A business analyst is someone who improves the business processes in an organization. Business analysts assist their clients in improving processes, accuracy, etc. They use modern technologies like data analysis, big data management, etc. to forecast and do risk management. Business analysts study market trends and predict customer buying habits.
This helps in increasing the business and grabbing potential opportunities. Due to the rise in market uncertainty/disruption, firms need skilled professionals who can help them in making better business decisions. The data produced by the firms/businesses need to be analyzed for key insights.
Let us see more about the roles of a business analyst & Business Analyst career opportunities in India.
Roles of a Business Analyst
If you are thinking of building a career as a business analyst in India, you must know about the key responsibilities of a business analyst which are as follows:
- Collecting market information and conducting research/data analysis to predict customer buying habits.
- Predicting/forecasting opportunities in the market.
- Managing customer engagement on various social media sites or online platforms.
- Assisting stakeholders/clients in making better business decisions. Business analysts also help in creating better business models around which the organization’s operational strategy revolves.
- Conducting SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of the business from time to time.
- Using the business data to enhance business processes.
- Managing the business resources & assisting in resource allocation. Business analysts help in using business resources sustainably.
- Ensuring increased ROI (Return on Investment).
Business Analyst Career in India
Large companies in India require skilled professionals who can manage their data and can predict market opportunities. Mid-size and small-scale companies in India are also hiring business analysts for cost optimization and making better financial decisions. Mid-size & small-scale companies do have budget constraints and they hire business analysts for resource allocation and budget management.
The top players/firms who hire business analysts in India are Tata Consultancy Services, Accenture, Amazon, Flipkart, Ernst & Young, Deloitte, etc. According to surveys conducted by LinkedIn, the average business analyst annual salary in India is around INR 13.5 lakh with salaries ranging between INR 5.3 lakh – 22.1 lakh.
India is witnessing the use of new-age technologies for easing business processes. Firms in India use technologies like data analysis, machine learning, artificial intelligence, deep learning, etc. Business analysts also use data analysis tools to forecast better.
The recent Covid-19 attack has caused a lot of market disruption in India and also globally. Companies are finding it hard to survive in this phase and they are understanding the need for a skilled business analyst to predict risks & opportunities.
India is a developing country and a lot of businesses are transitioning themselves. A lot of mid-size companies have jumped to a bigger level in recent times in India. Business analysts are in huge demand in India and this trend is supposed to continue because of the urge for data management & forecasting skills.
A business analyst can do several tasks besides an analytical job. He/she can act as a mediator, project coordinator, etc. whenever required. The shortage of skilled business analysts in the Indian market has opened door to various job roles regarding business analysts.
Why there will be a Demand for Business Analysts?
Business analyst courses will be in huge demand in India in the future. Some of the major reasons for the huge demand for business analysts are:
- It is believed that the responsibilities of business analysts cannot be automated. Business analysts have a human touch and will be in demand. Stakeholders/firms need someone who can help in communicating the business goals with the employees & help them in using the data analysis insights for the betterment of the business.
- The current market disruptions caused due to Covid-19 have forced firms to hire business analysts for future risks.
- Increased number of mid-size & large-scale companies in India.
- A large amount of data is being produced by firms/businesses and it needs to be managed.
- Rise of new-age technologies and better data analytics tools.
- Lack of expert business analysts in the market.
Job Types in Business Analytics
If you are thinking of shaping your career as a business analyst then you should know about the various job roles in the business analytics industry. You can analyze your skills and choose the job type which is best suited & you can do a targeted study. Different types of job in the Indian business analytics industry are as follows:
- Business Analyst – They help in optimizing the processes within the client’s organization and suggest ways to improve them.
- Business Consultant – They are responsible for assisting their clients in making better financial decisions. Business consultants have in-depth industry knowledge and help in creating new/better business processes. They also keep an eye on industry trends.
- Marketing Specialist – They are responsible for the promotion of products/services. They also collect reviews & feedbacks about any particular service/product from the end-users. They also research customer expectations and try to come up with a relatable product/service.
- Product Manager – They are concerned with the product-market lifecycle. They are also responsible for adding new features to any particular product/service.
- Requirements Manager – They are responsible for fulfilling the request/requirements of the stakeholders. They are also concerned with the software system requirement for achieving the desired business goals.
- System Analyst – They are responsible for conveying business requirements to the IT team/technical team. They also make sure that the technical team of any organization is equipped with the necessary tools/applications to achieve the business goals.
Note – The above job roles are in general perceptive. One can find one individual doing many chores in some firms. Business analysts are multitaskers by default and have many roles & responsibilities associated with them.
Key Skills Required for Business Analyst
If you are thinking to become a business analyst in India, you should know about the skills required in the industry which are:
- Technical Skills – You will come across many computer technical skills and applications as a business analyst. You will have to sit with the IT team and convey the business objectives to them. The applications/technologies business analysts come across during their tenure are Microsoft Office, Microsoft Visio, SQL (Structured Query Language), etc. You will have to be fluent in software designing & business model designing tools.
- Analytical Skills – You should be good with data analysis & statistics. Business analysts manage big data to find out the key insights. You should be good with forecasting skills if you want to become a successful business analyst.
- Financial Planning Skills – Business analysts are required to make sure that all the resources are allocated within the financial budget of the organization/firm. You will have to assist your clients in making better financial decisions.
- Problem-Solving Skills – You should have interpretation skills so that you can understand the risks. Risk identification & management is one of the key responsibilities of a business analyst.
- Communication skills – You will have to convey stakeholders’ expectations to employees. You will have to conduct meetings & brainstorming sessions from time to time.
You will have to acquire the necessary skills to become a business analyst. You can opt for an institutional degree or online certification courses to gain the necessary skills. It is tough to opt for an institutional degree as most of the institutions are closed in India due to the Covid-19 scenario.
You can utilize this time and can learn from home by opting for online certification courses & programs via a reliable source like Imarticus Learning. The industry-oriented learning approach of Imarticus Learning will help you in acquiring the necessary skills along with case studies.
Imarticus Learning has expert faculty and will also provide you placement support.
Business analyst qualifications required can also change according to the firm.
If you are opting for a graduation or post-graduation degree, then you can do a degree in business administration or finance. A lot of firms also hire individuals with IT/engineering backgrounds for data analysis & handling the latest technologies.
You can also find a job as a business analyst by doing an MBA. Many leading education institutions in India provide a degree in Business Administration (BA) which has a tenure ranging between 1-2 years.
Certification courses can save your time and can get you into the industry quickly. Certification courses from Imarticus Learning are quite affordable & informative. You can also opt for an agile certification that helps you in learning how to manage complex projects & agile processes. Certification courses can save your time & money and can help you in learning concepts quickly.
A business analyst is a good job and perhaps this is the right time to enter the business analytics industry. One should gain the necessary skills along with fluency in the latest technologies used for business analytics. India is a developing market and there are a lot of growth opportunities.
One can learn about the skills needed by an online program or certification course. You can learn from Imarticus Learning online courses which are one of the prominent online education providers in India. Grab your business analyst course now!