Given an Organization – whether mass scale or not – has a strategic structure which gathers information on all the data that is been used throughout every day’s work. This does not only include the numbers that the sales team make but overall progress, losses, expenditures, improvements and many more that affects an organization.
However, collecting these data and bringing sense into them is a difficult task. When it comes to a complex business environment with a number of stakeholders involved, the analyses needs more attention to detail. This is where a Business Analyst steps up.
Who is a Business Analyst?
A business analyst is someone who analyzes an organization’s domain and documents its progress, processes or systems, assessing the business model or its integration with technology.
In the 21st century, Business Analysts have taken up a significant role in the Corporate Industry. With thorough knowledge in Information Technology, business objectives and understanding the highly competitive marketplace, a skilled Business Analyst could create great value and advancement to an organization.
Responsibilities of a Business Analyst
Studying the key responsibilities of a Business Analyst, it varies and slightly differs to each industry they represent. However, the key major roles are pretty obvious.
- Handling Requirements are the most important role of a Business analyst. He/ She will methodically research the past and present of the organization/sales/employee structure and would come up with technical solutions for the recurring issue or to work towards developing the business
- Assisting with the Business structure
- Planning-Out a strategic system for the Business (This of course would change according to different organization requirements)
- Simplifying systems for stakeholders involved
- Requirement Management and Communication.
- Analyzing and Documenting Situation and Progression of a Company.
What is ‘Requirement’ in Business Analysis?
Well, putting it simply, Requirement is everything in Business Analysis! Different Organizations recruit Business Analysts for various projects. It’s not always about tracking sales numbers, sometimes it could be because the internal systems need a proper operations restructure.
A Business Analyst, bases their research on the given Requirements by the employer. So the final output/delivery is variable from one to another. While some analysts are limited to several projects and narrow studies, most Business Analysts in complex corporations have a wide range of researches to engage on, such as Finance, Marketing or even Operations. So the wider the study is, richer the Information collected.
Which Industry most requires Analysts?
In the present, we can undoubtedly say ‘All’. In this highly competitive corporate world, starting up a business is easy, but maintaining standards are the hardest. So almost all companies are out there searching for skilled analysts to keep track on their Business Performances providing suitable technological solutions.
Be it Banking and Finance, FMCG or even Travel and Tourism, a Business Analyst plays a core role in Strategy.
How does a Business Analyst Contribute to an Organization?
A Business Analyst contributes to their organization in many ways. Once they receive their requirements, they work with it. Using accurate and sophisticated tools-measures to detect issues and little errors of an organization. This also helps to achieve corporate goals, business benefits, workflow restructuring and customer relationship management. All these studies and research helps a company to maintain their standards and develop one step at a time.
So if you ever wonder how a Business Analyst contributes to a company, just remember an analyst is the lifeline of a Business. It helps to stabilize, standardize and develop from the very heart of an organization.
Skills you need to be a Business Analyst
Are you planning on switching careers to be a Business Analyst? Well, good news! It’s easy. If you have below skills, you’re up for it!
- Strong Communication Skills (Verbal and Written)
- Savvy in Microsoft Office applications
- Understanding on systems engineering concepts
- The ability to do different analyses
- Incorporating Examples and strategic methods
- Problem-solving skills
These skills are only the basics but In addition, it would be ideal if you hold a Business Degree or equivalent qualification in Business Training which would make the tasks easier.
In the current corporate industry in Sri Lanka, some of the demanded, highest paid job roles are for Business Analysts. Every employer today is seeking proper strategy for their organization. So the job opportunities for Business Analysts are high.