Understanding the Future of Business Analysis in the UK

July 26, 2023
Photo by Bram Naus on Unsplash

The landscape of business analysis is changing dramatically in the UK, and it's not just because of Brexit. As businesses move more of their operations online, they are increasingly relying on big data to make decisions, which means the ways that business analysts work are shifting as well.

For decades, the UK has been at the forefront of digital innovation, and business analysts have been right there at the center of it all—taking businesses into new realms and helping them stay competitive in a rapidly-evolving market. This is especially true for the fintech industry, where the UK has led the pack in adopting innovative new technologies.

In the current climate, we see many companies struggling to adapt to an increasingly mobile global marketplace. That's why UK firms are turning to business analysts to help them solve complex problems and prepare for what's next.

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Businesses are using technology to identify and reach out to new customers in highly personalized ways using social media advertising, email marketing, and other forms of outreach. They are also collecting more data on their current customers than ever before, which is opening opportunities for companies to offer enhanced customer experiences and increase customer loyalty.

Data collection has become so important that a whopping 75% of businesses have made it a priority to have a formalized data-driven marketing strategy in place. On top of that, 80% of businesses report that they have an increased budget for their data-driven marketing efforts this year over last year.

Business analysts are becoming more important than ever to help companies take advantage of these trends by analyzing the data collected about their customers to provide insights into how customers behave and what drives buying decisions. With these insights, companies can provide enhanced customer experiences that drive repeat sales from existing customers and increased brand loyalty.

Business Analyst Salary in the UK

Business analyst salaries in the UK are among the highest in the world. But why is that? Businesses in the UK have embraced business analysis as a core part of professional management, and are investing heavily in the training and hiring of business analysts. The base salary for a business analyst in the UK is currently £43,230 according to the Indeed salary scale although senior-level analysts with 20+ years of experience can earn upwards of £100,000 per year. However, this is just the average like with most jobs, other factors can affect how much you earn. These include experience, education level, certifications, industry (whether you work in the private or public sector), and whether or not you're currently working as a freelancer.

In addition to these factors, it's important to keep in mind that salary means different things depending on which area of the UK you live in. Living costs vary greatly across England, Scotland, Wales, and Northern Ireland. For example: if you live in London and work as a business analyst making £55k/year, you might have a very similar lifestyle to someone working in Glasgow earning the same salary.

Therefore, it is important to note that the specific industry you work in will also influence your salary as a business analyst. Business analysts who work in the financial sector tend to make more than those who work in other sectors, such as retail or manufacturing. However, due to the increased demand, there are many opportunities for people with the right skillset to join this growing industry.

Become a Certified Business Analyst
Become a Certified Business Analyst

What's more, salaries are also increasing, so if you take on a business analyst role, you can look forward to earning a solid starting salary. If you are a beginner or an experienced professional that wants to get trained in business analysis, visit the Business Analysis School website to get started.

To conclude, the increasing adoption of digital transformation by companies means that business analysts will be in high demand. A key driver of this growth is expected to be Brexit, which will require businesses to adapt to changing regulations and economic conditions.

As well as providing valuable insight into how best to prepare for these changes, business analysts are also well placed to help businesses navigate the complexities of digital transformation projects such as cloud computing or big data analytics initiatives. If you want to become a business analyst in the UK, now is the best time to start.

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