“Business Analysis is all about identification, elicitation, documentation, analysis, communication, and implementation of your requirements in a clear, concise, and organized way so that you can transform your abstract business ideas into high-quality concrete solutions that meet customer expectations and increase profitability.”
The quote is enough to tell you what business analysis is, and how crucial it is for an organization. Business analysis plays a vital role in the successful functioning of business, as it lets you identify the requirements of business and its customers, along with what the process is up to. By analyzing all the aspects of business, you come across the areas that need more focus, or the ones that need to be modified, or those that are going perfect.
This process ultimately lets you meet customer satisfaction by preventing errors, allowing you to gain financial strength in the market.
Through business analysis, an organization can analyze their position in the market according to the business scenario and hence upgrade the technical and other skills.
For a perfect business analysis strategy, an organization requires a professional with certification/training in Business Analysis, so as to make their business a successful venture. Business Analyst roles are anticipated to grow by 14% between 2014 to 2024, according to a report by the U.S. Bureau of Labor Statistics. Also, the financial and business jobs are expected to grow by 9% which will create 750,400 new jobs by 2026.
You can be the required Business Analyst by getting the certification that lets you inculcate and develop the required skills and tactics.
Who is a Business Analyst?
Simply put, a Business Analyst is a professional who solves the problems of an organization. As a Business Analyst or BA, you are required to guide your organization in the improvement of processes, software, products, and services by performing data analysis.
BAs are mainly responsible for bridging the gap between IT staff and business by making use of data analytics to determine the requirements, assess processes, and prepare data-driven reports and recommendations to the executives.
Being a BA, you need to understand the nature of your business and come out with a feasible solution leveraging data and best practices. You need to guide your organization in fulfilling the requirements within some parameters such as budget, time, and other constraints.
Role of Business Analyst
Clearly, a Business Analyst plays a vital role in any company or IT project. Though the role of a BA varies from company to company, and for different projects as well. Typically, a BA works in collaboration with the IT team and financial team to establish strategies and initiatives to optimize costs and improve processes.
Basically, a BA has to:
- Create a detailed business analysis report, find out problems, opportunities, and optimal solutions for a business.
- Planning and controlling
- Prepare budget and forecasts
- Analyze prices
- Prepare reports
- Perform variance analysis
- Identify the requirements of the business and report them to executives and stakeholders.
Bob Gregory, a professor and academic program director for the business analysis and management degree program at Bellevue University cites the responsibilities of a BA and says, “Identifying and then prioritizing technical and functional requirements tops the business analyst’s list of responsibilities. Elicitation of requirements and using those requirements to get IT on board and understand what the client really wants, that’s one of the biggest responsibilities for BAs. They have to work as a product owner, even though the business is the product owner.”
To become a successful Business Analyst, you need to develop some of the core skills.
The key competency required as a BA is excellent communication skills, as communication is crucial in every field. It includes conveying and receiving information, interacting with executives and stakeholders, and addressing the people involved in the business.
A BA needs to have outstanding decision-making skills as a BA is the one who knows all the aspects of the business inside out.
There are challenges in every business, so as a BA you are required to identify the actual problem and come up with an optimal solution with your problem-solving skills. This lets you clearly understand the problem by collecting all the information.
Another skill that comes in close connection with problem-solving skills is to examine problems by using various business analysis tools popularly known as analytical skills.
In the tech-driven world, technical skills play the most important role in performing any of your actions. All the analytics process that you need to perform needs technical skills. A strong technical background makes you more productive as you may be required to decipher the data, translate surveys, study financial systems and inventory systems as well, and much more tech-related tasks.
The above image shows you the career path of a Business Analyst. The various paths you can choose from are:
- Business Analysis Competency Manager
- Project Manager
- Professional Business Analyst Consultant
- Relationship Manager
- Business Architect
- Business Analysis Practice Manager
- Subject Matter Expert
With different specializations, you can choose any of the positions according to your interest or the requirement of your industry. The benefit of becoming a Business Analyst is that after gaining some years of experience, you can determine the career path of your choice in this innovative field.
Typically, this career enjoys excellent salaries and perks. The average annual salary of a Business Analyst at entry-level, according to the US Bureau of Labor Statistics is $57,000. Though the salary may vary with different factors such as the type of industry, experience level, and the location. Enroll yourself in a PGP in Business Analysis Certification program to build your career as a Business Analyst.
With a number of career paths as a choice, such as high compensation, and the field full of excitement and innovation, you would wish to have a career in Business Analysis, which is a lucrative one.
With different certifications available for different positions, PGP in Business Analysis can be a great move. For the accomplishment of the same, the feasible option is to take up an online course that can upskill you and prepare you for achieving the certification.
Apart from choosing learning hours at your convenience, there is a choice in the mode of learning too. And that too with additional doubt sessions.
So, don’t waste your time, just go for it and enroll yourself!!