October 2022 - Online Manipal
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Unicorn startups and how to become one?

Unicorn startups in the global market

In the financial world, Unicorns are privately owned startups presently valued at over USD 1 billion without being listed in the stock market. Generally, tech-based startups like food tech, EdTech, blockchain, and AI, are the most common startups that reach this glory of being called a unicorn. And the startups that are valued at 10 billion dollars are grouped under the term called ‘Decacorn’, which means super unicorn. Example: Dropbox, SpaceX, and WeWork are a few Decacorns.

The term unicorn got popularized by this famous venture capitalist, Mr Ailen Lee, in 2013. It was used basically to describe these rare tech startups or companies that touched this highly covered 1-billion-dollar mark. The total number of unicorns worldwide increased by 24% to 1,312 unicorns, through June 2022. Some of the popular ones are Canva, Byju’s, Google, Facebook, and Airbnb. San Francisco retained the title of ‘World Unicorn Capital’ with 176 unicorns.

ALSO READ: Startup vs corporate: What’s best for your career?

Present status of unicorn startups in India

Getting a billion-dollar unicorn was not so easy during the time of the global pandemic when the market was going through a financial crunch. As of April 2022, India has become the world’s fastest-growing startup. As of Sep 2022, India is home to 107 unicorn startups with a combined valuation of over USD 333 billion. 44 unicorns were born in 2021 with a total valuation of USD 93 billion and in 2022 there were 21 unicorns with a total valuation of USD 26.99 billion. Presently, India is the third largest unicorn startup in the world with 9.3%. In present situations, unicorn startups are not as uncommon as before, but building, growing, and developing a unicorn is not so easy.

InMobi was the first company to become a unicorn in India in 2011. Following several startups reached the 1-billion-dollar valuation. India’s unicorn count started with 11 numbers till the year 2015 and a significant growth of 100 unicorns by the year 2022. Though these unicorn startups are growing at their regular phase, the financial performance of these startups is highly questionable. As per Fintract, a data tracking platform, out of 100 unicorns in India, only 18 have attained profits in the financial year 2021 and 57 unicorns are in deep loss. The remaining 25 are mostly registered outside India either in Singapore or in the US, where these companies have not revealed their P&L figure. 

(Inc42, 2022): As per the source from Inc42. India has shown significant growth of a 15% increase in new startup launches as of 2021. 

Out of 39,960 active startups:

  • 18.7% are from Enterprise Tech
  • 12.8% are E-commerce
  • 12.1% are from FinTech 
  • 9.5% are from Consumer Service 
  • 8.9% from Health Tech
  • 8.0% are from EdTech
  • 7.9% from Media & Entertainment
  • 6.9% from Deep Tech 
  • 15.2% are from other sectors. 

As on May 2022, the top 3 unicorn sectors are E-commerce, FinTech, and Enterprise Tech.

As per Entrackr, media reports, the top 10 profit-making unicorns during FY21 are:

  • Zoho with Rs.1,917 crores
  • Infoedge with 1,409 crores
  • Zerodha with 1,122 crores
  • Five-star with 359 crores
  • Dream11 with 327 crores
  • Billdesk with 246 crores
  • First Cry with 216 crores
  • Games24*7 with 110 crores
  • Nykaa with 61.4 crores
  • OfBusiness with 55.7 crores

In the above profitable unicorns, Games24*7 only has managed to enter the unicorns list for 2022. Rest other companies have entered coveted club either in 2021 or before. 

As per Statista, NPCI, Bain & Company, and App Annie, there is a significant growth in internet users since the pandemic. It has been estimated that there will be 1.3 billion+ internet users by 2030. 44 per cent of internet users has increased in India. On average, a person spends 4.7 hours per day on mobile internet. There is over 87 billion volume of UPI transactions happening in India with a 1.8 trillion value. About 305 million users are doing online transactions in India and over 373 million internet users are from the rural sector.

Geographic breakdown of unicorn startups in India

In India, Bengaluru has shown significant growth in startups and stands in first place in India with 39 unicorns like Amagi, Apna, Byju’s, CRED, Flipkart, PhonePe, Licious, Meesho, Mensa, Swiggy, OLA, Zerodha, InMobi, etc.

The second largest place in India with 32 unicorns in Delhi NCR with unicorns like MakeMyTrip, CARS24, Shopclues, Spinny, Paytm, Zomato, etc.

The third largest city in India with 16 unicorn startups is Mumbai with startups like Games24, UpGrad, PharmEasy, BillDesk, Acko, CoinDCX, etc. The other cities like Pune with 6 unicorns, Chennai with 5 unicorns, and Hyderabad with 2 unicorns

As per Entrackr, the top 10 loss-making unicorns during FY21 are:

  • Oyo with Rs.3,944 cr loss
  • Udaan with Rs. 2,482 cr loss
  • Flipkart with Rs. 2,446 cr loss
  • Eruditus with Rs. 1,934 cr loss
  • PhonePe with Rs.1,728 cr loss
  • Swiggy with Rs.1,617 cr loss
  • Unacademy with Rs.1,537 cr loss
  • Freshworks with Rs. 1,499 cr loss and 
  • ShareChat with Rs. 1,461 cr loss

READ MORE: India: A start-up-friendly nation for youth

Why do new unicorns fail?

One of the major reasons is that startups are overvalued at the early stages which leads to trouble faced by such unicorns at later stages. Reasonable assumptions must be there in the growth process of the startups, it may lead to great operational disaster. 

According to entrepreneurs, owners, experts, and top management of the business, the reasons behind such failure include running out of money for business, targeting the wrong market, lack of research, poor partnerships, inefficient marketing strategies, and lack of expertise.

How are startups evaluated?

The growth and success of every unicorn startup are determined by how much disruptive impact it has on its chosen market. Example: UBER and OLA.

The top 10 fastest unicorn startups in India by taking less time to become unicorns are Mensa – it became a unicorn in 6 months, Globalbees in 7 months, CredAvenue in 1.5 years, Paytm Mall 1.6 years, Glance in 1.8 years, OLA Electric in 2.1 years, PharmEasy in 2.2 years, Apna in 2.4 years, Spinny in 2.9 years and CRED in 3 years.

But, speaking about their valuations is to find out how these start-ups are evaluated so that they can be called unicorns. Valuation does not only depend on how well it is performed at a financial level as there are so many startups that have hardly generated any profits in their beginning. The valuation of any startup highly depends on how its investors and venture capitalists (VC) feel about the company’s future performance. For this, the investors typically use strategies like looking at the company’s management, which could be future earning prospects, market size, technological innovations, the market value of tangible and intangible assets, and so on. Once startups start filling these requirements and when their business model gets picked up then, they can be on their path to becoming a unicorn.

As a startup owner, there are certain key points that you keep in mind before valuation and presenting your business model to VCs to reach unicorn status.

  1. Present a simple solution to an existing problem like the owners of Canva integrated various design forms on a single platform
  2. Present a clear vision of the company’s prospects and the products and services you would offer
  3. Making a stronger and high market value proposition
  4. Having potential beta testers (to uncover bugs & issues) and customers before the actual product/service release
  5. Having an easy-to-use user interface that allows customers to adapt quickly to the product and buy often
  6. Know the ins and outs of the company have confidence in your plans and make a business proposition that is strong and marketable

Characteristics of unicorns that keeps them separate from normal startups

  1. Privately owned and get more funding: They Adopt fast growth strategies like firms can go through as many rounds of funding as possible in a very short period, this eventually helps them stay ahead of the competitors and overtake the market in a short span
  2. First & ground-breaking innovations: These kinds of startups possess as pioneers and first innovators in their field and create a space for them naturally in the market by changing the ways things are being done. Examples: Google, which revolutionized how the search engine operates, and Uber which changed the way people commute.
  3. Consumer-focused: These startups are consumer-driven. Simplifying problems and making life easier for their customers is the main propriety of these startups. Such type of customer-driven startups attracts a huge pool of customers. Example: Canva.
  4. High technology: Finally, these startups are very advanced when it comes to technology like AI & ML. Their main focus is to provide a super-easy user interface and make their customer’s life easier.

Methods to overcome failure

Startup companies must – 

  • Set clear goals with a long-term vision and mission
  • Intensive research must be done on their target market and target audience well in advance before formulating assumptions, setting goals & strategies  
  • Startups must work towards building sustainable growth and development rather than working and anticipating a quick, short-term bump in profits
  • The organization must do its work as a team with the spirit of passion and love
  • Once started should never quit and become go-getters

Lucy Lin the founder of Airwallex, and a member of the unicorn club says “know your business and your competitors inside out, otherwise, why would they trust you with their money and why would they support you?”

Conclusion

Though we understood how to build a startup and make it a unicorn, growth and sustainability are challenging in this competitive market. Futuristic strategies, quick learning, and implementation of machine learning and artificial intelligence in the market with intelligent innovations as a pioneer in the chosen market to solve customer problems and being engaged with the focused customers are the keys to becoming successful unicorns.

References:

Agrawal, B. (2021, June 02). India: An Emerging Nation of Unicorn startups. Retrieved from https://blog.iilm.edu/: https://blog.iilm.edu/india-an-emerging-nation-of-unicorn-startups/

Ashrafi, H. U. (2022, May 10). India minted 100 unicorns but how many of them attained profitability? Retrieved from entrackr: https://entrackr.com/2022/05/india-minted-100-unicorn-but-how-many-of-them-attained-profitability/

B, T. (2022, 09 02). 15 Indian business unicorns to learn from. Retrieved from in.godaddy.com/blog: https://in.godaddy.com/blog/15-indian-business-unicorns-to-learn-from/

CHADHA, S. (2022, jan 21). In charts: India could add another 45 startup unicorns in the next 12-18 months. Retrieved from timesofindia: https://timesofindia.indiatimes.com/business/india-business/in-charts-india-could-add-another-45-startup-unicorns-in-the-next-12-18-months/articleshow/89032465.cms

Inc42. (2022). Unicorns of India, Decoding India’s 100 Unicorns Report. Inc42.      

Four career paths in Business Analytics

Key takeaways:

  • An MBA in business analytics will place you ahead of your rivals with enhanced skills, well-paying job roles, knowledge, and essential experience.
  • If you have a Master of Science in Business Analytics, you can apply cutting-edge data science and machine learning techniques at work to solve important business problems.
  • Business analytics is a demanding career option for those who wish to work in the supply chain, logistics, retail, healthcare, or digital industries.

Big data showcases data sets that are too big or intricate for conventional data-processing application software to handle. None of the traditional data management technologies can effectively store or process this data due to its size and complexity. This field will open the door to many job roles for one who wants to pursue a career in business analytics.

Business analytics utilizes big data, turning it into informational content, identifying and forecasting trends and consequences, and making more informed business decisions. The key focus behind business analytics is to analyze and direct such a large amount of data appropriately to get the best results from a particular company.

Why a career in business analytics?

The business analytics scope is rising as more businesses adopt data-driven and technologically oriented business models. Numerous career prospects in analytics in almost every sector—from healthcare, finance, and telecommunications to retail, energy, and sports—have made it a top priority to find analytical expertise.

Besides, a business analytics MBA graduate has countless employment options. However, this degree also provides several other advantages for your career, which are covered in more detail below.

  • Grasp the untapped potential

The field of business analytics is relatively new and evolving due to technology. These explanations give the sector many unrealized potentials and unexploited prospects. You can look for these opportunities and seize them if you aim to have a career in business analytics.

  • Ability to develop successful methods and solutions

Modern corporate environments bring challenges that necessitate creative solutions. Additionally, working in this field equips you with the information and skills necessary to develop such innovative ideas that satisfy the expectations of the current market. As a result, choosing a career in business analytics has helped you better understand the potential and challenges associated with your field.

  • Stay up-to-date with industry trends

The discipline of business analytics is constantly evolving, and new developments are made daily. In addition, customer needs are always changing. If you pursue a career in business analytics, you will be better equipped to stay up with the most recent industry advancements that help businesses serve their clients more effectively.

What are the four career paths in business analytics?

Business-oriented positions like strategists, consultants, and consumer insights researchers are responsible for influencing directional change for business improvement for people keen to apply their analytics expertise to decision-making. 

Positions like solutions architect, analytics modeler, and business intelligence developer are particularly prevalent within the rapidly expanding finance, technology, and healthcare industries for graduates interested in more tech-heavy employment. 

Below are some of the most in-demand business analytics job roles.

1. Business analyst3. Management
2. Data scientist
4. Leadership

  • Business Analyst

A business analyst identifies the areas where an organization needs to be more efficient and those that can be improved to generate higher revenues. In this position, business analysts from different levels of the hierarchy collaborate to share reports and identify new opportunities for a company to grow. A business analyst – 

  • Determines which business operations and areas require improvement.
  • Explores patterns and trends in data analysis
  • Uses analytics to address business issues
  • Data Scientist

Data scientists must evaluate and apply obtained data to derive meaning from producing insights that may be put to use, making this job path quite difficult. To be effective in this role, you must be knowledgeable in statistics and machine learning. A data scientist-

  • Uses technical solutions to address business issues
  • Creates algorithms and models for analytics
  • Interprets data and derives meaning from it
  • Management

A company’s management relies heavily on its business analyst manager. The managers monitor new hire training, establish best practices, and carry out organizational objectives. They also recruit and hire members of the business analyst team. A business analyst manager helps the management-

  • Reduce risk 
  • Leverages data that influences decision-making, strategy and operations
  • Explores the data to gain a competitive advantage 
  • Uses analytics for better growth and outcome of the organization
  • Leadership

Strong planning, communication, presentation abilities, listening and influencing others, and project quality management expertise are all necessary for a lead business analyst. Additionally, you will be very proficient in project or program management approaches, tools, and procedures. A business analyst leader-

  • Overlook data management and data governance        
  • Led advanced analytics projects.
  • Aligns business and analytics     
  • Manage hiring and team structuring.

Roles you can explore in business analytics

If you are planning to set your career in business analytics, it is to be noted that a business analyst’s job description mainly includes technical skills, communication skills, analytical skills, managerial skills, decision-making capabilities, etc. The main responsibilities of a business analyst’s position are communication with all stakeholders and elicitation, analysis, and validation of the need for changes to business processes, information systems, and policies.

A business analyst’s three primary roles are to analyze data models and draw logical conclusions, create novel solutions for operational and strategic changes, and create budgets and forecasts to ensure expenditures don’t exceed the budget.

Let us know more about the pay scale for various business analytics job roles –

Job rolePay scale (INR – LPA)
Business Analyst7,85380 
Data Scientist11,00000 
business analyst manager17,65499
business analyst leader17,70838
Data Analyst6,00000
Source

Be a pro-business analyst

MAHE offers a two-year Master of Science program in Business Analytics through Online Manipal to equip students for employment as business analysts in various businesses. The program blends knowledge of business subjects and analytics at the graduate level.

The postgraduate certificate program is another course in the rapidly expanding subject of business analytics, and it is designed for professionals who want to advance their careers in it. The course of study lasts a full year. Students will know how to use data to create company strategies, solve organizational problems, and provide accurate, data-driven customer service during the program.

An MBA with Data Science specialization is best suited for working professionals with at least one year of experience. It prepares students to enter the domain in managerial or leadership roles.

The Manipal Academy of Higher Education (MAHE) partners with over 250 institutions, an internationally acclaimed university. It has also been granted the title “Institution of Eminence” by the Indian Ministry of Education.

Students can now sign up for higher education programs online through MAHE. The institution has achieved both UGC approval and NAAC A++ certification, and the online programs offered by MAHE are on par with those offered on campus. The online degrees and certifications that MAHE provides are accepted by governmental organizations, businesses, and academic institutions for use in postsecondary education and the workplace.

READ MORE: Business analytics course details

Final word

Business analytics uses data, statistical analysis, and reporting to explore and analyze business performance, offer insights, and generate recommendations to boost an organization’s performance. Business analytics solutions take care of processing data and generating insights through reports and visualization, but the process begins with the infrastructure for getting that data in. The Business analytics scope is wide and present in almost all fields.

Choosing a suitable course that matches your skills and career prospects can be difficult, but once you find the right one, your career will see a rise. Enroll in a business analyst course at Online Manipal to benefit from the excellent teaching staff and effective course design. Join now.

Jobs & salary in the business analytics domain

Key takeaways:

  • Business analytics is one of the lucrative professions and a vital part of the corporate world.
  • Business analytics professional role encompasses a wide range of duties, from helping the organization to enhance productivity to employing creative technological solutions.
  • The business analytics jobs salary in India depends on various factors, including education level, experience, role, location and company size.

The demand for making data-driven and scientific decisions is required for every organization, despite the size. Having said that, opting for a career in business analytics will help you mark your presence in this business scenario. The ever-evolving trends will expose business analysts to various challenges, increasing demand for intelligent solutions.

Simply put, business analytics is the need of the hour, introducing various bright career opportunities. The term ‘business analyst‘ refers to a relatively broad profession, from general analysts in the early stages of their careers to specialized consultants with decades of expertise and experience. Learn more about various types of business analysts.

Read on to learn more about various aspects of business analytics salary in India.

Business analytics jobs salary in India

Business analysts act as a link between businesses and organizations and data analysts. Over time, business analysis has evolved in the corporate and IT industries, assisting productivity and long-term profitability. Business analytics salary in India is one of the highest, combined with the right amount of growth in the career path. 

READ MORE: Business Analytics: Top 6 career options in 2022

The salary range for various business analytics roles

The average salary of a business analyst in India is based on their role in the company. They can pursue a career in various industries. Here we have listed the prominent roles in the domain with the average remuneration.

Job roleAverage salary (INR-LPA)
Associate business analysts4,59,000
Technical business analysts 8,00,000
SQL Business Analysts6,32,600
Financial Business Analysts7,18,700
Healthcare Business analysts 6,42,700 
Operations Business Analysts5,33,600 
Source

Business analysts in India make between INR 400,000 and INR 15,00,000 rupees a year in compensation. Their annual salary, on average, is 700,000. You can check the salaries for a few eminent companies below. 

Here’s an overview of the salary of a business analyst in popular companies.

Company Job Profiles Average Salary Proposed (INR-LPA)
TCS Business Analyst 7,16,000
SQL Business Analysts 5,00,000
Financial Business Analysts 6,00,000
Amazon Business Analyst, Amazon Academy 5,00,000
Business Analyst I, ADECT BI 5,00,000
Business Research Analyst – I 7,00,000 
Business Analyst II 5,00,000 
Financial Business Analysts 6,00,000
Google Business System Analyst 5,00,000
Business Systems Analyst, Supply Chain Systems 5,00,000
Google Business Analyst 10,30,380
Infosys Business Analyst 7,01,700
Associate Business Analysts 5,35,000
Technical Business Analysts 6,00,000 – 10,00,000

Source: College Dunia

Salaries based on experience level

The salary for business analyst jobs for freshers and experienced workers will vary based on their expertise. Simply put, as you gain experience, your pay will increase.

Here’s an overview of the salaries of business analysts based on experience.

ExperienceAverage Starting Salary (INR- LPA)
0-2 years6.2
2-3 years6.4
5-6 years7.7
7-8 years8.5
9-10 years9.4
Source

Salaries in different locations

The location has a huge impact on the salary packages as well. Business analysts, for instance, make around 17.7% and 12.9% more in Pune and Bangalore than the national average. The lowest level salaries are seen in Noida (8.2% less), Chennai (5.2% less), and Hyderabad (4.2% less). Here’s an overview.

LocationAverage salary (INR-LPA)
Bengaluru 7.4
Delhi6.0 
Chennai6.3
Hyderabad7.0
Pune7.6
Source

Business analytics jobs salary in US

The demand for business analysts has increased in the US in recent years and is continuing to magnify. Like any other chosen profession, a business analyst’s pay in the USA would be influenced by different variables, including the company’s size, standing, location, work history, and educational background.

The salary range for various business analytics roles

Salaries for various business analytics roles differ in minor values. The pay for various business analytics roles is mentioned below.

Job titleSalary per annum
Business analystUSD 82,881
Business Intelligence AnalystUSD 70,575
Business Systems AnalystUSD 82,571
Data AnalystUSD 67,400
Tax managerUSD 117,519
Financial analystUSD 70,005
Source

Some of the top corporations in the US that pay business analysts greater salaries are listed below.

CompanySalary per annum
DeloitteUSD 87,090
InfosysUSD 71,277
AccentureUSD 91,859
Cisco systemsUSD 1,08,546
AmazonUSD 87,927
TCSUSD 93,529
Source

Salaries based on experience level

The salary at the entry-level with less than a year of work experience is at the lower end, and the salary for individuals with 1-4 years of work experience is at the upper end. Your pay rises in tandem with your expertise level.

Experience levelAverage salary
Entry-levelUSD 62,571
Mid-careerUSD 82,931
ExperiencedUSD 117,000
Source

Salaries in different locations

When it comes to compensation, the location you are in the United states is also quite important. Below are the salaries in a few US states.

LocationSalary per annum
New JerseyUSD 100,488
New YorkUSD 100,000
MassachusettsUSD 100,000
ConnecticutUSD 97,500
CaliforniaUSD 97,330
Source

Why a career in business analytics? 

Many aspiring individuals are looking to join or seeking to switch to the profession of business analytics. A business analyst is a promising role, providing you with an excellent opportunity for life-long learning and productive career growth. Here are some reasons why pursuing a career in business analytics is an excellent option.

  • Make a distinct difference

Business analysts are responsible for building the growth strategies of an organization by gaining insights. In short, you will be able to make a difference in the organization, contributing to its future growth.

  • Lucrative career path

According to Glassdoor, the average salary for a business analyst is INR 8 lakh in India, which can grow when you combine the right education and required skills.

  • Learn and grow

Unlike the typical 9-5 job, the business analyst poses a challenging and thriving environment that will make you learn and grow. The profession’s role tends to evolve depending on the current marketing trends, giving you new tasks and challenges.

  • Always in demand

If you look at the statistics, you can understand the demand for business analytics is steadily increasing. It means you will always be required in every industry as a sought-after professional.

  • Exposure across domains

As a business analyst, you will be allowed to work across various verticals. It includes finance, information technology, communication, retail, automobile, manufacturing, etc.

How can I get a lucrative salary in Business Analytics?

Business analysts play an important role in maximizing the effectiveness and productivity of a business by making data-driven decisions. Besides the crucial role, you may need to implement certain tips to acquire a lucrative salary in the field of Business analytics.

  • Enroll for a course

Reviving your familiarity with analytical skills, which employers expect from you. You need to prove to yourself that you have adequate and up-to-date knowledge in the field. Acquiring a certification course will equip you with the latest tools and techniques of business analysis.

  • Start with an entry-level role

If you find a career in business analytics sounds interesting, you need to explore your skill set. Hence you need to start your professional career through internships or entry-level positions in accounting, finance or any relevant domain. This will help you to move to higher-paying positions. For instance, seek out junior or entry-level business analytics roles to gain work experience and understand what opportunities are out there.

  • Consider a master’s degree

Even though many employers seek a bachelor’s degree on your resume, some might prefer candidates with a master’s degree. A bachelor’s degree only prepares you for junior-level professionals in business analytics. However, considering a postgraduate degree in a relevant subject will advance your skills and knowledge, helping you to gain a competitive edge in terms of roles and salary. 

  • Sharpen your skills

If you want to get into a high-paying business analytics role, you should have certain skill sets. Some of them are,

  • Boost your business acumen 

You should have a strong knowledge of finance, accounting and business principles.

  • Enhance your communication skills 

Possessing Excellent interactive skills will help you to communicate with different key persons within the organization and express ideas distinctively – both in writing and verbally.

  • Improve your corporate expertise

Having extensive experience despite the role will help you gain a competitive edge while applying for higher positions.

ALSO READ: How to start a career in Business Analytics?

In conclusion

In this digital era, every aspect of corporate business is driven by data. Business analytics focuses on studying a significant amount of data and eventually building conclusions on business performance. Besides the business analytics salary, most organizations are investing in skilled professionals to enhance their overall growth.

However, there is a shortage of such professionals despite the abundance of career opportunities. Hence, this is the right time to start your career in business analytics at Online Manipal. 
Masters in Business analytics is designed by Manipal Academy of Higher Education to help aspiring professionals create an impact in the highly competitive world. The interdisciplinary course will enable the learners to excel in their roles, making better decisions for better career growth. Enroll now.

Different jobs and salaries for data science experts

Key takeaways:

  • A data scientist is a specialist who gathers, evaluates, and interprets vast volumes of data.
  • In big metropolises like Mumbai and growing towns like Pune and Bengaluru, data scientists are in great demand and earn handsome salaries.
  • Data scientists utilize their analytical abilities to analyze, assess, and  extract important information that enables businesses to improve their inventions.

Data science is a discipline that combines subject-matter expertise, programming prowess, and an understanding of mathematics and statistics to derive practical insights from data. Data scientists are experts in gathering, organizing, storing, processing, and analyzing data, which enables people and organizations to make decisions based on the insights gained from the data. 

Considering the need for data in practically every sort of industry, including IT, business, and healthcare, data science career prospects have dramatically risen. Profession advancement, job stability, and reputation all contribute to the allure of a career for aspirant data scientists in addition to the data science salary in India.

Continue reading to learn more about the various job positions and the average data science job salary.

Data science salary in India

A data scientist’s duties include handling sizable, complicated databases and providing results utilizing machine learning and predictive analysis. They are experts in data analysis, algorithms, advanced analytics, artificial intelligence, and statistical methods, all of which aid in commercial decision-making. The majority of data scientists have degrees in computer science, engineering, data science, etc. 

Freshers are likely to receive less than those for experienced professionals in data science jobs. According to a report, an average data scientist makes up to INR 10,50,000 a year. The typical annual income is between INR 6,98,412 and INR 7,00,000 in India. 

The data science job salary depends on several variables, including the size and reputation of the organization, the location, the candidate’s education, the requirements of the position, and most importantly, their previous employment history. Let’s examine them.

The salary range for various data science roles

Here are some data science job positions and their respective salary ranges:

  • Data scientist

Data science is just statistics that have been programmed. Python has demonstrated its prowess in data sorting according to both general and specialized criteria alongside R. 

In India, Python data science programmers make more money than both software engineers and DevOps programmers combined. The pay for data scientists in India varies greatly depending on many variables. The data science jobs for freshers salary is INR 6,98,412. 

  • Data analyst

Data analysts aid senior executives in concluding their data. A/B testing and web analytics tracking should be familiar to analysts. It is one of the greatest data science careers. In India, the average annual salary for a data analyst is INR 4,30,000. The best pay for data scientists in India goes to data analysts with programming expertise.

  • Data engineer

Data engineers are the backbone of an organization since they work with the core of the business. The data science engineer salary in India is INR 8,56,643. Of course, several elements affect the Data Engineer compensation, such as the company’s size and reputation, location, educational background, job title, and experience.

The following table shows the salaries based on  data science job roles.

How to start a career in data science

Job roleAverage salary (INR-LPA)
Data scientist8,00,000 
Data analyst4,30,000
Data engineer8,56,643
Source

Wipro, Accenture, IBM, TCS, Deloitte, and other top data science businesses are just a few examples. Some of the job roles in data science that top firms provide are data scientists, applied intelligence, advanced analytics, data analysis, senior data analyst, etc. 

A list of the salary by top data science companies in India is provided in the table below.

Company nameAverage salary (INR-LPA)
IBM Corp1,468,040
Accenture 1,986,586
JP Morgan Chase and Co.997,500
American Express1,350,000
TCS7,50,000
Infosys8,80,000
Wipro Technology1,750,000
Source

Salaries based on experience level

Experience best indicates refined talents, technological breakthroughs, and improved problem-solving capabilities. However, expertise is not simply evaluated from the standpoint of hard abilities. A focus on soft skills is also significant. Both newcomers and seasoned workers should learn these skills and practice them. 

With every significant increase in experience, a data scientist’s monthly or yearly income will drastically increase. 

The following table includes a salary range for data scientists based on their degree of experience.

Experience levelAverage salary (INR-LPA)
Fresher (1-2 years)       6,11,000 
Mid-Level (5-8 years)10,00,000 
Senior level (10-15 years)   20,00,000 
Source

Salaries in different locations

The location is crucial since it determines the average payout and the clientele that the business serves. Mumbai has the most job openings and the highest yearly compensation for data scientists in India, followed by Bengaluru and New Delhi. Bengaluru offers the biggest prospects for work in startups being India’s startup capital.   

The following table displays the salary range for data scientists based on their location.

LocationAverage salary (INR – LPA)
Mumbai    7,88,789
Chennai    7,94,403
Bengaluru    9,84,488
Pune 7,25,146
Hyderabad7,95,023
Kolkata 4,02,978
Source

Data science salaries in the US

The United States is one of the most progressive nations when it comes to giving data scientists high salaries. Without incentives, stock options, RSUs, and profit-sharing, data science salary in the US is between USD 96k and USD 135k annually.

Salary range for various data science roles

The following table shows the salaries in the US based on  data science roles –

Data science rolesAverage salary
Director of Analytics USD 130,000
Data Architect (Big)USD 123,000
Machine learning Engineer USD 112,000
Research Scientist USD 83,000
Web Analyst USD 67,000
Data Engineer USD 93,000
Business Intelligence developer USD 82,000
Source

The following table shows the salaries in the US based on popular companies-

Popular companiesAverage salary
Selby Jennings USD 207,539
Apple USD 178,904 
Airbnb    USD 180,284
Concentric USD 182,319
eBayUSD 180,600
Source

Salaries based on experience level

Young IT workers find a career in data science to be particularly enticing. Beginning pay is quite profitable, and salaries gradually increase as one gains experience. Data scientists’ salaries are based on their level of skill as well as their years of experience.

The following table shows the salaries in the US based on  experience level –

Experience level Average salary
Fresher (1-2 years)       USD  95,000
Mid-Level (5-8 years)USD 130,000 
Senior level (10-15 years)   USD  165,000 
Source

Salaries in different locations

The following table shows the salaries in the US based on different locations-

Job locationAverage salary
San Francisco, CAUSD 124,208
New York, NYUSD 117,707
Washington, DCUSD 117,513
Los Angeles, CAUSD 111,454
Chicago, ILUSD 110,209
Source

Why a career in Data Science?

As businesses have realized the value of collecting massive amounts of data from websites, smartphones, social media platforms, and other sources and exploiting them for commercial purposes, the subject of data science has expanded enormously in a relatively short period. Data scientists utilize their analytical abilities to analyze data after it has been made public, assess it, and extract important information that enables businesses to improve their inventions.

A data scientist is responsible for gathering, purifying, altering, and analyzing data to provide insightful conclusions. They typically work as a statistician or data analyst in the early stages of their career. They develop into data scientists over several years of experience. You may get a piece of this highly profitable pie with the appropriate education, abilities, experience, and training. Data science, as a domain, will alter the world in the upcoming years.

ALSO READ: Career path in Data Science

How can I get a lucrative salary in data science?

When choosing data science as a career, several elements might affect your ability to earn a good salary. Some of the significant contributing variables are listed below:

  • Gain a considerable work experience

Your chances of obtaining a larger compensation package increase as your years of experience in the field rise. You must, therefore, gain a decent work experience to attract better salaries.

  • Opt for a suitable job title

Your remuneration package will depend on your work title or role because certain roles might pay more. You may also choose a data engineer as your career as it pays the higher salary.

  • Opt for a high paying employer

Your employer has a huge impact on your pay. Earning competitive compensation in the sector requires working for significant and reputed firms.

  • Choose the right location

The cost of living and demand for data science professionals in the region are determined by the site of work. This may have an immediate impact on your compensation. Choose the city like Mumbai or Bengaluru which are known as IT-hub.

  • Acquire industry-relevant skills 

Your skill set and level of experience in it can greatly impact your compensation. You may advance in your profession and ask for a higher wage by learning new skills that are appreciated and in demand in the industry. Learn skills like data mining, programming, machine learning to get a higher pay.

READ MORE: How to get into the Data Science industry

Final thoughts 

Professionals that understand how to use data will always be in demand. More individuals will and already are making the journey into the realm of data as demand rises.

Online Manipal is a perfect platform for you if you are interested in learning more about various careers and salaries for data science specialists. It offers courses like online M.Sc. in Data Science and MBA in Data Science designed by the Manipal Academy of Higher Education (MAHE) and equips you with pertinent materials that will aid you at the beginning of your data science career. Enroll today.

Top 10 Python libraries for data science in 2022

Key takeaways:

  • Python is a high-level, object-oriented programming language that has dynamic semantics.
  • Python’s design emphasizes code readability through indentation properties.
  • Python libraries are functioning sets that eliminate the need to write codes from scratch. 
  • The libraries help create models and applications in various fields with minimal coding, data analysis, and machine learning.

Python is a programming language used to build software and websites, conduct data analysis, and automate tasks. The general-purpose language helps to create multiple programs, and programmers prefer it because of its versatility. So, Python is the one-stop destination to develop websites and software, data analysis, task automation, and data visualization. Many non-programmers like scientists and accountants also adopt Python because it is relatively easy to learn.

The Python libraries of data science are collections of modules or codes that you can use in programs for specific operations. The libraries are function sets that eliminate the need to write codes from the beginning. You will find 137,000 python libraries now, and they play a vital role in developing data science, machine learning, data visualization, data manipulation, images, and applications.

The Python library includes around 200 modules that work together to make Python a high-level programming language. The library plays a significant role because programmers cannot access Python’s functionalities in its absence.

Python libraries are pre-written and help developers to program efficiently. The libraries provide application programming interfaces (APIs) that make it easy for developers to use them for software programs. So, the Python libraries offer flexibility and unique functionality for all tasks regardless of data type.

Why Python for data science?

Python is an open-source, interpreted language that provides a unique approach to object-oriented programming. Data scientists and programmers prefer Python for data science because of its simple syntax and ease of use flexibilities. The language is suited for quick prototyping, and any non-programmer can use it for different tasks and activities.

Data science projects in Python have become common in present times, and it is proving to be a language for the foreseeable future.

Here is a breakdown of why Python frameworks for data science have gained significance among programmers and non-programmers.

  • Easy to learn

Python is an easy-to-learn language that enables you to start coding in no time. The language guarantees a quicker learning curve for data analysis and visualization not provided by other sources. Moreover, Python makes programs work with the fewest lines of code – it is an advantage for organizations that want to hire data scientists or analysts for domain expertise and programming tasks.

You can also access multiple online tutorials and resources when learning Python libraries for data analysis to increase your expertise in the niche.

  • Scalability

Python is one of the most scalable languages used for data science. It has built-in flexibility to solve all kinds of problems. Moreover, you can use it for different purposes without worrying about its integration capabilities with websites, software, or applications. You can change the Python language in any shape or size per convenience without any hassle.

Python helps data analysis tasks to integrate with cloud computing platforms and web applications. The language helps in task integration when they are part of a larger project with multiple complexities. The scalable language runs on every operating system and platform and allows modules to get written in various languages and interfaces with API-powered services and libraries.

  • Solid data science libraries

You can find Python data science libraries, such as Pandas, NumPy, SciPy, etc., that are powerful and broad and cover every math function in programming and data analysis. The data science libraries in Python specialize in multiple tasks – from high-level mathematical functions and linear algebra to handling data structures and operations. 

That is why solid data science libraries are the best way to connect to databases, extract data, execute queries, and provide meaningful insights for business strategies and growth.

  • Machine learning and algorithms

The Python-based learning experience has more demand in the market because hiring managers want data scientists with expertise in the programming language tools like Caffe, Torch, and TensorFlow. That is why Python is the best choice for language unity, machine learning work, and linked data structure that hold utmost significance for data scientists.

Machine learning and algorithms get supported in libraries for data science in Python. The programming language makes it easy to learn and do statistics, probabilities, and optimizations to implement algorithms in systems. So, the Python library offers algorithms for machine learning tasks and helps test and compare the modules under a centralized platform.

The combination of specialized machine learning activities makes Python uniquely suited to develop prediction engines and sophisticated models that can interface with a business system.

  • Data visualization

The programmers working on Python have recently developed multiple solutions for data visualization. The language’s module system offers quality graphic and visualization options, such as power spectra, histograms, scatterplots, etc., with minimal coding.

New libraries built on Python modules provide opportunities to create and share unique charts and interactive visuals. So, the Python libraries for data science offer powerful advanced analytics combined with their machine learning capabilities for data visualization.

Python libraries for data science

Scrapy
Beautiful Soup
SciPy
NumPy
Pandas
TensorFlow
Keras
PyTorch
Scikit-Learn
Matplotlib

A Python library enables programmers to write code without the requirement to start from scratch. You can use Python to create applications and models in multiple fields, such as data science, machine learning, data manipulation, and visualization.

Here is a Python libraries list and their uses for data science to know if you want to excel in the field.

  1. Scrapy

Scrapy is an open-source, fast web crawling framework written in Python to extract data from web pages with XPath selectors. The Python framework is one of the best platforms for web scraping techniques or web data extraction. The process involves collecting data from websites by employing techniques like API.

  1. Beautiful Soup

Beautiful Soup is a Python library that helps pull data from XML and HTML files. It works with a parser to provide idiomatic methods related to search, navigation, and modification. The process helps save a programmer’s time and illustrates features for data documentation processes. The Python library is one of the easiest ways to scrape the required information from different web pages.

  1. SciPy

SciPy is a Python library that provides algorithms for integration, optimization, algebraic equations, interpolation, statistics, and other scientific computational processes. The library offers multiple data structures and algorithms applicable across domains. It also provides additional tools for array computing and specialized data structures like k-dimensional trees and sparse metrics.

  1. NumPy

NumPy offers multiple services like random number generators, mathematical functions, Fourier transform, linear algebra routines, etc. It is a fast and versatile Python library that provides indexing, vectorization, and broadcasting concepts for array computing. The library also offers multiple hardware and computing platforms for programming purposes.

  1. Pandas

Pandas is an easy-to-use, flexible, and powerful open-source data manipulation and analysis tool built on a programming language. It is one of the most used Python libraries for data analysis that offers data structures and operations to manipulate time series and numerical tables. The library aims to become a fundamental building block for real-world, practical data analysis in Python.

  1. TensorFlow

TensorFlow is one of the best Python frameworks for data science that helps create production-grade machine learning models. The Python library also allows you to use pre-trained models or create and train your own in its ecosystem. It also enables you to find ML solutions for skill levels and transform your research into production within a short period.

  1. Keras

Keras is an API that helps reduce cognitive loads by minimizing the number of user actions required for use cases. The Python library provides actionable error messages with extensive developer and documentation guides to run a system efficiently. It has the best learning framework among other data science libraries in Python.

  1. PyTorch

PyTorch is an open-source machine learning framework that creates a path between research prototyping and production deployment. The library enables scalable distributed training and performance optimization in production and research by the distributed backend. The best part about PyTorch gets well-supported among cloud platforms and provides frictionless development.

  1. Scikit-learn

Scikit-learn is a free machine learning library that offers efficient tools for predictive data analysis. It is a reusable library for Python programming language accessible to everybody in multiple contexts. The library features algorithms such as machine learning, gradient boosting, random forests, support vector machines, etc.

  1. Matplotlib

Matplotlib is a comprehensive plotting library under Python programming language and helps create animated, static, and interactive visualizations. The library helps create publication-quality plots, interactive figures, visual style and layouts, and file formats through third-party packages.

How can I become a Python pro?

Python is well designed and has multiple features making it one of the most used programming languages on the web. Its ease of readability and syntax makes learning easier for programmers and non-programmers.

However, you must have the experience to work on data science projects in Python. So, how do you become one?

You can enroll in relevant programs and courses to become a professional specializing in Python libraries for data science. The training programs will help you master the skills required to execute the programming languages on multiple platforms and run systems with minimal coding. You can also learn to collect structured and unstructured data and conduct manipulation and visualization via Python libraries.

The Manipal Academy of Higher Education with Online Manipal offers courses to help you ace your skills in data science and Python libraries. Here is a breakdown of the programs for students and professionals.

The Master of Science program in data science helps you learn technical skills and understand data analytics. You can learn multiple programming and skill sets related to Python, such as big data analytics, machine learning, statistics, etc.

The program also offers courses on predictive modeling and machine learning applications, real-world data development, and strategic and critical development recommendations to manage processes under Python’s programming languages.

You can choose the postgraduate program in business analytics, where you can select analytics and data science as an elective to enter the domain. The program will help you improve your skill sets as a professional Python developer and learn machine learning techniques, algorithms, math, statistics, etc.  

You can choose the analytics and data science elective under your MBA program for better career opportunities in the domain of Python programming language.

In conclusion

Python libraries for data science are the best platforms to solve multiple tasks and challenges. Most data scientists leverage Python’s programming languages for data analysis, visualization, and manipulation. It is an easy-to-debug, easy-to-learn, open-source, object-oriented, high-performance language with multiple benefits. However, you must know Python basics and learn them to excel in data science.

You can choose the courses and programs from Online Manipal to master the concepts of data science libraries in Python. Join today.

What are the best-paid jobs in supply chain management?

Key takeaways: 

  • Businesses must develop procedures to streamline how their goods reach customers if they want to continue to be successful. 
  • The efficient and effective movement of goods and information must be planned and overseen, which calls for a variety of people with a variety of skills. Jobs in the supply chain can lead to highly profitable occupations that are vital to the daily operations and long-term success of a firm. 
  • A supply chain is a method a business employs to transfer data, products, or resources from a supplier to a customer. The entire development through the delivery process is included in an organization’s supply chain, including –
  • Product development
  • Purchasing of materials
  • Inventory control
  • Manufacturing
  • Transportation 
  • Delivery
  • There is a high demand for SCM jobs in India, and they also pay handsome salaries in India. 

The global business landscape has radically shifted in recent years. The scope of supply chain management has expanded as a result. This industry has seen the emergence of numerous new disciplines, including planning, sourcing, manufacturing, and delivery. The flow of goods and services involves a number of actions, from acquiring raw materials to turning them into finished items.

What is supply chain management, and is it a high-paying job opportunity? That is probably the question you’re wondering right now. As with any sector, supply chain management has a wide range of professions to pick from, so let’s go a little deeper and look at some of the highest-paying supply chain jobs in this field.

Given the rapid growth of supply chain management and logistics, there are consistently more career possibilities in this sector every year. New positions are developing in this sector while traditional roles are becoming more technologically savvy. So, based on various characteristics, supply chain and management is undoubtedly one of the professions with a much higher job satisfaction rate. 

It is thus evident that choosing to work as a purchasing or logistics manager in 2022 is a wise decision for now and in the future.

Why a career in supply chain management?

The allocation, distribution, and delivery of a product are under the control of logisticians. The demand for logistics professionals is at an all-time high, so if you want to work steadily and earn well, this may be your field. The highest-paying supply chain jobs come with some perks, as follows.

  • Job creation

The logistics industry rapidly increased and saw expansion even during the worst crisis. With the Bureau of Labor Statistics forecasting a 7% increase in jobs between 2016 and 2026, the field is even more promising.

  • Ample pay

Salary ranges for supply chain managers in India depend on factors including location, amount of expertise, and companies they work for. The yearly salary range for a supply chain manager in India is INR 30,00,000, according to PayScale. In this industry, bonuses and overtime are rather typical.

  • In-demand positions  

Any firm that produces goods and services needs to have a strong supply chain management department. Business executives are aware that enhancing supply chain management can boost sales, product quality, and organizational effectiveness. As a supply chain specialist, you could be a significant asset to any organization and make a remarkable contribution in its growth.

  • Possibilities for growth

While it is not a must for success in logistics, a graduate degree might open the door to the rapid development of an individual wanting to pursue SCM jobs. Although there are many upper management positions, they demand more training and experience.

  • Global traveling

Numerous logistics positions require regular travel abroad. Although these excursions focus considerably more on work than sightseeing, they offer a variety of prospects for those eventually wishing to break into the world of international business.

READ MORE: Supply chain course details

Top-paying Supply Chain Management jobs

Here is a list of top supply chain jobs and the respective average salaries-

Job rolesAnnual salary ( INR – LPA)
Purchasing Managers8,42,726
Logistics Managers5,90,000
Warehouse Managers5,00,730
Inventory Managers5,80,000
Distribution Managers11,35,790
Freight Forwarders5,90,000
Retail Merchandisers23,00,000
Operations Managers9,00,000
Production Managers9,60,554 
E-Commerce Logistics Managers9,08,287
Source

1. Purchasing Managers

The sourcing, investigation, and contracting with material or product providers are within the purview of purchasing managers. They search for the most significant things at the lowest prices and bargain to get the best price for their company on goods they will either use or resell. Purchasing managers are one of the best supply chain jobs.

Roles and responsibilities
  • Identify the order’s frequency.
  • Compare various vendors.
  • Determine your shipping requirements.
  • Make sure purchases satisfy the requirements of the business.
Average salary

INR 8,42,726 per annum.

2. Logistics Managers

Logistics managers plan and manage the ordering of materials and delivery of goods to customers or vendors. At each stage of the supply chain, they also ensure that regulations are followed. A large company’s whole supply chain or a specific region may fall under the purview of a logistics manager.

Roles and responsibilities
  • Maintaining inventory data and controlling warehouse stock.
  • Budget oversight and management.
  • Choosing transportation providers and haggling over prices with them.
  • Responding to issues and finding solutions.
Average salary

INR 5,90,000 per annum.

3. Warehouse Managers

The warehouse managers are in charge of overseeing the facility’s operations. They also speed up shipping and receiving, keep an eye on team performance, and ensure items are stored efficiently and orderly. Technically knowledgeable candidates are preferred for this post.

Roles and responsibilities
  • Process orders.
  • Operate the IT and mechanical systems.
  • Liaise with transport suppliers, companies and clients.
  • Train, supervise and appraise staff.
Average salary

INR 5,00,730 per annum.

4. Inventory Managers

Inventory managers are responsible for managing a company’s inventory levels. They are in charge of a team of inventory staff who receive and record new items as it is delivered and shipped. Their duties frequently involve monitoring regular deliveries, investigating various suppliers, and evaluating fresh supplies.

Roles and responsibilities 
  • Oversee a group of warehouse workers.
  • A daily delivery record examines fresh cargo and various providers.
Average salary

INR 5,80,000 per annum.

5. Distribution Managers

Distribution managers are in charge of determining how much a duct must be delivered, where it ought to go, and how it should be distributed. This position is critical in supply chain management and logistics, and it uses information technologies to support accurate forecasting and efficient programme implementation.

Roles and responsibilities
  • Arrange for shipping.
  • Organize the drivers, loads, transportation, and routes.
  • Control expenses, timelines, and stock levels using IT systems.
  • Analyze data to determine performance, identify operational problems, and create improvement plans.
Average salary

INR 11,35,790 per annum.

6. Freight forwarders

The person or business planning shipments for people and businesses to move items from a producer or manufacturer to a consumer, market, or final point distribution point now as a freight forwarder or forwarding agent.

Roles and responsibilities
  • Organizing the items’ insurance.
  • Following up in the event of an accident.
  • Directing the movement of the cargo.
  • Supervising the loading and packing of the shipment.
Average salary

INR 5,90,000 per annum.

7. Retail merchandisers

To ensure that the right product is available at the appropriate time and location to maximize sales and margin, retail merchandisers serve as a liaison between purchasers and the sales floor. 

Roles and responsibilities
  • Work with retailers and suppliers to ensure that merchandising plans are carried out correctly.
  • Verify store adherence to marketing strategies.
  • Campaigns for advertising and promotion should be planned and executed.
  • Maintain a product inventory.
Average salary

INR 23,00,000 per annum.

8. Operations managers

Operations managers typically supervise all business operations for a company, a non-profit organization, a government agency, or another type of company. Both large and small firms employ these managers to hire, oversee, and educate staff members, run quality assurance programs, and plan process improvements.

Roles and responsibilities
  • Control the operational procedure.
  • Organize and manage the opera operating process.
  • Manage the improvement of performance.
  • Create an operational plan.
Average salary

INR 9,00,000 per annum.

9. Production managers

Production managers or unit production managers are responsible for managing the daily operations of production as well as setting budgets and shooting schedules. Additionally, they oversee the below-the-line employees. This profile should be taken into account by a candidate with an interest in organizing, planning, and negotiating budgets. They are one of the top supply chain jobs.

Roles and responsibilities
  • Establish and maintain production schedules.
  • Analyze the resource and project needs.
  • Budgets are estimated, discussed, and agreed upon with clients and managers.
  • Certify that all health and safety requirements are being followed.
Average salary

INR 9,60,554 per annum.

10. E-Commerce logistics managers

E-commerce logistics managers design and implement organizational plans, strategies, and procedures to maintain a perfect supply chain, operations, logistics, and procurement process. They oversee routine business activities and the activities of the company’s executives in charge of IT, marketing, and finance.

Roles and responsibilities 
  • Identifying possible distribution and shipping firms.
  • Assessing a company’s performance.
Average salary

INR 9,08,287 per annum.

READ MORE: Job opportunities for an supply chain management graduate

How can I earn these skills?

After high school, aspiring supply chain managers must obtain a bachelor’s degree. Other relevant majors, such as finance, business, or even engineering, are available besides bachelor’s degrees concentrating primarily on supply chain management. 

Getting an online certificate from reliable platforms such as Online Manipal gives you an upper hand in learning in-depth about the field you want to enter and exploring the diverse options before getting into one of the best supply chain companies to work for.

Wrapping up 

Jobs in supply chain management are generally constantly in demand. Given the growth of e-commerce, additional employment will definitely open up in the near future. Therefore, if you lack the requisite degree or experience, it’s still not too late. You may now start your training.
The Manipal Academy of Higher Education (MAHE) offers a wide variety of courses related to SCM at Online Manipal. Additionally, it offers and equips you with essential resources that will aid you at the beginning of your SCM career. Enroll now!

Top high paying jobs in business analytics

Key takeaways:

  • Business analytics uses statistical methods and analytical technologies to analyze data and enhance business growth. 
  • Business analytics helps gain insights into processes to improve decision-making strategies.
  • Business analytics is one of the highest-paid data analytics jobs.

Business analytics is a business intelligence and data management solution. It involves using methodologies like predictive analysis, data mining, and statistical analysis to analyze and transform data into information and identify trends and outcomes for strategy-driven business decisions. It holds significance in organizational decision-making processes of business growth. It leads to surging demand for the business analytics job role.

Business analysts use data to form multiple business insights and recommend required changes and corrections in organizations. The professionals can identify issues in any part of the organization, such as industrial structures, IT processes, staff development, etc. Therefore, business analytics is a significant component of operations because organizations seek to reduce costs and increase efficiencies.

Here is why the top career options in business analytics remain in demand –

  • Business analytics help identify and prioritize organizational functional and technical requirements.
  • It uses tools like Excel and SQL to analyze data sets.
  • It helps compile tables, charts, and other elements related to data visualization.
  • It helps create financial models to support business decisions.
  • It enables others to understand business strategies, requirements, and goals.
  • It helps plan enterprise architectures and structures related to business.
  • It helps forecast, budget, and perform variance and financial analysis.

Why a career in business analytics?

You get the opportunity to work in multiple sectors and industries and enhance your skills as a business analyst. The business analytics job role helps address significant challenges and provide solutions to critical business problems.

Here is why you should choose a career in business analytics at present times.

  • Growth in the analytics industry

The corporate and IT world has witnessed significant growth in business analytics in the past years. It provides ample scope for professionals interested in data analytics to showcase their talent across organizations and solve business-related issues and problems. 

Every organization wants a professional to observe and recommend changes in strategies to improve business growth. So, the business analytics career path works best if you want to pursue a career in it.

  • Dynamic job nature

Business analysts can understand each customer’s unique needs and propose informed decisions to satisfy them while keeping in mind the organizational goals. The professionals also get subjected to new challenges daily that make them enhance and develop their skills frequently. Thus, you can choose to be a business analyst if you want a mentally stimulating role in your career.

  • Good pay scale

Business and analytical skills are one of the most sought-after skills. You get to learn both aspects if you undertake data and business analytics courses to enhance your skills. Moreover, studies reveal that the average salary package of business analysts is better than other IT professionals. Hence, pursuing this career helps you open up ample learning opportunities and an envious pay scale in the competitive marketplace.

  • Decision-making factor

Most organizations consider analytics one of the most significant decision-making factors in business growth strategies. The team members rely on analytics to enhance performances by recognizing marketing and sales opportunities and understanding customer patterns and trends within a stipulated time. Organizations, therefore, must rely on professionals with analytics backgrounds for such decision-making processes. It makes business analytics the perfect job option for your career.

  • Multiple career choices

All industries can utilize analytics for multiple purposes. So, you get job opportunities in sectors like healthcare, retail, textile, automotive, banking, etc. The scope of job roles related to business analytics prompts many professionals to embark on a journey in the lucrative industries.  

High-paying jobs in business analytics

Business analytics jobs have witnessed a surge in the past years. The careers in information and technology may be subject to drastic fluctuations because of their flexibility. But the high-paying jobs in business analytics witness steady growth despite the industrial ups and downs. 

Take a look at some top jobs in business analytics that promise a whopping remuneration for professionals.

RoleAverage salary (INR-LPA)
Business Analyst700000
HR Analyst480000
Supply Chain Analyst550000
Financial Analyst400000
Marketing Analyst370000
Source

  • Business Analyst

A business analyst bridges the gap between information technology (IT) and business by using data analytics to assess different processes, determine requirements, and deliver recommendations and reports to stakeholders, clients, and executives.

Here are the responsibilities of a business analyst.

  • Create detailed business analysis and outline problems, solutions, and opportunities.
  • Plan budgets and forecast marketing and sales expenditures.
  • Plan and monitor data-driven business strategies.
  • Conduct variance analysis of tasks and activities across the organization.
  • Analyze pricing and reporting processes and define the business requirements across teams.

A business analyst’s salary in India ranges between Rs 5.0 Lakhs to Rs 15.0 Lakhs. Moreover, the average annual remuneration is around Rs 7.0 Lakhs. 

Here is the guide to become a business analyst.

  • HR Analyst

An HR analyst collects, compiles, and analyzes multiple HR metrics, statistics, and data. The professional recommends changes and modifications in retention, recruitment, and legal compliance related to organizational structures. 

Here are the responsibilities of an HR analyst –

  • Work with the HR team to resolve various human resource-related issues.
  • Communicate with customers and clients and help them to troubleshoot issues.
  • Help with HR investigations and job audits and follow up with relevant parties.
  • Create and deliver presentations and pieces of training on HR-related topics.
  • Advise and support multiple departments regarding HR policies, processes, and best practices.
  • Analyze and present significant data and reports to appropriate areas of expertise, identify errors, and recommend solutions. 

A human resource analyst earns an average compensation of around Rs 4.8 lakh in India. 

  • Supply Chain Analyst

A supply chain analyst helps analyze methods and data to predict and improve an organization’s delivery of products and services to customers and clients. The professional ensures that an organization’s supply chain runs smoothly and helps incur profit in the business processes.

Here are the responsibilities of a supply chain analyst.

  • Collect and analyze supply chain data.
  • Oversee and manage supply chain operations.
  • Provide training to the supply chain team members.
  • Perform and prepare inventory analysis reports.
  • Identify and analyze multiple supply chain trends.

A supply chain analyst’s salary ranges between Rs 5.6 Lakhs to Rs 11.9 Lakhs. Moreover, the average annual remuneration is around Rs 5.5 lakhs. 

  • Financial Analyst

A financial analyst helps guide individuals and business organizations in decisions related to expenditures and profits. The professionals provide guidance by accessing the performance of bonds, stocks, and other significant investment types.

Here are the responsibilities of a financial analyst –

  • Analyze financial statements and forecast the organization’s future.
  • Forecast future expenditures and revenues and suggest ways to improve them.
  • Track the organization’s financial plan and suggest changes and corrections to it.
  • Identify and interpret data to assess any errors or discrepancies in the organizational expenditure and revenue structure.

The average annual salary of a financial analyst in India is around Rs. 400000. 

  • Marketing Analyst

A market analyst helps analyze data and information to support an organization’s marketing strategies and efforts. The professional uses multiple insights to help the organization make better marketing decisions to enhance business growth.

Here are the responsibilities of a marketing analyst.

  • Interpret research about an organization’s clients or customers and their buying habits.
  • Identify target audiences and gather significant web analytics to prepare strategies for successful market campaigns.
  • Study market conditions and assess the potential sale estimates of an organization’s products and services.
  • Provide actionable market and customer insights to address strategic questions related to sales and marketing processes.

The average annual salary of a marketing analyst in India is around Rs 3.7 lakh

How can I join business analytics?

You have to excel in relevant skills to join the field of business analytics. You can also choose courses or programs from Online Manipal to gain expertise in the fields.

Here are a few tips to join business analytics –

  • Hold a relevant undergraduate or postgraduate degree related to analytics to have a strong background or knowledge in information technology.
  • Pursue a master’s degree or MBA in business analytics to improve your skills and get information on the latest data trends, cloud-based software, and other operational systems related to multiple industries.
  • Try to supplement your training and learning with additional certifications and courses from online institutions.
  • Try to gain real-world experience by undertaking industry-specific training or internships in multiple fields.
  • Practice the latest software to understand and analyze the gap between business and information technology in present industries. 

Nutshell 

Business analytics is one of the best ways to help organizations reduce risks and make the right decisions depending on available data, such as customer preferences, trends, marketing statistics, and patterns. The process entails the analysis of data for the creation of predictive models and the application of optimization techniques to communicate successful business results.

The technology utilizes data-driven methodology in the business environment by relying on data and statistics to create better business insights. Every organization wants efficient business strategies to grow in the competitive marketplace and the best way to move forward is by adopting business analytics and related strategies. 

However, you must have the required skills to get a business analytics job role. You will find multiple online courses, programs, and certifications to hone your skills. Manipal Academy of Higher Education (MAHE) with Online Manipal provides M. Sc in Business Analytics and PGCP in Business Analytics, among other courses. 

You can also choose the online MBA – Analytics and Data Science course to help you look for jobs after MBA in business analytics. Choose a relevant course of your choice from Online Manipal and get ready to excel in the field of business analytics. Join today!

Embrace the spirit of Diwali through online learning 

Diwali, popularly called the festival of lights, is a time when not only our houses light up, but our hearts too. It is a time of celebration, joy and togetherness. Diwali is celebrated differently in every household, and everyone has their own reasons to celebrate this most loved festival. ‘Deepavali’, as they call it in some parts of India, essentially means “awareness of the inner light”. In a way, it is to illuminate the inner light in you, that will help you overcome all dark obstacles in your life. 

Diwali is not only a festival to celebrate, but more than that. It is the time for celebrating the spirit of new beginnings and renewed hope for a brighter future. Diwali symbolizes “the victory of light over darkness, good over evil and knowledge over ignorance.” Here’s how you can use the spirit of Diwali to embark on a new, refreshing journey.  

Make a fresh start 

Diwali doesn’t have to mark the end of the festivities and good things; it can be perceived as a celebration for making a fresh start.  

There might have been several obstacles that stopped you from achieving your dreams or goals. One of the best ways to probably start is by pursuing an online degree. Online degrees are flexible, accessible and budget-friendly. Considering the rapid digitalization that is taking place today, there is no doubt that online learning is the future of education in India and worldwide. So, what better way than pursuing an online degree with the help of Online Manipal, which gives access to a wide range of online undergraduate, postgraduate and certificate programs from top universities like Manipal University Jaipur (MUJ) and Manipal Academy of Higher Education (MAHE), that will make you a future-ready professional.  

Find your purpose 

Festivals are the time to embark on a purposeful journey and follow your passion. This Diwali, find your passion or goal and march towards it. If you love what you do, everything that you do will satisfy you and bear fruit. Make use of this opportunity to pursue an online degree of your choice. One of the biggest boons of online degrees is that you can choose to pursue them from top universities of your choice and pick subjects that interests you. Universities are now offering online degrees with a wide range of specializations, which is not available in traditional on-campus degrees. So, you can pursue a degree of your dreams from the college of your choice.  

Time for a career switch 

Following your passion is not always easy. Sometimes, one is not able to choose the life one wants and settles for a less satisfying life. But, this festive season, give wings to your dreams. If you want to switch your career, then pursuing an online degree is an ideal decision. With universities offering in-demand programs in the online mode, you have a pool of courses and specializations to pick from.  

Online degrees are the perfect fit for working professionals who want to switch careers. Professionals can study from the comfort of their homes, without altering their routine. Online programs help you acquire all the skills you need to get that competitive edge and explore a lucrative career in your chosen profession. Also, online degrees are more affordable than on-campus degrees, so you don’t have to worry about spending much. This festive season, gather the courage to take that leap and follow your heart.  

Boost your freedom this Diwali 

Diwali is celebrated differently across India. For some Hindus, Diwali is celebrated to mark Lord Ram’s return to Ayodhya, along with wife Sita and brother Lakshamana, after 14 years in exile. He also frees Sita from the clutches of Ravana. The people of Ayodhya welcomed them by lighting lamps and celebrating freedom. For the Sikhs, Diwali is a story of struggle for freedom. Sikhs celebrate this festival to mark the victory of Guru Hargobind, from the designs of Emperor Jahangir, who imprisoned him. So, this day marks the celebration of freedom. Everyone has the freedom to choose the life they want to live, so do you have the freedom to choose a degree of your choice. What is better than choosing from a range of Azadi Wali Degrees with the help of Online Manipal. Pursuing an Azadi Wali Degree with Online Manipal can really give you an edge. The degrees offered by top universities on our platform give you a liberating learning experience. 

Read more: Claim your independence with Online Manipal 

This Diwali, light the lamp of abundance of knowledge, truth and passion, and dispel the darkness of ignorance.  

Top 10 data science companies to work for

Key takeaways:

  • Data science companies are in high demand as data volumes grow exponentially.
  • Your primary role as a data scientist will be to work with your company to identify problems and use data to create solutions for better decision-making.
  • For survival, growth, and to keep one step ahead of the competition, businesses are becoming more and more dependent on data scientists’ expertise.

Data science is a dynamic, expanding, and changing field. With so many platforms being created for companies to interact with their consumers, it is crucial for marketers to understand the wants and needs of a different set of audiences. Data science is the best method for obtaining these insights. 

Companies with nurturing and innovative environments for growth are the finest data science companies for new graduates. Compared to the highest-paying top data science companies in India, the growth mindset of the best companies in the world is of slightly greater worth. Your priorities will determine which companies in data science are the best to work for. 

When you think about big data companies, Facebook, Google, or Amazon come to mind. It has been noticed during the past few years that a select few businesses have driven this industry’s growth in India. Top data science companies in India are improving and becoming much more innovative as newer and better technologies are being developed constantly. 

Top 10 data science companies in the world

Company Average Salary (INR – LPA)
Microsoft16,07,673 
Amazon14,67,509
JP Morgan Chase & Co.19,99,156 
Airbnb9,64,380
Walmart25,08,786
EY9,00,000
PwC11,60,688
VMware18,41,296
IBM6,00,275
Splunk14,50,388
Source

You need to determine your priorities if you are a new data scientist looking for the top data companies to work for. Do you prefer to live close to where you work? Would you prefer to work for large or small companies? Do you understand the procedures for becoming a data scientist?

Once you figure this out, below are some top data science companies you can work in.

  • Microsoft

Microsoft was established in 1975 by Paul Allen and Bill Gates. It is among the top data science companies in the entire world. Microsoft has launched initiatives including AI for Earth, which applies artificial intelligence to enhance environmental quality, and AI for Accessibility, which makes it easier for individuals with disabilities to access the world. These initiatives are part of the company’s big data efforts.

To better the lives of hundreds of thousands of people, Microsoft provides a wide range of goods and services. As one of the highest paying data science organizations, there are many wonderful possibilities to work here. Microsoft has its offices worldwide, so if you search for “Data Science firms near me,” Microsoft may be the result.

Microsoft offers a wide range of products, making it a difficult environment for anyone wanting to address issues and automate tedious software tasks. To maximize productivity and make their products user-friendly, you, as a relative newcomer, will collaborate with professionals in the field.

  • Amazon

Amazon has completely changed how people shop online because it has invested much in developing the best Data Science technologies in the world. It has consistently ranked among the best company for data scientists since its founding as an online book retailer. 

Amazon’s e-commerce division has been collecting data from all its customers, which calls for highly qualified data scientists. It might not be a data science services company, but its foundation lies in the comprehensive analysis of customer data.

A separate subsidiary is necessary to manage many users and suppliers. For instance, Amazon Web Service, often known as AWS, is a company division that oversees this aspect of its operations and is the biggest shareholder in the cloud service sector.

The fact that Amazon operates internationally and has offices in practically every nation is of its best quality. Additionally, it offers a challenging work environment and has available openings for data scientists in various locations.

  • JP Morgan Chase & Co.

The Consumer & Community Banking division of JPMorgan Chase, also known as Chase to most consumers, has been one of the most aggressive and outspoken in its dedication to using data and analytics to benefit both customers and the company. The bank keeps increasing the use of analytics and data.

Using data and analytics to react quickly to the various needs of the customers while delivering personalization at scale to craft offers for specialized and precisely defined consumer groups.

J.P. Morgan is considered to be the world’s top data science company. More than 260,000 people work here, and it has clientele in more than 100 countries. The company is known for its founding ideal of prioritizing the interests of its customers.

  • Airbnb

Airbnb is a marketplace for accommodations. This company has raised the bar for vacations and homestays. This California-based business serves as an online marketplace for homeowners renting out their space and tourists looking for a cheaper alternative to a lodge.

Numerous data scientists work with Airbnb in various departments, including guest experience, finance, and guest experience. Additionally, they provide platforms through which data scientists can impart their expertise. Therefore, working here can help you gain experience in several Data Science domains.

A highly skilled workforce willing to try new things is needed to manage the enormous number of databases that are kept for the benefit of the landlords and the tenants. The best company for data scientists to work for is Airbnb.

  • Walmart

Walmart is devoted to creating fresh, creative ways to use various data types and have many existing data that must be analyzed. Walmart uses extensive data mining to identify point-of-sale data patterns, which are applied to provide product suggestions, optimize their product assortment, and enhance in-store checkout. It is one of the top data science companies.

  • EY

Ernst & Young (EY) is a multinational accounting and professional services corporation specializing in corporate finance, strategy, consulting, and transactions. EY leverages data and artificial intelligence to re-engineer processes, improve risk controls, and provide its clients with a competitive edge.

Their business operations incorporate analytics and artificial intelligence to create new revenue opportunities, oversee performance, and power capital allocation plans. Data science is used by EY, the best company for data scientists, for-

  • AI tools for mergers and acquisitions
  • Business growth and transformation 
  • Advanced Analytics
  • Services for consultation in AI
  • PwC

PwC, a global network of professional services companies, uses data to estimate market size, determine risk premiums, and enhance its Total Impact Measurement and Management (TIMM) framework. Furthermore, it provides extensive, adaptable, and competitive pay and benefits.

  • VMware

VMware is a corporation that creates virtualization and cloud computing technology solutions for multi-cloud enterprises. The development of anomaly detection, cryptographic agility, cache-adaptive algorithms, and CloudCast at VMware is driven by data science.

It has many ongoing initiatives, including Hillview, Remote Memory, and Project Pathway. You can become a part of a worldwide community addressing important technological challenges by working at VMware as a data scientist, machine learning engineer, or data analyst.

  • IBM

IBM is one of the top data science companies. This multimillion-dollar industry is renowned for its technological advancements, including the ATM, floppy disc, programming languages, SQL, etc.

IBM has created a system for data called IBM Cloud Pak. It enables companies to exclude useless data and produce outcomes using only relevant data. As a result, it uses data in an efficient and timely manner.

IBM Watson Studio is another platform for software that uses IBM technology. A data scientist can develop collaborative projects using various analytical tools and programming languages. One of the best companies for data scientists is IBM. 

  • Splunk

Splunk is an American software startup expanding its data monitoring, analysis, and research scope. Splunk is the data platform that drives hybrid environment observability in the enterprise, unified security, and countless custom applications. It uses machine data to find patterns in data, provide metrics, spot issues, and provide insights for business operations. 

How can I get a job in any of these companies?

The MAHE with Online Manipal is now offering a twenty-four-month M.Sc. in Data Science. Data Science professionals with more than 20+ years of work experience designed the program and are leading the classes. The program will equip you with the technical skills you need to build a remarkable career in Data Science. The program intends to prepare you for analytical and leadership roles in various sectors with a perfect blend of machine learning. Additionally, You will receive the MAHE certificate after the program.

Gain experience in machine learning applications, predictive modeling, Statistics, and big data analytics with real-world data. Learn how to efficiently work in teams, develop strategic and tactical recommendations, and manage processes, work, and people.

Online Manipal provides placement assistance to Data science students. MAHE will help you find the ideal job at top data science companies and succeed in your professional life. The program fee is INR 2,60,000, and you must spend 15 to 20 hours per week.

Final word

Most in-demand positions right now require an understanding of data science in today’s ever-changing corporate environment. It enables organizations to scale internationally. 

Data Science will remain a viable career choice even if automation does threaten to take over because of the constant growth of data. 
Check out Online Manipal’s MSc In Data Science, which will prepare you to master key concepts in big data and execute its numerous services offered by the best industry experts if you’ve been thinking about learning Data Science and getting placed in top data science companies in India. This is a perfect time to start. Enroll now!

MUJ’s online students kickstart their journey with a virtual orientation

On October 14, 2022, Manipal University Jaipur (MUJ) conducted a virtual Orientation Program for Batch 4 online students, where learners got an opportunity to connect with their peers and expand their network. It was a captivating experience for students to interact with peers, faculty, entrepreneurs and industry leaders through a state-of-the-art virtual platform and are now pumped in to start their exciting journey ahead.  

In an enriching experience, the orientation program started off with learners connecting with their peers and program coordinators. It served as a great opportunity for learners to meet their peers virtually, and get to know each other, as they will travel together on this journey to accomplish their career goals.  

Fun zone, peer connect, photo booth & more 

The virtual interaction kick started with students connecting on MUJ’s “fun zone”, where they participated in various games organized. Learners got the opportunity to explore the “peer connect” area, specially created for interacting with batchmates and getting to know each other. Learners could access a “resource center” where they could download all the necessary information required. A scavenger hunt game too was organized to keep them pumped up. Each game came with rewards and points that were displayed on the scoreboard to see which student stood where. After an interesting game session, students were asked to click a selfie and share the picture with #OnlineManipal and #AzadiWaliDegree via the phone booth.  

Dr GK Prabhu, Vice Chancellor & President, highlighting Manipal group’s legacy 

After an entertaining start to the orientation program, Dr GK Prabhu, Vice Chancellor & President, Manipal University Jaipur, delivered the welcome address. He spoke about how Manipal Education and Medical Group (MEMG) has been at the forefront of education, change, and cutting-edge research. He took pride in the fact that the Manipal Group of universities has transformed the life of more than one million students belonging to 30 nationalities in 80 countries across the globe.  

Manipal University Jaipur, established in 2011, has made splendid progress and has seen massive growth in its array of academic programs, research credentials, alumni base, faculty pedigree, ranking, and accreditation. In 2021, MUJ explored the online space, so more learners could benefit from it.  

Dr Prabhu stressed MUJ’s flexible and convenient online classes, through the Online Manipal platform, where learners can study anywhere, anytime and manage work-life and learning balance. MUJ’s pedagogy, curriculum design, and content curation gives an on-campus experience in an online world. Here are some highlights of MUJ’s online programs that Dr Prabhu mentioned. 

  • Robust learning management system (LMS) for seamless interaction with peers and faculty 
  • Continuous engagement via live webinars and expert talks with industry professionals 
  • 5,000 hours of self-paced e-tutorial and reading material 
  • Experienced faculty who are industry experts in their respective fields and more than 70% of who are PhD holders  

Mr. Ambrish Sinha, CEO of UNext Learning, throws light on digital transformation in work culture  

Mr. Ambrish Sinha, CEO of UNext Learning, congratulated the students who are looking forward to entering a new phase of learning with MUJ. He mentioned how the online degrees by Manipal University Jaipur are on par with on-campus ones and enable students to continue learning without quitting their jobs or sacrificing other commitments. With great pride, Mr. Sinha asserted that MUJ and the teams at UNext Learning have together brightened the lives of learners from all walks of life.  

He spoke about how professionals have transitioned into a work from home environment. And since 60% of our learners are working professionals, online degrees today serve that need for all of us who want to study without taking a career break. Here are some key points Mr. Ambrish Sinha highlighted about MUJ’s online programs. 

  • A curriculum designed in consultation with today’s best industry practices 
  • Webinar series delivered by 500+ subject matter experts on various trending topics 
  • A Student Networking Platform- Epic.U, that allows peers are faculty to interact  
  • Placement assistance and free access to Coursera content 

He also mentioned “Ekam”, the very first students’ meet up that took place in Bengaluru, the IT hub. More than 200 learners, from far-off cities like Dubai turned up, and met their peers face-to-face for the first time. Mr. Sinha clearly voiced out the goal of MUJ’s online programs, that is to ensure that graduates are matched with the right career opportunities that are in line with their aspirations and expertise. We evaluate domain knowledge, values, aptitude, and job fit of each learner and incorporate power skills such as leadership, cultural fluency, teamwork and professional into our programs, he said.  

Students then watched a video encompassing our learners’ experiences, cutting-edge LMS, learning opportunities, curated programs, and more.  

Impactful insights by industry leaders & entrepreneurs 

The orientation program also invited successful industry leaders and startup entrepreneurs, who addressed students in an engaging conversation. They highlighted the rate at which EdTech is growing today and how it is helping shape a bright future. The visionary leaders & entrepreneurs spoke in-depth about their entrepreneurial journey and how important it is to be passionate about goals.  

Wrapping up 

Dr Mallikarjuna, Director of Online Education, Manipal University Jaipur, wrapped up the program with some key takeaways. He extended his thanks to all learners, faculty, industry experts and entrepreneurs who made this orientation program a grand success.  

Having won the 2022 Economic Times Ascent National Award for excellence in online education, MUJ continues to serve as a powerhouse of inspiration for countless learners and help them chase their dreams.  

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