Understanding the Role of a Research Analyst
As more and more KPOs are coming to India, the opportunities in research analytics are growing at a rapid pace. The processes which are outsourced to KPOs are usually more specialized and knowledge based and as such require skilled and highly competent people to work on them.
Research analytics covers a broad job category in the areas of market research, operation research and industry research. Let’s first begin to understand these roles in more detail.
A market research analyst studies markets to help businesses understand what products or services people want. An operations research analyst studies specific aspects of an organization’s business processes and devises means to improve them. And an industry analyst researches on a specific industry or specific company. They typically work for investment banks, brokerage houses etc. and their job is to keep track of trends and new developments in an industry. All in all a research analyst researches ways to improve the operations of the company.
Research analysts are generally required to have a bachelor’s degree. Types of degrees range from economics or computer science to operations research or management. They almost all work with numbers as much as with words, so knowledge of analytical techniques and softwares are as important as is the ability to write well.
If you’re detail-orientated and enjoy being an expert on your sector, then a research analyst job might just suit you. In this role you are responsible for delivery, solution development, business development, research and innovation. You can work in many areas like sales and marketing analytics, consumer analytics, predictive analytics or in retail analytics. Whichever area you work on you’ll be an invaluable part of the business.
Research analysts might join as a junior analyst or researcher. They can stay within their sector building their knowledge and credibility and be an expert or they can work in different custom consulting projects or in establishing new research projects.
It’s the analyst’s job to understand the context clearly and completely enough. Accurate knowledge of a situation or a market is often crucial to assessing a project’s likely chance of success. Thus a research analyst is a much valued member of the team. As a research analyst you may have a full-time position in a company or organization or, you may work as a freelancer on short-term contracts for a variety of clients. An experienced research analyst has some of the most portable skills in the job market today. It is a challenging and creative role, and tends to be both well regarded and well rewarded.
If you liked this article you might also find the article, ‘Business Analyst Professionals- What are the Key Intrinsic Skills They Need?’interesting. Written by Jigsaw faculty Neha Shitut, it is a useful read for those looking to begin a career in business analytics or data science