Business improvement projects often fail due to poor planning and communication. Knowing how to collect data and interpret it can have a significant impact on a business’s success.
To access and analyze data correctly, it is essential to have the right combination of technical skills and professional experience. The demand for business intelligence analysts continues to grow as more firms recognize the need to improve obsolete processes and implement new technology to remain competitive.
Being a business analyst is a satisfying and lucrative career option if you’re an analytical thinker with a talent for solving business challenges. As a business analyst, you will play a vital position in your company and have numerous opportunities to advance your career.
Also Read: 11 Best Free Android Apps To Learn Data Science.
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What is a Business Intelligence Analyst?
A business intelligence analyst is a critical link between a company’s business goals and its information technology.
They make it easier for stakeholders, project teams, and developers to communicate to get the projects completed on time, decrease costs, and enhance quality.
First of all, business needs are defined, prioritized, and approved by a business intelligence analyst. Next, they devise a plan to turn those needs into actionable items that IT and other team members can carry out.
Depending on the organization they work for, business intelligence analysts are involved in sorting out a wide range of issues. They have a role that is fast-paced and dynamic.
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What does a Business Intelligence Analyst do?
A business intelligence analyst uncovers trends and patterns in data using data modeling, data analysis, and data visualization tools, allowing managers, executives, and departments to make informed business decisions.
A business intelligence analyst’s day-to-day activities include interacting and collaborating with all stakeholders, giving presentations on key performance metrics, and creating reports to share knowledge gained from data.
The job description of a business intelligence analyst covers the following:
- Analyzing and mining organizational data, such as financial, expense, employment, and revenue reports.
- Compiling data on reported issues and offering remedies that improve process efficiency.
- Conducting cost-benefit analyses on programs aimed at improving the organization’s performance.
- Working with management and teammates to implement changes.
- Evaluating the effectiveness of implemented strategies
- Collaborating with teams to determine the resources, employees, equipment, and facilities required
- Consultation with key stakeholders and management to set out strategic objectives
- Creating interactive presentations and reports to communicate data to a wide range of audiences effectively
Salary of a Business Intelligence Analyst
Now that you know what a business intelligence analyst is, you sure must know about the pay package. A business intelligence analyst can expect lucrative salaries due to strong demand in various industries, including finance, healthcare, manufacturing, insurance, technology, and e-commerce.
Forbes magazine has ranked business intelligence analyst as one of the hottest jobs in the STEM (Science, Technology, Engineering, and Mathematics) field.
As per the data from PayScale, a business intelligence analyst’s salary in the United States ranges from $48,701 to $93,243 per year, with a mean of $66,645 per year.
A business intelligence analyst in the United Kingdom earns between £35,000 and £45,000 a year, depending on the company’s size, location, and expertise level.
What Does It Take to Work as a Business Intelligence Analyst?
A wide range of skills, including interpersonal skills, analytical skills, and technical skills, are required of anyone who wants to work as a business intelligence analyst.
Hiring managers typically seek individuals with the ideal blend of experience, skills, and education for this role.
Professional experience and technical expertise, in addition to relevant degrees, may set you apart from other candidates.
Pre-existing software experience in database management, user interface and queries, and enterprise resource planning can also be helpful.
A business intelligence analyst should comprehend the data, organize and analyze it and present it to others in a meaningful way.
The following are some of the essential qualities that hiring managers look for in candidates:
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To generate reasonable business strategy recommendations, professionals must discover and evaluate relevant data.
This includes the following:
- Knowledge of software and data collection protocol.
- Should know how to integrate software and programs into data services.
- Should be familiar with data modeling concepts, data mining tools, and data warehouse architecture.
- Knowledge of SQL, Python, R, C#, Tableau, and Hadoop.
- Should be experienced in Database management and business administration
- Outstanding problem-solving and critical-thinking skills
- Excellent oral and written communication abilities
- Thorough knowledge of privacy and data protection laws
Although analytics is a technical field, practitioners must convey their findings to stakeholders across all departments.
Read this article to better understand the importance of business communication.
The professional landscape of a Business Intelligence Analyst
The impact of big data on the global economy is driving up demand for those who work in business analytics professions.
The US Bureau of Labor Statistics (BLS) estimates that 1.5 million jobs will be available in this industry by 2018.
According to BLS data published by O*Net OnLine, job growth for business intelligence analysts is predicted to range from 5% to 9% from 2016 to 2026. A bachelor’s degree is typically required to start a career as a business intelligence analyst.
However, graduates with a master’s degree in a field like business analytics may gain a competitive advantage due to their knowledge of advanced skills and practices, potentially making them more qualified for higher-level positions.