A business analyst makes detailed quantitative and qualitative analysis of a company’s business strategies and suggests new strategies or solutions for improving the performance of the company. He has to be aware of various statistical models and apply them in formulating portfolio strategies. By performing in-depth analysis for portfolio management, a business analyst takes on the data challenges of the organization and the industry in general. He understands the company’s strengths and weaknesses, and Reviews and edits requirements, specifications and recommendations accordingly. The business analysts are entrusted with wide array of duties and responsibilities which mainly depends upon their job profile.
The main responsibilities of these analysts would be:
• To develops functional specifications and system design specifications for client engagements
• He must follow industry trends and needs to conduct research to identify loopholes in the company’s strategies
• These analysis reports must be submitted regularly so that the suggestions can be implemented
• He may also have to develop business models related to customer modeling, customer segmentation and business forecasting
• He must understand the customer’s needs, and change them into application and operational requirements
• He must be capable of analyzing and documenting the processes involved in business.
• Test scenarios must also be prepared by the business analyst.
• He must looks after the day to day change in the management which is needed as per the plans of the project.
• The business analyst should take care that throughout the development plan there is proper coordination between the development team, customers and any other party which may be involved.
A business analyst must have very good analytical and problem-solving skills. Teamwork is also very important in this line and he should be able to communicate well with his team members and people from other departments. Knowledge of the basic technical software and applications related to this field is also beneficial for this job.
As far as educational qualifications are concerned bachelor’s degree in mathematics, statistics, economics, operational research etc is a good for being a business analyst. One can also study finance, marketing and do an MBA to get more exposure in this field. Any additional course in management will surely give an edge over the others. Other skill sets which are needed by organization for this post include good analysis skills, good knowledge about various technological tools like HTML, JS, PHP, ASP,.NET and others. Knowledge about data base, SQL and UML will be an added advantage.