What is a business intelligence analyst?
Find out how to be a business intelligence analyst, what the job involves and what salary you can expect
Although data is inherently precious to an organisation and its functioning, it can also be considered as a burden.This is mostly due to the fact that nowadays, businesses have access to more data than ever before. This abundance of information makes it easier for organisations to make better business decisions.
However, this blessing might sometimes manifest itself as a curse. For one thing, enterprises are under close scrutiny to ensure that the data is being kept confidential and in accordance with local data governance laws, such as GDPR. Moreover, there exists also the hidden pressure of making sure that the data managed by the organisation is being used to its fullest potential, which can be especially difficult when being completely swamped with data. Nonetheless, what is the point of having access to such priceless information if it isn’t properly utilised?
These organisations can benefit from the assistance of a business intelligence (BI) analyst, whose job role is to dive into the ocean of confused and indeterminate information and fish out the most critical and interpretable insights.
A BI analyst can be responsible for a variety of data, whether it is looking out for patterns in customer behaviour or comparing productivity with output. Nevertheless, the insights discovered by a BI analyst can be then used in making critical decisions about the future of the business. This is why it should be kept in mind that, the more data a company holds, the bigger the demand for a BI analyst to analyse and interpret it.
They should be well placed to determine and quantify the strengths and weaknesses of an organisation, based on insights gleaned from the information at hand, and to contribute to strategic thinking based on their assessments. Senior IT managers may be those charged to making crucial businesses decisions, but the insights of BI analysts are often key to their decisions, and using this insight ensures their decisions are essentially based on evidence.
The result of this demand and the highly useful role BI analysts can provide, it is no surprise that the companies looking for such analysts are also varied; companies range from retailers and investment firms to NHS healthcare trusts and telecoms giants. With this in mind, the career of a BI analyst could be both varied and lucrative.
What does a BI analyst do?
BI analysts spend a lot of their time analysing data in order to identify company weaknesses and formulate solutions to these problems. To do this, BI analysts are responsible for some of the following tasks:
- Conducting tests to ensure that intelligence is consistent with defined goals
- Maintaining or updating BI tools and databases
- Understanding and communicating business requirements
- Developing BI and data warehouse strategies
- Analysing competitive market strategies through analysis of a related product, market, or share trends
- Presenting findings to all levels of management
BI analysts may also be responsible for competitor analysis, keeping up to date with industry trends, and exploring where their organisation can improve and reduce costs. Depending on the organisation involved, a BI analyst may be responsible for developing or researching a suitable business intelligence solution which is appropriate for the needs of the company.
What qualifications does a BI analyst need?
An educational background in areas such as mathematics, computer science or another technology subject is essential for this field and it's often required (or strongly preferred) that aspiring BI analysts obtain an undergraduate degree.
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BI analysts should have training experience in various analytic processes, such as enterprise, SWOT, and PESTEL analysis, as well as have experience of technologies like SQL. It would also be beneficial for an aspiring BI analyst to be trained in areas such as management and scenario planning.
Whilst technically not necessary, it would be useful to get certified when participating in this field. The benefits of earning a certification include professional recognition, professional development opportunities, and an increased salary certified BI analysts see a 16% average increase. There are different programmes available with varying levels of certification, so it's important for a BI analyst to find one that closely aligns with their goals.
What skills should a BI analyst have?
With a role so heavily reliant on data, it will come as no surprise to hear that anyone wishing to pursue a career in data analysis will need a strong analytical mind and technical skills to understand the meaning of the information.
A BI analyst also needs to possess strong people and social skills as much of their work is communicating with clients and customers to share information and suggest how the data can be used to develop their business.
Secondary skills that are probably not essential, but should be considered if applying for a role as a BI analyst should be problem-solving and team management. It's likely you'll need to work closely with other analysts and areas of the business to advise and help stakeholders make decisions.
How much does a BI analyst get paid?
A BI analyst in the UK can expect to be paid on average around £30,000 a year, and many companies also offer additional benefits and bonuses. The average annual bonus for a BI analyst is around £20,00 in the UK.
While the average UK salary is £30,000, some companies at the highest level are offering salaries of circa £45,000.
As demand for data and data analysts increases, it's likely that positions will become more competitive and businesses will begin paying a higher premium for specialist BI analysis skills. This also means it's vital for those who want to transition to an analyst role to ensure they have enhanced skills and businesses continue to offer opportunities for training.
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