How to Become a Business Intelligence Analyst in 2024

Business intelligence is one of the thriving sectors in today’s tech world, but it has been around for centuries now. Business intelligence was introduced in the early 1860s and since then the business intelligence field has evolved a lot.

I came across Business Intelligence just a couple of years ago and I wanted to know what exactly a BI Analyst does. So, I did a little research and came across vivid and somewhat complicated answers. Still, after reading and understanding all the web answers and articles, I understood that BI Analysts are ‘Modern Tech Problem-Solvers’. 

In simple words, if you run a business or work as a Business Analyst for a company, you will gain important insights from the vast data sets implemented by data scientists, and with these insights, you will be able to develop business models and solutions for existing or upcoming business problems.

Becoming a BI analyst is presented as one of several ways to enter the Data Science field. So if you are interested in working with data and have a knack for solving real-world business problems, then business intelligence is a suitable career for you.

Who are BI Analysts?

Business Analysts are ‘modern problem-solvers’. They work with senior management to shape and develop a data strategy, focusing on analysis of Key Performance Indicators (KPIs) and providing an accurate overview of business performance. The BI analyst’s role involves analyzing and reporting past historical data, quantifying observations, calculating KPIs, and extracting insights to continually improve a company’s competitive positioning.

The Growing Landscape of Business Intelligence

To analyze the growth and trend in business intelligence, I did some research and the results were all pretty positive. An article on Fortune Business Insights via Globe Newswire states that the market is expected to reach 54.27 billion by 2030, with a compound annual growth rate of 9.1% and according to Vantage Market Research (Yahoo Finance), the market is expected to reach 35.6 billion by 2028, with a compound annual growth rate of 7.2%, meaning all are between 7 and 9% in terms of compound annual growth rate.

Let’s first take a look at the topic of business intelligence worldwide over the last five years. I used Google Trends to analyze the popularity of the term ‘Business Intelligence’. This indicates that the general trend during this time has been upward, but you’ll also notice that the topic has never been as popular or as widely searched for as it is today. From my perspective, I believe that the sector of smaller companies will experience the most growth in BI, as well as the greatest demand for BI analysts.

Key Business Intelligence Skills to Advance Your Career

Now that you know who a BI analyst is, let us move on to the important part which is the important qualities a BI analyst must have. The demand for qualified business intelligence analysts is gradually increasing and soft skills have become just as important as technical skills. If you have or learn these BI skills, you can have productive conversations with technical people in project teams, help stakeholders understand trends, and will also be able to understand business processes clearly. Some of the key qualities include:

• Understanding Business Objectives: Business analysts need to deeply understand organizational objectives and challenges. You must be able to understand the core business problem clearly as this helps to find the right solution.
• Communication and Interpersonal Skills: Effective communication is essential for collaborating with stakeholders and clients. Mastering both verbal and written communication is critical. Communication skills are important in most job profiles; when it comes to business processes, communicating clearly and effectively helps to ensure a smooth operation.
• Negotiation and Cost-Benefit Analysis: Negotiation skills and the ability to conduct cost-benefit analyses are essential for guiding projects, prioritizing requirements, and making critical technical decisions.
• Programming Languages and Technical Skills: Proficiency in programming languages (R and Python), statistical software (e.g. SAS, SPSS), and database knowledge (SQL) is necessary for efficient Data Analysis.
• Creation of Reports and Dashboards: Proficiency in tools like Tableau and Power BI is crucial for generating insightful reports that drive informed decision-making.
• Microsoft Excel: Microsoft Excel remains a timeless tool, and having a strong command over it is fundamental for analytics and reporting.
• Documentation and Presentation Skills: Effective documentation and presentation skills help to bridge the gap between technical concepts and non-technical stakeholders, thereby facilitating decision-making and problem-solving.
• Continuous Learning and Professional Development: Continuous learning and upskilling are crucial for staying ahead in the dynamic field of business analysis. Pursuing certifications, and advanced degrees, and gaining hands-on experience contribute to career growth.

To master these soft and technical skills, you may need 6 months to a year, but the time frame varies depending on your prior knowledge, work experience, and educational background. YouTube videos, online courses, and participation in learning communities can help you master these skills quickly and become more practical.

7 Steps to Secure Your First BI Analyst Job

Everyone has their approach to pursuing their desired career. Still, to make things easier for you, I’ve compiled a list of seven specific steps to help you become a successful Business Intelligence analyst.

1. Research Job Listings: Examine job postings to determine what qualifications and skills employers are looking for. Focus on setting realistic job expectations, especially for your first BI role.
2. Learn SQL: Learn SQL fundamentals such as query writing, data aggregation, table joining, and subqueries. Learn the basic syntax for creating, deleting, updating, and modifying databases and tables.
3. Excel Skills Are Essential: Excel is still an important tool in BI, so become proficient in using formulas for data cleaning, calculations, and analysis. Learn advanced Excel functions for regression and segmentation analysis.
4. Master a BI Tool: Concentrate on mastering one BI tool, as they all share fundamental principles. I would recommend Power BI and Tableau with Google Data Studio as they are user-friendly and do not need much Coding expertise.
5. Build a Diverse Portfolio: Showcase your abilities by creating a portfolio that demonstrates diverse experiences with various types of data sources (sales, marketing, HR, etc.). Use open data sets from platforms such as Kaggle, Statista, DataWorld, and NYC Open Data to create projects. Create projects that will teach potential employers something new and valuable.
6. Engage in Online Communities: Participate in BI, data analytics, and data science communities on platforms such as LinkedIn and Facebook. To demonstrate your expertise, write project-related articles and publish them on platforms such as Medium. 
7. Continuous Learning: Subscribe to relevant YouTube channels and sign up for online courses on platforms such as Skillshare, Udemy, and Coursera to continue learning and upskilling. The goal is not only to get a job but also to keep improving and being valuable to employers.

Final Thoughts

The Business Intelligence Analyst is a multifaceted professional who analyzes relevant data and creates long-term solutions to today’s business challenges. Business analysts answer all of the “why,” “what,” “how,” and “what next” questions that organizations face. 

As a result, becoming a business intelligence analyst may necessitate a high level of dedication and intelligence. However, with a learning mindset and the right tools, you can become a successful Business Intelligence Analyst, so I hope this article and my insights find you well and help you get one step closer to your career.