Who's a Business Analyst?
Business analysts help a company grow larger, stronger and better. They look closely at a company’s or department’s operations for areas of weakness, and come up with solutions to overcome those weaknesses. If you like to help people find ways to better themselves and their work, this is a great career option for you!
As a business analyst, you are the bridge between a business and the technical processes needed to run that business. You would analyse business models or ideas, and come up with ways to make them more efficient.
What will you do?
Where will you work?
How do you get there?
What skills would you need?
Communication Skills
Communication skills are the ability to clearly express ideas, information, and feelings, both verbally and in writing, so others can easily understand. This includes listening effectively, using the right tone, and being aware of non-verbal cues like body language. These skills help you explain your thoughts clearly, build relationships, and work better in teams. Good communication is important in almost every job, from customer service to leadership roles, because it ensures that tasks are understood and done correctly, and it helps prevent misunderstandings. build this skill
Creative Skills
Creative skills involve the ability to think outside the box, generate new ideas, and find innovative solutions to problems. These skills include imagination, design thinking, artistic abilities, and the capacity to develop fresh concepts or approaches in different fields, from writing and art to problem-solving in business. Creative skills help you come up with original ideas, improve processes, and develop unique solutions in the workplace. In roles like marketing, design, or product development, creativity is essential for staying competitive and bringing new perspectives to projects or challenges. build this skill
Attention to Detail
Attention to detail means being careful and noticing small things that others might miss. It involves checking your work carefully for mistakes, following instructions exactly, and making sure everything is done correctly. This skill helps you do accurate work and avoid errors. In jobs, attention to detail is important for tasks like writing reports, managing data, or following safety rules. build this skill
Social Skills
Social skills are the abilities that enable effective communication and interaction with others. They encompass a range of interpersonal competencies, including active listening, empathy, non-verbal communication, conflict resolution, and teamwork. These skills help individuals navigate social situations, build relationships, and collaborate effectively in various settings. Having strong social skills is crucial for personal and professional success. They enhance teamwork, foster positive relationships, and improve communication, which can lead to better collaboration and productivity in the workplace. In many professions, especially those involving direct interaction with others—such as education, healthcare, and sales—strong social skills can significantly impact outcomes and overall effectiveness. build this skillHow do you make it to the top ranks?
Product Analyst
Your initial responsibilities in business analytics would include collecting, analysing, communicating, and documenting existing and potential new products that your firm may wish to bring to the market.
Business Analyst Specialist
As you get promoted to Business Analyst Specialist, you will have to provide analytical and technical support to a business by developing innovative software and solutions. At this level, you can explore your creativity to come up with ideal solutions.
Business Manager
This is your first step towards a management position. You will be responsible for coordinating the efforts of multiple business analysts on a project. You must determine how the project’s requirements will be managed, create budgets plans for the project, and ensure that all analysts on your team maintain quality and consistency in their work.
Senior/Lead Business Analyst
At this stage, you will choose and lead a specialisation (industry or product). Your primary task is to recommend solutions and provide inputs on projects related to your field. As you’re in a senior position, you will also have to mentor junior analysts within your organisation.
Chief Technology Officer
This is an executive-level position. Here, you will be responsible for a particular company or companies. Apart from IT-related issues, you will develop, employ, manage and analyse the company’s technological resources.
Note: At any stage in your career, you can choose to become a consultant and use your experience to advise and implement analytical solutions in organisations.
Pursuing your career locally VS abroad
As India continues to be a powerful IT hub, the demand for business analysts in the country continues to remain high. It is predicted that by 2020, India will have the highest number of business analysts in the world. These professionals are entering several sectors like retail, corporate finance, banking, healthcare, e-commerce, hospitality and manufacturing, among others. Aspirants could get into this field with a BBA, or even pursue an MBA for better prospects in top companies like TCS, Infosys, Wipro, Accenture, etc. The average fee of a bachelor’s course ranges between INR 1,00,000 to 2,50,000 for the three-year programme, while a two-year MBA course in Business Management may cost between INR 1,00,000 to INR 6,00,000.
Business analytics is gaining wide popularity in major organisations and sectors across the world. Business analytics professionals are particularly valuable in Silicon Valley, where a large number of tech startups need the data-driven advantage to make a breakthrough. With India being a major outsourcing hub of IT-related services, business analysts from the country are highly in demand. If you wish to pursue this career abroad, start with an overseas MBA degree. This may cost anywhere from INR 20,00,000 to 50,00,000 for tuition fees with additional living costs and other expenses. The minimum duration for an MBA is 12 to 14 months for a short-term course. Some of the best colleges to pursue an overseas MBA are Harvard Business School (USA), London Business School (UK), University of Toronto: Rotman School (Canada), Melbourne Business School, University of Melbourne (Australia), Nanyang Business School (Singapore).
How much would you get paid?
The exact number will depend on where you’re working, your education, skill-set and internship experience.
What are your career options?
Operations Manager
As an operations manager, you will overlook the daily tasks of various departments in the company and ensure that business goals are met. You will be responsible for identifying and analysing business needs such as current products and services, and standard operating procedures. You will also provide technical or non-technical recommendations for the overall improvement of the business and its resource management. This job role requires a bachelor’s degree in any kind of business-related course with additional soft skills like conflict management, business negotiation, business organisation, decision making and leadership.
Product Owner
A product owner is a business analyst with a background in information technology. As a product owner, you are responsible for maximising the value of the company’s product in the market. You will take on several roles such as business strategist, market analyst, product designer, customer liaison, and project manager. A background in business management with certification programmes in Scrum, Lean, XP and Kanban, will help you learn which practices can be employed.
Project Manager
A highly popular career path for business analysts, project management involves planning and executing a wide variety of projects within the organisation. As a project manager, you will oversee the project’s development while ensuring that it meets stakeholder expectations, stays within the allotted budget, and meets the deadline. This role requires a diverse set of skills; you can opt for proper management training after completing your business course or while on the job. Additionally, you need to be good at communication, leadership, team management, negotiation and risk management.
Business Architect
Business architecture is concerned with developing and maintaining an organisation’s business capabilities as per the business strategy and goals. As a business architect, you would work on projects at an enterprise level to improve business processes through different strategies and ideas. Pursue an MBA and gain several years of experience in the field before you choose this specialisation. You will need a sound understanding of business principles, have the ability to implement the latest technologies, and need communication skills to work with various departments in the company.
Relationship Manager
Business relationship management is the understanding and application of activities related to business networking. Relationship managers are mostly senior-level business partners who support and advance business objectives for overall growth. As a relationship manager, you would understand and influence stakeholders while building a strong relationship with them. Naturally, you will need excellent communication and listening skills along with the ability to visualise and solve complex problems within an organisation. This role requires an MBA in business or IT-related courses.
Subject Matter Expert
Subject matter expertise is a top choice for business analysts who wish to focus on particular interests and develop their abilities in those fields. As a subject matter expert (SME), you would have sound knowledge and experience in a particular domain or industry, and will often be called upon to train young aspirants in that field. While most business analysts overlook various areas in a project, you would understand the inner workings of a department in terms of teamwork, processes implementation and so on. You would evaluate how a change in business policies can impact your department and, thus, how change must be introduced for overall business growth. Most SMEs have a bachelor’s degree in business courses and work their way up by gaining experience in the field.
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