Business continuity planning is a process in which the leaders of the organization figure out the best roadmap for the growth and success of the organization. It could include various steps like analyzing the strength & weaknesses of the company, improving its efficiency, setting milestones for progress, etc. All these processes are usually handled by an expert business analyst.
These business analysts use various analytics methods to find patterns in datasets and predict future outcomes. As a result, such professionals are currently in huge demand, as they help derive insights from the data, support decision-making with real-time analysis, etc. According to LinkedIn, there are around 1.2 million business analysts in India today, with the numbers expected to increase in the future.
Business analysts are required in various sectors like banking, retail, e-commerce, healthcare, hospitality, manufacturing, etc. Having a recognized Business Analyst Certification, these professionals turn out as saviours for companies by helping them serve the customers in a better way.
Many students aim to become a business analyst after graduation, with the majority not aware of the exact role they would be stepping in. So let’s discuss what a Commercial Forecaster is and what are the key roles in a Business Planning Process.
Who are Business Analysts?
- A business analyst is a professional role that usually involves improving the products, services, processes, and systems of the business than the current ones.
- These candidates help businesses maximize effectiveness through data analysis decisions.
- They help to lay out the complete business process by analysing the business model and integrating it with technology.
- They are capable of identifying issues in any part of the organization including staff development, IT processes, organizational structures, etc.
Business analysts have today become an important part of a business, increasing their efficiency and reducing costs.
Role of Business Analysts
Every company has a business department and an IT department. The business department consists of business stakeholders who make decisions, and the IT department consists of programmers, developers & testers who help in building the project. These two departments do not communicate directly.
The business analyst is the communicator between IT and the business. They communicate the needs to the IT team and plan a process flow to get the project executed. As a result, business analysts are highly required in the business planning process as they are the bridge between these two departments and help to improve the efficiency of the business.
The other roles of the business analyst have been explained in detail in the sections below.
Understanding Business Requirements
- Business Analysts have to understand the needs of the stakeholders so that they can transfer these supplies to the inventers and also pass the developer’s expectations to the stakeholders.
- The way a business analyst communicates with the stakeholders and the development team is the key skill here.
- They work with the stakeholders and business team to formulate the vision of the project. Then they figure out what the project needs and lead the path towards the goal.
- They ensure that the high-level goal turns into reality.
- They present the business opinions and goalmouths in front of the shareholders.
- They have to deliver a quality presentation on the topics like the project status, application designs, business requirements, etc.
Elaborating the Project Details
- A project contains hundreds of minute details and it is the work of the business analyst to elaborate the tiniest secret and hidden loopholes of the project to the stakeholders.
- They explain to the stakeholders what the implementation team will build for them and every single detail about it.
- This is an important role as it will decide whether the stakeholders are interested in the project or not.
Support Project Implementation
- The project is implemented by the development team. Business analysts are not directly engaged in the implementation of the project, but they do support the process.
- The development team refers to the business analyst if any problem comes up and new needs are to be addressed.
- The support could be something like conducting a problem-solving meeting to discuss the problems and the requirements.
Useful and Non-Functional Business Requirements
- The main goal of the project is to provide an end product that fulfills the demand of the stakeholder.
- So, it is the responsibility of a business analyst to take care of the project’s functional requirements, i.e., what the project should do, and also the non-functional requirements, i.e., how the project should work.
- A Business analyst has to conduct user acceptance testing to ensure that the product is offering the expected results.
- The test also functions the way it was designed and satisfies the user requirement.
- It is the work of a business analyst to tackle problems calmly if the problems are related to stakeholders, employees, and clients.
- They also take decisions that could benefit the organizations.
Maintenance and Operations
- The work of does not end after the product has been developed.
- They have to prevent defects, make changes, enhancements, and maintain the system to enhance the value of the product.
- They also produce reports for maintenance, system validation, deactivation plans as well as other plans.
- They also evaluate the system to figure out when replacement or deactivation will be required.
- It is the work of a Business Analyst to formalize operation of the plan.
- They also have to structure, coordinate and lead these team members.
Business analysts play a vital role in the success of the organization, therefore the salary is also quite rewarding. The average Business Analyst salary in India is ₹6.12 lakh per annum. Those this career should have a background in mathematics and engineering and should possess good communication and analytical skills.
Candidates coming from different sectors can also choose this career by enrolling in online Business Analytics courses. There are various online courses in business analytics offered on platforms like Simplilearn, Coursera, Udemy, Great Learning, Harvard Business School, edX, Udacity, UpGrad, etc. Offering quality and affordable education, these courses are the best path to become a trained Business Analyst.