Businesses today rely highly on data-driven decision-making to stay competitive. This trend has led to increasing needs for good quality Business Analysts. Organizations generating vast amounts of data are trying to derive actionable insights for making better quality decisions toward organizational growth.
Business Analysts usually work with data and help organizations make the right decisions. They help in reducing future risks and tapping into newer opportunities by identifying the trends and market changes early.
In this blog, we take a closer look at Business Analysts, their importance in modern organizations, their resemblance and linkage to data analyst’s role, and growth and career opportunities in this domain.
Business Analysts and their importance in Organization
Business Analysts (BAs) refer to people who process and interpret business documents, products, services by analyzing data. With the right insights derived from data, they recommend changes and solutions that provide value. With knowledge of both IT/technology and business functions, Business Analysts can significantly help improve organizational efficiency.
The role of a business analyst includes several key responsibilities such as,
- Understanding business requirements— A business analyst understands the need of a project or business by collaborating with clients, users or management. By gathering the business requirements helps a BA to form basic questions and collect necessary information /data
- Data Analysis – This step involves analzying data in various forms to identify the trends and patterns that can help resolve business problems.
- Designing solution – They work on creating solutions which involves suggesting solutions to business processes, systems etc. The solutions include performance targets, optimizing operations, identifying growth opportunities etc.
- Documentation – This involves creating detailed documentation on business requirements, use cases, model functionality etc.
- Change Management – Business Analysts help organizations to transition smoothly to shift to new process or systems.
- Continuous improvement – Business Analysts need to constantly monitor the solution that they implemented and recommend further improvements.
The interconnection between Data Analysts and Business Analysts
Despite having different roles in an organization, both data analysts and Business Analysts are interconnected. Some of the key points where we they both are closely related are,
Share Common Goals – Both analysts final goal lies in providing informative insights from data for organization decision making. The focus is on improving the operational efficiency, predict future trends, provide solutions for any challenges etc.
Close collaboration: Both analysts communicate closely to discuss finding solutions and strategies for current business needs. By analyzing data, data analysts provide information that is often used by Business Analysts for any suggestions. This close collaboration helps in providing accurate recommendations, thus fulfilling business needs.
Skills: Both these analytics role possess strong data interpretation and communication skills. This helps in conveying difficult insights to the stakeholders, who might lack technical knowledge.
Connecting functions – Business Analysts function as a bridge between the technical aspects of data analysis and business operations. With the help of data analysts, they transform the insights into strategies for the betterment of businesses.
Career Opportunities
According to a recent study, the demand for Business Analysts has increased in recent years, and it will continue to grow with a rate of 14.3% by 2026 in India. Business Analyst as a career brings new challenges and opportunities on a daily business. The job defines one’s skillset in solving problems and working in a collaborative space catering to organizational needs. According to Glassdoor, the average salary for Business Analysts in India starts with 8L per year.
Conclusive Thoughts
Business Analysts play an important role in the overall organizational growth. They identify the business problems and analyze business documents, products and services to identify trends and recommend solutions. Moreover, their close collaboration with data analysts helps in transforming the insights into actionable strategies. As the demand for Business Analysts are increasing, it upholds an interesting career opportunities and growth ahead.
Prescience Team
