Who Is A Business Analyst, and How Will Their Demand Change in 2022?
Introduction
If you are interested in becoming a Business Analyst, you may have a lot of questions like “what does a Business Analyst do” and why Business Analyst jobs are becoming a trend these days.
The importance of data and data-driven decisions is causing businesses to realize the need for Business Analysts, which in turn is creating an ocean of jobs in 2022. The job of Business Analyst in 2022 has become one of the hottest jobs of the decade as analytics impact almost every aspect of our lives. According to the US Bureau of Labor Statistics (BLS), the number of Business Analyst jobs will increase by seven percent between 2020 and 2030.
So, What is the job of a Business Analyst? Continue reading this article to know the answer to this question and more.
What Is Business Analysis?
Business analysis is an advisory role that involves:
- Investigating and analyzing business situations
- Identifying and evaluating options for improving business systems
- Defining and elaborating on requirements
- Ensuring that information systems are implemented and used according to business requirements
Business analysis is the process of interpreting data quantitatively to make informed business decisions.
The business analysis consists of four primary methods:
- Descriptive: Trends and patterns are identified based on historical data.
- Diagnose: To identify why something has happened based on historical data.
- Predictive: Forecasting future outcomes using statistics.
- Prescriptive: To determine which outcome for a given scenario will yield the best result through the use of testing and other methods.
Why Do Businesses Use Business Analytics?
Using analytics has become a widely accepted method of streamlining operations and improving processes for companies. To achieve short and long-term success, you must understand how analytics can help your business. Business Analytics also helps in better customer targeting.
Businesses implement Business Analytics for the following reasons:
- Identify and solve problems
- Make informed decisions
- Utilize investment to the Fullest
- Reduce manufacturing costs
- Reduce employee turnover
- Improve the customer experience
- Enhance efficiency
- Fraud identification
- A better advertising campaign
- A better way to manage products
- Embrace uncertainty and accelerate
- Analyze competitors
What Does a Business Analyst Do?
A Business Analyst discovers, synthesizes, and analyzes information from various sources. To determine underlying issues and causes, Business Analysts conduct investigations and clarify stakeholder needs to understand their needs. Business Analysts’ job is to align the solutions designed and delivered with the needs of stakeholders. A Business Analyst’s key responsibilities include the following:
- Analyzing the functional and technical requirements of the organization and prioritizing them
- Analyzing large data sets using SQL and Excel
- Creating charts, tables, and other visualizations of data
- Supporting business decisions with financial models
- Identifying and understanding business goals and strategies
- The planning of enterprise architecture (the structure of an organization)
- Analyzing variances and financials, forecasting, and budgeting
Why Should You Become a Business Analyst?
Before investing time and money in becoming a successful Business Analyst, it is important to know your motivations.
1. Growth Market
The Business Analytics market is growing, and there is a job market for Business Analysts. There was once a perception that Business Analysts were undervalued, but now more and more companies realize the value of skilled analysts.
Wisely investing time and money is the goal of a good Business Analyst. There is no doubt that in today’s market, where poor investments allow the competition to gain an advantage, time is an even more valuable resource.
2. Entry Barriers Are Low Compared To Other Professions
As of now, the role is very immature compared with that of other professions (such as architect, engineer, and accountant). And it is not necessary to be professionally qualified to become a Business Analyst.
3. Demanding and Challenging Job
As a Business Analyst, you can solve problems, manage relationships, and manage your time effectively. The journey can be very fulfilling, but it is not always easy. The challenge should provide you with job satisfaction, and you should enjoy it. Your company may require you to work with several different teams and individuals.
Business Analysts value the fact that their days are never the same. It is a challenging job that allows one to develop problem-solving and critical-thinking skills.
4. A stepping Stone to Other Careers
As a Business Analyst, you will gain skills that are very useful in many other roles, such as project management, program management, business architecture, and strategy.
5. Making Use of Existing Industry Knowledge
You can have general business or industry knowledge that makes you very valuable.
Why Are Companies Hiring Business Analysts?
The main reasons why the companies are hiring Business Analysts are:
- Business Analysts bridge the gap between customers and developers in digital transformation projects.
- The role of Business Analysts is to translate complex business processes during development. Also, explain how the business works to technical staff.
- Staff can adapt to changes caused by technological advancements with the help of Business Analysts.
Is Business Analyst a Good Career?
It is a good choice to become a Business Analyst as it provides the opportunity for lifelong learning and provides solutions to business problems. It is possible to apply your skills in various sectors and industries.
The profession is continuously developing and growing with advancements in technology. In today’s job market, you can find various job listings for Business Analyst roles on job sites, job boards, and networking sites, such as LinkedIn.
Job trends for Business Analysts
This field has grown in recent years due to rapid digital transformation and reliance on data.
1. Big Data Analytics Evolution
Global disruptions like the COVID-19 pandemic have accelerated the demand for big data analytics technologies. Organizations can use today’s consumers’ tendency to do everything online to accomplish important goals. Companies seek business analysis experts to anticipate what will happen in the future.
2. A Multifaceted Job
Business Analysts are becoming multifaceted in their roles. Business Analysts (BAs) are now found in every department of an organization, from entry-level HR departments to senior leadership positions. Business Analysts’ roles are transforming as a result of this change.
Business Analyst Skills 2022
Business Analysts have several career options. The majority of careers require you to learn:
Technical Skills
- Programming languages and tools
- Data visualization
- Database querying languages
- Microsoft PowerPoint
- Microsoft Excel
- Microsoft Access
- Google Analytics, etc.
Data mining, data cleaning, and machine learning expertise will be added advantages. But remember to master the tools or languages you choose.
Non-technical Skills:
- Problem-solving skills
- Value-focused thinking
- Reasoning skills
- Able to act as guardians of alignment and clarity.
- Creative and Communication Skills
The job of a Business Analyst is to engage business leaders and users to increase efficiency by implementing data-driven changes to processes, products, services, software, and hardware. Additionally, to answer what is the job of a Business Analyst? it is to articulate and create business ideas. So, a Business Analyst needs both communication and creative skills.
Additionally, if you are a fresher trying to get into a Business Analyst job in 2022, you must know how Business Analytics works in the real world.
How to Become a Business Analyst?
To become a Business Analyst, you may need to acquire skills and credentials relevant to the field. A degree, certification, or coursework can all help you get a job as a Business Analyst. Consider the following steps to become a Business Analyst,
- Develop your skills as a Business Analyst
- Enroll in a Business Analyst course
- Get a certification as a Business Analyst
Most employers prefer candidates with a bachelor’s degree, although some may prefer a master’s degree.
Business Analyst Salary in 2022
Business Analysts are among the highest-paid professions. Businesses, job positions, locations, education qualifications, and experience all affect the salary of Business Analysts in India. Depending on your experience and company, it can reach as high as INR 20,00,000.
The Business Analytics Market was valued at USD 67.92 billion in 2020 and will grow to USD 103.65 billion by 2026, with a CAGR of 7.3%. Data-driven marketing increases marketing productivity by 15-20%, according to an analysis by McKinsey & Company.
Conclusion
The Business Analyst jobs and the career prospects for a Business Analyst are likely to rise rapidly in the coming months. Microsoft, Amazon, Google, and IBM are heavily investing in Business Analysts because they help them achieve their business goals. A Business Analyst career is one of the best choices a fresher can make in today’s market.
Start by exploring how you can boost your skills if you’re interested in a career in business analysis. One can learn about emerging and demanding technologies like Business Analytics with Jigsaw Academy. Jigsaw offers many comprehensive interactive learning programs.
Enroll in the Integrated Program in Business Analyst course with Jigsaw to become a successful Business Analyst. Jigsaw offers this course in partnership with IIM, Indore, and a guaranteed placement feature is available.
FAQs
1. Which tool is used by a Business Analyst?
Ans. Many tools are used, but the most popular one is Wrike, a project management tool.
2. What are the three main roles of a Business Analyst?
Ans. The three main roles are:
- Analyzing a business in detail
- Identifying challenges and opportunities
- Providing business solutions
3. Is a Business Analyst a technical role?
Ans. No, it is not a technical job. However, to solve business problems, Business Analysts sometimes apply technical knowledge.
4. What is KPI for a Business Analyst?
Ans. A key performance indicator (KPI) is a high-level snapshot of an organization or business process based on predefined measurements.
5. What are the Business Analytics techniques?
The business analysis includes BPM, SWOT, MOST, CATWOE, PESTLE, and Six Thinking Hats techniques.
