Okay, but before we actually begin, we upload videos like this every day so be sure to subscribe and hit the like button and click on that bell notification icon. So you don't miss out on any updates from us. So let us discuss the agenda for today. So firstly, we're going to get into the introduction to business analytics, then we're going to discuss why it is a relevant field today. And then the average salary of a business analyst. And then the career path of a business analyst, we're going to discuss.
All of this. So without any further ado, let us begin so introduction to business analytics. So let us get into this. So what is business analytics? Let us understand that first before we actually get to what a business analyst is so business, analytics refers to the skills technologies practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. So let us visualize what this actually means.
So your company has been operating. For a while now, and you have generated some sales data and a lot of other data as well. So you have this past data available to you right. So the job of a business analyst is basically to derive insights from this past data to get graphs get statistics. And from that, he has to determine the future business planning.
He has to assist the higher management in deciding what to do in the future to gain more profits or gain more customer satisfaction. So how to choose your first business analytics tool. So. Tools are picked with the following criteria. So, firstly, the availability and usage.
So the tool should be accessible by everybody. It should be available really easily to your organization, depending on the licensing information of that tool, or the price point and everything has to be taken in account before actually purchasing or subscribing to a tool. Then the tool should be easy to learn and use. Because a lot of people, uh get into business analytics from a non-technical background.
So. It should be easy to use and should require no prior technical knowledge and the quality of data visualization that is present in the tool. So whatever tool you are going to pick for your business needs.
It should have really great data visualization utilities available to it. And then finally the cost and ease of setup. So the cost of the tool should be low. The maintenance charges of the tool should be low. You should not need to have a team that is dedicated to maintaining that tool. So basically. All of these factors are taken into consideration before you actually, select any of the business analytics tools, and then what is the need for business analytics in today's marketplace?
So this is where things get interesting. And you actually get some sort of motivation to get into this profession to just understand the background of it. So let us look at the trends for starters. So the term business analyst has gotten progressively relevant over the years.
So if you go on Google and type in. Business analyst jobs business analyst salary and business analyst openings. And all of those things you can see that there are a lot of results that are available. Because essentially this particular profession has blown up over the years as businesses are moving towards implementing technology into their day-to-day workings, because that ultimately drives success. And even if we look at the Google trends data of this particular term, the search term business analyst, we can see that the trend has.
Gone progressively higher as time has passed by since 2004. So why is this happening? Why is the term business analyst more relevant today than it was before? So to understand that we need to first understand, how does business analytics help organizations?
So any organization which adopts business, analytics achieves a massive competitive advantage over businesses, which are not doing the same. So if you have enough data enough sales data or enough customer data as an organization to implement. Business analytics in your day-to-day working. And if you're not doing the same, what will happen is other competitor organizations who are implementing business, analytics will have an edge over you, and they will take away your business or your customers. So it's important to be with the times.
And the other major aspect is that with visualization tools, more so higher management and non-technical members of your team can basically have a better understanding of how their. Strategies are working and how their sales have been going and where to implement newer things, and which plans would have the higher probability of working. So the first thing that a business analyst does for an organization is that he identifies the gaps that are available in the market and the shortcomings in the organization itself with the current directives and plans.
So with the data that is available to the business analyst, he does all of this. And once that has been done, uh, the organization. Tries to fix all of these shortcomings first that are present within the organization. And the next thing is after the gaps have been identified and the new directives and plans have been made. We can now make an informed business decision as well. Once we have all the relevant data available to us.
And all the insights as well, we can then make an informed business decision. So this is why organizations need business analytics and their day-to-day working. So all of that results in better. Product development. So once you know what the customers want once, you know where the gaps in the market lie, you can basically, uh manufacture or create your products according to that and then targeted content. So all of your marketing campaigns and whatnot could be targeted towards a particular consumer base.
So you now know where to invest your marketing money, and then finally operational efficiency. So once you've identified the shortcomings in your organization, you can now understand where you. Can eliminate strategies and methodologies that are not working anymore, or are not commercially viable and save your company time and money. And all of this results in an increase in sales, obviously because uh once you're, developing better, uh, product once you're, targeting your product towards a consumer base that is more likely to buy it with your business analytics skills. You will definitely see an increase in sales that is a given.
And secondly, you are also increasing your customer engagement. And satisfactions you're retaining your customer base, but you're simply just not doing that. You're, also, increasing it, and you're also making them happy so that they remain your customers for a much longer amount of time.
So why should you choose business analytics as a profession? So let us understand this with all of what I have said before it naturally is pointing towards the fact that organizations do require business analysts. So that means that in the current market space, where businesses have. Adopted analytics all the way through for commercial superiority. There are two fundamental aspects in play.
And those two fundamental aspects are analysts are in demand. And when they are in demand, there is a job abundance right? So with that being said, let us look at the salary of a business analyst. So we can see that in the United States at an average, a business analyst, earns about 80 000 us dollars in India. A business analyst, earns about 6.1 lakhs per annum. And in the UK. It's about 45 000 pounds.
So let us get into the learning path of a business analyst. So how to become a business analyst in the first place. So there are some core skills that are required. So the first skill is documentation. So you should be able to create clear and concise documentation for your business cases. So that it is understandable by higher management wherever you're writing. So there are formats for that.
There are tutorials available for this. The point being that your writing skills should be impeccable and clear. Then there are analysis skills, so you should have sharp logical reasoning and analytical skills to be able to use them to your advantage.
So you have some data available to you. You should be able to identify, uh, some peculiar aspects of that data should be able to identify trends in that data be able to derive insights from it. So all of those things are very important, because after all its business analytics. And then you should have familiarity with business analysis tools.
So on the surface level, You should have some familiarity with basic programs like excel and PowerPoint. But if you want to dwell into more complex technologies, there are also complex BA, tools available for you. And yeah, so you should be able to understand this.
Then you have data visualization, which is almost the most significant part of business analytics, because you need to be able to communicate what your results are. So being able to visualize what your results are from an Excel sheet to a chart to show to higher. Management is an significant and fundamental aspect of becoming a business analyst. Because eventually, this leads to non-technical members of your staff and upper management being able to understand what you're trying to tell them. And finally, we have elicitation skills. So you should be able to run meetings called elicitation sessions to communicate the projects' requirement to your stakeholders. So whatever your project needs, you should be able to communicate that to your stakeholders with ease.
So. This is one of the other fundamental aspects of becoming a business analyst. So let us go through this one by one. So firstly, elicitation skills so brush up on that understand how the process works how you should communicate your requirements to your stakeholders. We move on to collaboration skills so collaboration, essentially refers to being able to communicate your elicitation to your higher management. So that your requirements are actually carried out understanding team rules.
So you're going to. Be working in a team in whatever organization, you're working as a business analyst. So you need to understand what each member of your team would be responsible for in order to have an efficient workflow, then information management. So information management refers to how you take in the data that is given to you and how you manage it, how you use it to the organization's advantage and how you're deriving insights from it.
So this is also an essential aspect of business analysis. Then governance. Skills so governance alludes to leadership. So you're going to be working in a team, and you're eventually going to get to a position that is of seniority. So you need to be able to coordinate everybody who is working under you to be able to achieve your result in the predefined amount of time and resources. Then we have BA tools and techniques. So, uh, we can start from the basic like word excel and PowerPoint and move on to the more complex ones, regardless of the use case that your organization or.
You may have these tools are important and need to be learned. And then we have documentation alongside communication and presentation. So this refers to the part where you take up your insights and your suggestions and your results, and you document them or put them into a PowerPoint presentation or whatever, and you then forward those results to your uh superiors, or you get into a meeting where you display the presentation that you have. So the significant aspect here is the upper management. Your. Employer should be able to understand what you're communicating to them.
So you should have nice vocational skills, first. And then you should have clear documentation and presentation of what you're trying to tell them. So with all of this done with all of these skills, refined you can finally become a business analyst and get the job that you want in this particular domain.
So that brings us to the end of our session. Here today, guys be sure to sign up for our webinar to ask us. Live doubts. From our next session, you can contact us using the following contact details and chat with our course, advisors related to any of the courses that we are providing for business analysis intelligence or any other technology. So we hope to see you again next time. And again, a reminder, please be sure to sign up for our webinar goodbye from intellipath.