Even a small business can generate titanic amounts of data to interpret in one day of operation. Businesses that have the best methods for interpreting and acting upon their operational data will always be at an advantage, and that is exactly what business intelligence analysts work to create for their employers, according to PayScale.

With an analysts’ expertise, the most critical trends in the business world and market can be identified and acted on proactively. By the time that major trends have gained enough momentum to become common knowledge, top business intelligence analysts have already begun examining on the next largely unseen trend to come.

Education and Certification Requirements

At minimum, a business intelligence analyst needs to have earned at bachelors in a subject such as economics, accounting, business, statistics, or other related fields. To prove themselves capable of the analytical tasks asked of them, business intelligence analysts must demonstrate dependable levels of technical proficiency with a range of computer applications.

Business intelligence analysts must have the communication skills to share the implications of their findings in a fully understandable manner. The most employable business intelligence analysts will be those with demonstrable skills in problem-solving proficiency and statistical figure interpretation.

Business Intelligence Tasks

The bulk of a business intelligence analysts’ work will concern close analysis of data. Through their experience in analyzing different trends, seasoned business intelligence analyst can immediately determine an highly feasible implication made by trends with certain movement patterns.

The business intelligence analyst won’t only be interested in the data directly generated by the business employing them, but also data generated by competitors’ operations as well. By examining competitor data, business intelligence analysts can provide business owners with insight into their comparative standing in the industry.

Salary and Job Outlook

According to the Bureau of Labor Statistics, management analysts such business intelligence analysts earn an average salary of approximately $80,000 per year. Close examinations of the salary of business intelligence analysts specifically have shown a range of anywhere between $46,000 and $98,000 a year depending on their experience and results.

The job outlook for analysts up until the year 2024 is approximately 14 percent, relatively fast compared to the average job outlook rate. The BLS reports that there were about 758,000 different kinds of management analysts in the year 2014. The higher demand that employers have shown for business intelligence analysts in recent years has been directly correlated with the higher volumes of data produced by businesses that operate online, receive payment from virtual transactions, and utilize cloud storage.

Related Resource: What is a Financial Advisor?

Conclusion

In a business environment that has become irreversibly immersed in the Internet, business intelligence analyst positions are constantly open. Business intelligence analysts of the future will likely not only find a greater demand for their services than before, but might also find the field to be even more competitive than currently is.

The importance of virtual data interpretation for business success is common knowledge now instead of the abstract concept that it may have been at the turn of the millennium, and as a result, the expectations for business analysts’ performance and the need for more innovation to professionally distinguish themselves may be set to rise.