Business intelligence and analytics are increasingly recognized by businesses. As they’re adding tremendous value for making effective business decisions and formulating business strategy.
Therefore, this has created new opportunities for careers in a rapidly-evolving field. This is great for individuals trained in analytics and business intelligence technology. Furthermore, business acumen is an essential asset for BI analysts. They must have the ability to understand the information that represents value for management and enterprise operations.
Pursuing a position as a business intelligence analyst presents many opportunities for a satisfying and exciting career.
5) Leading Edge Technology
BI and analytics are forefront in the minds of today’s executives and decision makers. While the old saying goes that “knowledge is power”, nowhere is that more true than in the worlds of business and technology. Consequently, business intelligence is a true correlation of the two. Most noteworthy, with skilled analysts being the enabling force behind leveraging the technology for a strategic business advantage.
While many vendors are competing in the BI market, analysts are engaged in implementing each of these tools for business users. All the while upgrading as new functionality becomes available. As a result, most of these products are in a state of relative infancy. Therefore, they are just beginning to take advantage of high-powered graphic displays, mobile integration, and technology such as cognitive learning and predictive analysis.
Working with vendors and end users of business intelligence applications ensures a career involved with the latest technology and evolving functionality.
Most of all, Internet of Things (IoT) is shaping the future of business, enabling mobile workforces and direct communication with customers and co-workers from anywhere, anytime. But Gartner estimates that through 2020, a continuing lack of skilled business intelligence professionals will prevent 75% of businesses and organizations from realizing the potential of IoT.
4) Adding Value
Most professionals seek out positions that are interesting or exciting, but that are also personally rewarding. Business intelligence is now recognized even by board-level executives as adding value to the organization in many ways:
- Providing real-time information for making informed business decisions
- Analysis of customer data to detect trends
- Scour social media data for customer interaction and company image
- Extract operational expenses and identify opportunities to reduce cost
- Improve customer service
- Ensure compliance and adherence to legal and audit requirements
- Detect market trends and generate effective targeted promotions
Becoming part of a cohesive team that provides such business value results in personal satisfaction and a rewarding career position.
3) Job Security
Analysis from research firm Gartner predicts that analytics will play an increasing role in mission-critical decisions and operations across all industries. Implementation and growth in the BI field is expected to expand beyond the executive suite down to every level of the organization, being utilized to make all decisions, not just establishing business strategy.
Business intelligence analysts will be needed by a growing number of companies and industries and throughout the enterprise, no longer isolated to IT departments or senior management. The US Bureau of Labor Statistics sees a continuing shortage of talent in this field, with demand predicted to grow by 32% for marketing research analysts, and management analysts also expanding at the rate of 19% through the year 2022.
As businesses recognize data as a corporate asset, the ability to clean, analyze, and generate meaningful information from multiple systems becomes a powerful tool. BI analysts will play a leading role in transforming business operations through the use of analytical tools and visualization/presentation techniques.
Analysts with skills are widely recognized for their abilities to collect and interpret data. They also reveal trends, problem areas, and provide information that shapes the future of the business. Working hand-in-hand with user departments and executives to generate meaningful dashboards. Analysts also provide metrics in real time will maximize productivity and provide visibility for BI professionals.
Let’s face it – part of any career decision is the long-term ROI for investment in time and education. BI analysts can expect continued demand and high compensation levels for demonstrated skills in this field. According to Payscale.com the average salary for a business intelligence analyst is $66,419/year. In addition to salaries rising with experience and responsibilities including lead roles or data scientists. Data scientist roles average $93,338/year.
Obviously, intelligence analyst jobs enjoy attractive salaries, and many positions offer bonuses and other methods of additional compensation, as well.
Business intelligence engineers, lead or senior data scientists, and data architects are other career paths for professionals pursuing technical BI positions.
Future Potential for Business Intelligence Analysts
In the future businesses will continue to embrace BI and data analytics. This will be a normal day-to-day tool throughout the organization, rather than being the domain of IT technicians and executives.
In conclusion, as advanced analytics are enhanced with natural language functionality, they will become more accessible for business decisions at every level. Leading the way to this business transformation will be the role of professional business intelligence analysts.