Business Analyst is a profession that takes an organization or enterprise from mediocrity to excellence. The rapid technological advancements and intense competition lead organizations to focus more on data analysis and market research. To do so, they hire Data Analysts and other skilled IT professionals to solve business problems by analyzing the data and converting it into actionable insights.
According to Gartner, there have been more than one million Business Analysts working in different organizations in the year 2020. This rise in demand is expected to increase by 14 percent by the end of 2021. So, let’s discuss what this profession is all about, its career path, and the pitfalls you should avoid.
What is a Business Analyst?
Business Analysts are the IT professionals who help businesses to make data-driven decisions by generating actionable insights through data assessment and analysis. They transform raw data into actionable insights by understanding the requirements and convert them into data-driven reports that help managers, stakeholders, and executives to make better decisions.
Business Analysts closely work with the management and marketing teams to reduce inefficiencies, costs and eliminate the risks associated with any product or service. Also, a Business Analyst boost business competitiveness by performing extensive market research and contributing to the development strategies.
Why is Business Analyst a Good Career?
Data is everywhere and it’s generating at the expense of petabytes every single day. Most of this data is unstructured and contains important information that could be used to make data-driven decisions. This data gives companies a competitive advantage over other organizations by collecting, analyzing, and applying different models on the datasets. You can learn these essential skills from a Business Analyst training course and make your resume stand out.
This is where Business Analyst comes into play. All kind of industries needs such professionals for analyzing the data from different sources and create new opportunities. Business Analysts work closely with the in-house departments of an organization and enable them to make informed, intelligent, and data-driven decisions and strengthen an organization.
Below are the key responsibilities that a Business Analyst fulfills in an organization:
- Working with the company and identify new opportunities by analyzing the business processes and operations.
- Gather and analyze the data based on the requirements.
- Help design and modify the existing processes or IT systems of the business.
- Interact with the subject matter experts, stakeholders, and clients to understand the problem and customer requirements.
- Collaborate with developers and administrators to plan the development strategy.
- Create documentation during the development and testing phases.
- Create actionable insights out of the raw data and share them with colleagues for better development and decision-making process.
Best Business Analyst Career Paths
IT Business Analyst
If you like to crunch numbers, this role would be the best for you. An IT Business Analyst plays a vital role in business projects related to technology and management. The key roles of an IT Business Analyst include gathering information analyzing the business requirements, analyzing the business requirements, developing the technical solutions, and help to improve the quality of the products and services of the business.
To become a successful IT Business Analyst, you should have the following skills:
- Problem-solving skills
- Great written and verbal skills
- Technological Research
- Knowledge of SQL
- Good at developing solutions
- Knowledge of Data Analytics
Data Analysts maintain the different database systems and analyze the datasets with various statistical tools. They have the capability of connecting unrelated data sources and turn that into actionable insights. They assist database administrators in quality control, collaborate with colleagues, and develop informative reports.
Below are a few must-have skillsets for the Data Analyst:
- Mathematics and Statistics, to measure and analyze the datasets.
- Knowledge of programming languages like Python and R.
- Data visualization tools such as Tableau, Power BI, or Qlick.
- Experience with tools such as Google Sheets, Microsoft Excel, and PowerPoint.
- Knowledge of Machine Learning algorithms and training models.
You can learn these skills from a Business Analyst training course and also how to apply them in real-world scenarios.
These analysts use quantitative techniques to help a business make financial decisions. They work closely with the marketing and finance departments to analyze customer behavior, evaluate financial departments, and understand the current market trends. Quantitative Analysts also examine the business models, create development strategies, and recognize the market needs.
The key technical skills for a Quantitative Analyst include:
- Statistics and Mathematics
- Financial Analysis
- Problem-Solving Skills
- Data Analysis
Business Analyst Manager
BA managers help the organization do project analysis, organize goals, and create the project schedule for the team members. In other words, they analyze the development process, establish a relationship between the clients and vendors, and maximize the production value.
Important skills for a Business Analyst Manager include:
- Leadership and communication skills
- Problem-solving and negotiation
- Database and Infrastructure design
- Critical Thinking
Information Security Analyst
The Security Analyst protects an organization’s confidential information from external threats and cyberattacks. He prevents unauthorized beings from accessing sensitive information and keeps it confidential. The information security analyst monitors the computer networks and data encryption software and keeps the data protected from data breaches. They also perform penetration testing to find the network’s flaws and eradicate the issues.
The key skills required to become an Information Security Analyst are:
- Security Testing
- Data Analytics
- Software testing
Solutions architects are responsible to understand the current business problems and find technological solutions to achieve the objectives in a given time frame. They develop new methods and techniques to increase the production value and assist in project management.
The skills for a Solution Architect are:
- IT Infrastructure
- Communication Skills
- Business Analysis
- Agile Methodologies
- Resource Management
Pitfalls to avoid in your Business Analyst Career Path
Although the career path for becoming a skilled Business Analyst seems to be straightforward, there are some pitfalls that one should avoid to not affect their career advancement.
Focusing only the Technical Skills
Technical Skills are important as it helps you perform complex operations like data analysis and visualization. However, it’s imperative that you’re able to understand the real business problem by collaborating with colleagues and stakeholders. You should be able to create documentation for the project development and present the reports in front of the management.
Not Expertising in a Specific Business Role
While basic knowledge of different languages, tools, and frameworks helps you see the overall picture of any situation. Specialization in a particular area enables you to handle complex projects and challenges associated with it.
Not Collaborating Enough
Business Analysts work in teams and collaborate with the members of other organizations to build better solutions for the business. With communication skills and problem-solving skills, you can make good points and create new opportunities for everyone.