Senior Business Intelligence Consultant Salary
Senior Business Intelligence Consultant Salary – A business analyst works to identify problems and find opportunities for businesses to improve their processes, products and services. Their responsibilities include building models for business decision making, budgeting, forecasting, developing plans and monitoring business performance against key performance indicators (KPIs). A KPI is a measure used to evaluate whether and how businesses are meeting their key business objectives.
Business analysts can serve in multiple industries, including information technology, finance/insurance, government and public sector, business/professional consulting, and healthcare and social services. Many large organizations have business analysts on staff who continuously monitor operations and devise and implement process improvements. Business analysts also work as external consultants, providing targeted analysis and recommendations to organizations on a short-term contract basis.
Senior Business Intelligence Consultant Salary
Trends like machine learning/AI and agile methodologies are changing the role of the business analyst. For example, AI technologies serve a useful purpose in analyzing the scores of data that companies collect about their business, markets and their customers. However, businesses integrating AI into their processes are seeing mixed results. Harvard Business Review reports that nearly 72% of organizations feel that their AI initiatives are falling short of expected results. Challenges include lack of clear vision and unrealistic business value propositions. The role of a business analyst can help improve the success of an AI implementation. With the knowledge and background to serve as an AI translator, business analysts can use their technical expertise to translate the complexity of AI into business language. They can then communicate the intended business outcomes of the AI integration project.
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Business analysts can play an active role in an agile environment. Agile is a flexible framework that enables rapid iteration of software development based on feedback to meet business and IT goals and improve customer experiences. For example, a digital transformation project team focused on improving the user experience can use an agile framework to quickly modify software according to customer feedback. According to the International Institute of Business Analysis, 77% of business analysts contribute to digital initiatives. Business analysts can also introduce new business processes to change the efficiency, productivity and cost of running existing business processes.
Organizations want to find more efficient and cost-effective ways to acquire, prepare and analyze data. From that data, they hope to uncover insights that can help them rise above their competitors. The growth of business analyst roles reflects the need for professionals who can help companies make the best use of their data and improve operational efficiency, brand awareness, customer relations and profitability. The US The Bureau of Labor Statistics (BLS) projects 14% growth in management analyst roles, including business analyst jobs, over the next ten years.
Business analysts serve in data management, business intelligence analyst, business systems analyst, and IT business analyst functions. In the age of data, business analyst job profiles continue to expand to include roles such as analytics manager, business analytics specialist, business intelligence (BI) engineer, data engineer, data visualization developer, and machine learning scientist.
There are different types of business analyst jobs in many industries. However, this is common among business analyst jobs: it can lead to a financially rewarding career. Just as business analyst role titles, daily activities, and career paths vary, so do salaries. The BLS also provides salary information for business operations specialists in all industries. Below are some examples of annual average salaries in sectors with the highest levels of employment for business analysts and related business operations specialist roles:
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Demand for business analyst roles in 2020 has a favorable outlook, according to BA Times, “All US business analyst positions will increase from the current 364,000 openings to 2,720,000 by IBM.” Below are examples of estimated salaries by business analyst profile, according to BA Times:
Generally, employers hire business analysts with at least a bachelor’s degree. Candidates must have completed their undergraduate degree in finance, statistics, economics, accounting, business administration, political science or other related subjects.
Many employers may require a master’s degree in a subject that combines both business and IT elements, such as business, information technology or business analytics. It is common for experienced business analysts to return to school to earn a master’s degree, which can help them advance to senior analyst and consulting roles.
Educational requirements vary by business analyst job type. For example, a degree in information technology or computer science may also serve a candidate seeking IT business analyst roles. Similarly, a marketing degree can help marketing research analysts qualify for some positions. Financial analyst roles may require candidates with degrees in areas such as accounting, economics, finance, statistics, and mathematics. In some jobs, such as operations research analyst, employers may look for candidates with degrees that focus on quantitative analysis, computer science, and advanced statistical and database software.
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In addition to formal education at the graduate level, certification can help position candidates for leadership roles. For example, the International Institute of Business Analysis offers multiple accreditations, including:
Depending on the area of focus, individuals have other certification options. For example, a market research analyst may benefit from the Professional Researcher Certification (PRC) offered by the Marketing Research Association. In another example, financial analysts often pursue their Chartered Financial Analyst (CFA) certification from the CFA Institute. For experienced business analysts looking to advance their careers as consultants, The Institute of Management Consultants USA offers the Certified Management Consultant (CMC) certification.
Due to the increased focus on efficiency and cost control improvements in business operations, the BLS forecasts faster than average employment growth for management analysts compared to all other occupations: 14 percent from 2018 to 2028.
Factors for career growth may include years of experience, level of education, and industry. A typical career path for business analyst jobs might involve working for about three years in an entry-level role before advancing to domain-specific positions. Titles at this level include project manager or IT business analyst.
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In the next phase of the typical business analyst career path, qualified candidates serve in more senior-level roles. Job titles may include Senior Business Analyst. At the highest level, and typically after serving eight to ten years in various business analysis roles, a qualified individual with demonstrated leadership skills can progress to business specialist roles or advance into the C-suite in positions such as Chief Technology Officer. .
According to the BLS, the median annual salary for data management jobs such as computer and information systems manager was $142,530 as of May 2018. Employment growth for computer and information systems manager roles is projected at 11 percent from 2018 to 2028. The growing demand and high salary for this role is a result of the growing urgency in businesses to digitally transform their operations.
Duties for computer and information systems managers and related roles include helping organizations ensure secure and reliable access to data assets, including sensitive information, and complying with government regulations. On a typical day, activities may include conducting technology assessments, advising top executives on strategic technology investments, performing cost-benefit analyzes for new projects, and working with systems analysts, software developers, and information security analysts.
Business analyst type roles under the umbrella of data management jobs include database administrators, computer systems analysts, computer programmers, and computer and information research analysts. Below is a brief description of the focus of each role:
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A DBA focuses on implementing, testing, managing, and updating databases to ensure that they function efficiently, are accessible, and are aligned with company needs. The US According to News & World Report, the median annual salary for database administrators is $90,070.
Combining information technology and business disciplines, computer systems analysts help organizations operate efficient and effective computer systems, including hardware, software, and networks. The US According to News & World Report, the median annual salary was $88,740.
After a software developer or engineer signs the design specifications for the program, the computer program writes the code that instructs the software programs how to run. They rewrite, debug and test software. The US According to News & World Report, the median annual salary was $84,280.
Computer and information research analysts work in a variety of disciplines, focused on creating and improving software and hardware functionality. They often work with electrical engineers and hardware engineers to study and solve complex computing problems. According to the BLS, the median annual salary as of May 2018 was $118,370.
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At the intersection of business strategy and computer science, business intelligence analyst jobs use SQL, data visualization, and similar tools to design data analysis, solve problems, and provide in-depth knowledge of specific business domains. Through their business knowledge and communication skills, business intelligence analysts translate technical and complex topics or data and make them comprehensible to a non-technical audience.
Related roles include financial analysts, market research analysts, economists and budget analysts. Below is a brief description of the focus of each of these roles:
Financial analysts examine economic and business trends, evaluate business values, and provide investment guidance to companies and individuals. They usually work in financial companies such as banks and insurance companies. As of May 2018, their average annual salary was $85,660
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