Business Analyst: The market is competitive, and businesses that want to succeed must take advantage of all the tools and resources at their disposal. Smart decisions help businesses thrive, and reliable information is the key to making smart decisions.
Enter the world of business analytics. You are about to learn more about business analysts: what they are, why they are needed, what they do, and how to become one. If you run a business, you may understand why you need one in your organization, while those looking for a good career path may have already found one.
What is Business Analyst?
Business analytics involves learning from data using specific techniques and performing tasks to identify the needs of a business, then recommending changes and proposing solutions that create value for stakeholders.
Many solutions potentially have software and digital data-driven components, but they can also incorporate organizational changes, such as improving processes, developing new policies, and implementing strategic planning.
What Does a Business Analyst Do?
Business analysts are change agents: professionals who analyze a company or organization by documenting its systems and processes, evaluating its business model, identifying vulnerabilities, and designing solutions.
Business analysts have many other job titles, including:
- Business Architect
- Strategic Intelligence Analyst
- Enterprise Systems Analyst
- Data Scientist
- Business Analyst
- Management Consultant
- Process Analyst
- Product Manager
- Product Owner
- Requirements Engineer
- Systems Analyst
It should be noted that some organizations also use the term “IT Business Analyst.” While there does not seem to be a clear consensus on the differences between the two positions (and, in fact, many organizations use them interchangeably), some circles point out that the IT Business Analyst works more with software methodologies.
Difference Between Business Analyst and Business Analytics
It’s worth taking a moment to clarify the distinction between these two concepts. Business analytics is more concerned with functions and processes, while enterprise analytics covers data and reporting. However, many organizations use these terms interchangeably.
Why Use Business Analyst ?
Thanks in large part to the breakneck pace of technological advancements today, the 21st century business world is constantly evolving. Innovations are changing the way we live and work, and companies must be able to adapt to these changes or they will be left behind.
Business analysts are the ideal professionals to guide any organization through the tricky terrain of change. Once these changes are overcome, companies emerge stronger, more competitive, and better equipped to handle the ever-changing world of digital business.
What is the Business Analyst Process?
These are the generally accepted steps in the business Analyst process. However, the needs and situations of every business are different, so there may be some differences.
- Get your bearings Make sure you clarify the business analyst’s role, determine the stakeholders’ perspective, and familiarize yourself with the project’s history.
- Name the main business objectives. Identify the expectations of key stakeholders, reconcile conflicting expectations, and make sure the objectives are clear and achievable.
- Define the project scope. You need a clear and complete statement of the project scope—that is, a rough roadmap of all the steps that project participants must follow.
- Create a business Analyst List timelines, milestones, and deliverables.
- Define requirements. You should have concise, clear, and actionable requirements based on the Analyst of the information gathered so far.
- Support technical implementation. Since many solutions require the use of software, the business analyst must work closely with IT teams.
- Help implement the solution. This step involves creating clear documentation and training end users.
- Evaluate value. Did the project work? What progress has the organization made? Are follow-ups necessary?
By looking at the different aspects of business Analyst , we have learned what business Analyst is. So now let’s learn its different techniques.
What are the Different Techniques of Business Analyst ?
Any company that wants to stay on top faces countless obstacles. Fortunately, there are also several business Analyst techniques, so prepare yourself for an avalanche of acronyms.
- CATWOE (Customers, Stakeholders, Transformation Process, Worldview, Ownership, and Environmental Constraints). This technique identifies the key parties and processes that are potentially affected by any action taken by the company. This technique helps business analysts thoroughly assess how a proposed action will affect a set of different parties and elements.
- MoSCoW (Must or Should, Could or Would). This process prioritizes requirements by presenting a framework in which each request is evaluated against other requirements. Is it something essential or should it be? Is it something that could improve the product or something that would be a great item for the future?
- MOST (Mission, Objectives, Strategies, and Tactics). Business analysts use these elements to conduct a detailed and comprehensive internal Analyst of an organization’s goals and how to manage each of them.
- PESTLE (Political, Economic, Sociological, Technological, Legal, and Environmental). Business analysts use the PESTLE model to evaluate the different external factors that can potentially affect your business and how best to respond to them.
Conclusion
SWOT (Strengths, Weaknesses, Opportunities, and Threats). This technique identifies the strengths and weaknesses of a business structure, translating them into opportunities and threats. The knowledge gained helps determine the correct allocation of resources.
The six thinking hats. This Analyst process guides a group’s line of thinking as they consider alternative perspectives and ideas. The “six hats” in question are white (focus on your data, logic), red (use instinct, emotions, intuition), black (possible negative outcomes, what can go wrong), yellow (focus on the positive, optimism), green (creativity), and blue (process control, overview).
