As we are heading towards a digital world, more and more data is being generated with every passing day. Your mere online activity on your smartphone generates data in some or the other form, be it booking a cab, transferring money to someone, ordering food, purchasing products through eCommerce websites, or simply watching a movie on OTT platforms. This massive amount of data is basically raw data which is of no use until companies transform them into a usable format and analyze it to unearth hidden trends and insights.
Now Business Intelligence is all about collecting this raw data and using certain software, tools, and services to convert it into actionable insights that can help an organization in making strategic and tactical business decisions. For example, by gathering historical data and analyzing it, a business can get answers to many questions like what marketing campaigns are giving good results, what steps generated better leads, at what time of the year the sales are highest, and so on. It is important to remember that business intelligence is a descriptive technique where one can use historical data to understand what brought business to its current stage. It cannot be used to predict future events.
Today, professionals who are proficient in business intelligence are in high demand, especially business intelligence analysts or BI analysts. In fact, many individuals are looking for online courses websites to learn business intelligence and gain job-ready skills in this domain.
Let us know more about a business intelligence analyst in this article.
Business Intelligence Analyst – What is it?
The role of a BI analyst has become crucial for the past few years as companies have started to capitalize on the amount of business data they gather. Such professionals basically use advanced business intelligence tools and techniques to answer important business questions like what led to the success/failure of a product, areas of revenue loss, processes where costs could be reduced, or areas where productivity could be increased. They collect huge amounts of data by using BI tools like Power BI, Tableau, or QlikView and draw insights from them by creating interactive dashboards and charts. When these insights are properly documented in a report, these findings are easily communicated to the stakeholders who can then make more informed decisions.
A BI analyst is basically tasked with analyzing business data for areas of improvement in an organization. They also strive to address potential business bottlenecks by collecting and analyzing data. They regularly assess the resources of the company so as to ensure that the organization is progressing towards its objective. Data related to customer participation, sales, income, revenue, market information, or performance metrics are important for such professionals.
When it comes to skills or educational qualifications, business intelligence analysts should have information technology, computer engineering, and data science know-how. They must have a clear understanding of how to conduct data modeling, profiling and validation. Such professionals are expected to use data mining, know about data visualization, analysis, query, and reporting tools. Knowledge of SQL along with data warehouse technologies and database management systems is also recommended for this job role. Moreover, training in management and scenario planning along with various analytics processes like SWOT, enterprise, and PESTEL analysis is beneficial.
Business Intelligence Analyst Responsibilities
Though the responsibilities of business intelligence analysts may vary from organization to organization, here are some of the common responsibilities they handle.
- Collaborate with business professionals and executives to determine what they are trying to track, measure, and solve.
- Assess the organization’s competitiveness compared to other key players in the market, and suggest improvement solutions accordingly.
- Based on the business problem at hand, they try to understand the data sources and applications that will give the suitable information related to getting data extracted, integrated and transformed to support the ongoing analysis and reporting.
- Handle the deployment of data to the data warehouse and work on developing policies and procedures for data acquisition and analysis.
- Perform various tests to make sure that intelligence is consistent with the defined business goals.
- Keep themselves upgraded with the industry trends and explore the possibilities of how an organization can reduce costs and improve productivity.
- Create documentation related to business requirements, design and user manuals.
Become a BI Analyst Today!
There is a strong career outlook for business intelligence analysts and organizations are paying growing importance on their ability to draw actionable insights from their data. Moreover, the demand for such professionals doesn’t seem to reduce any time soon. So, the time is ripe to gain relevant skills and start a promising career in this domain.
Online business intelligence course is a good option for professionals to learn everything from scratch irrespective of one’s education background or work experience. Learning from the industry experts will help individuals get in-depth knowledge of the subject, that too with the comfort of learning from anywhere. Many professionals have succeeded in landing a high-paying job after gaining the right skills and you can too!