Businesses Need Business Analysts, and Here's Why |
Posted: March 30, 2020 |
Businesses Need Business Analysts, and Here's Why
Business analysts are employed to do just that – analyze a business. Their role helps companies to assess their current operations and processes, determine what they need, and to recommend a strategy to deliver that need. Let's look at this in a little more detail.
Business analysts dig deep into data, and work with the business at all levels to recommend how services, technology, operations, and products could be made more efficient and cost-effective. They are skilled at balancing what's needed with what's possible, financially, and in terms of human resources. Essentially, their job is to help a business function better.
While in any business, there's a strong chance that a number of staff members will have ideas on how the business could be improved, a business analyst will have the skills and experience to envision how such improvements might be executed. They can look at a project and break the work down into the 'who, what, when, where, how' easily, and with the overall goals of the company in mind.
Businesses need business analysts, even when they think they don't. A good analyst will step in when someone else gets overwhelmed, or manage conflicts that come about as a result of breakdowns in communication, or clarify something about the scope or requirements of a project in a way that everyone in an organization can understand. You may think that any member of your organization could do this just as well, but it's unlikely that you'll have a member of staff already on your payroll who has every single one of those skills. One or two, yes, but not all of them. This is why you need a business analyst.
The Business Analyst's Skill Set
Business analysts need a range of hard (role-specific) and soft (more generalized) skills. A business analyst also needs to be able to communicate information to other members of a team, and to bring the entire company on board with their analysis. This can be extremely difficult, so a business analyst must strike a delicate balance.
When hiring a business analyst, there are some key skills you should look for. These include:
- Very strong organizational skills - An analytical mind that loves to solve problems - Excellent communication skills, both written and oral - Attention to detail and commitment to accuracy - Excellent interpersonal and relationship-building skills - Knowledge of organizational structures - Cost-benefit analysis skills - Understanding of technology and databases - Process modeling
The Job of a Business Analyst
Business analysts work closely with financial and technical teams to analyze a business and offer strategies and ideas to maximize financial and operational efficiency. People who become business analysts generally have significant experience in budgeting and financial analysis, as well as accurate business forecasting skills. Most will also have a good working knowledge of overarching rules and regulations governing the business niche they work in.
When starting a project, a business analyst is required to hit the ground running and craft a detailed overview of the company, identify problems, opportunities for growth, and solutions for current and potential future issues. This analysis will include a projected budget and financial forecast, monitoring methodology, pricing matrix, reporting methodology, and stakeholder requirements. It's a lot of work, but an experienced business analyst will be able to craft a useful and practical analysis.
Why Your Business Needs a Business Analyst
In business, as in life, change is the only constant. The landscape and the requirements of businesses are changing pretty much daily. Bringing in a specialist such as a business analyst to help manage these changes is crucial, as it allows the rest of the company to carry on 'business as usual' while still responding to the market. An experienced business analyst will be able to guide you through whatever changes are happening with professionalism, expertise, and positivity.
One of the key things a business analyst does is get your business in the best possible shape to get things right the first time. Even the best project managers can be 'too close' to a project and fail to see the wider picture, or get overwhelmed and miss something. Your business analyst will prepare you by identifying the needs of the project and its people, identifying how things should be done, managing processes and changes, and delivering a fantastic result the first time.
A good business analyst will have a current and comprehensive overview of all an organization's operations. They will know people, processes, policies, systems, and strategies. This level of knowledge means that the business analyst is prepared for anything and can predict and respond to problems before they even happen. If issues do crop up, they will be able to find a way through in less time and with less disruption than if that knowledge was lacking.
It's especially important for a business analyst to have this deep level of knowledge because the corporate landscape is more complicated and competitive than ever before. The stakes and the price of mistakes are high. Business analysts are also responsible for creating a bulletproof backup plan, so that when things go wrong (and it's inevitable that something will, eventually), it results in minimal disruption financially, operationally, and reputationally.
As well as being able to see the bigger, more general picture, a business analyst will also have the specific knowledge your business needs to succeed in its niche. Too often, companies try to save on resources by utilizing an existing member of staff, who already has a job role, as a business analyst. Unfortunately, this is often unsuccessful, as the staff member may not have the specific skills required or may be overwhelmed with their workload and struggle to do either role – never mind both! If the person is struggling with some elements of the business analyst role, they may simply decide to focus on their other work instead, and things are bound to fall behind.
Even if your project is particularly strapped for cash, consider hiring a specialist analyst. It will be worth it in the long run.
When recruiting a business analyst, it’s important to have a good sense of what qualifications they bring to the table. These are the most common business analysis certifications.
The Entry Certificate in Business Analysis is the entry-level certification offered by the International Body of Business Analysis (IIBA). A certification aimed at those who are new to the field, it can be achieved by anyone, from a business analysis student to someone who's looking to switch careers. People who have this certification don't need to have any previous work experience in business analysis, but they must have undertaken at least 21 hours of professional development training in the four years before applying. The certificate is granted by passing a written test that's delivered live via webcam. This first qualification is the only IIBA certification that doesn't need to be renewed.
A Certification of Capability in Business Analysis (CCBA) denotes that someone is a mid-level business analyst with around three years of experience. This certification is also awarded by the IIBA. It's easier to achieve by completing a CCBA-specific training course. Candidates must have undertaken at least 21 hours of professional development training in the last four years and have completed at least 3750 hours of work experience in business analysis. Within that work experience, they must have a certain number of hours in each of the certification’s designated areas of knowledge. It must be renewed every three years.
For more on this, visit https://www.adaptiveus.com/ccba-certification-training/
The next level of certification awarded by the IIBA is the CBAP, or Certified Business Analysis Professional. People who want to achieve this certification are required to have at least five years of experience in the field, and getting the CBAP can be very difficult. As with the CCBA, most people will need to enroll in a professional development training course of some kind and must demonstrate significant time spent working in the field. For the CBAP, candidates must have completed at least 7500 hours of work experience in the preceding decade, and must have expert knowledge in at least four of the six knowledge areas. They must also have at least two endorsements from current or previous employers/clients. As with CCBA, CBAP certification must be renewed every three years.
The PMI-PBA certification, or PMI Professional in Business Analysis, is a lesser-known certification than the CBAP but is equal in weight. Only available to people who have been working in business analysis for more than five years, it's awarded by the Project Management Institute and must be renewed every three years. Candidates are required to have either completed 4500 hours of business analysis work in the preceding eight years, or 7500 if they don't have a college degree. They must also have 2000 hours of work in project teams and complete 35 hours of educational contact time.
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