Since the beginning of the 21st century, business analysis has developed as the most vital component of any business. Every domain of business has opportunities for the role of a Business Analyst, especially in the IT sector. In terms of a business analyst job description, their primary role is to assist a business. They do so by determining the needs of a project and implementing cost-effective solutions to it.
At the same time, a Business Analyst communicates the need for such solutions to the primary stakeholders and partners. In terms of functionality, a Business Analyst collects and interprets data from multiple areas of an organization. Consequently, they look for problems with the help of gathered data and ultimately find solutions for them.
Role And Responsibilities Of A Business Analyst
In a dynamic business environment, an organization’s greatest strength is to thrive despite constant change through the aid of innovation. This is where business analysis comes into the scene. A Business Analyst identifies the needs of the clients/customers. They then efficiently convert those needs into products and services in a cost-efficient yet profitable way.
Here is everything a Business Analyst job description defines as their duties and responsibilities:
- Understanding the requirements of business and uncovering areas in need of improvement.
- Provide cost-effective solutions for identified problems.
- Demonstrating the leadership qualities to inspire the team to achieve their full potential.
- Identifying and documenting the customer’s business needs.
- Interpreting those needs into business functions and processes.
- Engaging in user acceptance as well as functionality trial of new systems.
- Developing training plans for new system modules.
- Training the professional and technical staff in the company.
- Take lead on designated projects and guide developers.
Qualifications Required To Become A Business Analyst
To become a Business Analyst, a candidate must have superior knowledge of business functions. Most companies demand a bachelor’s degree in Business or a related field. But some companies may ask for a Master’s in Business Administration (MBA). Moreover, a candidate must have a minimum of five years of experience in business analytics or related fields.
It takes a plethora of core business skills to become a Business Analyst. Some of these include:
- Exceptional analytical as well as documentation skills.
- Advanced technical skills.
- Strong presentation & communication skills.
- Experience in leading and working in teams.
- The ability to influence business partners.
- Knowledge of conducting a cost-benefit analysis.
- Excellent planning and time management skills.
- Domain Knowledge.
- An overview of IT processes.
- Ability to work under pressure on a number of projects within the stipulated time period.
- Be able to accept change at any time.
Career Scope In Business Analytics
With innovation becoming the core of every business, the scope of business analytics is continually evolving all across the globe. Once you become a Business Analyst, you gain the opportunity of becoming an expert. This is because a career in business analytics provides a specialized skill set. This skill set can be applied to any industry as well as any organization.
As a result, it becomes easy for a Business Analyst to switch between industries smoothly. As an experienced Business Analyst, your career promises you immense growth. In terms of job roles as well as knowledge and expertise.
- Project Manager: The role of a Project Manager is something which as a Business Analyst you will see in your day to day work life. A Project Manager is responsible for planning, executing and decision making of a particular project. However, the skillset and responsibilities for the job of a Project Manager vary immensely from that of a Business Analyst. But it is a highly rewarding career path in itself.
- Relationship Manager: The job of a Relationship Manager is to manage and improve client and partner relationships of a business. This role is all about influencing individuals and can work well for an analyst. Analysts should have good interpersonal skills and want to grow their career with a different specialization.
- Subject Matter Expert: A Subject Matter Expert also known as SME, is a person who has specialized knowledge of a particular job. In other words, it provides an opportunity of being proficient in a particular domain or industry.
- Business Architect: With a good understanding of the enterprise, a business architect is to observe the organization, forming a general perspective. You can improve your work efficiency and have rationalized business operations if you make a career as a business architect.
Apart from these core options related to the field of a business analyst, an employee also has scope in other areas like;
- Quality Control
- Big Data Analytics
- Business Process Modeling, to name just a few of the many domains where the scope of business analyst prevails.
A few of the top leading companies that offer jobs in the department of business analyst are;
- Wipro
- Accenture
- Deloitte
- IBM
- TCS, etc.
Salary
In India, the demand for a Business Analyst in top IT companies is enormous. A typical average salary bracket for a Business Analyst is between 6-6.5 LPA. This scale may vary in terms of the company budget as well as the location of the job. In some of the bigger organizations, the pay scale might even reach 7 LPA.
However, there are a few other points as well that you should keep in mind while thinking about the salary of a business analyst;
- The salary of a business analyst is not just limited to the above mentioned digits. Since the demand of Business Analysts is ever increasing, the salary of business analysts continues to grow.
- Moreover, with a certification degree, the salary continues to grow further. Just make sure that the certificate in business analysis is industry recognized.
- The more the experience, the higher the salary. Salary and experience are directly proportional to each other.
- Based on the industry, the salary of a business analyst varies.
So, if you love the idea of evaluating and analyzing data, this job is meant for you. It gives you the opportunity to devise solutions as well as manage a number of individuals.
