Business Analyst’s roles progressed a lot from the 1970s’ when their job was to convert physically written information to digital platforms using a computer. Today these Business Analysts serve a crucial role in generating top-notch insights that steer a company towards growth and efficiency. Modern-day Business Analysts are multi-skilled professionals who bridge the gap between business and technical teams.
In this Business Analyst Career Guide 2022, we will share all the details regarding a Business Analyst and how you can chart your path through this industry. If you are looking to upskill, check out this Business Analyst Certification Course made by industry experts.
What is a Business Analyst?
In simple words, a Business Analyst is a professional who sifts through data and churns out actionable insights that help organizations increase their efficiency and output. For this, these professionals analyze organizational data present in documents, and work processes to uncover trends, patterns, and other anomalies. After the analysis, they deploy their analytical thinking, and problem-solving skills with business acumen to generate insights to help support business decisions.
What does a Business Analyst do?
There are many types of Business Analysts that work across a wide range of businesses. So, we cannot generalize what Business Analysts do, but they’re certainly many common tasks that Business Analysts perform.
Business Analysts must first understand their line of business. They must be aware of different standards they then benchmark their company’s performance against their competitors. They identify Key Performance Indicators (KPIs) and express the performance of data in those terms.
End of the day, the ultimate job of a Business Analyst is to suggest or recommend changes that could be small or big. Allow me to put the various duties in bulletins so that it helps you better understand:
- Work with internal and external stakeholders in upgrading tech systems and models
- Analyze data to understand the company’s present scenario
- Provide meaningful, actionable insights to improve efficiency, revenue, and effectiveness.
Skills required to become a Business Analyst in 2022
Again we cannot generalize different skill sets that will help you become a Business Analyst in 2022. Let’s understand what is one of the most important skills that a Business Analyst must be equipped with within 2022 to get better opportunities.
It’s nearly impossible to become a qualified Business Analyst if you don’t understand the fundamentals of the business you are involved with. If you are aiming to become an expert in Business Analytics, start improving your business knowledge or business acumen.
Data Analytics is an important skill to become a Business Analyst. It is an essential skill that differentiates a Business Analyst from a Business Admin. There are plenty of resources that you can rely on to learn Data Analytics, you could enroll in an online course to help you build your foundation, etc.
Business Analysis Methodologies
To become a qualified Business Analyst, you must understand various methodologies that are used in Business Analytics like Predictive Analytics, Segmentation, Correlation Analysis, etc. These frameworks and methodologies help in solving problems in different ways. The goal is to be able to predict the best methodology for a task at hand to arrive at the best possible conclusion.
Communication and Storytelling skills
Business Analysts must be able to bridge stakeholders with technical teams to help execute business projects efficiently. Communication and Storytelling become essential skills at this juncture. These soft skills help you in giving better presentations which is an important role that every Business Analyst must perform.
Being a Business Analyst, you must be able to communicate effectively, and for that, you must be able to use better visuals that will clearly explain the important points.
Business Analyst Salary in 2022
Business Analysts enjoy a good payroll for their effort in helping companies, and businesses grow more efficiently and streamlined. We will divide Business Analyst’s careers into three phases so that you will get a better understanding of their payrolls.
Entry-level Business Analysts earn an average salary of USD 55,793 in the USA, while in India, they earn around INR 3,50,000.
Medium level Business Analysts earn an average salary of USD 78,381 in the USA, while in India, they earn an average salary of INR 5,00,000 – INR 8,00,000.
Senior Business Analysts earn a national average salary of USD 1,01,277 in the USA, while in India, they earn an average salary of INR 12,00,000.
How to Become a Business Analyst?
After reading through these essential topics in the blog, the very next question would be how can you become a Business Analyst? Well, the first step in becoming a Business Analyst is to strengthen your fundamentals.
The best way would be to enroll yourself in an online certification course or training. This way you could learn and master skills that are in demand from industry experts.
Always aim to get maximum practical exposure. What do I mean by that? Learning concepts is one thing, but getting exposure through assignments and projects is another. Always be ready to work on projects to acquire the essential practical experience.
Build your portfolio, and network with professionals with a wide range of experience, which will help you land better opportunities.