What Are The Key Essentials of Being A Business Analyst, A TWN Exclusive
Every business wants to thrive in such a tight-knit competitive world where one wrong move can bring down your business empire in a blink of an eye. So, what must a business do to stay in the competition? Do they market themselves more? Or should they alter their products? I’d say they must hire a business analyst. Why? Because a business analyst can understand a business better than anyone in the room. So, how can you become a business analyst and help a business grow? We have this guide specially created for you so that you can pursue your dream and help your desired company reach greater heights. A TWN exclusive, only for you! #TWN
Every business wants to thrive in such a tight-knit competitive world where one wrong move can bring down your business empire in a blink of an eye. So, what must a business do to stay in the competition? Do they market themselves more? Or should they alter their products? I’d say they must hire a business analyst. Why? Because a business analyst can understand a business better than anyone in the room. So, how can you become a business analyst and help a business grow? We have this guide specially created for you so that you can pursue your dream and help your desired company reach greater heights. A TWN exclusive, only for you!
Who Is a Business Analyst? What Do They Do?
Before becoming a business analyst, first, know who is a business analyst. A business analyst is an individual who helps guide businesses in improving services, products, and software through a detailed data analysis. Their decisions are data-driven which ensures the effectiveness of the business.
Data is used by business analysts to form business insights and recommend changes in businesses and other organizations. Business analysts can detect problems in almost any aspect of an organization, including IT processes, organizational structures, and staff development.
As companies strive to improve efficiency and cut costs, business analytics has become an essential component of their operations. Let's look more closely at what business analysts do and how to get a job in business analysis.
Their job and responsibility are something that you must know before venturing deep into the profession. Business analysts identify areas of the business that can be improved to increase efficiency and strengthen business processes. They frequently collaborate with others at all levels of the business to communicate their findings and help implement changes.
Tasks and responsibilities that an analyst needs to carry out are mentioned below:
- Identifying and prioritizing the technical and functional needs and requirements of the organization
- Analyzing large data sets with SQL and Excel
- Compiling charts, tables, and other data visualization elements
- Developing financial models to aid in business decisions
- Understanding business strategies, objectives, and needs
- Business architectural planning
- Forecasting, budgeting, and carrying out variance and financial analysis
Is Business Analyst a Good Career? Why Should You Pursue it?
As a business analyst, you will have the opportunity to contribute to the success of your organization through data-driven insights. It's a job where every day brings new challenges and opportunities to put your skills to use. A career as a business analyst could be a good fit if you enjoy assisting others, asking questions, solving problems, and working independently.
The demand for business analysts has risen in recent years and is expected to rise further. According to the US Bureau of Labor Statistics (BLS), job growth for similar roles will range from 7% (computer systems analysts) to 25% between 2020 and 2030. (operations research analysts). Other job titles that are related to business analysts include management analyst and operations analyst, both of which perform duties similar to business analysts.
Intrigued yet? With the rise in the hiring of business analysts, it seems to be a feasible field for newcomers.
Why should you pursue it; you might wonder still if extra hiring isn’t enough? Let me mention something to catch your attention.
Business Analysis as a growing market
Business analysis is a growing industry, and there is a demand for business analysts. This role was previously undervalued and misunderstood, but many businesses are beginning to recognize the value of skilled business analysts.
A good business analyst can ensure that a company's most valuable resources, manpower, and money, are invested wisely. Indeed, in today's market, where poor investment decisions allow the competition to gain an advantage, time is an even more valuable resource.
It's actually very difficult to demonstrate that this is a growing market because there aren't many reports that identify this role, and it's frequently mislabeled or combined with another role, such as project manager.
In the United Kingdom, the eSkills initiative commissioned a report on the IT & Telecoms sector (of which business analysis is a part), which shows that skills in this area will grow at a rate of 2.5 percent per year for the next decade, compared to 0.5 percent for the rest of the economy. It is actually five times more than any related career!
Easy Entry into The Profession as Compared to Other Professions
In comparison to other professions, the role is still very immature at the moment (e.g., architect, engineer, accountant). Professional qualifications are not required, but this is changing rapidly due to the growing importance of the IIBA (International Institute of Business Analysis) and the CBAP accreditation (Certified Business Analysis Professional), as well as the ISEB qualification and other national equivalents in the United Kingdom.
A Job That is Demanding and Challenging
Business analysis is a diverse and demanding career that requires a wide range of skills such as problem-solving, relationship management, and time management. It can be very rewarding, but it is NOT an easy ride. You must enjoy a challenge and see it as a source of job satisfaction. You may be required to collaborate with several different teams and individuals within the company for which you work on occasion.
Many business analysts appreciate the fact that there is no such thing as a typical day on the job. Every day, a business analyst faces new challenges and problems to solve, making it an ideal job for someone who values a dynamic and challenging work environment and wants to continuously improve their problem-solving and critical thinking skills.
It Is Your Springboard to Other Careers
Your skills as a business analyst will help to climb higher in the professional world. These skills will provide you with the opportunities to move up to higher profiles, and rewards are much higher once you get there.
How Much Do Business Analysts Make?
I’m sure this question was the first one to pop into your head. Don’t worry! This question is the reason why we are talking about such high-paying jobs.
According to Glassdoor, the average salary for business analysts in the USA in December 2021 was $77,218. This stat will vary depending on the company you want to work for, the location, and your experience.
According to AmbitionBox, the average salary of a business analyst in India is around INR 7.1 LPA.
How To Become a Business Analyst?
To become a Business Analyst, you must have strong data analysis skills as well as the ability to extract insights from large data sets. It is no secret that the way we do business is changing – it has been changing for decades, and the rate of change shows no signs of slowing. On the contrary, more businesses are learning to adapt today than ever before. Business Analysts are at the epicenter of this massive shift, with responsibilities ranging from systems and process analysis to management consulting to software development and everything in between. Essentially, Business Analysts are the individuals who provide the insights that assist businesses in managing change.
How do I become a business analyst, you must be wondering?
Here is a seven-step process that you can follow to become a business analyst to desire.
- Learn everything about business processes.
- Get the right domain knowledge
- Master a key software (Microsoft Vision, Microsoft Projects, JIRA)
- Learn how to analyze the data
- Familiarize yourself with glossaries
- Work on your communication skills
- Believe in the power of documentation
If you followed these steps, you will get a break and might land a job in your dream company. With that being said, analyze, adapt, and overcome!