18, February 2021
Business Analytics is the language of the next generation. It is the medium of growth and sustainability for the coming generations of industrial revolution. Business analytics has evolved from Production Industrial era to, the Cyber Physical space which is characterized as the generation of Industrialization 4.0. With almost 80% data in the enterprises as black data / hidden data as it is sometimes called, this data needs to be processed and harnessed. This data called the big data needs to be data mined to develop a scalability of application in industry from the information it ensures. Thus data science and Business analytics together can help organizations to build organized, systematic and planned business transformations in a developmental way. Business Analytics is defined as the study of data leveraging the support of statistical mathematical algorithms together with technology.It focuses on result oriented methods that make use of quantitative methods and evidence-based data for modeling data challenges and defilement of challenges into opportunities.
The Scope of business analytics in management program is immense. The data programming technologies provides insights into management decisions. Also statistical and mathematical models will enhance the research based approach in management. After pursuing a course in analytics in management a student could aspire for functional analyst role or a functional role.
SOURCE: https://www.upgrad.com/blog/scope-of-mba-in-business-analytics/
The above picture tries to entail the functional analytical roles that are included in the job profiles of an analytical course sectoral wise. The scalability of the program is the variety of roles that the conclusion of the course offers.
IT firms, supply chain, banking, e-commerce conglomerates, consultancies, and Intelligence providers are the varied outlet for students for applying jobs. Also doctoral programs and other academic studies can be followed as a career path posts this course.
Business analysts can be termed as the most desirable job that is currently available in market today. The packages are also attractive. The analyst role the salary is raging from 6 lakh – 10 lakhs for starters. The ability to hone your skills in technology tools and efficiency of knowledge is the cutting edge factor. The business domains have no restrictions.
| Experience Level | Salary Range (INR) |
|---|---|
| Fresher/Entry Level | 3,00,000 - 6,00,000 |
| 1-3 Years | 5,00,000 - 9,00,000 |
| 4-6 Years | 8,00,000 - 15,00,000 |
| 7-10 Years | 12,00,000 - 20,00,000 |
| 10+ Years | 15,00,000 - 25,00,000+ |
To start a career in analytics requires proficiency in maths and science.A good knowledge of the latest skills like SAS, Hadoop, R, and Python are the cutting edge. Knowledge of tools like Power BI and Tableau in your job could be immense hence knowledge of the same would be excellent. Most importantly, you must have an analytical mindset and with good communication skills, to be able to make a mark in this career.
To be honest, the scalability as discussed above for an analyst profile is huge. If you are considering a career in Business Analytics you should know that your job profile needs to be flexible and may not be definite. A lot of creativity would be required in order to enhance it. You could begin with functional role and thereafter move to analysts or vice-versa. You could employ yourself in a core analyst role which is a Data Scientist or Solution Architect. Also, project management skills are another facet of career growth area. The students should have Subject Matter Expert knowledge for the core areas to be able to excel.
| Stage | Responsibilities | Skills Required |
|---|---|---|
| 1. Entry Level | Assisting senior analysts, data collection, basic analysis, report generation. | Analytical skills, communication skills, basic knowledge of business processes. |
| 2. Junior Business Analyst | Conducting detailed analysis, creating documentation, collaborating with teams. | Data analysis, requirements gathering, problem-solving. |
| 3. Business Analyst | Managing projects, leading requirements workshops, liaising with stakeholders. | Project management, advanced data analysis, stakeholder management. |
| 4. Senior Business Analyst | Strategic planning, process improvement, mentoring junior analysts. | Strategic thinking, leadership, mentoring. |
| 5. Lead/Principal Business Analyst | Setting the overall direction for the team, consulting with senior management. | Leadership, strategic vision, extensive business knowledge. |
The growing market for business analyst is wonderful with immense opportunities. A business analyst offers excellent scope for students for enhancing their roles as specialists in sectoral analytics. The demand for business analyst in the information economy is immense. The demand in India is immense ranging for diverse possibilities that range from business architect, systems analyst and enterprise analyst. The scope path and trajectory is also rising higher. If you are interested you could try the Analytics Program offered at Lloyd Business School which is in collaboration with IBM. The course offers teaching from SME’s from IBM and certifications in AI, Descriptive Analytics, Data science .Also an IBM lab further intensifies the learning schedule of the course. Students have access to IBM tools and expertise. Thus learning is how hard you try.All the Best!
