There’s no denying that you can find data anywhere. Businesses of all sizes rely on data to keep track of sales and performance, launch new goods and services, and make data-driven business choices. Data includes anything from simple figures to complex formulae.
Business analysis has become crucial to the expansion and rapid development of businesses. To address a given business problem, a business analyst must first understand the business requirements and then build a solution to meet those needs. Big data analytics is being used extensively by enterprises to speed up the decision-making process based on data gathered in the past. Big data experts take data from various sources and break it down into manageable chunks to achieve this task. The multiple data sources may be interconnected or utterly distinct from one another. As a result, the business analyst must select the most appropriate resources to achieve the desired outcome.
BA jobs are seen as a gateway to the business sector for many people. However, when individuals gain more experience and expertise, it’s time to think about advancing in their job and earning more money. As per BLS, there is a 14% increase in the need for business analysts by 2024. According to a survey of rising industries, this is one of the most common percentages. Business analysts typically engage with recruiters to begin their professional careers in entry-level roles relevant to their undergraduate degrees.
In light of the rise of big data, let’s take a look at some of the upcoming opportunities for business analysts.
Significance of Business Analyst
The business analyst’s role is to bridge the gap between IT and the rest of the firm by using data analytics. So that they may better understand how data-driven changes in processes, goods, services, software, and hardware can increase efficiencies and provide value, they work with business executives and users to accomplish this.
Roles and responsibilities of a Business Analyst:
Business analysts must support decision-making with real-time analysis. They must closely collaborate with higher management and give data-driven assistance. The process has a considerable impact from product creation to marketing and after-sales. A business analyst’s responsibilities are as follows:
- They collaborate with the business to identify opportunities for improvement in its operation and procedures.
- A second role of the Business Analyst is to assist with creating and revising the company’s software.
- They collect, document, and analyze numerous business requirements.
- They design technical solutions and solve business challenges as needed.
- Additionally, they assist in the testing of systems and the creation of system documentation and user manuals.
- Documenting the business system’s functional and technological designs is also a responsibility of business system architects.
- To ensure that the system is implemented appropriately, they need to work with the system architects and developers.
- Working with the stakeholders and subject matter experts, the business analyst also identifies and analyses the issues they face.
Career path for business analyst
An analyst’s job requires helping a company achieve its objectives while meeting the needs of its clients. Knowing your possibilities can help you plan your future job.
- Data Business Analyst: A data business analyst uses saved data to identify issues and possible solutions. But they are not tasked with detailed technical analysis. They define strategy, interact with stakeholders, and influence data’s business impacts. Pay ranges from $76,500 to USD 100,000 for data business analysts that oversee hardware, software, and IT services.
- Budget Analyst: To determine project funding, a company needs a budget analyst to examine budget ideas. Analysts examine budget ideas and funding applications, assess expenditure demands, and conduct cost-benefit evaluations. According to the BLS, budget analysts make between $49,860-$116,300 per year, with a median salary of $76,220 per year.
- IT Business Analyst: Organizations hire IT business analysts, to assist them in streamlining their processes and systems. Researchers and analysts seek solutions to business issues and work to get these programs in front of potential clients and customers. The IT business analyst uses data analysis to assist firms in developing new goods, services, and software. IT project manager is a well-liked profession, with an average annual compensation of USD 94,400 and a salary range of USD 120,000 or more. According to the Bureau of Labor Statistics, jobs will grow by 9% by 2026.
- Financial Analyst: A financial analyst provides economic analysis for clients, external or internal. Analysts frequently advise clients to buy or sell a company’s shares based on its overall performance and prognosis. In May 2018, the median financial analyst salary was $85,660, with a range of $170,000.
- Data Analysis Scientist: Due to the mix of required skill sets and the demand for data science education, it is challenging to locate data analyst scientists. Anyone capable of extracting and interpreting significance from large amounts of data is considered a “strong data scientist.” When it comes to learning coding and statistics, data scientists need to think outside the box to earn their USD 130,300 annual compensation.
- Quantitative Analyst: A quantitative data analyst creates, implements, and delivers mathematical models to support risk management, investment, and pricing choices. Quants’ main purpose is to reduce business risks while increasing profitability for brands. Starting salaries range from $63,000 to $126,000 USD.
Job growth for Business Analytics professionals
“Is a business analytics degree worth it?” one could ask. In 2022, the job outlook for business analysts will be brighter than ever. According to Bureau of Labor Statistics projections, the field is expected to increase at an average rate of 11% until 2029.
Next steps to take
You should begin by looking into ways to improve your skills if you’re considering a job in business analysis. Business analytics and business systems courses can provide a broad introduction to the particular topic. Most firms seeking to recruit a Business Analytics resource now demand candidates to hold a Business Analytics Certification as a prerequisite. Many of the world’s most prestigious universities have realized this demand. They offer paid online courses that are highly regarded and recognized by some of the world’s most prestigious companies. Alternatively, you can also visit a website like Lumify Training to get a certification.