Business Intelligence (BI) comprises a career field that supports organizations to make driven decisions by offering valuable insights. Business Intelligence is closely knitted to the field of data science since it leverages information acquired through large data sets to deliver insightful reports. Companies utilize different approaches to deal with data in order to extract information from structured, semi-structured, or unstructured data sets. Business Intelligence is one such approach that helps professionals to extract valuable information from structured data.
With the industry being at the center of rapid tech advancements, business intelligence careers are on the rise to fuel organizations with skilled individuals. If you, too, wish to be a part of this transformation with business intelligence, we recommend you to check out Business Intelligence and Visualization online course, which will help you to scale to greater heights in this field!
Let’s navigate through this guide to know the prospects in a BI career and all the relevant information about job opportunities, average salaries, potential job growth, and the future of this discipline.
Business Intelligence Career Path Outlook
Like most careers in the tech field, the business intelligence career outlook is very bright and progressive. Professionals in business intelligence are highly paid and get lucrative salary packages along with perks. BI career path has various segments, and individuals can choose which BI career they want to pursue. Some can become analysts, scientists, and consultants, while others can pursue engineers to advance their BI careers.
The Bureau of Labor Statistics projects an 11% growth of business analysts within the years 2020 to 2030, implying the skyrocketing growth of BI careers through the years. As a result, all companies need data professionals to handle, evaluate, analyze, and gather data to extract valuable information from it. Business intelligence, thus, is a highly progressive career path.
Why BI is Crucial to Businesses in 2024?
Business intelligence consists of techniques, tools, strategies, and applications to analyze and present a visual representation of the data that is easily understandable and user readable. This information helps management make better decisions and gain competitive advantages with predictive analytical capabilities.
Following the growth of organizations opting to strengthen their digital presence, data influx has seen rapid growth in the past few years. With so much data at hand, companies are efficiently leveraging it to obtain insightful figures, statistics, and facts to make data-driven decisions.
Business intelligence is the key to unlocking all these opportunities!
Let’s explore how business intelligence is fueling organizations to strengthen their process across domains.
Understands consumers
Leveraging customer data, business intelligence helps marketers to track customer tastes, preferences, and buying patterns. This helps companies to develop products and services according to the customer needs. Companies use the power of BI in taking the customer segmentation approach, which allows marketers to develop new products according to the categories of what they buy, when they buy, how often they buy, and so on.
Actionable insights
It is important to make business decisions after analyzing facts and data. Business intelligence is a source of extracting information to make informed business decisions. It allows marketers to evaluate the cart abandonment rate and analyze the reasons for doing so, creating better strategies to target prevailing concerns.
Improved efficiency and increased revenue
A robust business intelligence approach increases the efficiency of the organizational processes and the company's revenue. It empowers the organization's overall performance by making important information available to all departments. BI also helps in determining sales vulnerabilities, getting regular customer feedback, and being better than its competitors, which in turn increases the revenue of the company.
Access to real-time data
BI helps organizations to retrieve and act upon real-time data that allows the management to tackle errors related to information and data. It prepares critical reports minutely and reduces potential errors. Real-time data enables marketers to look after organizational health, identify and solve operational inefficiencies, closely monitor market situations, etc.
Stronger marketing efforts
Business intelligence aids marketers in data-driven campaigns, improving ROI. It enables analysis of crucial metrics like revenue, profit margins, employee productivity, sales reports, and department performance. Strategic campaign planning based on thorough background checks enhances marketing outcomes.
Identify market trends
BI allows marketers to utilize data from external sources to identify sales patterns and locate the areas that have the potential to have high-profit margins. The factual data helps companies to analyze consumer information to identify new market trends. Today, social media plays an important role in identifying market trends and showcasing customers' tastes and preferences.
Top Business Intelligence Careers
Plenty of career opportunities in business intelligence show potential to become one of the top-paying jobs in the industry today. The job growth percentage is very impressive in the BI career. We recommend you register for the Power BI training course brought to you by KnowledgeHut to prepare yourself for the competitive BI future. This will help you to have a general understanding and knowledge about the basic concepts of business intelligence that will be of immense importance in starting your career in this field.
Here is a list of the top business intelligence career:
Business Analyst
A business analyst is an entry-level job position for professionals in this field. Business analysts evaluate various business processes and keep track of business performance so that they can present ideas with scope for improvement. The extracted data will fuel the organization to enhance efficiency, reduce cost, increase revenue, and bring many other positive changes.
Average salary: USD 83,533/year
Business Intelligence Engineer
Business intelligence engineers must have a bachelor's degree in computer science or information technology. They are responsible for setting standards for various business intelligence tools and helping prepare data warehouse designs. They minutely analyze the results of the data warehouse and prepare reports about how they affect the revenue of an organization.
Additionally, business intelligence engineers look after the proper storage of data so that they can be extracted later. Business intelligence engineers must have an analytical mind and the required skill set for data analysis.
Average salary: USD 94,859/year
Director of Analytics
Director analytics is one of the top positions in business intelligence, where the individual is responsible for overseeing the entire organizational data analytics strategies while keeping track of team performance. The director of analytics is one of the members of the management and leadership department of the organization. Their task mainly focuses on supervising and making necessary changes in the organizational processes. They make sure that the project is aligned with the business objectives.
Average salary: USD 144,150/year
Business Intelligence Developer
Business intelligence developers predominantly work on databases and constantly strive to improve IT solutions to enhance business processes. They supervise and test software programs to check the data processing.
A business intelligence developer is also involved in database management which requires a knowledge of SQL queries. They assist in creating data models to generate accurate reports and also look after the flow of information within various departments in the organization.
Average salary: USD 92,998/year
Business Intelligence Lead
Business intelligence lead is a managerial-level job position where the BI professional manages and coordinates an entire team. The business intelligence lead aligns and arranges data to facilitate better reporting within the company.
They must possess an analytical mindset to attain business objectives while coordinating departmental needs. It can also be a technical job when the professional has to be equipped with the knowledge of programming languages like SQL.
Average salary: USD 161,727/year
Big Data Engineer
Big data engineers work with large amounts of data and structure various databases and warehouses. They should have a keen understanding of machine learning techniques that helps create architecture for big data platforms.
Big data engineers are also responsible for managing the team of data engineers and hence require a lot of patience and perseverance. They must possess good organizational skills to work effectively within a company.
Average salary: USD 132,838/year
Business Intelligence Architect
Business intelligence architects should be adaptive to organizational changes and possess an analytical mind. They are responsible for creating data structures and maintaining architectural documents that, in turn, help to clarify BI standards.
Another important task of business intelligence architects is to stay updated with the BI tools and maintain the data storage infrastructure. BI architects also prepare the methods and frameworks to store necessary data.
Average salary: USD 115,553/year
Business Intelligence Manager
A business intelligence manager is in charge of managing the data engineers and scientists in the organization. It is a middle-level position and acts as a bridge between entry-level professionals and upper management. The business intelligence manager communicates the processes and new findings to the upper management and directs the feedback to the departments.
Business intelligence managers generally communicate between the lower and upper-level management. They are very well aware of the tours and techniques data scientists and engineers use to strengthen BI strategies.
Average salary: USD 109,000/year
Data Warehouse Engineer
Data warehouse engineer is an entry-level position that requires a minimum educational qualification of a bachelor's degree in computer science, information technology, or data science. They are in charge of designing and preparing an outline of databases for data warehousing analytics and reports.
Data warehouse engineers perform technical tasks, prepare data reports and analyze databases as a part of their jobs, needing them to possess strong leadership skills and management abilities.
Average salary: USD 106,843/year
Business Intelligence Consultant
Business intelligence consultant is a progressive career option for BI enthusiasts aiming to explore this expansive field by working across different organizational organs. Business intelligence consultants work on a client-to-client basis. They thoroughly analyze and review client data to find new opportunities and scope for improvement.
Additionally, BI consultants prepare data collection and monitor the extracted information to derive informed business strategies. It is a dynamic job position as no clients are the same.
Average salary: USD 88,066/year
Top Certifications for a Career in BI
Here are some of the certifications that can help you have a bright career path in business intelligence:
- Certified Business Intelligence Professional (CBIP)
- Microsoft Certified: Power BI Data Analyst Associate
- IBM Data Analyst Professional Certificate
- SAS Certified Specialist: Visual Business Analytics Specialist
- Tableau Certified Data Analyst
Unlock the Power of Data with our Data Scientist Certification Online! Become a Data Scientist and gain the skills to analyze, interpret, and make data-driven decisions. Start your journey today!
Wrapping Up
In today’s day and age, BI careers are experiencing a high demand considering the consistent growth of the digital sphere and its resulting data influx. The need for skilled professionals with in-demand skills, especially in the IT sector, is no secret, and business intelligence is one of the inseparable parts of organizations.
If you are interested in the technical field and are looking for options to have a prosperous career, consider signing up for the KnowledgeHut Business Intelligence and Visualization online course that will imbibe your skill set with in-demand BI skills and will increase your chances of getting into esteemed companies!
