As we approach the year 2024, we are focusing on growth and advancement in all facets of business and education. The same can be said for business analytics, which is always evolving with new technical landscapes. As a result, the best PGDM colleges in Kolkata offering business analytics programs are implementing cutting-edge training efforts to ensure their students stay ahead in the ever-evolving field of business analysis.
So, let's take a look at the business analytics trends in India for 2024 and beyond. However, before we go into specifics, let's start with a quick review of what business analytics is and why you should opt for it.
What is Business Analytics?
Business Analytics is a data-driven field that has grown in prominence in recent years, owing to firms' efforts to become data-driven.
Predicting how a company will perform in the market is one of the proactive approaches to operating a successful corporation. This is possible if probable business challenges are identified and optimized in advance. In this instance, business analytics comes in handy. This field of study "solves business issues and enhances company processes through data analysis."
This subject is largely concerned with delving deeply into a company's previous performance to obtain insights and develop forecasting techniques and business plans.
Owing to the popularity of this field, the scope of business analysis in India is bright. And also thanks to the emerging technological advancements, like the introduction of AI, machine learning, etc., have made the field of business analytics a lucrative one.
Why Choose Business Analytics Training?
So you have heard about the programme called business analytics, and thinking of pursuing it. But one question that is still pestering you is WHY? What is there in this programme that makes it worth doing in 2024 and beyond?
Let’s find the answer.
High Demand
The demand for business analysts is increasing as firms become more data-reliant. Data analysts use data to delve deeply into company processes to uncover challenges and solutions. Individuals who understand data analysis have access to the power of data, which improves their work prospects and opens doors to a variety of career choices.
Relevance
People who grasp business analytics can work across boundaries. Because the concepts of business analytics are universally relevant, the importance of professionals in this industry is significant and expanding. They can work in multiple global marketplaces, making them versatile and globally relevant.
Boost to Problem-Solving Skills
Business analyst training boosts problem-solving abilities. This program sharpens problem-solving skills because it entails analyzing complex data to extract practical insights. In other words, this course improves people's ability to deal with problems by cultivating a proactive and solution-oriented mindset.
Lucrative Salary
Since the demand for business analyst are high, the pay package they earn is lucrative too. That said, the average yearly income for a business analyst in India can be roughly Rs 6-7 lakhs.
Technological Adaptability
Business analysts are frequently exposed to cutting-edge data collecting, mining, and analysis technologies and techniques. As a result, specialists in this discipline are technologically up-to-date, making them extremely adaptive to changing industry requirements.
Future of Business Analyst: Trends for 2024 & Beyond
The role of business analysts has become increasingly crucial for organizations that want to make informed decisions regarding their business operations. The contemporary business world is undergoing a DATA REVOLUTION, which has made the future of data analysts bright and promising. Hence, training in this field can lead to a prosperous career with handsome salaries. That being said, to stay ahead of the curve, it is essential to embrace the emerging trends.
So, here are the trends for business analysts for 2024 & beyond.
Embracing New Technologies
Technologies are taking over every sphere of business and education. So, how can business analytics stay immune to it?
Adoption of breakthrough technologies such as AI, Big Data, Machine Learning, Automation, and others is an emerging part of business analytics. As a result, business analysts will be immersed in these technologies, where they will play an important role in decision-making, data analysis, data mining, data collecting, and projecting company goals. Certified business analysts would, therefore, need to actively familiarize themselves with these technologies to maximize their benefits.
Artificial Intelligence or AI
We have all experienced the impact of AI in our life at some point. And this impact will grow in nearly every sector, including business analytics, in the coming years. As a result, by 2024 and beyond, business analysts will be involved in advanced data analysis and AI. Business analytics is gradually incorporating cutting-edge technology such as machine learning, big data, and AI. This connection will enable analysts to glean useful insights from large datasets, allowing for more informed decision-making. Furthermore, it will help analysts navigate and comprehend complex datasets, evaluate market dynamics, discover customer demands, and more.
Incorporation of Blockchain Technology
The inclusion of Blockchain Technology is another business analytics trend to look forward to. This technology is well-known for its decentralized nature as well as its safety. This technology, which is expected to have a significant impact on business analytics in 2024 and beyond, will play a critical role in improving data accuracy, safety, and visibility. In the next years, business analysts will take the lead in delivering solutions that not only correspond with corporate objectives but also effectively address unique business difficulties. In essence, the introduction of blockchain technology is expected to transform the approaches used by business analysts.
Predictive Analytics
Although predictive analytics have always been there, it is going to make a major impact in the upcoming years. Predictive analytics is the process of 'forecasting the future using historical data.' Based on data research, business analysts will utilize this method to forecast future trends and results. It will assist firms in staying ahead of the competition by anticipating prospective difficulties and opportunities. So, predictive analytics will be used by business analysts to steer corporate decision-making in the proper direction.
Cybersecurity
Cyber threats are becoming more sophisticated as the internet becomes more advanced. As a result, mitigating cyber threats will continue to be a major focus for business analysts in 2024 and beyond. To safeguard the security of vital company information, analysts must look for the most recent and strong cybersecurity measures in their analytical procedures. Mastering the basics of cybersecurity and executing efficient procedures will be critical for qualified business analysts, particularly when they're working on high-security assignments.
Remote Working & Collaboration
The global shift toward remote working was sped up during the pandemic, and it is still prevalent. Hence, by 2024 and beyond, business analysts will need to be trained in remote cooperation via digital communication tools. Aside from that, the expanding trend of globalization would necessitate these professionals to undertake projects with different and geographically scattered teams, necessitating remote collaboration.
The Bottomline
As we approach 2024, the field of business analytics will experience many transformations, necessitating the training of business analysts. Future technology and trends will brighten the future of business analysts in India and around the world. Professionals must embrace the required abilities to generate innovation and shine brightly in their industry as businesses traverse the era of digital change.
Frequently Asked Questions (FAQs)
Is business analytics in demand currently?
Yes, business analytics is in great demand right now and is expected to rise in the future. An MBA or PGDM degree in analytics teaches students the fundamentals of the industry and its many facets. It may lead to placement with reputable companies with competitive compensation packages.
Will AI make any difference in the field of business analytics?
Al can help in certain areas of business analytics like predictive analysis, data analysis, data collection, etc.
Which colleges in Kolkata offer postgraduate courses on business analytics?
Here are the top 5 colleges in Kolkata that offer postgraduate programmes in Business Analytics:
Indian Statistical Institute (ISI)
Globsyn Business School (GBS)
Calcutta Business School (CBS)
Bengal Institute of Business Studies (BIBS)
International School of Business & Media (ISB&M)
What is the average salary of a business analyst in India?
The average salary of a business analyst in India ranges between Rs 6-7 lakhs.
What are the top skills required to shine bright as a business analyst?
The top skills necessary for every business analyst to shine bright include the following:
Data analysis
Problem-solving
Critical thinking
Team playing
Adaptability
Negotiation skills
Decision-making skills
Management skills
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