Every company runs different sectors, and one person can’t monitor every function. There are different teams and managers to ensure that all the company operations run smoothly. A business analyst (BA) keeps track of all the functions, operations and transactions between the IT sector and the business by analysing data and reports, processing the required resources, and reporting the results to higher-ups, executives, and clients. A business analyst’s role in a company is to understand how data affects a project and increases a product’s efficiency.
What is a Business Analyst?
A business analyst is an essential component of a business and ensures there is a balance between a company’s IT department and business. Business analysts collect data and use it to make the necessary changes in a project, add brand value, upgrade the software, fix the hardware, and increase the efficiency of products and services. Their responsibility lies in improving a company’s current profits and services using information, data, and insights.
A business analyst also records business transactions, regularly monitors the processes and technology and ensures the business model works correctly. Business analysts enhance the efficiency and productivity of businesses and establish contact with stakeholders, acting as a middle point between the project and the stakeholders.
Business Analyst Roles in Project Management
Project management is a vital aspect of every company. It creates various methods, plans and strategies to improve your project’s performance. The primary responsibility of a project manager is to incorporate changes to a project and identify and eliminate risks. On the other hand, a business analyst includes modifications to a project and analyses data to ensure the results meet the estimated value. Both project managers and business analysts add value to a project. However, business analysis plays a vital role in project management, as it is necessary to have the required and accurate data to run a project. A business analyst adds efficiency and increases the productivity of an assignment.
Business analysts observe a business’s current performance to identify and monitor the risks and eliminate the source of the problems. Strategy-making, problem-solving and decision-making are three crucial aspects of a successful business, and a business analyst uses data to strategise, solve problems, and make significant decisions.
In project management, a business analyst has two key roles:
● Identifying the Issue: Business analysts use the current data, software and technology to identify the reasons for poor or unsatisfactory results. A business analyst compares the present data to the initial estimates to track a project’s progress.
● Solving the Issue: After identifying the problem, the business analyst forms a strategy to solve the issue, create new plans, and incorporate the necessary changes.
What are the Major Roles and Responsibilities of a Business Analyst?
Apart from identifying and rectifying problems, a business analyst is also responsible for various other operations to ensure a project yields optimum results.
● Observe Business Structures
A business analyst is responsible for researching the current business structures, observing the recent performance of a business, and finding ways to develop and improve the services. Using the present business model as a reference point, the business analyst devises strategies to implement changes.
● Log Required Changes
The BA communicates with stakeholders and executives, who are a part of the project, influence the business, or are affected by the business model, to collect business data required for analysing a project’s progress. The business analyst documents and makes a log of the changes to plan future changes.
● Compare and Approve the Final Product
Another critical role of a business analyst is to ensure the final product matches the initial predictions and estimates. If the final version meets all the requirements and clears the evaluation round, the business analyst can give a seal of approval to the project.
What Skills Should a Business Analyst Possess?
Since a business analyst’s role is technical, data-driven, and relies on clear communication, there are certain skills every business analyst should have:
- Think Outside the Box
A key role of a business analyst is to identify and solve issues that cause problems in a project. To become a successful business analyst, you should understand the assignment and various problem-solving strategies. Apart from this, since a team handles every project, there will be a clash of suggestions. As a business analyst, you should know how to mediate, solve team problems, fix technical issues, and negotiate between various ideas and dealings.
- Critical Thinking
Critical thinking is a crucial skill that a business analyst should have. Critical thinking allows you to pick the best and the most appropriate option out of the many choices you might face. A business analyst should listen to various suggestions but carefully consider all the choices, data, and information before making an informed decision.
Since a business analyst has to interact and communicate with stakeholders, executives and clients, it is essential to have excellent communication skills. As a business analyst, you should organise meetings, listen carefully, and take notes. In addition to that, you should also know how to conduct meetings and conferences online, as virtual meetings are also essential.
- An Eye for Business
Finally, one of the most vital business analyst skills is excellent business skills. It would help if you had an insight into the current market system, the latest tools and data, innovations, and unique business ideas and solutions.
How Much Does a Business Analyst Earn?
Business is a very lucrative industry, and with the right skills and opportunities, you can make a great living as a business analyst.
Working as a business analyst in Australia will put approximately AUD 88,399 per year in your bank. The lowest salary is AUD 55,111, and the highest is AUD 130,000. However, it is essential to note that salary depends on various factors, such as age, location, gender, and work experience.
Your salary as a business analyst also depends on your role.
Business Analyst Role
Lead Business Analyst
Principal Business Analyst
Senior Business Analyst
Finance Business Analyst
Business Process Analyst
Technical Business Analyst
IT Business Analyst
As a business analyst, you undertake various business analyst roles to ensure your company runs smoothly. You must know how to identify and solve problems, have an eye for business, and should be an excellent communicator.