The role of data in the contemporary business landscape is paramount. Data plays a significant role when it comes to crucial decision making for businesses. Random future trends prediction has been limited by deploying data-driven decision making by organizations.
When dealing with data for businesses, the role of a business data analyst is indispensable. Let’s delve deeper into what a business data analyst is and what a business data analyst does.
What is a Business Data Analyst?
Business data analysts are professionals with a very dynamic role to play in an organization. The role of a business analyst is confused with that of a data analyst; however, the difference between business analyst and data analyst could be enormous depending on the organization. Business data analyst professionals act as a bridge between the technology domain and the business domain of an organization. So, what does a business data analyst do daily?
A business data analyst is trusted with the responsibility to analyze the business, document the organizational processes, evaluate the business models, and suggest new technological changes. In addition, a business data analyst is also responsible for improving the existing process, products, services and software, performing data analysis, and identifying the loopholes that prevail.
If you look at it from a broader perspective, the role of a business data analyst also entails saving money for the business by identifying the potholes and remedying the situation through complex data analysis techniques. Business data analysts are also responsible for overall business growth and expansion. Based on their research, they need to identify new avenues and customer base to expand the business.
Now that you have a fair idea as to what does a business data analyst does, you should explore why the role of a business data analyst is essential, business data analyst salary, and more.
The Importance of a Business Data Analyst Today
The role of a business data analyst is multi-dimensional and involves managing various aspects of a business. From acting as a bridge between the IT and business teams to finding profitable growth avenues, there’s a huge responsibility riding on the shoulders of a business data analyst. In the modern digital era, the significance of a business data analyst has grown even further.
The digital world has taken over the real one, and the power of data runs it. If you compare the volume of data stored and used today with the previous decade, you will be surprised. This demand for data analysis and use of data will continue to grow in the future. More and more business decisions will be taken after careful evaluation of the data metrics put in place by the organization.
Business data analysts assess historical data that helps them to optimize business operations by identifying the existing loopholes, leading to optimum utilization of resources and efficiency in the system, saving up a considerable chunk of expenditure for the organization. This frees up the organization’s monetary and human resources and gives more flexibility to indulge in new projects. This is also a key difference between business analytics and data analytics.
Business data analysts act as a bridge between the technological and non-technological departments; this means that they are responsible for understanding the demands of non-IT departments and carefully planning a solution for them without bringing up any differences. Implementing new technological changes also improves the functioning of the business and reduces the time taken to complete a particular task while enhancing the overall process.
Another important reason why a business data analyst is essential to organizations today is to make the digital transformation easier. They simplify the complexities of digital transformation and help organizations optimize on time and resources by using data-driven decisions.
Business Data Analyst Job Prospects and Salary
The demand for a business data analyst is rising on an unprecedented scale in the present scenario. However, there is a paucity of skilled business data analysts who can take up this challenging role. This has created a peculiar situation where the demand for business data analysts is higher than the current supply of talented professionals, making it a lucrative career prospect for those who are enthusiastic about business analysis.
Those who aspire to work as a business data analyst can enroll for a Data Analyst Certification Course to gain an edge over the competition. Business data analyst skills will often lead to a rewarding career opportunity by those seeking to learn and make a career in the field of data analysis.
The salaries for the role of business data analysts are very lucrative. The exact figure depends on various factors such as experience level, job location, industry, type of organization. In India, the average annual salary for the role is 7 lacs. In e-commerce giants like Amazon, the senior-level business analysts’ average earning is somewhere around 17 lakhs annually. It’s safe to say that Business data analytics jobs will continue to grow in demand and will see a spike in professionals’ annual earnings in this field.
As we move ahead in the digital era, the decision-making process will become more complex and fully data-driven. The role of a business data analyst will become indispensable for any organization that relies on the use of progressive technology to improve customer satisfaction. You can enhance and validate your expertise in data analytics by enrolling in our PG Program in Data Analytics in partnership with Purdue University, and aim for faster career progression and land yourself in your dream organization.