Today’s world economy is going through some rough times, considering factors such as pandemic-related setbacks, the threat of recession, and languid stock markets. As a result, any business that wants to survive and thrive needs every advantage it can get.
That’s where the field of business analysis comes in. Business analysts are fast becoming an indispensable part of every company’s business strategy, regardless of the organization’s size. As a result, more companies today seek to fill the role of business analyst to get extra advantages over their competition and the turgid economy.
This article tackles the roles and responsibilities of a business analyst. We will provide you with a business analyst job description, outline business analyst responsibilities, relevant business analyst skills needed to perform the business analyst job role, business analyst salaries, and whether role of a business analyst belongs in the IT field.
So before we tackle the roles and responsibilities of a business analyst, let’s define the term.
What is a Business Analyst, and What Do They Do?
A business analyst helps organizations and businesses analyze their products, services, processes, and systems to make more profitable decisions using data analysis and insights. Business analysts also help companies document their business processes by assessing the organization’s business model and its integration with technology.
Business Analyst Job Description
Based on the above paragraph, the best and most succinct business analyst job description is a professional who develops data collection best practices, analyzes current processes, and identifies goals, all to improve how a business works.
For the sake of clarity and organization, let’s break down the business analyst job description into a list of bullet points. Business analysts focus on these things.
1) They understand what their business does and how it does it
2) They are determining ways to improve the existing business’s processes
3) They identify all steps and tasks needed to support implementing new features
4) They are designing the new features that must be implemented, implementing the new features, and analyzing their impact
The business analyst position is typically subdivided into the following titles.
1) Business Analyst
2) Business Process Analyst
3) Business System Analyst
4) Data Analyst
5) Functional Architect
6) IT Business Analyst
7) System Analyst
8) Usability or UX Analyst
Roles and Responsibilities of a Business Analyst
As we tackle the question of the roles and responsibilities of a business analyst, remember that the business analyst job description can vary depending on the business. Company size, industry, and even its location can affect business analyst responsibilities.
Here’s a rundown of the most common business analyst roles and responsibilities. You will notice some overlap with concepts covered in the business analyst job description above.
1) Evaluating business processes, anticipating requirements, discovering new areas for improvement, and developing and implementing necessary solutions
2) Remaining up-to-date and informed on the latest IT advancements and processes needed to automate and modernize systems
3) Taking charge of ongoing reviews of business processes and creating optimization strategies
4) Holding meetings and presentations to share new ideas and findings
5) Documenting and communicating results of the efforts
6) Performing requirements analysis
7) Effectively communicating insights and plans to management and cross-functional team members
8) Collecting vital information from meetings with various stakeholders and producing actionable, valuable reports
9) Maintaining a close working relationship with technicians, clients, and managerial staff
10) Performing user acceptance testing
11) Providing training, coaching leadership, and guidance to newcomers and junior staff
12) Allocating resources while maintaining cost efficiency
13) Ensuring solutions meet the company’s needs and requirements
14) Managing related projects, creating project plans, and monitoring their performance
15) Updating, implementing and maintaining relevant procedures
17) Prioritizing initiatives based on the business’s needs and requirements
18) Acting as a liaison and facilitator between stakeholders and users
19) Managing possible opposing resources and priorities
20) Monitoring deliverables and ensuring timely project completion.
How to Become a Business Analyst
Business analysis is necessary to master and carry out in today’s competitive commercial markets. Consequently, aspiring business analysts must fulfill the extensive requirements to navigate the challenges associated with business analysis successfully.
Here are the requirements needed to become a business analyst.
1) A bachelor’s degree in business or a similar field or an MBA
2) At least five years experience in the field of business analysis or a related field
3) Excellent analytical and conceptual thinking skills, as well as technical and documentation skills
4) Solid planning, organizational, and time management skills
5) The ability to communicate and influence stakeholders, working closely with them to determine acceptable solutions
6) Fundamental analytical and conceptual thinking skills
7) Experience creating detailed reports and giving presentations
8) A solid working knowledge of Microsoft applications like Word, Excel, and Outlook
9) A verifiable reputation for following through on commitments
10) Experience assembling and leading high-performing teams and leading and supporting the teams’ projects successfully
11) Proficiency in some or all the following business analysis techniques:
a) SWOT Analysis: This technique assesses four factors: the Strength, Weaknesses, Opportunities, and Threats in a business through external and internal forces.
b) MOST Analysis. This acronym stands for Mission, Objective, Strategy, and Tactics and is a simple and versatile tool used in analyzing and planning the details of what a business does or should do
c) Mindmapping. Mindmapping is a graphic way to show concepts and ideas to strategize, analyze, comprehend, and generate new ideas
d) PESTLE Analysis. PESTLE is short for Political, Economic, Social, Technological, Legal, and Environmental matters. It is used to identify what encourages change in a business.
So the aspiring business analyst should have a solid educational background, relevant work experience, and a collection of hard and soft skills. Business analysts can also benefit from taking appropriate certification courses to boost and round out their skill sets. For example, an Institute of Business Analysis (IIBA™) certification such as the CBAP® (Certified Business Analysis Professional) would be the ideal fit for a professional Business Analyst.
But let’s focus now on the specific skills a business analyst needs.
Roles and Responsibilities of a Business Analyst: Skills Required to Do the Job
There are specific skills business analysts need to help them better fulfill their business analyst job role.
1) Analytical skills. Business analysts must know how to analyze large volumes of data and other business processes to generate ideas and fix problems.
2) Leadership skills. This skill area covers guiding and helping team members, forecasting budgets, etc.
3) Communication skills. Business analysis professionals must clearly express their ideas and be good listeners. There’s some overlap with leadership skills.
4) Problem-solving skills. First and foremost, the business analyst’s chief responsibility is finding solutions to an organization’s problems. That means being skilled in critical thinking and organization.
5) Research skills. Business analysts must know their way around research materials since they are often required to conduct thorough research to devise new procedures, processes, and software to present effective results.
6) Technical skills. This group includes stakeholder management, data modeling, and knowledge of IT-related areas such as operating systems, hardware capabilities, database concepts, networking, SDLC methodology, etc.
Is a Business Analyst an IT Job?
Considering how many IT elements turn up in business analysis, anyone would be forgiven for thinking that a business analyst is an IT specialist. However, the role of a business analyst is not inherently an IT job.
Many businesses with little or nothing to do with IT can benefit from the services of a business analyst. However, while any business analyst can benefit from possessing IT-related skills regardless of the company’s specialty, it’s optional.
Suppose you want to be a business analyst and focus on the Information Technology industry. In that case, there is a job title we’ve already mentioned that very clearly melds the IT world with business analysis: the IT Business Analyst.
You can read more about the roles and responsibilities of a business analyst here.
What are Business Analyst Salaries Like?
According to Glassdoor.com, $81,757 is the average yearly salary for a business analyst in the United States. Newcomers entering the field can expect an average of $76,386, while experienced analysts with more than 15 years of experience earn an annual average of $103,692.
Would You Like a New Career as a Business Analyst?
If you think you want to fill the role of a business analyst as your career choice, you need to start laying the foundation for your exciting new career. We talked earlier about earning related certifications, and you can learn valuable skills and certifications by attending this Business Analytics Bootcamp.
In collaboration with IBM, the University of Minnesota’s Carlson School of Management presents this informative, intense bootcamp that will give you a solid command of business analytics in only six months.
This acclaimed business analytics bootcamp will train you to make informed, data-driven decisions. The bootcamp delivers a high-engagement learning experience with real-world applications that can help you master essential business analytics skills such as:
1) Business Analytics
2) Descriptive Statistics
3) Prescriptive Statistics
4) Predictive Statistics
5) Data Visualization
6) Hypothesis Testing
7) Linear Regression
8) Logistic Regression
Through this bootcamp, you will attend live masterclasses taught by distinguished faculty from UMN and gain access to industry-specific training delivered by IBM global experts. In addition, you will be challenged by over a dozen hands-on projects, including three capstone projects aligned to different industries. Finally, you will benefit from more than 14 useful tools and frameworks to make you job-ready.
Once you complete the bootcamp, you will earn your certificate from the Carlson School of Management and Simplilearn and become a member of the coveted UMN Alumni Association.
So, don’t put off the decision. The business world awaits your expertise and skills! Sign up for this valuable, life-changing bootcamp and get a start on a better career.
