Business analysts are one of the most important employees in the company and there is a huge demand for them in every organization to upgrade their business and have an edge in the marketplace.
Who is a Business Analyst?
Business analysts are the people who narrow the gap between Information Technology and the business using data analytics to assess processes and make data-driven recommendations to executives and stakeholders.
Business analysts are involved in problem-solving techniques. They employ statistical and interpersonal skills in a business setting. They use SQL and visualization tools like R, Tableau, and Excel for dealing with data.
Business analysts are responsible for understanding business requirements, laying out plans for an organization, and developing actionable insights. They have combined skills of analytics and business knowledge. Business analysts look into client and business requirements and communicate with clients to understand their business perspectives.
They look into the ever-changing needs of any business and assist in the implementation of those changes. They communicate between different departments in an organization to execute any business plan. Business analytics is better suited for professionals with experience in business development, project management, and technology.
Watch our introductory videos on Business Analysts here!
Why is Business Analysis important?
Business analysis is a process through which business needs are analyzed and a solution to business problems is determined. These Solutions often include a software-systems development component, process improvements, organizational change, or strategic planning and policy development. Business Analysis deals with a lot of information that has to be analyzed, compared, and validated.
Business Analysis plays a vital role in every organization. Today analyzing business requires creating documentation, identifying areas for improvement, and organizational change. It is important in strategic planning and developing various policies that enhance an organization.
An organization uses business analysis to achieve its goals by identifying and implementing specific changes. It sometimes involves changing various policies and processes within an organization to compete better in the market.
One of the key roles of a business analyst is to facilitate communication by acting as a bridge between stakeholders and the development team. Business analysis is a way to transform business requirements from project stakeholders into simple documents so they can be understood by developers.
It is helpful in Project Implementation and Testing because the development phase of the project includes preparing and implementing the software solution needed to fulfill business requirements in the form of a working product.
The business analysis also helps in understanding the impact of political, environmental, social, and technological factors on the strategy of an organization.
Why do we need Business Analysts?
We can understand the importance of business analysts in an organization by the roles they play in an organization.
- They engage with existing and prospective customers and help them to understand products and solutions to meet their business requirements. As it is very important to analyze the business requirement of a client from a business perspective, we require Business Analysts as they are equipped with the related experience.
- Business analysts further go deeper into understanding the client’s business objectives and application needs and they design the solution that best meets the client’s requirements. These are the people who ensure consistent growth in awareness, adoption, and usage of products of the organization to meet clients’ demands.
- Business Analysts can help your organization by promoting products and solutions using presentations, demos, and effective documentation. They create documentary artifacts like business cases, usage scenarios, FAQs, and meeting notes. They lead or work with other customer success teams to ensure the successful completion of project milestones for production.
- Business Analysts also lead client training sessions to support clients and play a key role in promoting solution adoption and usage. They Provide end-user feedback to the product team.
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Business analyst job scope:
In this section, we will understand and analyze the job scope of Business Analysts in India and Canada, Two of the leading countries in terms of Business Analyst Roles.
Business analyst scope in India
In the present growing market situation, the role of a Business analyst offers excellent value to an organization; As mentioned in upgrad.com Tata Consultancy Services (TCS), Accenture, Computer Sciences Corporation (CSC), and Capgemini offer the highest salary packages for Business Analysts. While the average annual salary at Accenture is Rs. 7,04,965, Capgemini and TCS offer around Rs. 7,03,178 and Rs. 696,132 respectively. HCL, Wipro, and CSC fall on the lower end of the salary scale with the average annual salary standing around Rs. 5,21,246, Rs. 5,79,188, and Rs. 6,02,435, respectively.
In India, the average annual salary of a Business Analyst at Amazon ranges anywhere between Rs. 3,28,484 – 17,83,171, with senior-level roles earning the higher end of the salary scale. Generally,
- The salary packages for entry-level roles remain anywhere between Rs. 3,50,000 – 5,00,000.
- The Business Analyst’s salary for those having 1-4 years of experience can earn an annual compensation of Rs 5,27,712.
- While a Business Analyst having 5-9 years of industry experience can earn around Rs. 8,30,975.
- A Senior Business Analyst, with over 15 years of experience, can easily make Rs 12,09,787.
Scope of Business Analyst in Canada
According to Glassdoor, the average salary of a Business Analyst in Canada is CA$64,715 per year. Among the various provinces of Canada, in Nova Scotia, a business analyst can earn up to $367,844 per year, in Alberta, approx. $82,875 and in British Columbia, approx. $78,696.
According to jobbank.gc.ca,
- The starting salary for a fresher is around $35,000.00 per year.
- A well experienced may get $80,000.00 to 150,000.00 per year
Scope of Business Analyst in Future
The BLS reports an annual average salary for business analysts of $85,260 as of May 2019. It also predicts 11% growth in the profession between 2019 and 2029, which translates into almost 94,000 new business analyst positions. Healthcare and information technology are two of the industries where business analyst positions are expected to grow the fastest.
The United States metro areas with the largest number of business analyst jobs are Washington D.C., New York City, Chicago, Los Angeles, Sacramento, Boston, Seattle, San Francisco, Atlanta, and Dallas.
Conclusion
In this blog, we began by defining who is a business analyst. And we looked into Why business analysts are essential in an organization. We discussed what roles can be performed only by a business analyst, we then looked into the scope of the business analyst role and found out that this is an ever-growing field.
We then looked in-depth about its scope in India and Canada and concluded the blog with the knowledge that Business analysts’ future seems promising and is very essential for your organization’s growth. After reading this blog there is a full chance that an idea about “how to become a Business Analyst” will pop into your head so you can go through our blog.