Top 10 Business Analytics Skills to Learn in 2024

Top 10 Business Analytics Skills to Learn in 2024 - Skills Required for Business Analytics

Information or data becomes the core part of all organizations for decision-making. Companies rely heavily on the data for their operations. To scale up their business utilising the information is the most feasible option for them. Business Analytics professionals understand the data and develop strategic decisions from it. As of now, a skilled business analytics professional is in high demand globally because they ensure to bridge the gap between business requirements and strategic decision-making. To become a pro in this field a person must possess some skills as per the market requirement. In this article, you will learn about the top 10 business analytics skills to learn in 2024, and insights into the business analytics industry.

Insights of the Business Analytics Industry

As per the marketresearchfuture.com, the business analytics market will grow from USD 46.33 Billion in 2024 to USD 90.67 Billion by 2038. The market will increase at 8.50% growth annually.
According to Glassdoor, the average salary for a business analytics professional is 10.00 LPA + other perks.
On LinkedIn, there are 13000+ jobs available related to business analytics, and on Naukari.com 14494 jobs are available.
Business Intelligence Software market is projected to reach 30.34 Billion by the end of 2024.
Google, Adobe, SAP, Tableau, Microsoft. Oracle and Teradata are the top players in this market.
Amazon, Accenture, SAP, PwC, and Capgemini are the top companies hiring for business analytics profiles.

Also Check – Top MBA Colleges for Business Analytics | Top MBA Colleges in Rajasthan

Best Business Analytics Skills to Learn

Business analytics is an evolving job profile and it keeps changing with market trends. Professionals working in this industry need to adapt the new skills to make them relevant to the industry. Skills of business analytics can be divided into two sections – Technical and Soft skills. Mastering both skills business analysts position themselves as indispensable assets in any organization.

Business Analytics Technical Skills to Learn

Data Analysis & Visualization

Business Analytics professionals should be able to know how to play with the data. They need to leverage data for meaningful insights which later on helps in decision making. Also, they need to visualize the data and its insight in a manner that becomes easy to understand for others and looks appealing. Figures have an impact and make the process simple and effective.

Statistical and Quantitative Analysis –

In-depth knowledge of statistics and quantitative analysis is required. Most of the time you need to create a machine-learning model that will derive useful insights from raw data. With these skills, you can develop the model easily for your specific business problem.

In-depth knowledge of Business Intelligence Tools –

The most important and powerful skill to learn is Business Intelligence tools. As artificial intelligence is evolving the need for other skills is reduced. Most of the software is so advanced that they can do 90% of the work. For that professionals should have in-depth knowledge of this software. Tableau, SAP, Power BI, and Looker Studio are some of the most in-demand business intelligence tools.
Knowledge of Data Related Programming Language –

A business analytics professional needs to be proficient in languages such as Python, R, and SQL. It will be useful for the automation of tasks and advanced data analysis. It gives them a free hand to manipulate data as per business requirements. Also, you don’t need to rely too much on software if know the programming languages.
Deep understanding of Project Management Methodologies –

Knowing agile methodologies such as scrum or kanban and proficiency in project management tools like JIRA, Trello, and Asana is beneficial. It enables effective collaboration between various teams, you can break the project into smaller chunks and track all the processes.

MBA Rankings – Top 100 MBA Colleges in India | Top MBA Colleges in India

Soft Skills Required for Business Analytics

In-depth knowledge of business and its objectives –

As mentioned above business analytics professionals use the information for strategy development. For that, it is required that they understand the core objectives of the business and how the thing works in that industry. This will guide them in making decisions that are scalable and align with the ultimate goal of the organization.

Decision-Making Skills –

Business analytics professionals should have decision-making ability. Tons of useful information is a waste if you can use it properly. The right decision will lead the other process of business to work towards the result. They need to know about all the alternative approaches and their problems. From all the possible approaches they have to select the most feasible decision.

Communication and Interpersonal Skills –

This is the most common but most important skill to have not only for business analytics professionals but for every person. There is a saying “Being Understood is as important as understanding”. Business analytics professionals need to communicate with clients, shareholders, and teams for different work. From starting a project to delivering the final solution and after that they need to convey their message effectively to all the people. The effectiveness of a work is reduced if a person fails to present their work to others.
Adaptability and Collaboration –

Business Analytics is one of those professions that changes rapidly. One thing that is trending now after a few months will fade away. Professionals should have the mindset to adapt the new things quickly. Sooner or later they need to learn what is coming in the industry so if they adapt it in the early stage they can take advantage of it. Since it is one of the most important job profiles of an organization so is not possible for a person to do all the tasks. Here they need to collaborate with different people from different teams. A collaborative person will utilize the synergy of working together and achieve better results.

Analytical and Critical Thinking –

It is one of the most basic skill requirements for a business analytics job profile. A Business analytics professional should have the skills to analyze data. Process it and derive a conclusion from it. It enables you to find the solution that aligns with organizational goals. Also, critical thinking enables a limitless world for you in which you can come up with unique insights that were neglected by others.

Also Check – MBA vs PGDM | Best MBA Specialization for Engineers

Business Analytics Job Profile and Salary

S.No,	Job Profile	Average Salary (Annual)
1	Business Intelligence Analyst	8,80,000
2	Data Analyst	6,00,000
3	Quantitative Analyst	22,80,000
4	Marketing Analyst	11,50,000
5	Data Engineer	9,50,000

Job Role of a Business Analytics Professional

Gathering information, sorting or cleaning it, analyzing and finding useful patterns and insights.
Creation and presentation of findings from data in front of team or stakeholders.
Predict the future forecast or future result from a specific thing or task.
Developing the strategic idea for the organization and implementation of the plan.
Collaboration with various departments to collect the best possible information.
Providing solutions to business problems.
Utilizing analytical tools and software such as SQL, R, Python, Excel, and BI tools like Tableau or Power BI.

References

Trending Articles

Spread the Knowledge

Taxila Business School