Data Analyst Business Intelligence: 4 Critical Aspects

on BI, Data Analytics, Data Driven Strategies • July 29th, 2021 • Write for Hevo

Data Analyst Business Intelligence

The fundamental purpose of leveraging a Data Analyst Business Intelligence skills is to understand trends and derive actionable insights from your data, allowing you to make data-driven strategic and tactical business decisions. The popular features offered by a Data Analyst Business Intelligence professional are Visual Analytics, Data Visualization, KPI Scorecards, and Interactive Dashboarding to name a few. It also allows users to leverage Predictive Analytics and Automated Reporting features on a self-service basis.

This blog talks about the different critical aspects of a Data Analyst Business Intelligence professional in great detail. It starts with an introduction to Business Intelligence and Data Analytics before diving into the roles and responsibilities of a Data Analyst Business Intelligence professional.

Table of Contents

Introduction to Business Intelligence

Data Analyst Business Intelligence Skills
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In layman’s terms, Business Intelligence tools are application software, involved in collating and processing Unstructured Data from external and internal systems. The results obtained from Business Intelligence tools help increase operational efficiency, identify market trends, zero in on new revenue potentials, and identify new business opportunities.

Benefits of using BI
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Here are a few benefits of leveraging Business Intelligence for your use case:

  • Key Predictions: Business Intelligence tools allow any business user to generate actionable insights for future scenarios through the incorporation of forecast engines. This helps companies optimize currently in place strategies to deliver the best possible results. 
  • Impeccable Support: The needs for each organization looking for a Business Intelligence tool are unique to their goals. Data storage in the Cloud allows users to explore various self analytics features with a support system working 24*7 to resolve any issues they might come across.
  • Elimination of Manual Tasks: Previously, Business Management relied on static presentations and spreadsheets. Business Intelligence tools eliminate the endless amount of columns & rows and facilitate the automation of processes. Be it a dashboard with real-time data or interactive presentations, Business Intelligence tools have got you covered.
  • Easy Data Access: By providing data access to every individual within a company, Business Intelligence tools significantly reduce the need to request reports from the IT department. A self-service BI approach as mentioned here allows enterprises to gain a competitive edge. Since every employee is equipped with the appropriate Data Analyst Business Intelligence skills, it helps save the company’s resources and time while easing the burden on the IT department. This frees up more time which can be focused on more critical tasks.   
  • Reduction of Business Costs: Business Intelligence tools enable faster analysis, planning, and reporting processes for Customer Behavior Analysis, Sales Planning, and Real-Time Optimization. Since these tools bolster the efficiency of your operations, it helps you cut back on costs and make more profitable adjustments.

Introduction to Data Analytics

Data Analytics
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Data Analytics focuses on performing and processing statistical analysis of existing datasets. Data Analysts can concentrate on creating methods to process, capture, and organize data to discover actionable insights for current business challenges and use cases. This is done while establishing the best way to present this data in a way that’s easy to understand. 

In layman’s terms, this field is dedicated to finding the answers to the questions you don’t know the answers to. It is primarily based on producing results that can lead to immediate improvements. This can help enhance the efficiency of the workforce which can steer business growth. 

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Understanding the Roles of a Data Analyst Business Intelligence Professional

Data Analysis entails finding key metrics and creating reports to build the foundation for business ideas. This analysis investigates outcomes from the collection of raw data to generate insights and involves various stages as discussed below:

Key Data Analyst Business Intelligence Roles: Data Interpretation

This forms a crucial step of Data Analyst Business Intelligence that involves interpreting results with stakeholders. Interpretation requires attention to detail and accuracy to help organizations make data-driven decisions. Data Analysis includes the following practices: 

  1. Critical Thinking
  2. Reporting
  3. Collaboration

1) Critical Thinking

Interpretation is unbiased and sensible if logical questions are raised to make better decisions. Critical Thinking includes systematically gathering and examining relevant evidence using appropriate procedures. Skepticism compels them to assess all evidence critically, whether it corroborates or contradicts their predetermined expectations.

2) Reporting

The most significant time spent in Data Interpretation is producing Internal and Client Reports. These reports help management summarize areas for improvement and identify success strategies. Reporting should delve deeper into a business context to give concrete plans for the ultimate growth of the organization.

3) Collaboration

Every individual approaches a problem with experience. However, bringing people and their ideas together speeds up this Data Interpretation process. Business Intelligence Data Analysts collaborate closely with data scientists, database developers, and people from numerous other departments of an organization. The success of interpretation depends on communication with peers and the ability to work with people.

Key Data Analyst Business Intelligence Roles: Data Processing

Data collected in a raw format is usually unordered and has missing values, making it difficult for analysis. Data Processing involves Cleansing, Scanning Duplications, Outliers, and Preparing Organized Data. It consists of the use of the below tools and techniques:

  1. Advanced Transformations
  2. Data Cleaning

1) Advanced Transformations

The Data Transformation process consists of mapping collected data to a destination format. The transformation process deals with simple and complex data and is solved using Python scripts or ETL tools.

2) Data Cleaning

Data collected from various sources consists of null values, outliers, and data duplications. This issue can be eradicated by treating data with the concerned domain expertise to prepare data for analysis.

Key Data Analyst Business Intelligence Roles: Data Exploration and Analysis

Data created after transformation reaches the next vital step of exploring and analyzing data. The purpose of Exploratory Data Analysis (EDA) is to visualize data by choosing Plots and Charts representing the outcomes of business decisions. To serve this purpose, the following modes of analysis are performed:

  1. Predictive Modeling
  2. Data Visualization
  3. Statistical Analysis

1) Predictive Modeling

Data Analysis Business Intelligence is incomplete unless Machine Learning techniques are applied to unravel future outcomes. Predictive Modeling features the distribution of Clusters, Forecasting, and Time-series Events. Organizations utilize Predictive Algorithms to sideline the risk factors and optimize their marketing campaigns successfully.

2) Data Visualization

Data Exploration is also associated with Visual Analytics and Interactive Dashboards, enabling decision-makers to comprehend insights effectively. There are various Business Intelligence tools like Tableau and Power BI to quickly carry out visualizations of information.

3) Statistical Analysis

Statistics help in summarizing characteristics of data by graphical representation using inferential analysis. This analysis also involves estimating and constructing a hypothesis to find key metrics, thereby enabling organizations to succeed.

Key Duties of a BI Analyst
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Skills Required by Business Intelligence Data Science Analysts

Data Analyst Business Intelligence Analysis is a process that requires soft skills and technical skills. To excel in this discipline, it may need natural flair in various tools and a will to grasp the importance of detailing in business operations. Some standard tools used by a Data Analyst Business Intelligence are as below:

1) Machine Learning Algorithms

The tenets of Data Analysis underpins ML concepts to perform Supervised or Unsupervised Learning. This process involves a minimal human intervention to predict underlying patterns scaling Data Analysis with precision.

2) Visualization Tools

A core aspect of Data Analysis is the ability to visualize data having dynamic features. Data Visualization can be performed using Python libraries or Data Analytics tools; it allows users to create interactive dashboards and storyboards.

3) R

It is a programming language for Statistical and Graphical Analysis. R is an open-source tool specifically designed for Data Mining and statistical tests. It also comes bundled with Machine Learning algorithms and probably is the best tool to make beautiful graphs and charts for Data Visualization.

4) Business Knowledge

It is expected from a Business Analyst to have sound business knowledge as well. You should be well aware of the business model of the company you are working for. You should also be able to understand how to leverage the data to obtain the maximum profit for the business based on the KPIs (Key Performance Indicators). You should have an in-depth understanding of the company’s short-term and long-term business goals so that you can chalk out the future path with the help of data.

5) Descriptive Analysis

Descriptive Analysis involves researching the data thoroughly to understand if there are any outliers, missing values, abnormal or skewed distributions, etc. You can use Data Visualizations or a couple of statistical methods to carry out Descriptive Analysis.

6) Data Mining

Data Mining refers to the process of finding patterns in the data that were previously not visible. This allows you to convert the raw data into useful information that can be used for decision-making. Data mining knowledge requires an understanding of various technologies like databases, machine learning, computer science algorithms, statistical analysis, etc.

Conclusion

This blog talks about the different critical aspects of a Data Analyst Business Intelligence professional in great detail. It starts with an introduction to Business Intelligence and Data Analytics before diving into the roles and responsibilities of a Data Analyst Business Intelligence professional.

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