Does the idea of discovering patterns in large volumes of information make you want to roll up your sleeves and get to work? Do you find computer science and its applications within the business world more than interesting? If you answered yes to any of these questions, you may want to consider a career in business intelligence (BI).In the age of information, business information and intelligence, if utilized strategically, has the power to propel a business far above its competitors as well as exponentially boost brand awareness, internal engagement, organizational efficiency, and profitability. The BI industry is expected to soar to a value of $42.95 billion by 2028. Moreover, companies that use BI analytics are five times more likely to make swifter, more informed decisions.
Despite these findings, the undeniable value of intelligence for business, and the incredible demand for BI skills, 74% of IT decision-makers from Canada and the USA believe there is a shortage of BI-based data professionals according to a survey.
To tap into one of the exciting careers available in today’s business environment, you will first need to develop a mix of specific business analytics skills, which are numerous and apply to many industries, making the shift easier.
So, what skills are needed for a business intelligence career? How do you get into this field? Do you need a good business intelligence resume? What does a profession in this field look like? And what other things you should consider to succeed in a BI-based role? In this business intelligence career guide, we will answer all of these questions and more, starting with the reasons to migrate toward one of the exciting jobs that companies are currently offering in the digital world.
Business intelligence (BI) analysts play a crucial role in helping organizations make data-driven decisions. By gathering, analyzing and interpreting data, BI analysts provide actionable insights that inform strategy and operations. However, the job requires a diverse skillset. Here are the key skills every aspiring BI analyst needs to succeed.
Advanced Proficiency in BI Tools
Expertise in BI tools and technologies is a must-have for every BI analyst You need to be able to navigate and utilize leading BI platforms to collect, store, analyze and visualize data Proficiency in tools like Tableau, Power BI, Qlik Sense, Microsoft SQL Server and Oracle is highly sought after. Focus on gaining certifications and hands-on experience using the latest BI tools on the market.
Data Analysis and Interpretation
At its core the role involves making sense of complex data. Strong analytical skills allow you to inspect clean, transform and model data to uncover patterns, trends and insights. You also need the business acumen to interpret the data and understand the implications for your organization. Analytical skills take time to develop. Always look for opportunities to analyze real-world data sets and practice presenting your analysis.
SQL and Database Management
As a BI analyst, SQL will be your bread and butter. SQL skills allow you to extract and manipulate data stored in databases. You need to be able to write and execute queries across relational databases and data warehouses. Make sure you have a solid grasp of SQL syntax, joins, indexing, stored procedures and other key concepts. Consider obtaining an SQL certification to validate your skills.
Machine Learning and Predictive Analytics
Today’s BI analysts need to move beyond traditional descriptive and diagnostic analysis. Apply machine learning techniques like regression, clustering and neural networks to make predictions. You can gain an edge by developing machine learning models in Python or R to forecast sales, detect fraud, predict churn and more. Hands-on experience with data mining will take your analytical skills to the next level.
Strategic Business Acumen
Understanding your company’s objectives, challenges and operations is crucial. This enables you to recognize which data points are most important and effectively communicate insights to stakeholders. Take the time to learn about your industry and business units. Pair your analytical chops with strategic perspective to provide relevant, actionable intelligence.
Effective Communication and Storytelling
Strong written and verbal communication skills allow you to clearly explain data insights, compellingly present reports and build consensus. Tailor your communication style depending on your audience. Learn to use data visualization, dashboards and presentations to bring data to life. Hone your storytelling skills to translate analysis into impactful narratives that drive change.
Collaboration and Teamwork
BI analysts work closely with IT, business teams and leadership. You need to build partnerships, manage stakeholder expectations and align on objectives. A collaborative mindset allows you to break down silos and seamlessly work across departments. Develop the emotional intelligence to navigate organizational politics. A team player mentality will enable you to provide the right data products and services.
Mastering these technical and soft skills takes diligent work. But they allow BI analysts to thrive in a data-centric business world. Consider taking courses and certifications to fill any skill gaps. With the right expertise, you can launch a rewarding career unlocking data-driven insights.
A Wealth Of Job Openings And Compensation
Now, let’s get down to the “meat and potatoes” for a second. One great reason for a career in business intelligence is the rosy demand outlook. According to the US Bureau of Labor Statistics, demand for qualified business intelligence analysts and managers is expected to grow 11% from 2021 to 2031 with over 101,900 openings for management analyst jobs each year. This beats projections for almost all other occupations.
The Bureau of Labor Statistics (BLS) also states that in 2015, the annual median salary for BI analysts was $81,320. Let’s look at where a career in business intelligence currently sits in terms of salary and compensation.
In the US, BI developer salaries in the field stand at around $93,230 per annum according to Indeed, with management analysts earning an average of $93,000 per annum according to the BLS.
Careers in business intelligence compensate very well in Europe, too. In Germany, a BI analyst can make up to EUR 83.888 per annum, and in Switzerland, you can make as much as EUR 108,400 per annum.
Not bad, huh? It seems that a business intelligence career path is very well paid, indeed.
However, you should always keep in mind that salary figures and demand for BI professionals are highly dependent on geographical location and industry. This is because according to Recruiter.com, the vast majority of BI positions are in California, New York, or Texas. Your salary and the demand for BI analyst skills will be higher if you live in one of those states.
Source: Recruiter.com
Specific industry knowledge
While some of this can and will be learned on the job, you have to have a solid grasp of the industry’s dynamics, particularly the areas of the field that you’re looking to work in. Over time, you’ll want to become an expert in your industry as this will increase your ability to connect data with business problem-solving.
In addition to acquiring intelligence analyst-related skills, you’ll need to be able to communicate your findings effectively to the other professionals you’ll be working with. To some extent, if you work in back-end BI, you won’t need to communicate quite as much. However, if you work in the front end, you’ll be responsible for communicating technical concepts to non-technical people. This kind of role requires excellent communication skills.
Expanding on the point above, in order to ensure good communication you will also need to have data visualization skills. Visualizations are the best tools to make trends and general insights understandable. Being able to clearly see how the data changes over time is what makes it possible to extract relevant conclusions from it. For this purpose, you should be able to differentiate between various charts and report types as well as understand when and how to use them to benefit the BI process.
How to Become a Business Intelligence Analyst
What skills do entry-level business intelligence analysts need?
Entry-level Business Intelligence Analysts should focus on mastering data querying languages such as SQL, understanding data visualization tools like Tableau or Power BI, and developing a solid foundation in statistical analysis.
What skills do you need to be a good business analyst?
Data analysis Most business analytics skills are about using data to make better decisions. You need to be good at examining many different sources of data and then making accurate conclusions about them.
What can a business intelligence analyst do?
Business intelligence analysts can get their careers started in analytical roles like data analyst. They can go on to become business intelligence consultants, business intelligence architects, managers, or other senior positions. Read more: Data Analyst vs. Business Analyst: What’s the Difference?
What skills do business intelligence analysts need in 2024?
In 2024, analysts who can think strategically and provide recommendations that drive business growth will be key contributors to their companies’ success. The ability to communicate complex data findings in a clear and compelling manner is a critical skill for Business Intelligence Analysts.
