Business analytics data analysis

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Business analytics data analysis

This article was published as a part of the Data Science Blogathon. ecisions? Are you someone who wants to start a career in the analytics domain but is confused between Business Analyst vs Data Analyst? Well, your search ends here because today we are here to discuss important pointers that will help you choose the right role. Today we will be briefly discussing about: Responsibilities Qualifications &Skill sets Salary/ CTC These pointers will help you decide on your career path and guide you to be the best professional in your field. Stay tuned! Business Analyst Vs Data Analyst: Few Important Questions to Consider Source: Both data analysts and business analysts have equally important roles in their company. However, which role is better for you solely depends upon your requirements and needs. Both the business and data analyst use data to back their reports and findings of the project they are handling. However, both professionals use different approaches to tackle their data. On one hand business analysts are responsible for making important business decisions. While data analysts work with the collection, organization, and interpretation of a company's data to make it useful for their businesses. Can a business analyst become a data analyst? A business analyst can choose to learn data analysis tools like SQL, R, Python, etc to become proficient with data collection, interpretation, and management. It is important for both business analysts and data analysts to be comfortable with handling data such that they can make a career transition to a data analyst or scientist role. They need to be comfortable with programming and coding to make a switch to these roles. Are analyst jobs hard? In the beginning, all sorts of analytical tasks seem hard, however with regular practice and hands-on practice on analytical tools like PowerBI, SQL, Tableau, extracting, cleansing data, and preparing proper reports becomes easier. Now let's understand the role of business analysts and data analysts in terms of factors. Responsibilities of Business Analyst vs Data Analyst Business Analyst: Business analysts are experienced professionals who assist in improving the existing business processes by understanding the key issues and improving the efficacy through their analysis and critical thinking capabilities. When an organization is required to resolve a problem that is pertaining to current or future aspects of the company, the business analysts are responsible to take matters into hand and provide a necessary solution to this. Their typical role in the organization is : Working with the clients to understand the problem and defining the problem statement. Analyzing the current & future business needs by extracting the current data Understanding requirements of the company and the client projects Communicating the client's requirements to the development team Developing and Managing the Client Projects Working closely with the Client and the Development team to help in escalating issues wherever necessary and ultimately developing useful solutions for the client, Making important business decisions for the company based on their analysis. Testing the developed use case before handing the solutions to the client Reviewing current trends and implementing various tactics to improve and change the current trends that may seem outdated for the system. Data Analyst Data analysts normally don't work with clients directly, their primary role is to work with the data, explore the features of data, create actionable insights and reports for better understanding. They use techniques from mathematics, statistics, and computer programming to draw further conclusions from data to describe and improve their existing business performance. Their typical role in the company is to: Extract, Collect and Interpret data Deeply analyze the results Creating actionable insights and reports to present it to the company Identifying trends that are present in the data sets to come to the conclusion Understanding business needs and creating use cases and reports based on the requirements of the company They work closely with the management team to prioritize the current business needs Ultimately they are also required to define the ways to improve the current business processed based on their findings. Qualifications & Requirements of Business Analyst vs Data Analyst Requirements for a Business Analyst Role Normally the business analysts have relevant degrees in the field of business, finance, or economics. An undergraduate degree holder can enter the entry-level position for BA. However, for higher roles, an MBA in Business Administration is preferred with some relevant experience. The requirements of business analysts include: Expert in researching data Should possess mathematical mindset and Good Analytical Mindset & A Critical Thinker Strong Hold in MS Excel, Access, SQL Should know how to operate Power Bi, Tableau, Jira Software Experience in Handling & Managing Project Good communicator and should know how to communicate with the client and the programming team to meet the business requirements Requirements for a Data Analyst Role To become a data analyst, you must have a degree in the following subjects like Mathematics, Statistics, Engineering or Economics degree.You can enter the career path even with an undergraduate degree. Other requirements to become a successful Data Analyst include: Should be able to handle data models Can analyse and extract information from huge datasets Should have programming knowledge in languages like R, Python, SQL etc Should be able to generate actionable reports Problem-solving ability Analytical mindset Can understand the problem and extract important features from the data set by performing activities like EDA( Exploratory Data Analysis) Proper knowledge of data mining techniques as well Business Analyst vs. Data Analyst: Comparison of Salary Well, it's not that you should be driven to a career based on the salary. However, its important for you to know which profile you should consider and what is growth that you can expect over the years. So don't worry as we will discuss what you can expect. In India, the starting salary of a Data Analyst is usually between 3 lakhs to 5 lakhs. It increases to 7 lakhs when you gain experience of 2-3 years in the industry. It can go up to 10-15 LPA with more experience. If you happen to get a job elsewhere in the world like the United States the salary might be even more. A business analyst gets anywhere between 4 to 6 lakhs in entry-level positions. If they hold an MBA degree from a reputed institute it can go up to 12 LPA. With good experience, they can earn up to 20 LPA as well in India. Concluding Remarks While there are many factors to consider while considering a role in the field of analytics, we recommend you to check if you want to get into the technical aspect of the analytical field or the business aspect. Generally, people with programming skill sets tend to opt for data analytics and people with a business mindset tend to go into the business analytics domain. In some companies, you may be asked to display both the skill sets as an analyst. However, you can choose to upgrade yourself and keep learning new technologies and skillsets to complement your career in the best possible way. If you are confused you can always take career counseling and guidance from institutes like Analytics Vidhya to land your dream role. Related Are you better suited to become a business analyst or a data analyst? In smaller organizations, these job titles are sometimes used interchangeably to describe roles involving data or systems analysis. Larger organizations, however, typically employ both data analysts and business analysts to perform unique duties, making the differences between the two careers important to understand. Here's a look at what these roles entail and advice for deciding which career path is right for you. Data Analytics vs. Business Analytics Data analytics involves analyzing datasets to uncover trends and insights that are subsequently used to make informed organizational decisions. Business analytics is focused on analyzing various types of information to make practical, data-driven business decisions, and implementing changes based on those decisions. Business analytics often uses insights drawn from data analysis to identify problems and find solutions. Download Our Free Guide to Breaking Into Analytics A guide to what you need to know, from the industry's most popular positions to today's sought-after data skills. DOWNLOAD NOW What is a data analyst? A data analyst's fundamental job is to tell compelling stories with data that empower organizational leaders to make better, more informed decisions. The responsibilities of a data analyst often include: Designing and maintaining data systems and databases, including troubleshooting potential issues Mining and cleaning data in preparation for analysis Preparing reports which effectively communicate their findings to organizational leadership and key stakeholders To be effective in their roles, data analysts must possess the technical skills necessary for data mining, hygiene, and analysis, along with strong interpersonal skills to communicate their findings to decision-makers. Some of the most essential skills for data analysts include data visualization and presentation skills, Microsoft Excel, Structured Query Language (SQL), and R or Python programming knowledge. A bachelor's degree in a related field is typically required for entry-level data analysts. For senior positions, hiring managers often require or strongly prefer a graduate degree such as a master's degree in analytics. What is a business analyst? Business analysts are responsible for using data to inform strategic business decisions. A business analyst might also hold job titles such as operations research analyst, management analyst, or business data analyst. The duties of a business analyst typically include: Evaluating business processes for efficiency, cost, and other valuable metrics Communicating insights with business teams and key stakeholders Preparing strategic recommendations for process adjustments, procedures, and performance improvements Some of the primary skills needed to become a successful business analyst include critical thinking, problem-solving, communication, and process improvement. These professionals must have a firm understanding of their organization's objectives and procedures so that they can analyze performance, identify inefficiencies, and propose and implement solutions. Business analysts must have at least a working knowledge of the technology involved in analytics, though the need for hard technical skills is generally lower than for data analysts. For those looking for career advancement opportunities, however, developing an advanced knowledge of mathematics, computer science, and analytics can act as a significant differentiator in the job market. Entry-level business analyst positions usually require a bachelor's degree in business administration or a related area of study. As the need for professionals with expert data skills increases, though, advanced degrees like a master's in analytics or a master's in business analytics are becoming more popular among job applicants. What's the difference? While data analysts and business analysts both work with data, the main difference lies in what they do with it. Business analysts use data to help organizations make more effective business decisions. In contrast, data analysts are more interested in gathering and analyzing data for the business to evaluate and use to make decisions on their own. "In the simplest terms, data is a means to the end for business analysts, while data is the end for data analysts," says Martin Schedlbauer, associate clinical professor and director of Northeastern University's information and data sciences programs. How to Choose Between a Career as a Data Analyst and Business Analyst So, which career path is the right one for you: Data analyst or business analyst? To determine that, you will need to consider three factors: Your educational and professional background Your interests Your desired career path 1. Consider your background. Business analysts and data analysts tend to come from different educational and professional backgrounds, says Blake Angove, director of technology services at IT recruiting firm LaSalle Network. Business analysts (also sometimes known as systems analysts), for example, usually have earned an undergraduate degree in a business-focused major. They mostly use data to make business operations more efficient, and they have knowledge of (but aren't necessarily experts in) various programming languages. "Business analysts might take requirements from the business and work between the business and the technical team to develop a software package or implement a new CRM," Angove says. Data analysts, on the other hand, work with large data sets all day to identify trends, make charts, and create visual presentations for the business to use to make decisions. These professionals usually come from STEM majors and often have an advanced degree and a more extensive background in math, science, programming, databases, modeling, and predictive analytics. 2. Consider your interests. Do you obsess over numbers and statistics, or are you more of a problem-solving businessperson? Business analysts enjoy working in the corporate world and are more interested in finding ways to solve problems, Schedlbauer says. They might be tasked with researching, organizing, and overseeing the implementation of a new workflow, for example. These people are often naturally born communicators--both written and oral skills are essential since they must explain technical messages to stakeholders in layman's terms. Data analysts are numbers-driven people who excel in subjects such as statistics and programming. As the gatekeepers for the business's data, they're entrenched in databases and interested in extracting data points from complex and often disparate sources. It's also important for data analysts to have a deep interest in and extensive knowledge of the industry they work in, Schedlbauer says. 3. Consider your career path. Though business analysts and data analysts share some similarities, including high salaries, they differ in their potential career trajectories. Because business analysts are not required to have as deep a background in programming as data analysts, entry-level positions may pay a slightly lower salary than data analysts, Angove explains. However, for those in advanced roles or in high-demand industries, salaries can extend beyond six figures. For example, the average salary for a mid-level ERP business analyst working in technology is $110,000, according to Robert Half's 2022 Salary Report. Advanced degrees and certifications are often necessary to move from the business analyst role into a more analytics-driven career. Data analysts also enjoy high job security and competitive pay. For example, data analysts working in the technology sector typically earn between $87,500 and $126,250. Because these professionals work primarily in databases, there's room for advancement with the acquisition of additional programming skills like R and Python. Additionally, data analysts can readily shift into developer careers and data science roles with advanced degrees. The Difference Between Data and Business Analysis: More Than Just Semantics Despite the differences between data analysts and business analysts, individuals in both careers have promising futures. "They're both in strong demand right now," Angove says. "Data science is a hot-button issue for many companies, and a lot of them are hiring and building out large data teams." No matter which career path you ultimately decide to pursue, there are steps you'll need to take to prepare yourself for the workplace. Perhaps most importantly, you'll need to develop the skills required for your desired position and complete the appropriate training. For business and data analysts alike, having advanced knowledge of the theoretical foundations and practical tools of analytics can have powerful career outcomes. Research from Burning Glass Labor Insight shows that 25 percent of employers hiring data analysts prefer or require candidates to have graduate degrees. As important as it is to build these skills, it's also essential to find a program that meets your needs and will put you on the path toward success. Northeastern's STEM-designated Master of Science in Business Analytics, for example, equips students with the resources they need to break into or advance in the industry. The program is led by industry-aligned faculty who bring their own experiences in the workforce to the classroom every day. In addition to extensive networking opportunities, the program's signature focus on the tech economy and emphasis on experiential learning prepares students to respond to challenges and deliver successful solutions quickly and confidently. If you're interested in breaking into or advancing your career in analytics, take the first step, and download the free guide below. Editor's note: This post was originally written in August 2017 and has since been updated for accuracy.

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