The most important factor that is responsible for propelling any company is business intelligence. Every company is aiming to procure that elusive piece of data or get systematic processes in place that can take them ahead of their competitors. This job is done by specialist business analysts who can derive actionable insights for their clients.
Business Analyst – Job Description
The role of a business analyst has gained great significance, especially in the face of intense competition. Business analyst plays a vital role in all spheres namely banking and finance, insurance, retail and information technology.
Thus, in such times business analysts can contribute a great deal with their in-depth analysis that would help entrepreneurs take major commercial decisions. The major tasks of a business analyst include:
1. The most important job of a business analyst is to first understand the challenges faced by the client and the nature of the industry. Also, analyze the strength and weakness of the company and provide recommendations to the tackle the areas of concern. There are several tools that assist the analysts in minutely screening the client profile.
2. The job involves dealing with lots of facts and figures along with regular surveys of client applications to suggest improvements in them.
3. The analysts define specific processes that can help to increase the output as well as the overall performance of the company.
4. Another very important factor is to constantly monitor competitor tactics and accordingly modify business plans for better competitor edge.
5. Another key task for a business analyst is to bridge the gap between business requirements and technological complexities to get the maximum returns.
6. A business analyst is also responsible for defining test conditions and developing comprehensive test plans.
7. Yet another key role is to formulate process maps, business rules, user flows and acceptance tests.
8. Also, an analyst must be able to explain to the client the problems and the steps needed to overcome the problems.
9. The analysts need to create a flow chart of the business processes according to the requirements of the client.
10. While working on data processing and analysis, analyst must have sound understanding of the current business trends, strong logical and statistical background.
11. A business analyst must be capable enough to understand the various aspects and departments involved in a particular industry or work process.
Apart from these tasks, a business analyst must be able to solve problems in different domains. Also they need to deal with different levels of management personnel as a part of their daily work.
Working for a large corporate house definitely adds great credibility to a business analyst resume and can give great boost to the career.
Salary
The basic salary for a candidate with little or no experience as a business analyst is in the range of $40,000 to $60,000. With an increase in experience the salary too increases accordingly.
For intermediate analysts, the package can range from $45,000 to $62,000 while for senior business analysts the remuneration falls in the range of $70,000 to $90,000.
This is just an overview of the profile of a business analyst and involves facing some tough challenges. A job in this field is regarded highly by several business graduates. It is important to follow on the lines of a professional sample resume to get the right start.