Reasons Why You Should Become a Business Analyst in 2024

Why choose a career as a Business Analyst? Business analysis has become an indispensable tool for any enterprise with a strategic, tactical, or operational initiative. A business analyst is responsible for analyzing and discovering different data and catering to the needs of stakeholders. They bridge the customer-developer gap in digital transformation projects by translating complex processes into meaningful insights.

A professional business analyst is skilled in leveraging statistics and big data to address organizational needs. However, anyone interested in problem-solving, developing strategies, or working with data can benefit from MAHE’s Postgraduate Business Analytics courses. Let’s delve into the benefits of becoming a Business Analyst in 2023.

Growing Demand for Business Analysts

The digital revolution has enhanced the demand for business analysts, especially in telecommunication, insurance, advertising, and financial services. This growth will pave the way to increase the use of data analytics across all  industries like education, government, or manufacturing.

Nowadays, every organization can optimize its operations and investments to predict consumer behavior or set realistic targets. It can be applied to the business through demographic marketing or logistics.

There has been a growth of 21% in business analyst jobs since 2017. It will expectedly grow at a CAGR of 14.3% by 2026 for certified expert-level professionals.

Lucrative Career Opportunities

Industries where Business Analysts are in demand:

Industries	Average salary per year (INR)
Financial services	INR 8,10,000
Hardware and networking	INR 7,30,000
IT services and consulting	INR 7,00,000
Manufacturing	INR 7,00,000

Note: the figures mentioned above are indicative and may vary based on several conditions.

Company	Average Salary (INR)
TCS	8,50,000
Genpact	7,20,000
Accenture	9,70,000
Wipro	10,30,000
Cognizant	9,80,000

Business Analysis role in 2023:

Quantitative Analyst

IT Analyst

Data Analyst

Information Security Analyst

Project Manager

Contribution to Business Success

Business analysts bring a disciplined approach to managing changes in an organization. They identify business vulnerabilities, define needs based on feedback and stakeholder communication, and monitor the results. They examine workflows, data flows, and communication channels to provide a foundation for making informed decisions regarding process improvements and optimizing resource allocation. The data-driven approach allows business analysts to identify market trends, customer preferences, and potential risks or opportunities.

• Amazon uses business analysts to optimize its supply chain and logistics operations.
• Netflix employs business analysts to analyze viewer data and preferences.
• Google relies on business analysts to optimize its advertising platform. Analysts use data to enhance ad targeting, resulting in higher click-through rates and revenue for both Google and advertisers.

Skill Set and Versatility

Skills	Tools
Analytical Skills	Microsoft Excel, Python, and RSAS and TableauHypothesis Testing, Regression Analysis, and Time-Series Analysis
Communication	Writing Clear and Concise ReportsVisualizations Microsoft PowerPoint, Prezi, and Canva
Technical	Microsoft Excel, Power BI, Tableau, and SQLPython and R, Data Modeling, Mining, and Visualization

The skills and competencies of a Business Analyst are highly transferable across finance, healthcare, retail, or technology industries. You can pursue certifications such as Certified Business Analysis Professional (CBAP) or Project Management Professional (PMP) to enhance your skills.

Job Satisfaction and Work-Life Balance

Some companies prioritize a positive and supportive work environment by enhancing job satisfaction and work-life balance. These companies offer flexible work hours, remote options, and professional development and growth opportunities. In contrast, business analysts may experience higher stress levels and lower job satisfaction in companies with a high-pressure and demanding culture.

Therefore, job satisfaction and work-life balance depend on company culture, workload, and individual preferences.

Contribution to Innovation

Business analysts analyze current processes, identify pain points, and suggest improvements by studying market trends, customer demands, and emerging technologies. They collaborate with stakeholders, including IT teams, to design and implement new processes, systems, or products.

Business analysts have adopted and implemented CRM systems by analyzing customer data and identifying customer needs. They have driven innovations in electronic health records (EHR) and telemedicine platforms. They are the backbone of developing smart home technologies like thermostats, security systems, and voice-controlled devices.

Moreover, future prospects of Business Analyst roles are integrating emerging technologies into business processes, such as the Internet of Things (IoT) and blockchain.

Steps to Becoming a Business Analyst in 2023

Students need 55% aggregate marks in 10+2 from any field, preferably science or commerce, with compulsory subjects of mathematics or statistics. After that, a Bachelor’s degree is compulsory in business administration, economics, finance, information technology, or a related field with 55% aggregate. Moreover, MAHE offers an MSc or PGCP in Business Analytics online to enhance your qualifications and open up more advanced career opportunities.

Showcase relevant tools or software like Microsoft Excel, SQL, or data visualization tools in your resume. Use quantifiable achievements like how your analysis led to cost savings or increased revenue.

Create a professional LinkedIn profile highlighting your skills, certifications, and work experience. Attend industry conferences, seminars, and meetups related to business analysis. You can also join organizations like IIBA to get access to resources, networking events, and job postings.

Challenges and Considerations

• Scope creep is the tendency of project requirements to expand beyond the initial scope. Business analysts must navigate this challenge by establishing clear project boundaries, managing stakeholder expectations, and implementing a change control process.
• Implementing new technologies or processes requires support from employees. Business analysts must be skilled in change management techniques to address resistance.

Ethical Considerations in the Profession

• Business analysts often have access to sensitive business information. It is crucial to safeguard this information’s confidentiality, integrity, and availability to maintain trust and respect organizational policies.
• Analytical analysis, decision-making processes, and stakeholder engagement should be transparent to build credibility and trust.

How will MAHE help you in your Business Analytics success?

The MSc in Business Analytics is an online two-year program that covers data mining, predictive modeling, machine learning, and data visualization. Students are also exposed to real-world case studies and have the opportunity to work on projects that simulate practical business scenarios.

MAHE’s PGCP in Business Analytics is an online one-year program focusing on upskilling or making a career transition into Business Analytics.

MAHE’s programs boast a team of experienced faculty members who are experts in Business Analytics. They bring their industry knowledge and expertise into the classroom. Both programs focus on providing practical learning experiences to students.

Conclusion

In conclusion, Business Analysis offers promising prospects for those looking to enter the workforce or make a career change. By becoming a Business Analyst, you can position yourself for success and contribute to the success of organizations in a dynamic and evolving business landscape. If you want to excel in Business Analytics, MAHE’s MSc and PGCP programs are a great choice. Take the first step towards your Business Analytics journey with MAHE today.