what is a business analyst?
As a business analyst, you use data analysis to guide businesses in improving their products, services and business processes. Your research enables you to provide data-driven recommendations to executives and stakeholders. You close the gap between business and technology to improve efficiency using data analytics to evaluate procedures and requirements.
Business analysts engage with managers and industry users to assess if data-driven changes to processes, software, hardware, or products add value to the company. You articulate recommendations from various stakeholders and balance them against what is technologically feasible or financially and functionally reasonable. As a business analyst, you create new models that support business decisions. You work closely with the finance, and IT teams to formulate plans and strategies for improving performance and optimising costs.
Working as a business analyst requires in-depth knowledge of regulatory and reporting requirements. Experience in financial analysis, forecasting and budgeting also helps you identify performance indicators during your evaluation. Strong analytical and critical thinking skills help you keep up with the market. The role is constantly evolving since every company has unique issues requiring a business analyst's attention.
business analyst jobsaverage business analyst salary
A business analyst earns a median salary of $95,000 per year. The base salary for a business analyst is $72,000 annually due to the minimal experience they have in the business. The highest-paid business analysts with extensive experience take home over $110,000 yearly. The remuneration package fluctuates depending on the company and the complexity of roles. Some employers provide additional benefits like car and housing allowances as part of the remuneration package. Others have bonuses and overtime pay structures for working additional hours in the company.
how to boost the salary of a business analyst
The remuneration package of a business analyst depends on experience, qualifications and company size. As a business analyst, you assist businesses in improving their processes and boosting performance in various departments. Evaluating business processes and analysing data to determine the solutions requires in-depth knowledge of all aspects of the business. Hence, you need extensive experience and expert knowledge to conduct the assessments and present findings to business leaders. When you work in large companies, the process becomes complex, increasing the remuneration prospects in the role. Working in bigger cities will also be likely to increase your remuneration prospects due to the demand for business analysts in large cities.
types of business analysts
Some areas of specialisation for business analysts include:
- it business analyst: as an IT business analyst, you evaluate a company's software and hardware processes to determine areas for improvement. You provide recommendations on the IT processes to improve business efficiency.
- crm business analyst: as a customer relationship management business analyst, you evaluate client data. You analyse clients' behaviours and responses to the latest marketing techniques or sales campaigns.
- sales business analyst: as a sales business analyst, you collect and evaluate sales data from various channels, markets or product categories and conduct profitability analyses. Your input assists the sales teams in planning and forecasting.
working as a business analyst
Working as a business analyst requires strong analytical and critical thinking skills to assess data using various analytical models. Business analysts complete the following tasks to make organisations leaner and more efficient:
-
job description
A business analyst's workload includes:
- conducting business analysis: your goal is to make companies' processes leaner and help them implement changes to improve performance and retain their market competitiveness. The initial step is analysing the current performance and company processes. For instance, if you worked in a food manufacturing company, you would evaluate supply chain, marketing, finance and control processes. From the data collected, you identify the company's needs and formulate solutions to address them.
- optimising management processes: after listing the company's needs, you implement solutions that optimise management processes or restructure the organisation to improve efficiency. Your job is to incorporate new business models or design systems using the latest technology to automate processes.
- defining business requirements: from the initial analysis and data evaluation, you identify the company's objectives in various departments. The objectives help you create strategies and determine the business’s needs to achieve its goals. Your job is to communicate the requirements clearly to the business leaders and source resources to implement the requirements.
- monitoring business performance: you use the set key performance inidcators to gather data and verify results. You compare performance with current forecasts and make the necessary adjustments.
- reporting: you generate reports on changes to business processes and the ripple effect they have on the performance of various departments. You also compare forecasts and actual statistics in your reports.
-
work environment
A business analyst works in an office environment regardless of the industry. You spend most of the day with the IT teams surrounded by computers. You rely on software to analyse data and evaluate business trends. The role involves minimal travelling unless you are attending conferences or meetings. You can accomplish all your tasks from a remote location, so work-from-home opportunities are available.
-
who are your colleagues?
Depending on your employer and the industry you work in, your colleagues might include project managers, IT analysts and data analysts. You might also be working close to programme managers and business strategists, as well as other specialists that could include, but not be limited to, factory managers, marketing coordinators, sales managers, sales executives, and operations managers.
-
work schedule
The average work schedule of a business analyst is 40 to 44 hours a week. That means you work the standard business hours with the occasional evening and weekend engagements like meeting clients or attending company events. Most business analysts work in full-time positions, but part-time opportunities are available in the role. Some also work on short-term contracts or as freelancers.
-
job outlook
A job as a business analyst is a springboard to exciting career opportunities in management roles. Most business analysts become project and programme managers before progressing to operations manager or managing director roles. When you have extensive experience, consultancy opportunities are available.
-
advantages of finding a business analyst job through randstad
Finding your business analyst job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a business analyst is often a stepping stone to an attractive permanent job. Thousands of people earn a permanent contract with great employers every year thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too.
education and skills
You can become a business analyst by completing the following educational requirements:
- bachelor's degree: start your journey to become a business analyst with a bachelor's degree in business, information technology or business analytics. You may also pursue other relevant subjects like computer science or mathematics. Aside from an undergraduate degree, consider gaining extra qualifications with a master's degree in business administration, information systems or business analytics.
- get acquainted with the BABOK guide: as a business analyst, you should be familiar with the BABOK guide from the International Institute of Business Analysis (IIBA). The manual is recognised worldwide as a guide to the acceptable practices and skills necessary to become a business analyst.
- work experience: when you complete your studies, take up entry-level roles to learn business analysis concepts. Consider applying for internships or entry-level jobs as a data analyst, systems analyst or financial analyst.
business analyst skills and competencies
As a business analyst, the following qualities are useful:
- technical skills: as a business analyst, you spend most of the day analysing financial information and computer systems. Up-to-date technical skills in the relevant software and business systems are therefore essential. As a business analyst, you should be at ease in an IT environment and familiar with computer systems.
- communication skills: as a business analyst, you review business processes and present your findings to the management. Your communication skills enable you to make presentations and explain complex business processes in simple terms. Written communications skills are also helpful in writing reports.
- analytical skills: as a business analyst, you rely on logical thinking skills to find practical solutions for theoretical issues. You analyse data, user input surveys and workflows. Analytical skills also help you solve problems that arise in business systems.decision-making skills: analysing business processes involves making tough decisions to improve the current process. Decision-making skills help you implement complex IT systems and make critical decisions promptly.
- knowledge of:
- Atlassian Jira & confluence
- user stories
- stakeholder management
- scrum methodology
- teamwork skills: as a business analyst, you work with a team of professionals to ensure all aspects of the business work as expected. A collaborative approach to work is essential in aligning all the business processes.
FAQs about working as a business analyst
Here are the most asked questions about working as a business analyst:
-
what is the typical role of a business analyst?
As a business analyst, you assess the company's performance to help them improve systems and processes. You conduct research and in-depth analysis of existing business problems and introduce solutions to businesses and other clients. You also liaise with executives to review the business's requirements and conduct audits on system functionalities.
-
is a business analyst a stressful job?
Flexible working arrangements make working as a business analyst less stressful than other jobs in finance. However, your role depends on the industry sector you work for and where you are in your career. The job may also involve working additional hours to meet deadlines.
-
what skills does a business analyst need?
As a business analyst, you require analytical and critical thinking skills to analyse the existing business process and develop solutions to improve them. Understanding the business's structure is helpful for stakeholder analysis and reviewing business systems. It is also essential to be detail-oriented to deliver high accuracy.
-
how can I become a business analyst?
To become a business analyst, you require work experience and education. Complete a degree in information technology or business. You should be conversant with business processes through entry-level positions in business-related roles. You also require industry-recognised certificates to boost your credibility in the role.
-
is a business analyst a good career path?
Becoming a business analyst is a good career path with plenty of job opportunities and attractive salaries. Most business analysts enjoy an excellent work-life balance and high job satisfaction.
-
how do I apply for an business analyst vacancy?
Applying for a business analyst job is easy: create a Randstad profile and search our business analyst job offers. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here.
