Do you know what is in abundance in every industry and is responsible for the generation of a lot of new professional domains? Data.
Data is ubiquitous in every industry today. From Netflix analysing your preferences to give you recommendations to BMW bringing back customer-favourites in their newer models, data drives decision-making everywhere.
With data management and business analytics being a primary focus for most large organisations, a business intelligence or analytics graduate can find a plethora of career opportunities in this domain.
Before diving into business intelligence career options, it can be advantageous to explore more about the subject.
What do you mean by business intelligence (BI) and data analytics?
Timo Elliot of SAP has an interesting take on the subject. According to him, “Everyone has an opinion on BI, but nobody knows what it is.”
Business intelligence and analytics or data management can mean different things to different people based on their roles or the nature and size of the company. For some, it is just an alternative to make the company leaner while some other companies incorporate data analytics in every aspect of the business.
Simply put, business intelligence and analytics involve going through organisational or customer data to uncover patterns or insights that can help your company. The purpose of using the process and tools can differ from business to business.[SH1]
Is it worthwhile getting a degree in BI and analytics?
Yes! Even the most technologically backward companies are warming up to the idea of using their business data for their betterment. Statistica.com reported in 2020 that the revenue from the business intelligence sector in Germany was expected to reach $ 1,040 million by 2021.
Another report by Inkwoodresearch.com predicts the growth of the business intelligence industry in Europe at a rate of 9.68% till 2026.
These reports demonstrate the immense demand for qualified business analytics professionals who can help their organisations flourish and expand.
Here is a small snapshot of the kind of career opportunities that you can find after the completion of the business intelligence and analytics course.
A Data scientist analyses the data originating from different departments within the company, to identify risks or suggest improvements. They help develop actionable business insights from raw data.
For example, a data scientist in an entertainment streaming platform analyses the website streaming data to determine which movies or shows have been viewed the most. Those genres can then be promoted more to increase overall viewership on the website.
Payscale.com reports an average salary for a data scientist in Germany to be around €55,450.
Data-based business analysts work with data scientists to fine-tune their findings and reports. In most cases, they further work on the data insights derived by data scientists to provide solutions to critical business issues.
If you take the earlier example, a data-focused business analyst might find out more about the demographics of the viewers watching the most popular shows. These demographics can then be used to show them recommendations of other programmes based on their preference data.
According to Salary Expert reports, a mid-career business analyst in Germany can earn up to €80.50 per hour.
A consulting analyst is a kind of freelance business consultant who is hired to improve the data management processes in the company. They go through reports created by business analysts to identify the inefficiencies in the analysis.
Payscale.com reports suggest an average annual salary of €66,000 for a consulting business analyst in Germany.
Did you know that your numerical background can be enhanced with a business analytics master’s programme for securing a consulting analyst’s role? The MSc Business Intelligence and Analytics course from the GISMA Business School can be a great alternative.
The programme is designed to provide specialist knowledge in predictive analytics, different business intelligence tools and data-backed decision making. You also get the chance to improve your employability with online resources from the Financial Times and other professional data management organisations in Berlin.
You can browse through other features in this programme on the GISMA website.
Apart from these roles, you can also explore the following careers with business intelligence and analytics:
While there is no shortage of business intelligence roles, job descriptions in the field can vary a lot. Therefore, you should do your own research to see which position would fit your professional aspirations and skills better.
Most advanced courses in business intelligence and analytics cover the skills you would need for a business analytics role. Search for course options whose curricula focus on industry-relevant analytical skills.
- This article was written by Sweha Hazari.