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What is Business Analytics? 

Business Analytics is the assessment and analysation of business trends and data and put it in a business context to see the reactions of different events. The events and outcomes are analysed using statistical techniques and IT software to make data-oriented decisions for profit and output growth. The aim is to draw interpretations by answering some complex questions that arose because of the dynamic business environment. 

Core skills in Business Analytics 

In Business Analytics, students are acquainted with diverse skills which will help them to adjust and flourish in the dynamics of the corporate world. Following skills are crucial for any business analyst for their personal development as well as professional development. 

  • Excellent conversational and interpersonal abilities.

  • Sense of motivation and positive energy.

  • Sound knowledge of Information Technology.

  • Passion towards developing innovative technical solutions.

  • Team player with fine presentation skills.

  • Analytical mindset with critical thinking.

  • Ability to work on different projects with efficiency in time management. 

  • Developing visual business models. 

  • Database designing 

  • Business intelligence and reporting software

Types of Business Analytics 

Following are the different types of business analytics that help in improving the business circumstances: 

  1. Descriptive Analytics - Through descriptive analytics, trends in data are observed through data mining and statistical techniques. The results are interpreted through charts and diagrams. 

  2. Predictive Analytics - This type of business analytics helps the business to form predictions on the possibilities of various outcomes by blending machine learning and statistics. 

  3. Diagnostic Analytics - In diagnostic analytics, the root cause of events and business situations are assessed and analysed through mathematical measures of probabilities. 

  4. Prescriptive Analytics - Prescriptive analytics is a measure to identify the steps and measures taken in past to generate recommendations to handle similar situations in future. It employs iterative analysis, deep learning, etc. 

Benefits of learning Business Analytics

Just like any other program, business analytics also appears with a spectrum of perks and one of the most notable gains is that it renders a competitive edge. Other benefits are: 

  1. Develop abilities to derive useful information and facts from raw data. 

  2. Leadership limelight with your data-driven decisions for sustaining profits.

  3. Learn how to visualize information in a presentable and impactful way using various software and IT tools. 

  4. Become tech-savvy by learning new technologies for data interpretation. 

  5. Numerous job opportunities in big corporations as business analytics is the most profound job position. 

  6. Derive business insights using your enhanced critical reasoning skills

  7. Learn how to quantity business values and implement them proficiently. 

Career opportunities 

Businesses are developing and seeking graduates with par excellence and business acumen. Business Analysts don’t have any single responsibility but several and diverse obligations. Thus, these duties are also emerging as different job positions. Some job profiles demand technical skills while some require managerial and analyzing skills. There are multiple positions available for business analytics professionals right from entry-level to advanced level. They are: 

For freshers-

  • Product Analyst

  • Data Analyst

  • Quality Assurance

  • Subject Matter Expert

For experienced-

  • Industry/domain expert

  • IT Business Analyst

  • Senior/ lead business analyst

  • Product Manager

  • Supply Chain Analyst

  • Big Data Analyst

  • Business Analyst

  • Market Research Analyst

  • Predictive Modeller

  • Technical Team Lead

Salary trends 

The salary of a business analyst depends on the type and size of the business, number of years of experience, the reputation of the company, etc. The average pay of a business analyst is around 3.5 lakhs for fresher and 5 lakhs or more for 3-4 year experienced professional. While a person with 5-9 years experience is expected to get somewhere around 8 lakhs and with up to 15 years of experience can earn 12 lakhs or more. 

Rishika Jain 2 years ago
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