Why Business Analyst is good career in 2020

Business analysis is a process of identifying and understanding the need for change in business tasks and techniques to accelerate changes for business productivity and growth. Business Analyst has a major role in bridging the gap between IT and Business with the advanced data analysis techniques, essential requirements for the growth of the company and giving the best solutions for the business executive and stakeholders.

Why is Business Analyst required for any organization?

In this 21st century global economy is rapidly changing, hence many business organizations are transforming quickly into the digital world. This made current business firms work smartly to meet challenges in the business and IT market. In this competitive world, it is a very challenging task to impress customers with traditional solutions. So, business enterprises need to upgrade with new technology to be a strong competitor to others in this global business market.

Hence, a Business analyst is indispensable for the fast development of the industries. Business analysis is one of the most effective and innovative business insights and methods to give smart resolutions for business growth. A business Analyst regularly evaluates business performance to lead in the technology-driven business world market. Business Analyst analyzes the objectives, processes, and resources of the organizations and provides resolutions to meet the company executives' and stakeholders' challenges.

How does a Business Analyst make company growth?

Business Analyst is one of the most important roles in IT industries to perceive the future for many businesses to stay in this competitive global IT market. Business Analyst gives better business ideas and capabilities, creates valuable changes and boosts the business processes. Let’s look at some key points on how BA helps in business growth.

1. Empowers business to make an impact:
Business Analysts analyze the data and understand the business environment and industrial operations that enable clarity, competitiveness strategy, and timeliness for the company growth. By knowing company standards business analysts can give clarity about future planning with better methods and techniques. To sustain in this competitive industrial market, the company has to analyze all customer, service and product data to stay behind the competition. BA gives clear insights and fast decisions to yield good results in a short time.

2. Keeps up-to-date in a changing environment:
To stay in a competitive business market, a company should require constant change with trending technology and growth with the latest industry trends and best practice methods. Business Analyst needs to update the company environment with new trends. Making a change in the business environment with the updated technical things not only makes company growth but also provides knowledge to all other employees for personal growth and development.

3. Boost operational efficiency:
The business analyst finds operational inefficiencies and gives proper directions to the company for the fruitful business operations. The analysis helps business future planning to make the business more agile. Business Analysts will make efficient and important decisions to handle risks and future consequences.

4. Gives the best planning for growth
Business Analyst research with business intelligence reports and gives insights into visualizations and dashboards. With this knowledge, business analysts are able to create future plans with fast important decisions. With predictive insights, business analyst enables influencing outcomes and future expansion.

5. Builds strong customer relationships:
The analysis gives business insights into customer reviews, requirements, and behavior. It helps to understand the public opinion of the business brand products or services. Strategize how to create better marketing campaigns to maintain long term relations with customers.

Why should you pursue a career in BA?

The present business industry is reaching new heights with increasing globalization. In a business-oriented world, becoming a business analyst will be a great choice. Let us see in detail how a Business analyst will be a good career path…?

1. Demand is huge in the job market:
More and more business enterprises are realizing the importance of diligent business analysts relative to their competitiveness and success. Pursuing a career in the BA field is more tempting as the demand is steadily rising each year around the world. The supply of dedicated BA is still low as the requirement of business analysts is huge in the business and IT job market. As the Business Analyst job market is expected to grow exponentially each year, the Business Analyst career is the right choice to start your career.

2. Wide opportunities with great pay:
There are many opportunities with better payment through business analysis. As of today, 22,823 Business analyst jobs are available in the US and 8% job growth since last year- indeed. Different jobs through business analysis are Business System Analyst, Data Analyst, Senior Business Analyst, Entry level Business Analyst, IT Business Analyst, etc. 

Average base Pay for a Business Analyst in the US is $68,346/ year - (Source: Glassdoor)

Average base Pay for a Business Analyst in India is 666K per year - (Source: Glassdoor)

3. Easy switch from other careers:
Candidates who want to start a career as a Business Analyst, professional background and past experience do not matter. Your immense interest and business analyzing skills will be good potential to become a Business analyst. Hence anyone can easily swift to BA position from other professions.

4. Challenging responsibilities:
Business Analyst is generally used, but the roles and responsibilities of that title may vary from company to company. Some Business Analysts work on the technical side and some other business analysts’ work on the business side. Some work interpreting and customizing processes, while others work to deliberate technical resolutions to meet organization needs.

5. Dynamic and Flexible:
No automation replaces the Business Analyst position because, in the end, humans have to analyze the data and need to predict resolutions for the betterment of business growth. Hence, BA job security will be high and flexible. BA employees have greater freedom and creative skills to meet higher heights in the business market.

6. Continuous scope of professional growth:
Business Analysts continuously face many challenges as they are exposed to work in different environments and management to meet client requirements. So, they can easily learn new methods and techniques continuously and find more effective and innovative resolutions to the Complex problems. This surely enables continuous gain of professional knowledge and personal growth.

Role of Business Analyst in different domains:

A business analyst plays a vital role in many IT industries and companies. Business analysts work in different domains like Health Care, Banking, Software, Marketing, Pharmacy, etc. And however, the BA role varies based on the working domain as shown below:

1. Healthcare:
In healthcare, business analysts work to find problems or improvements such as operation and cost issues to improve organization performance and profitability. BA will create planning and decisions to maintain health care standards and to keep out of debt issues. By connecting with various departments in the hospital, healthcare business analysts ensure that hospital revenue is spent reasonably. BA analyzes financial things to determine profitability and cost-effective techniques to obtain top-quality equipment. 

2. Banking:
With the rapid change in a global economy, the banking sector is also becoming fast-growing To stay buoyant, banks are making use of business analysis to attract new customers, hold on to old customers, upselling and cross-selling products and proprietorship. BA tools process the large amounts of data in financial companies and reveal valuable insights on investment, financial planning, budgeting, and management. Through analysis reports, BA can predict the performance of the stock market and advise the client to hold or sell it. Business Analysis tools also give smart insights and help to minimize the chances of financial fraud.

3. Software:
When it regards software development and implementation, business analysts often utilize an agile methodology. They mainly focus on the project needs within the business and create an effective strategy to reach the organization’s goals. BA resolves the problems by giving the best actionable plans to stay in this competitive IT market. The BA should analyze the challenges and guide the team to reach their goals and to get efficient products. BA often acts as a facilitator, translator, and mediator between the delivery team and the executive team or stakeholders.

4. Marketing:
Marketing is a very dynamic sector and it is always highly competitive and also unpredictable. The key points when considering marketing analysis are such as market size, current trends, distribution channels, and industry cost structure and market productivity and profitability. To be competitive with others and to maintain stability in the rapidly growing market with the latest trends, there is a necessity of business analysis. BA makes important decisions to get success for the company.

5. Pharmaceutical Industry:
The pharmaceutical industry provides immense scope for Business Analysts. Strong business analysis skills are required to understand the changing trends in the scientific world and it also helps in the process of utilizing new drugs and technologies. Proper medical care can be given when the patient’s history and prior medication, and hospitalization details are available. And also, it helps in minimizing a lot of unnecessary costs for patients.

Conclusion

Rapid development in Information Technology always makes to create new tools and methods instead of developing traditional practices. And a professional expert is needed in an IT world to handle these tools and methods to understand and organize the huge raw data a business exposes too. A business analyst practically implements these sets of tools and algorithms in the corporate environment for transforming the inputs of raw data into useful conclusions that empower fast and rational decision-making, increased efficiency, and maximized profits to a business.

Finally, the Business analyst is not only a rewarding role in companies but also provides a great chance for professional development. It is a dynamic and exciting job, especially in the current market where the supply has still not even closely matched the growing demand, making it an excellent choice for career-changers seeking a new role.