The main role of a Business Analyst is to identify problems within the business, provide achievable solutions based on the data, and contribute to the growth of the company.
Business Analysts play a crucial role in business development. This role is considered to be a new or modern career in more recent times however, the presence of Business Analysts in a company has quickly become indispensable. In this article, we will endeavour to understand about the role of Business Analysts and why they are considered an asset by companies all around the world.
Why do companies need Business Analysts?
Problems and risks become part and parcel of every business and it is inevitable that issues will arise. But if companies keep focusing on solving problems, they may not have enough time to focus on other important issues.
A successful and forward thinking business would require a worker with an analytical mindset to help them make better decisions, and to assist in driving revenue and profits to the company. This is why the majority of companies are earnestly seeking employees with business analyst expertise.
There are different roles within the company that a Business Analyst can slip into, some of which are: Operations Research Analyst, Financial Analyst, Management Analyst, and Market Research Analyst.
Business Analysts have to use research methodologies to gather information about problems that restrict the company from achieving their targets. Once the issues have been identified, the next step is to communicate the problems with the concerned team and share their insights.
They would be required to complete a critical analysis of the information gathered so far and arrive at a solution that is confirmed by the available data. By presenting their strategies to the company, they can pave the way for improvements, adjustments, and ensure smooth flow of the business.
This is also a growing field, with an increase in job vacancies year on year. With new types of industries popping up, we can expect a greater demand for Business Analysts in the near future.
To name a few, the demand for Business Analysts is constantly increasing in business like Information Technology, Finance and Insurance, the Public Sector, the Health Care sector, and within Business Consultancies.
The U.S Bureau of Labor Statistics have advised that there would be a rapid increase in demand for all Business Analysts roles. Please note that the U.S Bureau of Labor Statistics use ‘Business Analysts’ an umbrella term to refer to other analysts’ roles previously mentioned.
In particular, the demand for the Technical and Information Security Analysts role will see a 31% increase by 2029. This sudden rise in demand for Business Analyst may be due to the COVID 19 pandemic period. COVID 19 and subsequent lockdowns have had a huge and mostly negative impact on many businesses and industries. Many businesses are struggling to navigate their way in this ‘new normal’ and this may explain why Business Analysts became essential for even small-scale companies.
While the demand is on the rise, there is a question if there is enough labour force with relevant analytical skills. IBM has advised that people with the relevant skills serving in different roles would have to switch their career to meet the growing annual demand for a Business Analyst role.