In the 21st century, data has become the new gold. Not only does it help advertisers and marketers to gain valuable insights about consumer behaviour but it can also benefit business organisations to improve their business models to better meet the demands of the industry and increase their revenue. However, merely possessing the data is not enough. Companies require individuals who can analyse this data and based upon this evaluation, come up with important business decisions that can drive growth.
Therefore, it does not come as a surprise that for the past few years, there has been a surge in the demand for Business Analysts. As the term suggests, Business Analysts are individuals responsible for analysing the various business processes in an organisation. They have to identify the areas for improvement, come up with strategies to implement those improvements and execute them so that a company can achieve its goals.
But what exactly is a Business Analyst and how do you join the magnanimous field of business analysis? Let’s find out!
What is a Business Analyst?
According to the International Institute of Business Analysis, “A business analyst works as a liaison among stakeholders to elicit, analyse, communicate and validate requirements for changes to business processes, policies and information systems. The business analyst understands business problems and opportunities in the context of the requirements and recommends solutions that enable the organisation to achieve its goals.”
To put it simply, a Business Analyst is an individual who works towards the improvement of business processes. He achieves this goal by adopting a formal, structured and disciplined approach to analyse business processes. In order to analyse the processes, Business Analysts utilise various tools such as facts, figures and observations. They assure that all the processes are fully optimised to achieve maximum outputs with the given resources.
How to Become a Business Analyst?
In order to become a Business Analyst, you need to fulfil certain eligibility criteria. These are:
Qualifications Required to Become a Business Analyst
In order to become a Business Analyst, you must possess a bachelor’s degree in a quantitative field such as Finance, Accounting, Economics, Data Science, Information Management, Computer Science, Statistics, etc. After graduation, some organisations also require students to pursue a master’s degree such as an MBA with specialisation in Business Analytics. The post-graduation will help you consolidate your knowledge by gaining more comprehensive insights from the field.
After this, you can opt for relevant coursework in business analytics or data analytics to familiarise yourself with the tools and knowledge of the domain. Additionally, you can pursue some certifications to hone specific skills that will help you in your career as a Business Analyst. Some popular certifications that you can opt for include:
- IIBA Certification of Capability in Business Analysis (CCBA)
- IIBA Entry Certificate in Business Analysis (ECBA)
- PMI Professional in Business Analytics (PMI-PBA)
- IIBA Certified Business Analysis Professional (CBAP)
Experience Required to Become a Business Analyst
In order to enter the field of Business Analysis, you must first seek opportunities in specialised business areas such as Finance, Accounting, etc. This will help you in laying a strong foundation as you will get a chance to first acquaint yourself with various business operations. After this, you can enter into the field by assuming entry-level positions such as Junior Business Analyst and move up the hierarchy in due time.
Skills Required to Become a Business Analyst
In order to succeed in the field of Business Analysis, you will require certain skills. These include both field-related skills as well as general skills crucial for personal & professional development. Some of the most essential skills for the role of Business Analyst include:
- Business acumen
- Good listening skills
- Data analysis
- Openness to change
- Business analysis methodologies
- Multitasking abilities
- Negotiation skills
Business Analyst Role & Functions
Business Analysts are responsible for smoothening the overall functioning of an organisation by optimising its processes and ensuring to identify & eliminate all bottlenecks, thus increasing the profit margins. This enhances the efficiency and productivity of business operations. In order to fulfil their duties, Business Analysts often work in close coordination with all the managers and department heads in a company.
The functions of a Business Analyst can vary depending upon the industry and the company. However, the main role of a Business Analyst revolves around improving business processes and helping a company in achieving its goals. The day-to-day functions of a Business Analyst comprise of the following:
- To identify and prioritise a business’ various needs, including both functional as well as technical
- To understand, assess and evaluate various business strategies
- To use various tools such as SQL and Excel to analyse large sets of data
- To present data in a visualised manner by using various tables, charts, graphs, etc.
- To create realistic short-term and long-term business goals
- To create financial models in line with business decisions
- To plan the business structure so as to bring improvements in the processes
- To forecast, budget, and perform variance and financial analysis
Business Analyst Future Scope
There are many studies that state that the field of Business Analysis will continue to grow at a CAGR of 14.3% till 2026. Reports also indicate that there has been a 25% increase in the job posting for Business Analysts in the past few years.
The average salary of a Business Analyst in India is INR 4,89,000 per annum according to Ambition Box. However, this is just the average salary. In general, the salary for this job role ranges between INR 2,70,000 to INR 15,00,000 per annum. The salary varies depending on a number of factors including:
- Your current location
- The Company you are employed at
- The industry you are working in
- Your total experience
- Your skillset
Other than a Business Analyst, you can also seek opportunities in the field of Business Analysis for the following roles:
- Systems Analyst
- Management Analyst
- Technical Business Analyst
- Data Analyst
Business Analyst is a popular job profile that concerns the analysis of various business processes to identify areas of improvement and execute strategies to implement those improvements. In order to become a Business Analyst, you require a Bachelor’s and Master’s degree in certain specialised business areas such as Finance, Accounting, etc. Furthermore, you would need to pursue certain skill-based certifications and gain some entry-level experience in relevant fields. The future scope of this lucrative field is promising with a CAGR of 14.3% and an average annual salary of INR 4.89 LPA.
Kamaldeep Singh is an accomplished digital marketing specialist, and has been associated with the education industry since 2022. With a flair for knowledge, he finds joy in learning and sharing insights on education, technology, digital marketing, and self-care through his writing. He is passionate about cars, tech-gadgets, and loves long drives.