Change is the hallmark of successful business analysts. The work included in the business analyst role across all the levels of their organization is identifying areas where change needs to happen and presenting workable solutions. A good business analyst has a sound working knowledge in statistics, and big data since these resources help identify trouble spots and may be needed to back up the analyst’s suggestions to upper management.
But the business analyst’s job role doesn’t always stop at identifying the need for change and proposing solutions. Some analysts guide the company’s teams through the changes, taking on a leadership role as they shepherd the staff through uncharted terrain. The business analyst role includes finding out what’s broken, coming up with the fix, and helping the organization put it to effect.
Today’s Global Economy Needs Business Analysts
The world community faces a multitude of challenges every year, difficulties that affect not only people but businesses as well. Whether it’s market instability, health crises, political fallout, exponentially increasing technology, or changing consumer tastes, companies must adapt, endure, and evolve to survive. The only constant in the world is changing, and businesses need every advantage in deciding the best ways to change, in turn. Fortunately, the role of a business analyst is such that they know how to handle change best.
Business analysts are the go-to professionals for making the best-informed decisions. Companies depend on these business analyst roles to mitigate costs, realize benefits, identify new opportunities, understand the company’s strengths and weaknesses, and guide the organization’s future development. While there is no such thing as a no-risk decision, business analysts employ data and a host of diverse skills to develop actionable insights that increase the chance of success. You could say that a business analyst's roles specialize in stacking the deck in favor of the business.
There are still many companies and organizations today that haven’t yet brought their practices into the 21st century. As of several years ago, 62 percent of businesses reported that they have no data analytics strategy in place. This survey shows that, while many large companies are adopting analytics, the majority still don’t embrace a data-driven culture.
You may wonder, “If business analysis can do so much good for a business, then why are these companies slow to embrace it?” First, that’s a good question! Second, many businesses are stuck in old traditions, and practices (e.g., “this is how we’ve always done this”), or are too focused on short-term growth and quick fixes, at the expense of long-term approaches, which is where business analysis shines.
With the above data analysis statistics in mind, it’s easy to see how a business analyst can help an organization of any size adopt more modern and competitive strategies. Data-driven strategies are the wave of the future, and any business that fails to adopt these methods runs the risk of ruin.
The current COVID-19 pandemic is a prime example of why a sound data-driven strategy could mean the difference between success and failure. By employing data analysis, a business trying to adjust to the current social distancing measures can use data to figure out how consumers are conforming to new restrictions, and make the appropriate business strategy corrections to better adapt to the new reality.
Furthermore, you can apply those diverse business analysis skills to other roles, such as project management, software development, and quality assurance. But regardless of the actual job title, anyone who enjoys problem-solving, developing strategies, and working with data and statistics, will benefit from Simplilearn’s Post Graduate Program in Business Analysis.
Remember, it’s a scary and uncertain world out there, but much of that fear comes from ignorance—knowledge eliminates ignorance, and business analysis provides that necessary knowledge. It’s not too far-fetched to say that in today’s volatile economic times, the importance and value of a good business analyst are higher than ever!
Why Choose a Business Analysis Career?
Today’s increasing digital transformation has created a corresponding increase in demand for business analysts. In the United States alone, Business Analyst job openings are projected to exceed 2.7 million by the end of 2020, an 800% increase over 2019. This BA Times article also predicts increased business analyst demand, as well as a more significant role in shaping the future of the business world for years to come.
Business analysts are found in an increasing number of industries, primarily business and professional consulting, financial services, government and public sectors, healthcare and social services, and information technology.
The compensation for this role is lucrative. CareerExplorer shows an annual average of USD 81,800, with the top twenty percent earning over USD 141,500. Many entry-level positions start at USD 47,700. Also, as reported by Glassdoor, Business Analysts in India make a yearly average of ₹700,000, going as high as ₹1,473,000. Entry-level positions hover around ₹350,000 a year.
Many business analysts eventually branch out and move on to other careers, to become data scientists, IT business analysts, management analysts, or solutions architects, to name a few. Whether you choose to stay as a business analyst or pursue a related career, the program imparts valuable, relevant skills and information.
Would You Like to Become a Business Analyst?
If you’re looking for the right moment to take up the business analyst role, then now’s the time to make your move, and Simplilearn will help you get your start with the Business Analyst Master's Program.
In addition to this, the Post Graduate Program in Business Analysis held in partnership with Purdue University will help you master the latest business analysis techniques, Agile Scrum methodologies, SQL databases, and visualization tools, including Excel, Power BI, and Tableau. You’ll learn about business analysis planning and monitoring, build interactive dashboards, and understand the competencies of a business analyst.
The program uses Simplilearn’s effective and unique Blended Learning program, complete with over 170 hours of instruction, master classes taught by Purdue faculty, more than 11 hands-on projects, and a Capstone project in three different industries. Once you’ve completed the course, you earn your joint Purdue-Simplilearn certificate and are granted membership in the Purdue Alumni University Association.
The opportunities are out there for the taking. Get started on a fantastic new career by visiting Simplilearn today!