The last two decades have seen several new technologies come up and evolve into crucial tools that businesses require to transform their operations. Focus has changed from merely delivering products to delivering value.
Customer expectations have changed and the faster businesses respond to these expectations the more market share advantage they have over the competition. Looking at the current trends, Business analyst course in Bangalore, Hyderabad, and other top IT service outsourcing cities of India have also caught the attention of Business Analysts more than ever.
Recent trends in business analysis
Based on the maturity of the IT industry, some countries are making strides in technology innovation including Switzerland, Singapore, Israel, India, Japan, and others. The Global Innovation Index 2019 ranked India top in technological innovation in the Central and South Asia region. India has three advantages going for it.
It has a vibrant business culture, ranks third in attracting tech-related investment, and is among the leading in IT services outsourcing, a sector worth $ 154 billion as of 2017 according to NASSCOM. Additionally, 7 of India’s cities ranked top 20 in the world’s most dynamic cities ranking by JLL city momentum in 2020. Hyderabad came in first followed by Bangalore in second place.
Today businesses are data-driven and emerging technologies are focusing on leveraging big data to gain insight on consumer trends and expectations. Business analyst roles are now more technical because the business analysis process has evolved to become a technology domain.
To be better positioned for the growing career opportunities, BAs in India should consider expanding their skill set with in-demand skills. Acquiring skills in line with crucial technologies like big data, AI, machine learning and deep learning, cloud computing, IoT, and DevOps is very important as the business analyst role expands to include the application of such technologies.
The ‘agile’ methodology is a skill a BA should have. Aside from being part of meeting customer needs faster with high value, collaboration plays a significant role in making this happen. Business analysts take both functional and technological roles in systems and application development projects to create business value and solve business problems. An Agile approach brings them together in a collaborative work environment with product owners, the development team, and other stakeholders to increase customer satisfaction.
Business analysis techniques
Business analysis is used to introduce change. Business analysts are change agents. They identify areas requiring change, recommend solutions that will deliver the best value.
Business analysis techniques have come up that analysts use to facilitate change in the business. These include:
- De Bono’s Thinking Hats
- Five Whys
The business analyst role
Business analysts are the people behind effecting change in the organization. Technology plays a significant role in modern businesses. As such, the business analyst role will be technical in nature. He is responsible for analyzing the systems, processes, and technologies of a business to improve its operations.
In a nutshell, the business analyst performs the following roles
- Analyzes and understand the business structure, processes, systems, and technologies.
- Determines and documents business requirements
- Recommends solutions
- Facilitates the implementation of the proposed solutions
- Evaluate the performance of the new features or systems
Demand for business analysts
By 2024, the demand for business analysts will have increased by 14%. This is because more and more businesses are adopting big data. It is projected that by 2022, at least 85% of businesses will have adopted big data and will, therefore, be on the lookout for tools and technologies that they will use to make the most of big data.
Business analysts in-demand skills
The IIBA lists important business analyst skills as:
- Oral and written communication
- Interpersonal skills
- Leadership and organizational skills
- Facilitation skills
- Analytical thinking and problem solving
- Good knowledge of business structures
- An understanding of networks, databases, and other business technologies
Business analysts qualifications
The basic formal qualification for a BA is a bachelor’s degree in business. However, businesses today rely on technology, a technical qualification in computer science or information technology will give one an advantage.
BAs typically start their career paths by becoming an intern or a junior business analyst. Alternatively, they may work and gain experience in roles such as business management, IT, human resources, or other roles before moving into the business analyst position.
Becoming a BA is not the end. These professionals grow into higher specialized BA roles like
- IT business analyst
- Information Security Analyst
- Financial analyst
- Computer systems analyst
- Management analyst
- Quantitative analyst
- Solutions architect
8 Business analyst certifications
Organizations like IIBA, IQBBA, PMI, and IREB now offer globally recognized certifications in business analysis. Here are 8 certifications a business analyst should consider acquiring.
- IIBA Entry Certificate in Business Analysis (ECBA) – Designed for entry-level BAs who desire to hone their skills and knowledge in business analysis.
- IIBA Certification of Capability in Business Analysis (CCBA) – Designed for professionals who have already gained at least two years of experience working as a business analyst.
- IIBA Certified Business Analysis Professional (CBAP) – Designed for professionals with more than five years of practical experience in business analysis.
- IIBA Agile Analysis Certification (AAC) – Designed for professionals who desire to hone their skills and knowledge in applying the Agile methodology in business analysis.
- IIBA Business Data Analytics Certification (CBDA) – Designed for analysts who wish to acquire data analysis skills for business analysis.
- IIBA Cybersecurity analysis certification (CCA) – This certification is offered by IIBA in partnership with IEEE to professionals interested in pursuing cybersecurity analysis.
- IQBBA Certified Foundation Level Business Analyst (CFLBA) – Entry-level business analysis certification offered by the International Qualification Board for Business Analysis (IQBBA).
- PMI-Professional in Business Analysis (PBA) Certification – this certification is designed for professionals who are involved in projects or programs in the capacity of a business analyst.
Business analyst salary prospects
According to Payscale, the average salary of a business analyst is $67,762. However, this varies depending on the title one holds in this capacity. Specialized BAs earn higher salaries than entry-level or general BAs. For instance,
- Business intelligence analysts earn an average salary of $66,791
- Technical business analysts earn an average salary of $71,489
- IT business analysts earn an average salary of $74,000
- Senior IT business analysts earn an average salary of $90,201
It is possible to rise up the ranks as a business analyst to positions like chief information officer. A BAs salary also greatly depends on the company that employs him. Larger organizations tend to offer better packages.
Future of business analysis
Effective business analysis requires not just the right people but also the right technology and support from the organization’s management. Demand in the business analysis market will continue to soar as analytics gains significant importance in cybersecurity.
Furthermore, analytics will spread its wings in critical business areas like in tax. The focus will shift to IoT, as a source of big data, and the demand for accurate data and skilled data scientists to manipulate this data will increase. Finally, businesses will adopt tools with the capability of extracting insight from unstructured data.