For any career aspirant the greatest dilemma can be about the skills one should acquire for a stable and secure future. Moreover, at a time global economy is not exactly in a great situation and especially the India economy showing weaknesses, it can be really hard on deciding the safest yet advantageous career field.
In this regard business analytics can be a really cool choice given the number of opportunities it offers and its future-proof nature! It is a career offering hefty salary packages and bountiful jobs, it is also a career which allows you to seek out greater opportunities in a variety of industrial sector. Moreover, the advent of the fourth industrial revolution has made it sure that advanced technical fields like analytics and data science get supreme priority in any organization!
Business analytics is imperative for businesses!
In a digital ecosystem, optimisation of operations and customer satisfaction gets priority. However, for any business optimising operations can be a hassle if accurate information is not available and decisions made based on inaccurate or incomplete data can be disastrous.
For any company, a vast amount of internal-operations data can create a huge difference when business analytics is implemented. A business analyst or a data analyst uses a combination of statistical analysis and data manipulation to clean huge data sets and carve out important insights which can be vital for making smart decisions.
In the digital age, customer satisfaction is also much dependent on data analytics. A skilled business analyst can process enormous sets of data which in turn can help in answering complicated questions like- what? when? and who?
For instance, suppose a particular company ‘X’ sells commodities over an online platform. Busyness analytics can bring out exactly which products are sold to whom, the demographics of buyers, at which time of the month and in how much quantity. Such accurate information can help the management of X to advertise relevant products to relevant customers, target potential buyers at the best possible time and maintain a healthy stock of products accordingly. Moreover, such insights will allow X to personalize products based on customer’s preferences and provide satisfactory service. The end result is gradual increase in sales and revenue of X while at the same time it is able reduce ineffective advertisement and other inefficiencies!
This is why globally implementation of business analytics has peaked amazingly creating a huge demand for business analysts.
In 2018 the global business analytics market was around $63.3billion and it is expected to be around $97.3billion by 2025 (Zion Market Research)
Demand and salary are two top reasons you should definitely go for a business analytics course!
The demand for business analysts in any industry is phenomenal. Especially in a country like India where there is an acute talent gap, the demand is significantly high. More and more companies are going digital today and thus, no one wants to be left behind in implementing new-age technologies. Organizations now recognize that data driven growth is instrumental in staying healthy in a digital ecosystem. Furthermore, the success stories of Netflix, Amazon, Facebook, Airbnb and Uber have attracted many. Hence, every one wants to have a core analytics team by hiring skilled analysts and in order to hire the best talent, the pay packages offered by companies are comparatively higher.
There also has been a significant rise in start-ups offering analytics solutions and have fared very well. For instance, Fractal analytics is an Indian based firm which has done great and pays an analyst Rs764,858 at an average!
BA times estimates that the number of business analyst job posting for a profile like Data-Driven decision maker would be 922,428 by 2020 with an expected salary of $91,467 and for a profile like analytics manager, number jobs are expected to be around 44,894 with an expected salary of $160,125!
Is it feasible to opt for a career in business analytics in India?
The answer is obviously yes. In the recent few years India have pushed for rapid digitalization and the digital economy of the country has also boomed. This in turn has led to an increase in adaptation of data driven technologies and given the huge Indian market, business analytics has a great potential in adding value to any business enterprise. All you need to do is to get enrolled in a reputed business analytics course in the country and focus on acquiring industry relevant skills. Soon you will be kickstarting your analytics career with confidence!