The job of the business analyst has really evolved in the millennial age; it’s a fast-paced, albeit demanding and dynamic corporate role which is a great fit for any ambitious young person who is looking for an opportunity to grow. A business analyst is someone who analyzes the business model and growth of a company, and thus, is able to identify its vulnerabilities, market fluctuations, the areas of challenges and even predict important turning points in an enterprise’s trajectory.
With the emergence of Big Data, the job of a business analyst has gone through a major facelift, it now includes working closely with technological resources to make way for better and more effective conflict resolutions and development strategies. But why exactly should you choose to be a business analyst? Let’s find out
Reasons To Become a Business Analyst
1. No two days are the same
It’s common knowledge that if you’re a business analyst you will never sit back and think your job is monotonous. More so, because you will rarely get time to sit back! It’s a role designed to keep your mind moving constantly. If you aspire to work in an environment that’s dynamic and stimulating and allows you a lot of room for growth, becoming a business analyst is definitely your calling.
Not only will you get a chance to exercise your critical thinking skills, but you will realize that you’re actually pushing through several demanding hurdles, which in turn nurtures some of your best traits. It’s clearly a field where you can thrive the most, especially if you’re an original thinker and are consciously looking for ways to innovate the professional set-up.
After an MBA most aspirants dread landing a job where they will exhaust all their potential in the next five years or settle into a well-paying professional rut, which they won’t be able to quit. But in this area, you can rely on a sense of corporate unpredictability vis-a-vis the ever-changing market which will always need steady and sharp assessments.
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Moreover, when you’re a business analyst, you are directly responsible for making money for your enterprise, and if you’re good at your job you become almost indispensable to your company, and it really furthers your all-round professional trajectory and amps up your resume for bigger avenues.
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2. It will never not be in demand
Business analysis is one of the most sought after career options, especially for business graduates. Most enterprises rely heavily on data analysis for the growth of their business. This field gives you an opportunity to work with Big Data, which if analysed conceptually can often predict market patterns and upcoming industry trends and a whole lot more.
The word ‘business intelligence’ is actually a crucial emerging industry term which is closely related to business analysis; it involves translating and converting acquired data into learnable programming tools and information which can be implemented to make a company leaner, sustainable, more productive and successful.
It is also important to note that the scope of business analysis is majorly on the rise as the field has gone through a major technical makeover with the rising relevance of big data, making it a more crucial sector. It was recently revealed that with each passing year more and more companies are coming to terms with how pathbreaking the role of business analysts can be for their profits, and are actually paving the way for newer roles and avenues in the profession to go for a more hard-hitting impact.
The business analyst job market is reportedly set to grow at a rate of 20% over the next decade, which means by 2030, there will be approximately 936,00 analyst jobs! Also, you will be more interested if you look at the salary of business analyst in India/
3. Why analysts are so pivotal
Business analysts are pivotal to the core decision-making process because their theories and calculations give direction to a company’s movements and buyouts. Being a business analyst is almost like being in charge of a concrete project, but your job doesn’t just end with the final structure, you are also responsible for strengthening its base, updating its core development determining its vulnerabilities and weaknesses, predicting timely investments.
Their decisions shape up an entire company’s fabric and basic planning. An analyst decides on the company’s necessities, which in turn help in forming their business patterns and technological decision-making.
A huge part of a business analyst’s job is to work closely with the IT department to streamline the entire intelligence that is shared with the top executives of an enterprise; so in many ways they act like a bridge between the policy makers of the company, the investors and the people who possess the intelligence to give new direction the company with the help of technological navigation.
This is also why business analysts need to be critical thinkers and problem solvers, as they are the ones who are responsible for figuring out a middle ground which will allow a practical implementation of newer, and leaner avenues which can benefit the company,
Learn more: How to become a business anlayst?
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4. An analyst will engage directly with important stakeholders
The reason business analysts are usually called upon to manage the stakeholders’ demands is because they have a clear insight into what is in store for the company. So building their trust is something a business analyst can work on, so they are not misled and have a clear knowledge of where the company is headed, so there’s a level of transparency.
This process involves empowering the investors, which also lets them make more informed decisions, and companies with a sound cluster of business analysts often enjoy a conflict-free stakeholder exchange on all levels. The more lucidly a team of business analysts communicate the newer policies and economic plans, the more effectively a relationship between a stakeholder and a company thrives.
They can also help in conflict resolution when investors share their demands and anxieties with them, and can actually help them gain a better understanding of the entire project.
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5. Independence and freedom from micro-management
There’s a level of trust which exists between the decision-makers and business analysts because the latter bunch is responsible for predicting some of the most crucial turning points for the company. So, you will notice that not a lot of business analysts are often micro-managed by their bosses, because their instincts are greatly trusted and the company banks upon their analysis and critical foresight to take the company forward.
As a result, there’s also a lot of risk assessment and this is exactly what makes this profession so interesting and challenging; your faculties will be engaged by several levels of management and there’s a flexibility involved which will allow you to function better and actually give you space to implement your original ideas.
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6. No experience goes to waste
If you’re opting to be a business analyst after finishing your MBA you will realise how incredibly lucrative the degree has been in this field, because when it comes to analysis, the more experience you have, the better. We all know a business degree requires a certain level of diversifying, you will need to be worldly, caught up on all the economical crucial economic and fiscal developments, study growth patterns in markets, and of course, hone skills like networking and management.
When you choose to be an analyst all of this collective data and research helps you enormously because you never know which segment of knowledge will come in handy to identify a problem or even in predicting one. Which is also why a business degree is thought to be the ideal qualification for a career in business analysis as it tests you out for a job that needs this amount of business acumen.
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As leaders in growth, business analysts are required to indulge in various tasks of the organisation’s framework to be the catalysts for change.
Companies across both IT and e-commerce sectors pay excellent compensation to deserving candidates who can add value to their organization. Apart from the regular educational qualifications and work experience, having advanced Business Analysis certifications also helps in bagging jobs that offer high-level salaries.
You can also check out IIT Delhi Certification Course in Business Analytics. IIT Delhi is one of the top institutes in India and also one of the oldest IIT’s and is always excelled in giving highly industry-relevant courses, Now IIT Delhi has partnered with upGrad to get these top IIT Delhi courses online. They have a variety of other programs like Machine Learning, Executive Management Programme in Strategic Innovation, Digital Marketing and Business Analytics etc.
What are the key roles of a business analyst?
The main aim of a business analyst is to work with an organization and help them improve its business systems and processes. By conducting proper research and analysis, a business analyst solves different business problems and integrates those solutions into the business systems.
The key roles of a business analyst are:
1. Analyze the structure and working of a business
2. Understand the business goals.
3. Identify problems in a business.
4. Formulate different ways for improving business through research
5. Persuade the internal and external stakeholders of all the benefits of new strategies and technologies in the business systems.
6. Run training sessions in the company for making the employees aware of the working of new strategies in the business system.
How do I become a business analyst in 2023?
You need to follow a proper step-by-step procedure to become a business analyst. You need to gain some relevant skills as well as certain certifications for gaining exposure in the industry. Let us have a look at the path.
Work on your business analyst skills
As a business analyst, you need to possess certain skills. They are:
1. Business acumen.
3. Data analysis.
4. Business analysis methodologies.
5. Industry expertise.
Once you are done with these skills, you need to go through the other steps.
1. Take up a course.
2. Expand your skill set by earning a business analyst certification.
3. Consider taking up a bachelor’s or master’s degree for better exposure.
4. Begin with an entry-level role in a company.
Which degree is the best for business analysts?
If you have a look, a majority of business analyst positions require the candidates to possess a bachelor's degree in business administration or possess any other related degree for getting a job at an entry-level position. The bachelor's degree would typically include some of the basic concepts like communication, law, business, accounting, and also some specialized classes.
The job you receive will depend a lot based on the degree you have along with the certifications you have earned. But, it is mandatory to have a bachelor's degree to get a decent job. If you wish to move to higher levels, then you should consider getting a master’s degree.