During the pre-COVID months, business analysts would scour for hours through job posts and apply to low-paying ones, knowing that there is heavy competition in the market. Despite Big data training, most would miss out on good opportunities. But once the pandemic set in, and one year after the first lockdown news, we are witnessing a totally new force in Business Analytics.
So what’s the real scope of a business analyst course in India in 2021?
Business Analytics (BA) is a scientific approach used to deal with technologies, practices, and concepts for improvements in various business operations. The rise of AI and Big Data with Automation has pushed the bar higher for scope in business analysis, as most analysts now rely on real-time data management tools, visualization techniques, and dashboards to derive meaningful actionable insights from data. It could be Company Analytics, Marketing Analytics, Financial Analytics, or HR Analytics — each finding its relevance in the domains that they are applied.
As organizations look to expand their digital transformation efforts using IT, Cloud, AI, and Analytics, BA has become the frontal area of practice across all domains.
Here are the top areas within the organization that uses BA to improve their operations from efficiency and reliability POVs.
Customer Relationship Management/CRM/CX Management
Customers are the most prized asset for any business. Things have changed rather dramatically in the last 5-6 years with the coming of age of Marketing Automation, Social Media Advertising, and Email Marketing! In COVID-19, we saw a surge in live video analytics, advertising, and podcasting — which are a result of how marketing companies relied on BA and Data Science to predict the best ways to engage and interact with customers and drive revenue.
We should expect BA to further disrupt the CRM market with unique customer experience management and experiential product experience across industries.
Before launching a product in a new market, we perform so many market basket analyses. From solving price points to accurately predicting the inventories required to fill a store — there are BA tools that help marketers finalize the exact volume of goods required to make the best deal.
Finance and Accounting
We all know how technology has reshaped the payments industry, bringing safe and reliable Software-based applications to the fingertip of customers. Thanks to the rapid growth of internet services and mobile applications, Accounting teams can now plan, analyze and send payments-related information and follow up on pending deals using their smartphones. BA teams are working round the clock to streamline this F&A industry with real-time insights and save billions of dollars for the industry.
The demand for the Business Analyst Course has become a key area of discussion for industry analysts who believe that business analytics would remain the central aspect of verticals in business such as Sales, Marketing, Finance, Social Media, and even HR and IT.