It’s a cut-throat world today. Businesses are facing tough competition, rising costs and an uncertainty about the future. They need help and guidance to make the right choices and minimize errors. They need a specialist in business analytics to show them the way forward.
So what does a business analyst do? They study the market, compile the information and then integrate data analytics and statistical methods. They accurately and effectively make informed decisions about the future. By studying the current data available, a business analyst can gain valuable insights that help shape future corporate strategies and plans. A good business analyst has a keen eye that is constantly looking out for ways to use existing data to reduce company costs while improving customer service.
Little wonder then that business analysis is a rising industry in India and throughout the world. Firms of all sizes, as well as individual entrepreneurs, are employing business analytics to gain insights into various challenges and reach viable solutions. While the demand for business analysts is fast increasing, the supply is inadequate. The need for highly qualified and efficient data analysts is increasing every day. If you’re eager to become a part of one of the hottest fields right now, here below is everything you need to know.
How do you become a business analyst?
There are many business analytics course in India that teach you all the tools and techniques you need to know to excel in this field. The curriculum is based on the three basic areas —business knowledge, statistics and computers. The course covers topics like leveraging analytics in fundamental business operations like marketing and human resources. They also offer technical skills like advanced analytics and machine learning, data management and data-driven decision making. Students will take eight modules in total, as well as pre-course training and a final dissertation assignment.
You can do the course in a reputed institution, or you can apply online. The online business analytics course fees vary depending on your location, duration of course, syllabus and choice of school.
The benefits of doing a business analytics course
As a business analyst, your professional skills can help improve the efficiency within multiple departments across the organisation. By converting readily available data into useful data, you will also equip the company with a competitive edge. If you do your job right, you can be indirectly responsible in increasing a company’s profitability, market share, and ROI, as well as providing great dividends to shareholders.
The wide scope of a business analytics course
The applications and uses of business analytics are tremendous. There is descriptive analysis, which uses data to comprehend the previous and the current business situations. You can evaluate a company’s current position in the market and the impact of the decisions made previously. Where predictive analysis is commonly used to evaluate past company performance.
Business analytics can also be used on a micro-scale. For example, it can be used to calculate the pricing of various items in a department store based on historical and current data.
Professionals in this field can take up jobs in profiles such as client relationship manager, inventory manager, market analyst, HR professional or banking professional. In fact, newer possibilities are opening up everyday.
Skills required in data analytics
Problem Solving: A business analyst’s job includes identifying the problem and coming up with an apt solution for the target customers by using the data available.
Critical thinking process: After gathering data, a business analyst will figure out ways to use the acquired information to make the most impactful decisions.
Communication : Business analysts must be able to communicate their findings and data in a concise and clear manner so that to the authorities during the decision-making process.
Programming skills: The quantity of digital data that is collected can be quite Good set of programming skills can help organise and analyse the data methodologically. One of the most significant tools for analytics professionals is the SQL server, where you can build queries to extract data from transaction databases. It is also helpful to know languages such as R and Python for analyzing large data sets. Statistical software such as SPSS, SAS, Sage, Mathematica and even Excel can also be used.
To apply, you must be a graduate with a minimum average grade of 50 per cent. This course is open to students from any discipline, but it is best suited for those with a scientific or commercial background, where subjects like mathematics and statistics have already been covered.
The business analyst course fees
The business analytics course fees range from 2 to 25 lakhs. Factors such as the duration of the course, syllabus and reputation of the college play a role in determining the exact amount. Government and government-aided colleges charge lower course feesthan private colleges.
The Admission process
Many universities offer a Business Analyst MBA/PGDM program as a full-time, two-year curriculum. Standard admission tests for all types of MBA programs, such as the CAT, XAT, CMAT, MAT, GMAT, SNAP and others, are taken by most universities. Working professionals and graduates can also opt for a part-time or online course offered by various reputed schools. Some colleges and universities admit students based on their academic achievements or through personal interviews.
After finishing the data analytics course, you can start out with an annual salary between 4 lakhs and 8 lakhs. The compensation structure depends on the company’s location and reputation.
The road ahead for a business data analyst
Companies all over the world are fast realising the value of a business analyst. People are now aware of the impact digital data plays in determining a company’s future. As a data analyst, your expertise is crucial to an organisation’s success, whether you’re looking into sales data, consumer data, web data or internal HR and operations data. As mentioned earlier, the demand for good analysts are at an all time high. All you need is a data science certification from a reputed course and a keen understanding of data and statistical methods. After that, when it comes to your career, sky’s the limit.
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