts excel in, hence, the students who take up this degree are signing to work in challenging, respectable, and dynamic roles with tens of thousands of career opportunities.