In the current business environment, data is everywhere. It provides businesses of all sizes with the information needed to track sales and performance, introduce new products and services, and encourage data-driven business decisions. As businesses realize the importance of data and data-driven decisions, the demand for business analysts is growing day by day thus giving rise to an ocean of business analyst jobs in 2021. Today, almost every aspect of our lives has been touched by analytics, and the business analytics job in 2021 has grown as one of the hottest jobs of this decade.
So, what does a business analyst do? What are the business analyst job trends? What are the necessary business analyst skills in 2021 and what is the salary of a business analyst? Here is everything you need to know about a business analyst job in 2021?
What does a business analyst do?
Business analysts act as liaisons between internal departments by collecting, distributing, and managing an organization’s data. As a business analyst, you actively contribute to an organization’s profitability and sustainability by guiding the organization to improve its process and quality of products and services through data analysis. A business analyst can fit wherever they need within an organizational chart. The work that business analysts do is incredibly diverse, which has led to many changes in job titles, roles, and management levels. So, as you can see, the scope of business analyst jobs in 2021 is growing rapidly.
Business Analyst job trends
Rapidly growing field
The rapid digital transformation and reliance on data have made this a rapidly growing field in recent times. According to a report by Mordor Intelligence, the Business Analytics Market was valued at USD 67.92 billion in 2020 and is expected to reach USD 103.65 billion by 2026 and work at a CAGR of 7.3% over the forecast period (2021-2026).
Evolution of Big data analytics
With the COVID-19 pandemic disrupting the world and pushing digital transformation, the demand for rising innovations like big data analytics has accelerated further. Today’s consumers tend to do everything online and organizations can utilize this factor to accomplish their essential goals. Thus, companies are actively looking for experts in big data analytics who can help their organization recognize trends and foresee what can occur later on.
The role of the Business analyst is becoming more and more multifaceted. The demand for business analysts (BA) has increased so much in the past few years that BAs are joining every department in an organization, from entry-level human resources teams to senior leadership. Thus, the role of a Business analyst is transforming in line with the change.
Business Analyst Skills 2021
Tools and languages
There are several career paths you can choose as a business analyst. Most of the careers demand you to learn data visualisation, SQL databases, database querying languages, Microsoft Excel, Microsoft PowerPoint, Microsoft Access, Google Analytics, etc. Learning data mining, data cleaning, and Machine Learning is an added advantage. But whatever tools or languages you choose, the important thing you need to remember is to stick to it and master it.
A good business analyst possesses problem-solving skills, reasoning skills, value-focused thinking, and acts as a guardian of clarity and point of alignment. As a fresher trying to get a business analyst job in 2021, it is crucial that you understand the practical application of business analytics in the real world. This way, you would get a deeper understanding at a later stage.
Communication skills and creative skills
This is one of the most overlooked business analyst skills in 2021. As a business analyst, you would need to engage with business leaders and users to understand how data-driven changes to processes, products, services, software, and hardware can improve efficiencies and add value. You should also articulate those ideas and put your creative skills to work here. So, communication skills and creative skills are crucial for a business analyst.
Business Analyst Salary 2021
The business analyst is one of the top-paying professions in the job market. The salary of a Business Analyst in India depends upon several factors like company size and reputation, job position, location, education qualifications, and experience. According to a report by upGrad , the salary package for entry-level roles in India remains anywhere between INR 3,50,000 to INR 5,00,000. It can reach up to INR 20,00,000 based on your experience and company.
Business analyst jobs in 2021 and career prospects for a business analyst are rapidly expanding all set to explode in the coming months. Top companies like IBM, Google, Amazon, and Microsoft are investing more in business analysts as it essentially helps them realize their business goals. So, it is only fair to assume that Business analyst is one of the best careers a fresher can choose today. As a premier business school in India, Praxis offers a 9-month full-time postgraduate program in Data Science. With our vast experience in business education, we offer students both the time to understand the complex theory and practice of data science and business analytics concepts and the guidance from knowledgeable faculty who are available on campus for mentoring. We also have a well-structured campus placement program that ensures interview opportunities with the most significant companies in the field and a top Business analyst job in 2021 for freshers.