Business analysts help businesses streamline their operations and enhance the quality of products and services through data analysis. With the help of intensive research and analysis, business analysts provide solutions to business problems and help businesses prosper. Business analysts work closely with organizations and companies to understand their operations, requirements and provide data-based solutions or recommendations to the stakeholders.
Job Description of a Business Analyst
Primarily, a business analyst’s role is to fill the gap between business and IT by leveraging data analytics tools and techniques. A highly skilled business analyst ensures that he collaborates well with the IT department and develops innovative strategies leading to cost-effective solutions and robust reporting. To have a profound knowledge of business operations, models, and techniques, prospective business analysts can take up a Business Analytics course and have a promising career.
The job of a business analyst is quite close to that of an IT professional, and in a few organizations, you may find the business analyst role to be a technical one. Business analysts either work full-time solely for the organization they are associated with or collaborate with a consulting firm to provide business solutions. The duration for which a business analyst is involved in a business varies as per the project requirements. That is, either business analysts offer answers to the existing business problems or extend their association with the project by helping in the implementation of the solution. Typically a business analyst’s role and responsibilities include:
- Analyzing business structure, usage of technology, business goals, and requirements.
- Spotting business problems using various data modeling techniques.
- Discussing the issues with the stakeholders and developing a clear understanding of their goals.
- Using the research for devising ways that can help the business to improve.
- Making the business stakeholders aware of the benefits of implementing new technologies and strategies.
- Monitoring the implementation of business strategies.
- Organizing knowledge transfer sessions and seminars.
Skills of a Business Analyst
For a skilled business analyst, it’s imperative to possess both core and soft skills. So let’s learn what it takes to become a successful business analyst:
Core skills that every business analyst must have include:
- Industrial Knowledge: Business trends are ever-changing, and it’s a must for business analysts to keep track of these trends and keep themselves updated.
- Strong Analytical Skills: This is an essential skill for a business analyst to possess. A business analyst must have a profound knowledge of analytical tools and techniques that align with the business problems and objectives.
- Good Collaboration Skills: For proper execution of roles and responsibilities, a business analyst has to collaborate with the different teams of an organization. This is to figure out the business requirements, spot the existing problems and look for the reasons behind the issues.
- Excellent Communication Skills: Business analysts play a pivotal role in the business’s success. They must possess good verbal and written communication skills to enhance the exchange of ideas and promote a better understanding of problems and probable solutions.
- Problem-Solving Skills: The core role of a business analyst involves problem-solving. Business analysts analyze a given set of data, find out the problems with the business, and try to provide solutions that can help the organization come out of the existing problems and prevent future threats.
- Decision-making Skills: It’s a responsibility of a business analyst to make decisions in the best interest of the business and the organization. After analyzing the complete scenario and collecting all data points, data analysts must make the best decisions.
- Negotiation Skills: A business analyst must use his negotiation skills at every step of a project, starting from inception to providing solutions. Having excellent negotiation skills ensures that a business analyst can persuade the stakeholders about the requirements of the project and the approaches that can help resolve the problems. Also, upon suggesting a solution, a business analyst needs to convince the stakeholders about the correct execution of the solution.
- Time Management Skills: Above all, it’s imperative that a business analyst finds out the business problems within the stipulated time and also offers timely solutions so that the business can be saved from the probable losses at the right time and lead to profits in the long run.
Salary of a Business Analyst
The average salary of a Business Analyst in India is ₹606,893 per annum. With relevant experience, a business analyst in India can earn as high as 20 Lakhs per annum or even more. Let’s check out the average salary of business analysts in India as per their years of experience.
|Career Level||Average salary (₹)|
|Entry Level (<1 year)||3,55,000|
|Early Career (1-4 years)||5,15,000|
|Mid Career (5-9 years)||8,30,000|
|Late Career (10-19 years)||10,00,000|
|Experienced (20+ years)||20,00,000|
Thus, the business analyst can be a great career choice for those seeking a good salary package and having a keen interest in IT and analytics.
Certifications for Business Analysts
The role of a business analyst is critical, and thus having the right certification can help the business analysts to equip themselves with the required skills. A few prominent institutions offer an array of certifications for professionals interested in pursuing a rewarding career in business analysis. Here’s a list of such institutions and the respective certifications provided by them:
- International Institute of Business Analysis
- Academic Business Analysis Certificate
- IIBA Entry Certificate in business analysis
- IIBA Certification of competency in business analysis
- IIBA Certified business analysis professional
- IIBA Agile Analysis Certification
- International Qualification Board for Business Analysts
- IQBBA Certified foundation level business analyst
- Certified Advanced Level Business Analyst
- Project Management Institute (PMI): PMI-Professional in business analysis Certification
- International Requirements Engineering Board
- IREB Certified professional- foundation level
- IREB Certified professional- advanced level
- IREB Certified professional- expert level
So, a business analyst primarily blends the concepts of IT and business to draw data-driven insights about the organization and its processes. Based on these insights, decisions are taken to make the operations smooth and prevent any likelihood of losses. After skimming through the article, we hope you are clear on the roles and responsibilities.