In today’s fast-paced and dynamic business world, the role of a business analyst has become more important than ever before. Business analysts work at the heart of an organisation, using their expertise and knowledge to prepare detailed business analysis and strategy reports that help decision-makers make informed choices.
From analysing business processes and identifying areas where efficiencies can be improved to data analysis and communication with stakeholders, a business analyst is a highly skilled and critical organisation member. If you’re considering a career in this stimulating and ever-evolving profession, numerous opportunities are available, from entry-level business analyst position to senior roles.
A successful business analyst requires technical skills, including business analysis and analytics, strategic planning, and computer science. Equally important are soft skills, such as communication skills, to communicate findings and recommendations. And interpersonal skills to interact with people at all levels of the organisation.
In this comprehensive guide, we’ll explore the impact of business analysts on industry trends, the skills needed to become a business analyst and the potential career path and associated salary prospects.
TL; DR
What is a Business Analyst and what do they do?
- A BA is a professional who helps guide businesses in improving processes, products, services and software through meticulous data analysis.
- They use data to form valuable business insights and recommend changes, thereby playing a pivotal role in shaping the strategies of businesses and other organisations.
- BA’s are agents of change, using a disciplined approach for introducing and managing change to organisations, aligning their work with the organisation’s goals.
- They process, interpret, and document business processes, products, services and software through analysis of data, providing a comprehensive view of the business’s operations.
- By statistically analysing large data sets, BA’s can identify effective ways of boosting organisational efficiency.
- They work within an organisation, helping to manage, change, and plan for the future in line with the organisation’s goals.
- They also assess how organisations are performing and help them improve their processes and systems through research and analysis.
- BA’s analyse an organisation’s processes, products, services and systems to improve current processes, making them integral to an organisation’s growth.
- They follow a disciplined, structured and formal approach to analysing a business process, identifying improvements and implementing changes, contributing significantly to the organisation’s success.
Benefits they provide to clients and organisations:
- Providing valuable insights for decision-making
- Identifying areas for improvement
- Implementing efficient processes
- Boosting organisational efficiency
- Assisting organisations in planning for the future
Work they provide:
- Data analysis
- Process improvement
- Change management
- Strategic planning
- Systems analysis
What is a Business Analyst?
A business analyst plays a vital role in implementing effective strategies that help organisations gain a competitive advantage over others in the market. The job outlook for business analysts is bright and it is expected to grow faster than average, partly due to increased demand for data systems and enterprise architecture. To become a business analyst, one needs to possess an undergraduate degree, while an advanced degree often opens up more opportunities for professional growth.
Business analysts work closely with different organisational departments to streamline processes and increase efficiency. They possess strong soft skills and are detail-oriented, allowing them to effectively work with different organisational structures and determine requirements. Through strategic analysis and planning, they help businesses identify areas of improvement and create innovative solutions to meet their goals.
Additionally, business analysts work with other technology professionals to gather and analyse big data, which is becoming increasingly important for businesses. They also oversee staff development and product management to ensure the business operates optimally.
To become a business analyst, one can pursue a graduate school program that offers PMI professional certification, which provides training in strategic planning, product ownership and product management skills. A business analyst is a crucial asset to any organisation, helping to determine the strengths and weaknesses of businesses and implementing strategies that maximise efficiency and profitability.
Key contributions of a Business Analyst
Business analysts play a crucial role in the success of any organisation. Their skills and expertise ensure business operations run efficiently and effectively. They work with many business professionals, from management to financial analysts, to identify problems and develop solutions.
Here are some key contributions of a business analyst:
- Identifying and analysing business requirements: Business analysts gather and analyse business data to identify problems and opportunities. They work closely with stakeholders to understand and translate business needs into technical requirements.
- Developing business solutions: Business analysts use their critical thinking and technical skills to create innovative business solutions. They propose feasible options and make recommendations based on data analysis and business acumen.
- Supporting business operations: Business analysts help to manage and optimise business processes by conducting quality assurance and ensuring that the business requirements are met.
- Providing financial analysis: Business analysts provide financial analysis to management teams to support decision-making. They help to measure the impact of proposed business solutions and identify cost savings opportunities.
- Facilitating communication: Business analysts bridge the gap between technical and business teams by facilitating communication and understanding of business problems.
Business analysts can have different job titles, such as data science, management analyst and business process analyst, but their key contributions are similar.
The demand for business analysts is growing due to the need for a disciplined approach and technical skills in solving business problems.
According to the job posting site SEEK, the average salary for a business analyst role is between AUD$105,000 to AUD$125,000, making it a lucrative career path.
Artefacts produced by a Business Analyst
A business analyst is a critical role that drives an organisation’s innovation, efficiency and revenue growth. They are responsible for defining business needs, developing technical solutions and balancing business and IT functions.
A successful business analyst is critical in improving business processes and helping organisations reach their goals. So, what artifacts are produced by a business analyst? Here are some key contributions, summarised in bullet point style:
- Business Requirements Document (BRD): The BRD is a key artefact that captures the business needs and objectives, outlining the project’s scope and specifying what needs to be done and how. Developers, testers, and stakeholders use the BRD to ensure the work meets the requirements.
- Use Case Document: The Use Case document outlines what the system should do from the user’s perspective. It captures the workflows, business rules and user interactions and tests system functionality.
- Process Flow Diagrams: Business analysts often create process flow diagrams to document and model business processes. These diagrams provide a visual representation of how a process works and can be used to identify gaps and areas for improvement.
- Data Analysis: Business analysts use data analysis to determine trends, identify patterns and gather insights that drive business decisions. This can involve analysing user behaviour, customer feedback, market trends and other relevant data.
- Strategic Plans: A business analyst may be involved in developing or updating a company’s strategic plan, ensuring that the plan aligns with the company’s goals and objectives.
- Stakeholder Communication: Business analysts are excellent communicators who can translate technical jargon into clear, understandable language. They are skilled at presenting complex information to stakeholders in a way that they can understand and act upon.
The artefacts produced by a business analyst are essential to delivering high-quality solutions that meet business and customer needs. By analysing data, documenting requirements and communicating effectively with stakeholders, a junior business analyst can help drive business success.
Benefits of having a Business Analyst
A business analyst aids organisations in various business ventures through data analysis, industry research and strategic planning. The benefits of having a business analyst are numerous and can profoundly impact organisational growth and success. Here are some key contributions of business analysts that highlight their importance:
- Business analysts work to understand an organisation’s business processes and identify improvement areas. By analysing data and conducting in-depth research, business analysts offer solutions to enhance the efficiency and effectiveness of business practices.
- They provide detailed business analysis, which helps organisations to improve operations, streamline expenses, and optimise resources. Business analysts help the organisation make informed decisions by conducting a detailed business analysis and providing valuable insights into industry trends and opportunities.
- Business analysts have specialised business analytics skills, including data analytics, data modelling and reporting. They extensively analyse data and provide insights into business results, which is a guiding principle for strategic planning.
- Business analysts also help organisations in strategic planning by providing industry-specific insights to help organisations build a competitive advantage and make profitable decisions. They develop business strategies and provide critical guidance when making major business decisions.
- A senior business analyst with years of experience and advanced business analysis skills helps organisations to transform and overcome challenges. Their critical business insights help organisations to pivot and adapt to changing circumstances.
- Business analysts also offer new entry-level BAs opportunities to develop their business analysis skills and become successful business analysts. They play a vital role in shaping the future of the business analyst profession by grooming and training aspiring business analysts.
Business analysts bring business analytics, data analysis, strategic planning and specialised business analysis skills. With their assistance, organisations can improve operations, function more efficiently, maintain their competitive edge, make profitable decisions, achieve long-term growth and success. A successful business analyst should hold a bachelor’s degree in business administration, possess excellent business analysis skills, and keep abreast of industry trends.
How to become a Business Analyst
Business analytics is a rapidly growing industry that has opened doors to various job opportunities. One such key role is a business analyst who acts as an intermediary between the company and the stakeholders. If you are interested in technology and have excellent analytical and communication skills, a career as a business analyst could be the perfect fit for you.
To become a business analyst, one must possess certain key skills. These business analyst skills include an in-depth understanding of data analysis, good communication, great problem-solving techniques and the ability to handle large datasets. A degree in business analytics, IT, management, or another relevant program can be useful, but it is not mandatory. Many business analysts hold a master’s degree in their respective fields.
For someone new to this profession, a junior or entry-level junior business analyst role may be an excellent way to kickstart their career. This role typically involves working with business data analytics and software development teams to help identify key data points and trends.
As a business analyst, you must master various business analytics skills like project management, data analysis and business intelligence. With many business analysts concentrated in metropolitan areas, a business analyst’s salary is competitive and growing. According to Glassdoor, the average salary for a business analyst in the United States is more than USD$75,000 annually and in Australia AUD105,000 annually.
The job growth in business analytics careers has seen a consistent upward trend, creating several job opportunities for aspiring business analysts. A business analyst can use their skills in various fields, from finance and healthcare to marketing and sales, to cater to a broad range of business needs.
To get into the field of business analytics, it is essential to have a solid grasp of how systems and software work, as this knowledge would play an integral part in excel. To build your skills, you need to leverage educational resources like online courses and workshops, which can provide you with a strong foundation in data analytics and project management. Getting certified by recognised organisations like the International Institute of Business Analysis can set you apart from your peers in this field.
Our final thought
A business analyst plays a crucial role in an organisation by improving its processes, products, services, and software through meticulous data analysis.
They are change agents who use a disciplined and structured approach to analyse business processes, identify areas for improvement and implement changes. By statistically analysing large data sets, they help boost organisational efficiency, aligning their work with the organisation’s goals.
As the demand for data-driven decision-making increases across various industries, the role of a business analyst becomes even more pivotal. Their expertise in forming business insights and recommending changes can significantly contribute to the growth and success of an organisation.
If you’re aspiring to become a business analyst, our mentorship program can provide the guidance you need. Reach out to discover how we can fast-track your career progression in the field of business analysis.