A business analyst studies an organization or industry domain and records its business practices, processes, or organizational structure. Analyzing its relationship with technology, assessing the business models, or incorporating information technology.
Business analysts can also work as marketing analysts, quality analysts, or management analysts. Most of the time, business analysts work at the conceptual level and try to understand what the organization is, how it works and how to improve it.
What do they do?
The job of a business analyst also requires that they possess strong mathematical skills to manipulate and analyze data and make inferences as well as excellent communication skills in presenting findings and interpretations of those findings.
Strong interpersonal skills and leadership skills are also a plus since business analysts must lead or be involved in discussions and negotiations with upper management.
The typical duties of a business analyst include:
- conducting research
- gathering and interpreting data
- writing reports, communicating with other professionals
- analyzing and reviewing data
- preparing financial reports
- presenting findings and interpretations in a clear and concise manner
- analyzing pricing and sales data
- analyzing customer and organizational surveys
- analyzing marketing strategies and planning
- communicating with management
- implementing quality management programs
- implementing business changes
- developing and maintaining effective computer systems
- preparing regulatory or policy statements
- reviewing financial statements
- preparing financial forecasts and predictions
It is essential for them to understand and analyze various industries, products, and organizations, to become successful business analysts. In addition, they must be aware of the current business practices, business issues, policies, regulations, and industry trends. Since many companies hire an outside firm to conduct in-house assessments, there are numerous opportunities for entry-level positions.
In addition to company-specific training, candidates must obtain at least some college-level coursework in accounting, business, statistics, math, and other math-related subjects. The job description of a business analyst job description is precise.
The Responsibilities of Business Analysts
Business analysts analyze a company’s financial records to help make business decisions. They are responsible for analyzing the current operations of a business and figuring out what changes would need attention. They can also help restructure the company’s budget and management structure These are just a few examples of what an analyst does in a typical workday. Let’s take a closer look at this job title and what it means.
Handle a business’s financial operations.
Some of what a business analyst does it is to perform a hands-on approach to the analysis of a business’s finances and operations. This type of work requires that analysts are skilled with computer software and math.
They may also need to write reports or perform statistical analysis to provide a business analyst with complex data that the company can use to come up with sound business decisions. Other duties include helping with the design of data structures or helping to interpret business information or statistics.
Besides the more routine duties related to what a business analyst does, some other specializations are available. One such profession is in marketing. Marketers are responsible for coming up with ways to sell products or services to consumers.
There are many subcategories under the marketer role, including brand specialists, product developers, service developers, business process managers, business development specialists and more. Thus, business analysts who focus on marketing may also be called sales forecasters or marketing managers.
Business analysts may also work in the customer service area. In this role, they are responsible for dealing directly with customers. These professionals may assist customers with their needs and give them the information they need to make informed buying decisions.
Typical customer service tasks included training and educating users on new technology, resolving complaints, and providing general advice. One area of specialization that several business analysts choose to specialize in is project management.
Putting it all together
As you can see, the work of a business analyst can be pretty complex and time consuming, but essential for a growing business. Understanding and interpreting the data and turning that data into insights that drive decision making is the essential skill of a business analyst.
When you’re ready to leverage the data and information in your business and use it to drive decisions that ultimately lead to growth, make sure to speak with us.