Business Analysts are those skilled professionals responsible for conducting business analytics. Above all, they help in improving a company’s processes, products, services, and software through analyzing its data and results in improving its performance. Business Analysts use various statistical methods and technologies to analyze the business data and provide insights from it. Moreover, one can learn this skill by enrolling in institutions or doing a Business Analyst Online Course.
Common Techniques of Business Analytics
- SWOT Analysis- SWOT stands for strength, weakness, opportunities, and threats. It is one of the most significant techniques of business Analytics and it includes identifying the internal and external factors of an organization. In addition, the strength of a company can be termed as the factor that provides advantages for the company. Weakness is those factors that can create problems in the growth of a company. On the other hand, opportunities are those factors that can provide a business advantage over its competitors and threats are the disadvantages for a company.
- MOST Analysis- MOST stands for Mission, Objective, Strategy, and Tactics and it helps in providing an overall vision of an organization. In addition, the mission is the result that an organization wishes to achieve and it should be clear. Objectives can be termed as particular aims of each department to achieve its mission. On the other hand, strategies are those steps or actions that an organization needs to take to achieve its mission. Tactics are the activities that help in carrying out strategies.
- PESTLE Analysis- Political, Economic, Social, Technological, Legal, and Environmental (PESTLE) can be termed as the factors that are responsible for creating opportunities and threats for an organization. Moreover, Political factors determine how government policies and rules affect a business and Economic factors such as economic growth, exchange rate, and inflation rate decide the profitability of a business. In addition, technological factors include the rate of technological advancement and legal factors determine the boundaries of a business. In addition, Environmental factors include weather, climate change. Etc that play an import role in industries like tourism and agriculture.
Other Important Analytics Techniques
- System Analysis- This technique is beneficial in knowing about a company’s perspective, identifying its goals, and developing a process to achieve them. Moreover, it is a systematic problem-solving method useful for interpreting facts and finding weaknesses and problems in a system.
- Business Model Analysis- This analysis is beneficial in understanding factors such as cost of production, marketing, and management. In addition, it also helps in knowing about policies, revenue models, value offering to which customer’s segment. Etc.
- Brainstorming- This technique of individual thinking helps in generating new ideas, approaches, and options. This group activity results in finding solutions for problems that exist in a business model. This technique encourages the idea of each individual even if it is out of the box.
Responsibilities of A Business Analyst
Business Analysts work closely with financial reporting and IT teams and help in supporting business decisions. These professionals are responsible for closing the distance between IT and the business. Moreover, they help in making strategies for optimizing costs and creating new models for supporting business. Above all, BAs conduct market analysis and monitor data quality metrics. Many institutes provide Business Analyst Training in Gurgaon. Above all, the primary goal is to provide a business with financial insights and help in making important business decisions within the budget. Given below are some of the responsibilities of a business analyst.
- Creating a detailed business analysis
- Outlining problems, opportunities, and solutions for a business
- Budgeting and forecasting
- Planning and monitoring
- Variance analysis
- Pricing & Reporting
- Defining business requirements
- Reporting back to stakeholders
Apart from these, a business analyst should have a few necessary skills. He/she should have good analytical skills along with leadership skills to lead a team. They should be able to understand the requirement of a project and should be able to plan accordingly. In addition, having technical skills is a major plus point in a business analyst job. BAs need to have adequate knowledge of operating systems, hardware capabilities, database concepts, and other IT-related components.
Conclusion
In conclusion, Business Analysts use various analytic techniques like SWOT, MOST, PESTLE. etc to provide data insights and help in taking business decisions. They are responsible for various tasks such as defining business requirements, reporting back to stakeholders. Etc and they require various skill sets to perform these tasks.
