Business Analyst Job Description: Skills required and salaries for 2023.
Business analysts are responsible for analysing and improving business processes and operations and are described as an agent of change by the International Institute of Business Analysis. Business analyst roles and responsibilities include the improvement and development of solutions to increase efficiency and reduce costs, acting as a liaison, communicating the needs and objectives of the business with the technical team, leveraging insights of data analytics for assessing processes and delivering policy recommendations to draw actionable strategies for the business to thrive in the market.
The analytical skills of business analysts help them to add value to an organisation’s services and products by bringing data-focused strategies into action. As a business analyst, you are expected to have business acumen, problem-solving aptitude, and organisational abilities to strategise decisions which are financially and functionally feasible.
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Business Analyst Job Description:
The professional identifies goals, develops best practices for data collection, and analyses the current process to make improvements. The primary skills include a knack for communication to convince stakeholders to understand the needs and requirements, and present recommendations for cost savings, and improvements by introducing other initiatives. They work with cross-functional teams to deliver solutions and then examine the effectiveness of the implementation of solutions and make necessary adjustments.
Business Analyst Roles and Responsibilities:
Business analyst is a professional who utilises data and makes data-driven strategies. Ideally, the educational requirements for a business analyst include a bachelor’s degree in the discipline of finance, computer science, mathematics, economics, commerce, and political science along with experience in a business or technical role. They have a data-driven approach to solving all the problems in the organisation. The problem-solving attitude of the individual helps to use their extensive knowledge in financial analysis, forecasting and budgeting and present an approach based on their insights and use analytical tools and techniques to implement those solutions and optimisations.
Important Skills for Business Analyst:
Business analysts are expected to use their problem-solving skills to implement forecasting and budgeting and have a clear understanding of reporting and regulatory requirements as well as performance factors. There are skills that will help in functioning the duties, and here is a list to get an idea of the important expertise required to be able to perform their duties.
- Data Analysis- the ability to analyse data and draw insights as well as make data driven-decisions and recommendations.
- Teamwork- the ability to work with different colleagues, and stakeholders, in order to collaborate and gain an in-depth understanding of the data as well as discuss with each regarding critical career requirements.
- A knack for problem-solving- the ability to identify the loopholes in the data, and the impact it has on business, as well as identify, analyse and solve complex business problems.
- Project Management: focusing on creating a project or a service, and finding out the solutions for the problem, as well as defining the characteristics of the proposed solutions.
- Effective Communication: a strong communication ability as well as communicating the requirements of the firms to the investors and stakeholders. Sound knowledge and expertise in evaluating the expertise of decisions and their implications.
- Technical Skills: have the ability to understand how to process and utilise data, understanding of software development lifecycle, technology and business process.
- Agility to be shown in conducting surveys, collecting reports, tests and workshops.
- Know agile methodologies such as Scrum and Kanban.
- Plan the scope of a project, direct a workforce, forecast budgets as well as monitor time constraints and strive to complete the work on time. Analysts are expected to have high managerial skills to manage the workload.
- Collaborate and be eager to work in cross-functional teams and disciplines.
The median salary of a business analyst ranges between ₹ 2.7 Lakhs to ₹ 15.5 Lakhs with an average annual salary of ₹ 6.9 Lakhs, and according to a report by Indeed.com, a business analyst earns around $86,601 in the US.