With Analytics being labelled as the “Hottest job of the 21st Century” in the Harvard Business Review, there seems to be no better time than now to opt for a career in Analytics. There are obviously more reasons but before that, let us throw some light on what Business Analytics is all about.
Whenever a user comes in contact with a system, data is produced, collected, filtered and stored using data solutions. This data is then investigated, analysed and leveraged by companies to optimise business processes. The process performed on the data to generate insights is called Business Analytics.
Organisations leverage Business Analytics to improve and speed up the decision-making process, improve competency, augment revenues, identify and resolve organisational setbacks and devise data-driven solutions, and also conduct statistical analyses, surveys and tests.
A person who carries out the tasks involved in business analytics is a Business Analyst and the work profile revolves pretty much around data mining, statistical analysis, and predictive modelling. They possess the ability to analyse, understand, and extract data to derive meaningful insights. They are required to work closely with the senior management team in an organisation to provide support in data-driven decision making.
Now that you have fair understanding of Business Analytics, let us now take a look at the top 5 reasons why you should opt for a career in Business Analytics:
According to a study on Business Analytics careers 2017 titled “Analytics India Industry Study 2017”, the Indian Analytics industry is estimated to be around $2.03 billion currently and is growing at a rate of 23.8% annually. This number is expected to double by the year 2020. A significant part of India’s analytics revenue seems to come from analytics exports to the USA. In terms of sectors, Finance and banking remain to be the largest contributor to the revenue. Start-ups also showed significant contribution to the overall analytics output.
Don’t you think this is the apt time to join the billion-dollar industry?
In the world of data, analysts may face new challenges every day. One day they may be looking into familiar customer data points and on the other they may face fresh data sets. They possess the ability to understand each customer’s unique needs and propose informed decisions. The role of a Business Analyst can be mentally stimulating as it requires analysing tons of information.
But isn’t solving brain-teasing problems exciting?
The combination of business and analytical skills is highly sought-after and hence, fetches a good pay package. The average salary of Business Analysts is, on an average 50% more than other IT professionals and is about INR 6,44857 per year according to Glassdoor. Also, according to the “The Indian Analytics Industry Salary Trend Report”, 14% of analytics professionals draw a salary package of more than Rs. 15 lakh per annum.
Doesn’t that motivate you to choose Analytics as a career?
Every single hour, 6 billion connected devices generate terabytes of data. Each set of data is critical and needs to be analysed to keep businesses on track. Most of the organisations today rely on analytics to enhance their performance by recognizing sales and market opportunities, and understanding customer trends and patterns.
Advancements in computing power has enabled companies to mine massive data sets and establish reliable forecasts. These forecasts are used to enhance an organisation’s competitive edge by directly impacting market share, profitability, customer satisfaction, and other key success factors.
Doesn’t that signify the importance of analytics?
Since analytics can be utilised in varied industries over a spectrum of roles, there exists a plethora of opportunities in sectors like Banking, Healthcare, Retail, Textile, Automotive, etc.
Some roles which a person specialised in analytics can take up are – Big Data Analytics Architect, Big Data Engineer, Business Intelligence and Analytics Consultant, Metrics and Analytics Specialist, Business Consultant, Analytics Associate, Database Administrator, Statistician, Data and Analytics Manager, Data Scientist, Data Visualization Analyst.
Which other field offers so much choices?
As mentioned above, analytics can be applied in all areas of an organisation and hence, irrespective of which professional background you hail from, it’s never too late to take a plunge into this lucrative industry.
Jain University offers a post-graduate degree in Business Analytics. Join now and plunge into a Business Analytics career.