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 jobs
average 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:
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: