A business can grow continuously by analyzing the market & consumer needs and investing in a strategic plan to provide products that the end user wants.
But who exactly does that? Yes, that’s the role of a business analyst. But that is not all. Let’s dive deep into the role of business analyst. Before getting there, let’s understand what Business Analysis is.
Business analysis is the process of understanding the needs of the business – it can be an innovation or consumer complaints or other market evolution, and strategically formulating a solution for that business problem. Business analysis has become an essential wing for the development of any business. There may be lots of data that has to be researched, analyzed to understand, and forecast the business needs.
In very simple terms, people who carry out business analysis are known as business analysts. Business analyst deals with large amounts of data and forms the business connection. The data can be old records of the company or competitors, they can be customer records, feedbacks or sales and finance data. Business analysts work on these data and provide useful insights and help businesses to increase their performance.
The job role may differ a little bit from company to company. But in general, these are some of the things business analysts will do
Following are the skills that business analysts need:
Business analysts job requirements may vary from company to company. Though business analysts need not have a degree with technical background, knowledge of IT concepts are necessary.
Bachelor’s degree in business, accounting and finance or related fields is preferred for business analysts. Knowledge in IT terminology and software systems are desired but not mandatory.
Some of the common techniques used by Business analysts to analyze business processes provide efficient solutions to obtain desirable business results are as follows.
Career progression of Business Analyst is as follows: IT business analyst, Data Analyst, Senior Analyst, Project Manager.
Once you have gained a few years of experience as business analysts there are five potential career paths you can take to reach the next level.
IT Business Analyst:
If you have deeper knowledge and passion for technology, you can take the IT Business Analyst role. This role is a bridge between business and IT. Main role of an IT business analyst would be to improve the quality of IT services by analysing the business needs. IT Business analysts may work on multiple projects at the same time.
Information Security Analyst:
Information security analysts also require strong IT knowledge. Main responsibility would be to interpret security data and monitor IT systems to prevent any cybercrimes or security threats for the company.
Crunching the numbers is what you like, then quantitative analysts is the way to go. Creating mathematical models to back financial decisions like risk management based on the analysis will be the main responsibility of quantitative analysts.
This is a very challenging yet very rewarding job role. There is a huge demand for data scientists. Data scientists will interpret the data into useful insights by applying statistics and machine learning.
Management analysts’ job role is to find ways on improving the business, reduce costs and increase revenue.
In India the average salary of business analysts range somewhere between 3.5 LPA for freshers and 12 LPA for experienced professionals. Average salary of business analysts is 6LPA.
In the USA, the average salary of business analysts range somewhere between $43.4K for entry level and $127.8K for experienced professionals. Average salary of business analysts is $74,511 per year.
Business Analyst is one of the best career paths one may take. Starting as a Business analyst, It has lots of opportunities and potential to reach ambitious career levels. You want to become a Business Analyst and don’t know where to start? We have it covered for you. Connect with us and get enrolled in our Beginner Business Analyst program now!