Business analytics is fast becoming an integral part of every business. In today’s data-centric business world, scaling and growing a business without analytical capabilities is impossible.
From requirements gathering to optimization and innovation, the business analyst’s role has changed for the better. As a result, there’s never been more demand for business analysts.
In this blog post, you’ll learn what a business analyst is, the key technical and interpersonal skills needed to be successful in the business analysis field, and how to effectively present your skills in your CV and portfolio.
Understanding The Business Analyst Role
The role of a business analyst differs depending on the size and needs of the business. The role of the business analyst may be similar to that of a data analyst, a product manager, or a systems analyst in smaller companies or startups.
However, for larger companies with dedicated IT and data teams, the role of a business analyst may be more compartmentalized and strategic.
The Business Analyst vs Business Analytics Professional
Business analysts focus on process improvement and implementation, while business analytics professionals focus on data analysis and interpretation to make strategic decisions.
Business analysts are the link between the business world and analytics. While they don’t usually get into the nitty-gritty of data analysis, code writing, or machine learning model building, business analysts play a critical role in making analytical projects successful, from creating requirements to executing the result.
Despite this, it is still essential for business analysts to possess a deep understanding and expertise in data and analytical tools, including visualization, data science, and database management. To find the right solution to a business issue, the business analyst needs to be familiar with these systems.
Also, Read: Common Finance Management Mistakes SMBs Make And How To Avoid Them
Core Responsibilities Of A Business Analyst
Decode: The core of a business analyst’s job is to investigate, identify, and implement effective and often novel solutions to a wide range of business issues across an organization.
Optimize: Whether it’s developing and executing business processes that increase productivity and efficiency across multiple business segments, or analyzing and troubleshooting analytic systems, the business analyst’s focus is always on optimization.
Document: Business analysts need to be able to create and maintain project documentation throughout the project lifecycle – from project requirements and scope definition to product and project outcome documentation.
Communicate: The role of the business analyst is to act as the interface between the technical and the non-technical. The business analyst needs to be an excellent communicator and a storyteller. They must be able to interpret the data and turn it into actionable information.
Essential Technical Business Analyst Skills
Business analysts make themselves indispensable by having the following technical skills.
Data Analysis and Visualization
Business analysts use data analytics to gain valuable insights that allow them to make informed, data-driven decisions.
A business analyst should be well-versed in the following tools and technologies:
- SQL is used to extract, modify, and analyze data in databases.
- Programming languages such as Python allow business analysts to automate processes and perform sophisticated data analysis.
- Power BI and Tableau are visualization tools that allow analysts to create and share powerful visualizations of data with stakeholders, sharing a narrative with the data that informs decision-making.
Statistical and quantitative analysis
Having a good grasp of statistics gives business analysts the ability to explain machine learning models (ML models) and other analyses precisely and draw useful inferences. This understanding of statistics is essential for recognizing patterns, trends, and areas of improvement.
The integration of statistical and quantitative analysis with programming languages such as R and Python. Business analysts must have an in-depth understanding of these programming languages to identify which business issues they are best equipped to address and efficiently analyze project needs and components.
Proficiency in business intelligence tools
Business intelligence tools are powerful tools that can be used to create interactive dashboards and visually appealing reports. Business analysts use BI platforms such as Power BI or Tableau to share insights in an easy-to-understand format, making complex insights available to a wider audience.
In addition, BI tools can also be used by business analysts to generate real-time reports based on analytical projects. This turns boring presentations into interactive conversations. BI tools are interactive and flexible, so you can answer on the fly.
Business Analyst Soft Skills
While technical skills are an essential part of a business analyst’s repertoire, soft skills are equally important.
In this section, we look at the human qualities that turn a business analyst from an expert in data to a strategic partner and an effective communicator.
Communication and presentation skills
As we mentioned above, business analysts act as the interface between the technical community and the non-technical community, and they need to be able to communicate clearly and concisely. They must be able to turn complicated data findings into practical insights.
Problem-solving and critical thinking
Scenario analysis, problem-solving, and problem-solving skills are at the top of business analysts’ to-do lists. Critical problem-solving is the ability to evaluate the impact of different decisions and lead teams to the best possible outcomes.
Critical thinking enables business analysts to look beyond surface-level problems to root-level issues that affect organizational performance. Root cause analysis is a critical skill for problem-solving.
Interpersonal and negotiation skills
As business analysts work across multiple departments and teams, they need to have interpersonal skills that allow them to connect with people and build relationships. They also need to have a good understanding of the goals of the project.
This may be the worst part of the job. Business analysts must be able to communicate effectively and negotiate effectively to ensure that conversations about project scope, allocation of resources, and resolution of conflicts result in mutually beneficial outcomes.
Business Analyst Skills: Emerging Trends
Adaptability and continuous learning
Business analysts work in an environment where technology, techniques, and industry best practices are constantly changing. Therefore, one of the most important aspects of the job is staying up-to-date with new trends, tools, and techniques to stay relevant and practical.
A knowledge-based mindset is essential. Business analysts need to actively look for ways to improve their skills and knowledge and be able to adjust to new and evolving project needs.
Understanding of machine learning and AI basics
Machine learning and artificial intelligence are rapidly becoming an integral part of business analytics. These new technologies are changing the way we process information and make choices. Business analysts need to know how to incorporate AI and ML into existing business analytics processes.
Conclusion
From technical knowledge to essential interpersonal skills, a comprehensive set of skills is the foundation for success as a business analyst. As the industry changes, adapting to new trends and staying up-to-date with continuous learning helps business analysts stay ahead of the curve.
