Business Analytics: From Buzzword to Strategy Imperative

Business Analytics the Macro Perspective

Business Analytics, a buzzword in recent past has now become the mainstay in strategic decision making. As noted by The High-Level Advisory Group (HLAG) constituted by Minister of Commerce, Government of India in their report on International Trade - Quantified decision making is a key factor, in anticipating and developing early signals and insights on various changes in the International trade. Data is an important resource, which can yield many interesting insights and predictions, which should be further analysed to decide strategies and policies. According to the report – despite the need and availability of advanced methodology for Big Data Analytics, India is very slow in building capacity for data-based decision making. The HLAG further identifies some of the areas where Big Data can play a role viz combining structured and unstructured data analysis for precise forecasting, estimating employment elasticities and volatility, developing proxies and accuracies for estimating demands and integrating India in the global value chain. Quoting AISHE data one very important aspect they have noted is the growth in numbers of students enrolled for disciplines of Mathematics and Statistics from 1,23,543 to 1,55,239 and 6,645 to 9,280 respectively in 2013-14 to 2017-18. This is the talent pool that shall be best suited to undertake Business Analytics for Industry, Business and the Government.

Global Scope and Industry Demand

Erin Vaughan writing for SingleGrain.com a Digital Marketing and Business Intelligence company explains how Business Analytics is moving from Descriptive to Predictive to now Prescriptive Analytics. She illustrates how AirBnB developed AEROSOLVE Model to help their partners identify the right rentals for their properties. In another article CJ Haughey at SingleGrain explains the seven major trends in Business Intelligence – new avenues for data discovery, more and more organisation using Business Intelligence platforms, growth of Predictive Business Analytics, natural language processing becoming smarter, Business Intelligence becoming more accessible through Augmented Analytics, companies progressively focusing on mobile Business Intelligence and Data Governance becoming top priority. He says as AI Technology progresses business intelligence platforms will become more powerful enabling companies to do more with data. With world’s data storage predicted to reach 40 zettabytes of data (that’s 40 trillion gigabytes) by 2020, Business Intelligence Analysts such as data scientists will be in high demand in 2020 and beyond.

The Required Skillsets

A good business analyst shall possess a skill set that includes – Excellent Communications, Leadership and Risk-Taking, Ability to work under pressure against deadlines on multiple projects, a passion for creating technical solutions, a high degree of positive attitude, excellent analytical and modelling skills, understanding of businesses and business development and finally a very good knowledge of IT. Several online and offline programs are available for training in Business Analytics. Premier institutions such as the IIMs, ISB, IITs and several others offer postgraduate and executive training in the domain.

Source: MoPharma.com

Career Options and Opportunities

Serena Josh at Zarantech.com a US based Global IT Training and Consultancy Company identifies the huge scope for a career in Business Analysis in India. Career options in positions such as Business Architect, Business Systems Analyst, Enterprise Analyst, Product Owner and Requirements Engineer await the enthusiastic aspirant. The Business Analyst’s job involves recognising opportunities for improving business operations and processes, designing an modifying business Systems, gather document and analyse various business requirements, solving business problems and designing technical solutions, testing systems and producing system documentation and user manuals, documenting functional and technical designs of business systems, in interaction with system architects and developers, they have to ensure that systems are implemented correctly and of course the Business Analyst works together with stakeholders and subject matter experts to understand their problems and needs. A career path starting with Business Analyst leads to Business Analysis Manager to Project Manager who evolves to Relationship Manager to Business Analysis Competency Manager. Parallelly, he may start as a System Architect and become a Subject Matter Expert.

A Rewarding Career Choice

With growing numbers of demand for business analysts, the salary offered is also attractive making it the most desirable job among the millennials. The average salary of a senior business analyst can range from 8 to 9 Lakhs per annum, while a fresher can get a salary in the range of 4 to 6 lakhs per annum. As on March 25, 2020, 3,251 Business Analyst jobs are listed on Naukri.com for Gurugram and Bangaluru. Some of the prominent companies recruiting are Accenture, Delloitte, IBM, TCS and Wipro, American Express, RBS Services India, Religare, Evalueserve, Nagarro . Globally Business Analysts' job is a very lucrative and popular option can be seen by looking at the data on salaries in Canada for Business Analysts.

Summary

The importance of Business Analytics in strategic business decision making can not be understated. The sheer scope and size of the domain indicates the level at which it is going to influence decision making for Micro, Small, Medium and Large scale businesses. A start-up can make use of data and through manipulation from varied perspectives arrive at unique ideas for business modeling and strategy building. The small and medium enterprises can identify new market segments and needs of different customer groups from marketing perspective while can undertake a business proces re-engineering by process analysis and system redesign. There is no end to the use of Business Analysis in day to day business operations to enhance the efficiencies of operations and achieve never before effectiveness of strategic intiatives based on elaborate analysis. As Sleater-Kinney 2019 Album and Title song says “The Future is Here!” And there is no going back – the industry needs the Business Analyst!

About the author

Dr Trivedi is Senior Professor and Officiating Dean at School of Management The NorthCap University, Gurugram. His doctoral work focused on Retail Promotions by Regional, National and Multinational brands. He has to his credit more than 30 publications with academic journals of repute, national and international conference proceedings, national industrial reports. He has industry exposure of over fifteen years in the manufacturing and marketing of industrial pumps and pumping systems.

Note: The views expressed in this article are solely author’s own and do not reflect/represent those of Shiksha