Performance Analyst

Performance Analyst

Using data and statistical methods to detect patterns and trends, Performance Analysts convert raw data into useful forward-looking information, determining why things are occurring and what is likely to happen in the future. Performance Analysts manipulate data using powerful analytical software to populate reports and dashboards that interpret the ‘story’ in the numbers.

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Demand for Performance Analysts is expected to grow significantly as competition, regulatory scrutiny and increasingly informed customers transform the role from a ‘nice-to-have’ to a necessity for ma

Diploma
Education & Credentials
*

Graduate degree typically required.

Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills
*
Desktop area Work Environment

Office

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Demand for Performance Analysts is expected to grow significantly as competition, regulatory scrutiny and increasingly informed customers transform the role from a ‘nice-to-have’ to a necessity for ma

Diploma
Education & Credentials
*

Graduate degree typically required.

Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills *
Desktop area Work Environment

Office


WHAT IT IS

Key Role Dimensions

Retrieving data from a companywide ‘data warehouse’ or departmental databases: May include sales reports, product profitability data or customer profiles, depending on the specific area of focus.

Using analytical tools to extract data and generate reports/alerts: Make sense of quantitative data to enable managers to easily find the information they need to make decisions.

Contributing to risk management, customer service and/or operational efficiency: Analytic results are used to inform optimization of both internal operations and customer-facing services.

Focus Areas

There are typically three areas of focus for Performance Analysts:

  • Manage & Reduce Risk: Integrate finance and risk data for improved visibility and optimization; apply a timely, repeatable, accurate and consistent understanding of risk across the organization; help predict and gauge operational risks and market risk.

  • Improve Operational Efficiency: Provide insight into which operations in the business can become leaner and more efficient, and help manage profitability planning, analysis and reporting by product and customer segment.

  • Increase Customer Services, Satisfaction & Profitability: Provide insights to understand customers and determine whether products are meeting their needs; help provide a single view of the customer for service, sales, marketing or risk purposes and facilitate more effective cross-selling of products to existing customers.

WHAT IT TAKES TO SUCCEED

Key Job Accountabilities

Performance Analysts generally:

Set-up business analytics:

  • Contribute to the development of corporate data warehouses and data marts, including architecture and data source definitions.
  • Create standardized tools or queries to obtain relevant data from the organization’s data repositories.

Match solutions to business needs:

  • Work with various parts of the business to define, design and develop analytic solutions to meet business needs.
  • Combine data from multiple data sources to respond to high-level business questions (e.g. ‘How do we cross-sell more products to existing customers?’).

Maintain and improve analytics:

  • Work with end users in troubleshooting issues with reports and dashboards.
  • Act as the data subject expert for a specific area of focus to deliver consistent information and insights.

Knowledge, Skills & Experience

Must-haves:

  • Database architecture and design skills
  • Detailed knowledge of data mining, warehousing, processing and reporting (e.g. SAS and Teradata)
  • Data Interpretation, Sense-making & Communication: Methodical and logical thinker with the ability to communicate complex technical issues and ideas in simple, non-technical terms
  • Adaptability & Mental Flexibility: Ability to balance between data needs and requirements for action
  • Facilitation, Negotiation & Problem Resolution: Good interpersonal relationship skills to interact with business decision makers

Nice-to-haves:

  • Previous experience in data analysis, market research or data warehouse administration in the financial services industry
  • Knowledge of specific financial services operations and processes where data is generated (e.g. portfolio performance drivers, consumer behaviour, psychology of debt, call centre management, collections and recovery systems, customer contact channels, etc.)

Education & Credentials

Intermediate/senior-level positions typically require:

  • Undergraduate university degree
  • Graduate degree

In the fields of:

  • Management Accounting
  • Computer Science
  • Software Design
  • Management Information Systems
  • Business Administration
  • Commerce
  • Engineering
  • Mathematics
  • Actuarial Science
  • Economics
  • Statistics
  • Operations Research
  • Logistics

Employers in different segments may require candidates to possess one or more of these designations:

Professional Associations may include:

  • International Institute of Business Analysis (IIBA)
  • The Data Warehousing Institute (TDWI)

WHERE IT CAN TAKE YOU

Career Pathways

There are a number of pathways open to Performance Analysts through:

  • Increased Seniority: You can move within the business analytics field to a more senior role such as Consultant, Manager or Director.

  • Move to a Related Field: You may choose to move to a related role in IT dealing with the design of the same business intelligence systems.

Future Trends & Impacts

There are several external factors and environmental trends that can influence the demand and qualifications for this role:

  • Data Volumes and Technology Capacity: Global data volumes continue to grow exponentially, creating a wealth of data to be converted into usable information. This is accompanied by an exponential increase in data storage capacity and the emergence of new storage technologies, such as cloud computing.
  • Regulations: New regulations – and new regulatory organizations – are demanding deeper insights into risk and exposure from financial services companies, requiring integrated data across the enterprise. These new regulations, along with growing public scrutiny, have led to the increased implementation of business analytics in financial services organizations.
  • Profitable Growth Requirements: The need to remain competitive in the financial services industry compels investments in business analytics infrastructure and tools to improve insight into financial, economic, environmental and market information.
  • Benefits of Hidden Insight: The growing complexity of global business has raised the stakes at all levels of decision making. Facing more information that humans can possibly process, decision makers need more powerful tools for uncovering hidden patterns to illuminate successful strategies.


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