Many business analysts view data as the “new oil” that fuels organizational efficiency in the information age and enhances experiences, performance, and profitability. However, having a lot of data is meaningless if firms can’t use it to make informed, data-driven decisions by analyzing it to derive useful insights. Business intelligence (BI) is becoming more and more important as organizations find themselves needing to use data to further their objectives. Business intelligence covers the use and administration of data processing tools and systems, including data modeling, data visualization, decision assistance, database management, and data warehousing technologies. A BI analyst, also known as a business intelligence analyst, uses this data and other information to support firms in making wise business decisions.
Business Intelligence Analysts
Business intelligence analysts are responsible for collecting, analyzing, and interpreting data to help businesses make better decisions. They use a variety of tools and techniques to extract meaning from data, and they communicate their findings to stakeholders in a clear and concise way. Business intelligence analysts typically have a bachelor’s degree in business administration, computer science, or a related field. They may also have experience in data analysis or business intelligence. The job outlook for business intelligence analysts is very good. The Bureau of Labor Statistics projects that employment in this occupation will grow 25% from 2020 to 2030, much faster than the average for all occupations. This growth is expected due to the increasing demand for businesses to use data to make better decisions. Business intelligence analysts typically work full-time hours, and they may occasionally work overtime to meet deadlines. They may also travel to meet with clients.
The salary for business intelligence analysts varies depending on experience, education, and location. The median annual wage for business intelligence analysts was $92,230 in May 2020. The lowest 10% earned less than $56,390, and the highest 10% earned more than $151,160. Here are some of the skills and qualifications that are typically required for a career as a business intelligence analyst:
- Strong analytical and problem-solving skills
- Excellent communication and presentation skills
- Experience with data analysis tools and techniques
- Knowledge of business intelligence software
- Bachelor’s degree in business administration, computer science, or a related field
What Is a Business Intelligence Analyst
A business intelligence analyst examines data to generate market intelligence and financial reports. These reports analyze patterns and trends in a specific market that could impact a company’s actions and objectives. A business intelligence analyst possesses expertise in computer programming languages, as well as a comprehensive understanding of BI tools, technologies, and systems. Business intelligence (BI) analysts play a crucial role in identifying and prioritizing business-critical needs and requirements. They establish key performance indicators (KPIs) and implement data warehouse (DW) strategies. Additionally, they leverage advanced software and tools to extract valuable insights from large datasets, also known as big data. The primary objective of a business intelligence analyst is to provide decision-makers with accurate and timely insights that can improve workforce efficiency, increase productivity, enhance market positioning, strengthen competitive advantage, and enhance customer experience.
Business analysts, distinct from BI analysts, analyze information to provide recommendations for enhancing business performance. BI analysts primarily focus on analyzing data to uncover valuable insights, whereas business analysts primarily focus on applying those insights in practical ways. Business intelligence analysts often begin their careers by working in analytical positions, such as data analysts. Potential career paths in the field of business intelligence include roles such as business intelligence consultants, business intelligence architects, managers, and other senior positions.
Business intelligence analysts assist companies in leveraging their existing data to enhance operational efficiency and optimize financial gains. They efficiently query databases to analyze extensive data, generate reports, and identify trends in order to derive practical business insights. Business intelligence analysts require a diverse set of data analytics skills to effectively navigate the realm of big data. This includes proficiency in data analysis and a strong understanding of business principles. Additionally, soft skills such as teamwork, and polished written and verbal communication are essential in this field.
What Do Business Intelligence Analysts Do
A BI analyst, also known as a business intelligence analyst, uses data and other information to support firms in making wise business decisions. Although specific job descriptions can differ, a business intelligence analyst’s responsibilities can be divided into three categories:
#1. Key Business Data Breakdown:
A business intelligence analyst may collect, clean, and analyze data on a company’s revenue, sales, market data, or customer engagement indicators. It is also possible to request BI analysts to program tools and data models to assist with data visualization or monitoring.
#2. Data Interpretation:
A crucial component of a BI analyst’s job is identifying patterns or other areas in the data that point to prospective areas for business practice change. For instance, a BI analyst may examine market trends to determine how a business may need to modify its offering.
#3. Sharing Findings
This can involve anything from displaying data in diagrams and charts to putting together reports and presenting them in front of other teams and clients. Based on their findings, business intelligence analysts will also make recommendations to enhance or expand the business.
In today’s data science workforce, the business intelligence analyst evaluates both the company’s data and data from competitors and others in the industry in order to discover methods to enhance the market position of their own company. Good business intelligence analysts will examine their company’s systems, procedures, and functions to identify opportunities to increase the company’s profitability and efficiency. Business intelligence analysts must also consider how a company can develop new policies regarding data acquisition and data analysis methodologies, such as ensuring the integrity of data use. Analysts of business intelligence may also be required to recruit other data specialists, such as data architects.
Business Intelligence Analysts’ Salary
Business Intelligence Analysts in the United States earn an estimated $95,285 in total compensation annually, with an average income of $84,246. These figures show the median, or the midpoint of the ranges, from our unique Total Pay Estimate methodology, which is based on data about wages gathered from our users. $11,040 per year is the expected increased compensation. Cash bonuses, commissions, tips, and profit sharing are all possible forms of additional compensation. The values in the “Most Likely Range” fall between the 25th and the 75th percentile of all the pay information that is currently available for this role.
The top 5 industries in the United States that pay the highest salaries for a business intelligence analyst are Energy, Mining & Utilities, Information Technology, Real Estate, Manufacturing, and Telecommunications, with median total salaries of $112,039, $114,403, and $107,294 respectively, according to Glassdoor. In the United States, a business intelligence analyst may expect to make around $82,000 per year. A business intelligence analyst makes over £45,000 a year in the UK. In India, the average salary for a business intelligence analyst with less than a year of experience is 357,394. Mid-level and senior-level business intelligence analysts make an average of 817,958 and 1,179,162 per year, respectively, while BI experts with one to four years of experience earn an average compensation of 510,457 per year.
Business Intelligence Analysts Jobs
A wide range of talents, such as soft skills, analytical skills, and technological skills, are necessary for people who want to become business intelligence analysts. Typical abilities for corporate intelligence analysts include:
- Comprehension of the program and methodology for data collecting.
- Knowledge of incorporating software and programs into data services
- Knowledge of data modeling principles, data mining techniques, and data warehouse architecture
- SQL, Python, R, C#, Tableau, and Hadoop expertise
- Expertise in business administration and database management
- Strong communication abilities both in writing and speaking a thorough knowledge of data protection and privacy laws
Even if a 4-year degree in statistics, business administration, or computer science can help you land a job, top employers don’t place much value on them. Instead, to quickly replace talent shortfalls, leading companies like Facebook, Google, Microsoft, Amazon, and many others are searching for applicants who have certification.
The BLS’s operations research analyst page projects a 23% increase in employment for business intelligence analysts between 2021 and 2031. They are necessary in a wide range of professions, including law enforcement, education, healthcare, and finance. Businesses in all of these industries, as well as others, are searching for methods to compete and stand out, and business intelligence analysts may offer crucial data-driven insights to produce these advantages. Consequently, they are in high demand.
Business intelligence jobs are associated with the infrastructure and procedures used to gather, archive, and analyze the data generated by an organization’s operations. Business intelligence is a broad word that includes concepts like performance benchmarking, process analysis, descriptive analytics, and data mining. To assist key stakeholders throughout a business in making data-driven choices, you will work closely with them as a business intelligence analyst. By using data science, you will be instrumental in guaranteeing the future success of the business.
What Is the Requirement for Business Intelligence Analyst?
A bachelor’s degree in business studies, statistics, computer science, or a similar discipline. proven track record in data analysis programming. solid database and statistical knowledge. superior analytical and problem-solving abilities.
Is Business Intelligence a High-Paying Job?
Currently, the average yearly pay for business intelligence administrators in the United States is between $90,000 (25th percentile) and $138,500 (75th percentile).
Is Business Intelligence a Good Career?
The work-life balance and happiness of BI employees consistently rate as high. Jobs in the industry are secure and pay well because of high demand.
What Is the Highest Salary of a Business Intelligence Analyst?
The average annual salary for an intelligence analyst is between $57,000 and $106,000. Intelligence analysts typically earn a median hourly wage of $37.38. Intelligence analyst salaries vary depending on factors such as location, level of education, and years of experience.
Do Business Intelligence Analysts Code?
To put it simply, yeah. Learning to code isn’t necessary for many Business Intelligence positions, but it can help analysts deliver results faster for their employers and set them apart from other candidates.
Do You Need Math for Business Intelligence?
Analysts in the field of business intelligence must be adept in numeracy, analysis, and composition. Learn the fundamentals of math, economics, politics, English, and the arts of communication. You should also attend computer and computer science courses to equip yourself with knowledge of numerous database software applications.
Is Business Intelligence a Stressful Job?
A business analyst’s work can be very demanding. Their job requires them to analyze large volumes of data, draw conclusions, and then use those conclusions in making business decisions. This can be nerve-wracking since the consequences of an incorrect assessment are so great.
Conclusion
Business intelligence analysts leverage their critical thinking skills and quantitative aptitude to enhance business performance and foster growth. Given the growing significance of data in our daily lives, it is anticipated that BI analysts will continue to play a vital role in business operations in the foreseeable future. To initiate a career in business intelligence, it is advisable to develop fundamental data analytics skills through the completion of the Google Data Analytics Professional Certificate. Additionally, one can enhance their expertise by pursuing the Google Business Intelligence Professional Certificate.
Related Articles
- BUSINESS INTELLIGENCE vs. BUSINESS ANALYTICS: What Is the Difference?
- BUSINESS INTELLIGENCE (BI): Definition, Importance, Tools & Benefits
- DATA ANALYSIS COMPANIES: Top Data Analytics Companies of 2023
- Custom Saw Manufacturing: Providing The Cutting Edge Your Business Needs
References
