In this article, we will learn about Business Analytics, business analyst roles and responsibilities, and their salary along with some frequently asked questions (FAQ). Read this article completely. You will get good insight if you want to perceive your career as a Business Analyst.
Table of Contents
We are living in a data world and every company that wants to succeed in the market needs to analyze the customer and the existing data to make business decisions.
Business analytics refers to the skills, technologies, best practices use to explore, iterate, and investigate the past data of the business and its performance. This helps them to take Market decisions and plan for the future development of the product or the company.
-> Past data -> Analyze the data based on Various Parameters -> Gather useful insights and Findings -> Used in making decisions for strategic & Business Planning
There are many popular tools used by Business Analysts like Excel, Power BI, Microsoft Access, SQL, Tableau, and Power BI.
1. Cost of the Tool
Most of them are paid so at the start we can go with Open source tools like Tableau public.
2. Easy to use the tool
Choose a tool that has a user-friendly interface and takes less time to learn and implement your projects. Complex tools may need additional skills like Programming and technical knowledge.
3. Efficient Data Visualization
This is very important as most Business people use visualizations like Dashboards and Charts to make decisions. So you have to also look at the variety of charts that can be built and the parameters and constraints that can be applied to them.
Another important part you have to look at is how efficiently you can combine multiple charts to make a dashboard.
This is the reason we have listed Data Visualization as one of the top skills to upgrade your career.
4. Ease of Setup and Installation
How easy to install the tool and import the existing data you have into the BA tool.
Business Analytics is becoming one of the Trending professions as it involves both data and business skills.
We are in Industry 4.0 where data acts as a main asset of the company. It helps the company to find what is the problem with the product and why the sales are going down in a particular month and how to allocate the marketing budget for different campaigns.
A business analyst is a person who bridges the gap between IT and the Business team in an Organization.
They are part of the business operation and also they closely work with the Product development team to improve the quality of the product developed or services delivered.
They use data analytics and other advanced data and soft skills to improve processes during the development of the product.
BA also ensures the end-user needs are addressed in the product and it satisfies all the use cases which are required to solve a particulate problem.
Client needs + User needs + Good development team + Business Analyst => A successful product
Organizations that use Business analytics are smarter than other organizations that don’t use them as they make intelligent decisions with data that has comparatively higher chances of giving proven results.
One more advantage is that we will able to get some unpredictable and surprising results that might give a new shape to the company and its products or services.
Understand the Business Objectives which include what’s the problem and what is the best-suited solution for the problem.
Requirement gathering for the Project which includes what type of customers will be using it and who all will be the part of the product/project.
Work closely with the Development and design team to build the product by allocating necessary resources by keeping in mind the budget of the project. BAs ensures that they don’t waste time in understanding the requirements of the product.
BA validates the prototype with the customers or end-users (Usability Testing) and the stakeholders to find whether it satisfies the requirement. They also assess the functional and non-functional requirements.
This is the most important part of a Business Analyst where he/she builds reports using data visualization tools to explore and analyze the performance of the project. From these reports, insights are drawn are shown to the stakeholders to identify new opportunities or existing problems in the product and solve them faster and efficiently.
Business Analyst documents the entire Project journey and also makes a presentation to the stakeholders and clients.
They not only build new products but also enhance the existing business or product by gathering new requirements for the existing module. As a result, implement the newly designed features for the Business.
It varies and also depends on the candidates’ experience.
The average salary of a Business analyst ranges from 6.5 -14 Lakh per annum. The CTC is high compared to other non-tech roles.
Hope with this article you understood the business analyst roles and responsibilities. Surely this helps you if you want to start you career in business analytics. If you have any questions or doubts, let me know in the comment section below. All the best wishes!