8 In-demand Business Analytics Skills Required in 2023

Microsoft. Uber. Netflix. Coco Cola. ICICI Bank.

What do these mega-corporations have in common?

These are five of the many organisations that use business analytics to improve their efficiency and productivity. The sudden impact of big data has caused many companies to rethink how they do business. After all, who would say no to an intelligent, analytical system that could give you insights on how to increase your profits with minimal risks? Business analytics does that and a lot more. It compares data and analyses the information, so you can make sound decisions about the future. A qualified, competent business analyst is a must-have addition for all companies, whether a major MNC, small business, local bank or an upcoming tech-based start-up.

The demand is high. The opportunities are plenty. All you require is a certification and the right set of business analyst skills to get noticed by the heavy players in the corporate world. So let’s find out what you need to become the next big thing in the exciting world of big data.

Why business analytics is the future of the corporate world

Every time you blink, more information gets added to the vast, expanding digital universe we call big data. In one day alone, we collect 2.5 quintillion bytes of data across the globe. This is probably the largest goldmine ever unearthed, and it is going to keep growing.

By using information technology, statistical methods and automation to measure this data, we can discover unique insights and ideas. They can be utilised effectively to enhance the performance of any business. You can learn about customer preferences, upcoming market trends and transactional patterns through business analytics. If done accurately and precisely, you can get the solutions to all challenging business problems neatly wrapped up in a big red bow.

8 Business Analyst Skills Required To Be Successful

To excel in the competitive field of business analytics, you need the expertise and abilities to carry out various tasks. Here below are some of the skills that will help you make an impact in the industry.

1. Numerical and statistical knowledge 

Business analytics is a numbers game. Statistics and maths are key components when you are gathering data for analysis. An aptitude for managing figures is imperative, as most of the information collected is in numerical form. While you don’t need a strong academic background or a degree in maths, it helps if your fundamental concepts are solid and you can carry out the basic functions effortlessly.

2. Technical knowledge of software systems

Since big data and all its application are digitally stored, you have to be tech-savvy as a business analyst. Some of the programming tools used are MS Excel, R, SAS and Python. You need to be fluent in these languages to monitor, access and manipulate data. It is not hard to master them, even if you don’t have a background in IT. A good coaching institute can help you learn the technical skills you need to handle all business analytics software.

3. A big-picture mentality 

While most business analytics procedures deal with nit-picking relevant data out of a vast sea of raw information, it is essential to look beyond the tiny details. A competent analyst can piece the data together to form a larger perspective about the business. You have to look beyond the facts and figures to figure out a story. Where is this information leading you? What are the key factors that can help you make smart decisions that impact the future? What predictions can be made? If you can focus on the overall situation with a broad view, you’ve cracked one of the important business analyst skills.

4. Critical thinking 

You need a sharp mind when looking at the collected data to create insights. Your critical thinking skills come into play here. A smart analyst will never accept the first option as the only solution. You have to analyze the information from various perspectives and look at every possible angle before you decide on a valid conclusion. When faced with a roadblock, your business analyst skills will help you to find ways to maneuver around it by exploring every possibility before arriving at one that works.

5. Communication skills 

One part of your job deals with hardcore tech concepts and codes. The other part requires you to be proficient in verbal and written communication. You will need to convey the data findings and insights to your team members, supervisors, company heads and clients in a clear and coherent manner. You have to persuade them to make data-driven decisions based on your research by presenting your information. Your communication should be of a certain caliber to convey your points effectively.

6. Domain expertise 

On a scale of one to ten, how highly do you rate your proficiency in your field of inquiry? The higher the number, the better your domain expertise. It is vital that you are well-informed and knowledgeable in all areas within your chosen field. You have to be the person others come to when they need relevant information. Since you know all the essential details of the case, you are in a position to make a judgment call. You get to rule out the options that don’t work and erase any ambiguity that may arise. This helps you track more authentic results. Think of it like a PhD, but within the field of business analytics.

7. Data visualisation 

Another one of the business analyst skills required is the ability to present data efficiently. There is no point in having fantastic insights that could revolutionise the business if no one can understand the findings. Data visualisation is a collection of tools that can help you convert raw data into visual representations, such as graphs or charts. They make complex statistics more reader-friendly and easier to understand. The technique is especially useful when you are presenting to a client who isn’t familiar with data analytics.

8. Understanding the business objective

Every organisation has a set of objectives that helps them measure results and encourage business growth. By tracking these goals, you can ensure the company is moving in the correct direction. A business analyst should align the data research with the business objective. You have to use these objectives as a foundation for your data analysis.

Read – Data Engineer VS Data Analyst VS Data Scientist. Which is the best role for you?

All about the business analytics course 

The business analytics program was created to help professionals navigate the unchartered waters of big data. It takes a well-trained eye and a knowledgeable mind to work in this field. The course is highly technical, as it contains learning advanced software and programming languages, along with core concepts about business.

BA course syllabus 

• The subjects include business statistics, data analysis, machine learning, visualisation with PowerBI
• Some of the software tools taught are SQL, Python, MS Excel, Tableau, etc.
• You receive a well-rounded education in business concepts, analytical techniques and statistical methods
• Students from different academic backgrounds are eligible for the BA course as long as they are 18 years or older
• On completion, you can apply for job profiles such as business analyst, analytics manager, data engineer, etc.

 
Why Proschool offers the best coaching for BA 

The best way to clear the course on your first attempt is to register with a reputed coaching institute. Proschool has had the distinction of being one of the country’s top ten best institutes for analytics for several years. It has transformed many students into efficient data specialists. There are two main reasons behind Proschool’s immense success. First, is a deep understanding of the subject matter. The institution only hires experienced business analysts who have proven themselves as industry experts. The second reason is a unique perspective on teaching. The faculty employs innovative methodologies and active learning techniques that help each student master the course.

Here are more details about Proschool’s Business Analytics program:

• The course has two variants
  • Business Analytics which has a duration of 3 months
  • Business Analytics Plus which is for 4 months
• The students gain the essential knowledge as well as business analyst technical skills in both variants
• The focus is on hands-on application by making students solve real-world business challenges
• You receive certifications from the NSE academy and the NSDC on completion
• Proschool offers a placement program to help students land entry-level jobs
• There are coaching centers set up in cities across India
• You can also attend the interactive online sessions, which offer similar faculties as a live classroom

 
In conclusion 

A few decades ago, no one had heard about business analytics. Today, it is one of the hottest careers in the market. All over the world, companies are posting the same needs on all the recruitment sites — business analyst skills required. There is so much untapped potential in this field, as we have only scratched the surface of big data. Once you are a certified professional, you will discover there are so many possibilities for a thriving career. It is truly the best time to get on board in this industry.

To become a full-fledged business analyst, click here

Big predictions about big data