Business analytics is the most promising career path for MBA/PGDM students. Not only does it offer great earning potential, but it also helps advance the career ladder to leadership and strategic positions within an organization. With seven to ten years of experience, a PGDM colleges in Ahmedabad can give opportunities to candidates rise to positions such as Chief Operating Officer, Chief Technology Officer, Office Director in Project Management, and many other key leadership roles in business analytics.
This article will discuss the benefits, scope, and opportunities of Business Analytics.
Every day the business dynamics take a new turn in the VUCA business world (Volatile, uncertain, complex, and ambiguous). Thus, companies are relying more on analytics to make informed decisions. Whether for finances, marketing, human resources or operations, business analytics are at the core of decision-making to attain sustainability and profitability. As a result, the demand for professionals trained in business analytics is at an all-time high.
Role of Business Analysts
Using business and technical abilities, business analysts help organizations improve their processes, products, services, and software. They work on both the IT and business sides to help close the gap and make things work better. The business analyst’s career path and job descriptions differ from position to position and in the industry they choose.
Benefits of Choosing Business Analyst as a Career Path:
1.Attractive remuneration Since digital transformation is leading businesses’ core activities, companies are offering attractive salaries to business analysts. Glassdoor reveals that a business analyst in India makes an average salary of 8 Lac annually. The top companies hiring business analysts in India are Accenture, Tata Consultancy Services, Cognizant, Deloitte, IBM, Capgemini, Amazon, Wipro, and Dell, among others. Even the UK offers the highest salaries for data analysts in the world.
2.Great demand Given the rise of data-driven decision-making, there is a great demand for data analysts. According to the US Bureau of Labor Statistics, the demand for business analysts is growing substantially faster than the average for all occupations. Since business analysts assist organizations in reducing business risks, enhancing organizational value, and identifying cost-saving opportunities, they are in great demand irrespective of the sector.
3.Exposure to multiple domains The work of a Business Analyst is rarely focused on a single domain. Since their skills are domain-independent, they can efficiently work on projects from different disciplines simultaneously. This kind of work environment has no limits, so an analyst can learn about and attempt several fields, such as banking, finance, marketing, IT, government or any other.
4.High organizational visibility Business analysts interact with a project’s technical, functional, financial, and managerial aspects. Their documentation skills and techno-functional understanding make them applicable to technical architects and the pre-sales/sales team. In addition, analysts are frequently required to deliver their project insights to upper management/the CEO/CFO and garner attention for their contributions.
Career Scope for Business Analysts after MBA/PGDM:
1.IT and software Sector One may pursue a career as a Systems Analyst, IT Architect, Operations Analyst, Business Process Analyst/Architect, Technical/Functional Analyst/Architect, and Solutions Architect and reach higher positions like Business Process Director. Their responsibilities start from project initiation to project execution. Further, it includes system designs and building processes to improve the efficiencies of IT resources and capabilities.
2.Investment and banking sector Business analysts in this area make financial judgments, including providing summary reports, verifying federal compliance, reviewing financial models, structuring financial arrangement papers, etc. Reviewing credit applications, risk assessments, collateral reports, and others are critical responsibility for business analysts in the investment and banking sector.
3.Retail and manufacturing sector (FMCG) Business analysts in this sector will work with sales management and operations, supporting planning and analysis. Their roles will include forecasting, reporting and communications in the sales department. The candidates must conduct market research, quantitative and qualitative research and data analysis, competition analysis, and sales process optimization.
4.E-commerce Industry E-commerce business analysts examine, analyze, and interpret the online retail performance of websites and e-commerce businesses. They are highly skilled data analysts who find online sales and marketing enhancement opportunities. E-Commerce Analysts collaborate with sales personnel to build effective promotional and marketing campaigns based on customer statistics and data analytics. They also examine website traffic, search engine rankings, and branding characteristics.
Opportunities for Business Analysts:
With the launch of cutting-edge technologies like big data, the gait of digitalization is tremendous, and so is the pace of career growth in business analytics. One can start as an analyst and swiftly climb through the more complex roles such as strategist, specialist, and architect.
1.Strategist Digital Business Analyst In the era of economic and technological transitions, many senior leaders do not know how to approach the resolution of digital issues. Therefore, the days of business analysts only collecting needs are passed. Today, they are required to assist managers in making strategic decisions. That alone necessitates a strategic mentality and familiarity with recent technologies and trends.
2.Specialist Digital Business Analyst As a specialist in digital business, analysts will have to focus on technical skills to reach the business outcomes for their companies or clients. For instance, it may include working on building processes and working models to implement robotic process automation (RPA) for building the service or process of automated filing of an insurance claim. In other scenarios, they may be working on data science modelling to understand the customer, employee, and user behavioural patterns.
3.Business/enterprise Architects After certain years of experience and acquiring hands-on skills as a business analyst or project manager, one may rise to a business architect position. Even if a person works as a business consultant, product manager or technical architect, they may succeed as a business architect, which is a senior position.
Candidates may rise to other senior positions:
VC, Director, Chief Product Officer, Agile Coach, Chief Security and Information Officer, Chief Data Officer, and more.
Final Word
Pgdm in Business Analytics Course is a versatile career choice for learners of MBA/PGDM courses as it offers extensive opportunities vertically and horizontally. One may pursue positions according to their interest in the specific business function such as marketing, HR, IT, finance, supply chain and operations. Additionally, one may seek opportunities in different industries such as eCommerce, banking, investment, FMCG and manufacturing. Every company has a different line of hierarchy, so one needs to ensure that the career path offered in the organization matches their career ambition.
