Key Skills Needed By Business Analysts
A business analyst is someone who studies an organization or industry domain and records of its business practices, processes, technology, or systems and then describes the business framework or its integration with technologies. Business Analyst also helps in guiding organizations in improving processes, products, systems, and software via data analysis. The term ‘business analyst’ may be used broadly to refer to these professionals, while the narrower term of ‘business analyst’ can be used to specify specific roles and functions. A number of universities and colleges have various programs on business analysis, with more students enrolling for such courses every year. This increasing demand for business analysts raises the expectations from these professionals, and many educational institutions provide professional certification programs on business analysis.
A qualified business analyst should be able to analyze financial data, determining the effect of competitive factors, market trends, and internal processes on business performance. Data analysis is the first step towards understanding business models and developing a relevant business process. Analysis of business process data involves using various techniques and tools such as statistical methodologies, economic reasoning, economic process modeling, information technology, and other disciplines related to economics. Some of the techniques used for business process analysis are process engineering, information sciences, and economics.
A strong command over the English language is an important requirement. In addition to having the aptitude, business analysts need to be able to communicate well and understand issues clearly, as well as comprehend and interpret data in a clear and systematic fashion. Key skills required by successful Business Analysts include decision-making, analytical, writing, customer service, negotiation, technical problem solving, planning, and problem solving skills. To develop these key skills, many colleges and universities offer programs on business analysis, teaching the students the core theoretical and practical concepts in this field.