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What do Business Analysts actually do?

If you’re an entrepreneur, you have probably heard of business analysts over and over again. This job position is not new to the industry. They have been helping businesses in their IT projects worldwide for years, but often, their roles are misunderstood.

Business Analysts are game-changers for your business. If you want proof, you can read our blog on the 3 Reasons Your IT Project Needs a Business Analyst here. 

But in this blog, we will do more than convincing. We will explore the responsibilities of a business analyst to help you understand the important role they play to a business’s success.

 

The Business Analyst Job Description

One of the main responsibilities of a business analyst is to construct new models and frameworks that will support business decisions. They work closely with the IT and Finance teams to develop initiatives and strategies that will enhance the internal processes of the project, while still optimizing the cost. These expectations require business analysts to have a strong understanding of key performance indicators and several regulatory and reporting requirements. Business Analysts should also have experience in financial analysis, budgeting, and forecasting. 

Business Analysts, as the job title suggests, should be able to create a detailed business analysis that outlines the problems, opportunities, and solutions for the business. Furthermore, they should be on top of planning, monitoring, and reporting the progress of the project back to the stakeholders. 

On the top of the list of a business analyst’s many responsibilities is to identify and then prioritise technical and functional requirements. The work of business analysts revolves around defining and prioritising these requirements. They will then get feedback and approval on these requirements. When these requirements are properly elicited and effectively communicated to IT, team members will be able to understand what the client wants. 

It is important to note, however, that although business analysts have responsibilities they are required to be on top of, their roles are ever-changing and evolving. With the technology becoming more sophisticated than ever, more companies are relying on data to advise business operations. No business is the same – your company may face different issues compare to others. Business analysts adjust to your needs whether it be outdated legacy systems, software integration, broken processes, or poor customer satisfaction.

 

The Business Analyst Skill Set

Business Analysts should possess both hard and soft skills in their repertoire. They should be able to extract and analyze data trends, and be able to report any insights gathered from the gathered information. These insights will then be applied on the business side of things. An IT background is not required for a business analyst, but having a general understanding of how tools, products, and systems work are helpful. 

Here are some of the most important skills for a business analyst:

  • Ability to analyze and understand the business structure
  • Analysis of the stakeholder
  • Oral and written communication skills
  • Interpersonal skills
  • Consultative skills
  • Facilitation skills
  • Cost benefit analysis
  • Being detail-oriented
  • Analytical thinking and problem solving
  • Organizational skills
  • Ability to understand networks, databases, and other technology

 

With the skills, tools, and techniques of business analysts, they will be able to identify, clarify, and design business problems and opportunities. They will work closely with your stakeholders to create and develop solutions that will meet your business’ needs and expectations.

Let us be this important piece in your business. April9 will provide you with innovative solutions that will empower you to bridge the gap between you and your consumers. If you want to propel to the top of this technology-driven world, don’t forget to schedule your free appointment today.

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