The business analyst, described by IIBA (International Institute for Business Analysis) as an “agent of change,” statistically analyzes large data sets to identify effective ways to increase organizational efficiency. From using data analysis to evaluate processes and set requirements to provide policy recommendations, business analysts fill the vacuum between businesses and their IT departments with operational, data-driven insights that improve decision-making capabilities.
Business analysts are valued for their analytical skills in understanding how data-focused strategies add value to an organization’s end result – including its processes, services, hardware, software and products. The job description of a business analyst also requires a strong business acumen and organizational skills to balance strategies with what is functionally, technologically and financially feasible.
To become more data-focused, flexible and competitive in this age of digital breakdowns, organizations are increasingly relying on business analysts for guidance on best practices and innovative technologies. This dramatically increases the demand for business analysts in various emerging roles. According to the US Bureau of Labor Statistics, the demand for business analysts is expected to increase 14 percent increase by 2024, which is the highest average percentage among growing professions.
Roles and responsibilities of a business analyst
While the roles and responsibilities of a business analyst include several aspects, the main role of a business analyst is to make changes in the organization. Solution-oriented changes improve the overall efficiency of the organization, including optimizing processes, reducing costs, and identifying new business opportunities.
Business analysts achieve this by collecting research and analyzing data, presenting a number of data-driven solutions, and then implementing these solutions and optimizations using analysis tools and technologies.
Responsibilities of a business analyst
The responsibilities of the business analyst include extensive knowledge of financial analysis, forecasting and budgeting, as well as a clear understanding of reports and regulatory requirements, key success factors and performance indicators.
Here is a brief description of the job description of a business analyst, which will give ambitious business analysts an idea of the responsibilities they must perform:
- The ability to work with colleagues and stakeholders to gain an in-depth understanding of critical business requirements
- The ability to analyze data models to draw logical conclusions
- Development of innovative solutions for operational and strategic changes, which is the main role of the business analyst
- Be experienced in inventing the processes or systems needed to implement change
- Strong communication and interpersonal skills to interact with senior management regarding the implementation of change
- Stable knowledge and experience in assessing the consequences of change
- Competence in writing reports and making presentations to highlight the impact of changes
- Conducting tests, surveys and seminars will be part of your daily activities
Sets of skills that are in demand and an essential part of the job description of a business analyst
Given that the role of business analyst is crucial in today’s ever-changing business landscape, there is a great demand for skilled talent to fill this role in organizations around the world.
If you are planning to start your career in this field, it is worth noting that the job descriptions of business analysts often include specialized skills and basic skills, such as:
To identify business solutions, business analysts need to be fully aware of existing technology platforms and emerging technologies to determine the potential outcomes they can achieve through current applications and new offerings. Designing business-critical systems and testing software tools are also important technical skills and common requirements in the job descriptions of business analysts today.
The nature of the work of a business analyst includes interaction with developers, customers, end users and management. The success of the project depends on how clearly business analysts communicate details such as announced changes, test results and project requirements. Proficiency in communication is a must for any business analyst.
The business analyst skill set must include excellent analytical skills to interpret and translate customer needs into operational processes. Most job analyst job descriptions include excellent analytical skills for analyzing documents, data, user research, and workflows that will provide solutions to problems as needed.
Opportunities for decision making
Robust decision-making skills are a must in any job analyst job description. Business analysts must be able to assess the contribution of stakeholders, analyze the situation and choose the right action plan. In terms of its ability to survive and maintain profits, the viability of an organization will depend significantly on the decision-making skills of business analysts.
From planning the scope of the project and directing the workforce, to forecasting budgets and managing change requests, as well as monitoring time constraints, these are just some aspects of a business analyst’s job description. As an interdisciplinary position, business analysts must have high-level management skills to manage projects from start to finish.
To learn more about how to create an impressive business analyst resume that highlights the aforementioned skills and more, read this.
Salary of a business analyst
Expect to be well compensated and enjoy many rewarding experiences if you manage to break into this area of your career. According to the latest data from Indeed.com, a business analyst in the US won one average annual basic salary from $ 73,945, while for a business analyst based in India, the average salary is 750,500 rupees a year.
After one to five years, most entry-level business analysts advance to advanced positions as senior business analysts or project managers. However, your level of experience, location and industry will significantly affect how much you earn as a business analyst. Those in the financial or technical field are known to earn more than their counterparts in other fields.
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How to become a business analyst
Business analyst job descriptions often require multifunctional experience. In addition to your bachelor’s degree in finance, accounting or business administration, you also need to learn computer programming, which will improve your technical skills and play a key role in strengthening your career as a business analyst.
Whether you study or work, BABOK (Business Analysis Body of Knowledge) Directory is recommended by experts as a brilliant resource for knowing the tricks of the trade before embarking on the real world of business analysis.
A surefire way to pursue a career in this field is to conduct a certification course for business analysts. At Simplilearn, we are a leading educational institution offering one of the best virtual programs for ambitious business analysts. Learn more about how anyone can get a Business Analyst Certificate.
Watch the video below, which explains who is a business analyst and what a business analyst does.
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