Business analyst

Business analysts research and understand the strategic position of businesses and companies in relation to their markets and their stakeholders. They analyse and present their views on how the company, from many perspectives, can improve its strategic position and internal corporate structure. They assess needs for change, communication methods, technology, IT tools, new standards and certifications.

The following job titles also refer to business analyst:

standardisation manager
management consultant
organisational developer
business strategy consultant
business development analyst
standardisation expert
business strategy analyst
standardization expert

Bachelor’s degree is generally required to work as business analyst. However, this requirement may differ in some countries.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Business analyst is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to business analyst.

business consultant
audit supervisor
programme manager
corporate investment banker
business intelligence manager

These occupations require some skills and knowledge of business analyst. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of business analyst with a significant experience and/or extensive training.

This knowledge should be acquired through learning to fulfill the role of business analyst.

Business analysis: The research field which addresses the identification of business needs and problems and the determination of the solutions that would mitigate or prevent the smooth functioning of a business. Business analysis comprises IT solutions, market challenges, policy development and strategic matters.
Risk management: The process of identifying, assessing, and prioritising of all types of risks and where they could come from, such as natural causes, legal changes, or uncertainty in any given context, and the methods on dealing with risks effectively.
Market research: The processes, techniques, and purposes comprised in the first step for developing marketing strategies such as the collection of information about customers and the definition of segments and targets.
Scientific research methodology: The theoretical methodology used in scientific research involving doing background research, constructing an hypothesis, testing it, analysing data and concluding the results.

These skills are necessary for the role of business analyst.

Perform business analysis: Evaluate the condition of a business on its own and in relation to the competitive business domain, performing research, placing data in context of the business’ needs and determining areas of opportunity.
Identify undetected organisational needs: Use the collected input and information from interviewing stakeholders and analysing organisational documents in order to detect unseen needs and improvements that would support the development of the organisation. Identify the needs of the organisation in terms of staff, equipment, and improvement of operations.
Analyse business plans: Analyse the formal statements from businesses which outline their business goals and the strategies they set in place to meet them, in order to assess the feasibility of the plan and verify the business’ ability to meet external requirements such as the repayment of a loan or return of investments.
Interpret financial statements: Read, understand, and interpret the key lines and indicators in financial statements. Extract the most important information from financial statements depending on the needs and integrate this information in the development of the department’s plans.
Conduct quantitative research: Execute a systematic empirical investigation of observable phenomena via statistical, mathematical or computational techniques.
Analyse financial performance of a company: Based on accounts, records, financial statements and external information of the market, analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit.
Advise on efficiency improvements: Analyse information and details of processes and products in order to advise on possible efficiency improvements that could be implemented and would signify a better use of resources.
Analyse internal factors of companies: Research and understand various internal factors that influence the operation of companies such as its culture, strategic foundation, products, prices, and available resources.
Analyse external factors of companies: Perform research and analysis of the external factor pertaining to companies such as consumers, position in the market, competitors, and political situation.
Build business relationships: Establish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the organisation and its objectives.
Align efforts towards business development: Synchronise the efforts, plans, strategies, and actions carried out in departments of companies towards the growth of business and its turnover. Keep business development as the ultimate outcome of any effort of the company.
Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
Make strategic business decisions: Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.
Conduct qualitative research: Gather relevant information by applying systematic methods, such as interviews, focus groups, text analysis, observations and case studies.

This knowledge is sometimes, but not always, required for the role of business analyst. However, mastering this knowledge allows you to have more opportunities for career development.

Business intelligence: The tools used to transform large amounts of raw data into relevant and helpful business information.
Business law: The field of law concerned with the trade and commerce activities of businesses and private persons and their legal interactions. This relates to numerous legal disciplines, including tax and employment law.
Organisational policies: The policies to achieve set of goals and targets regarding the development and maintenance of an organisation.
Financial statements: The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
Market entry strategies: The ways to enter a new market and their implications, namely; exporting via representatives, franchising to third parties, collaborating joint ventures, and opening of fully-owned subsidiaries and flagships.
Quality standards: The national and international requirements, specifications and guidelines to ensure that products, services and processes are of good quality and fit for purpose.
Business process modelling: The tools, methods and notations such as Business Process Model and Notation (BPMN) and Business Process Execution Language (BPEL), used to describe and analyse the characteristics of a business process and model its further development.
Business strategy concepts: The terminology related to the design and implementation of major trends and aims which are taken by an organisation’s executives, while keeping in mind its resources, competition and environments.
Corporate law: The legal rules that govern how corporate stakeholders (such as shareholders, employees, directors, consumers, etc) interact with one another, and the responsibilities corporations have to their stakeholders.

These skills and competences are sometimes, but not always, required for the role of business analyst. However, mastering these skills and competences allows you to have more opportunities for career development.

Propose ict solutions to business problems: Suggest how to solve business issues, using ICT means, so that business processes are improved.
Advise on risk management: Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
Advise on personnel management: Advise senior staff in an organisation on methods to improve relations with employees, on improved methods for hiring and training employees and increasing employee satisfaction.
Interview people: Interview people in a range of different circumstances.
Advise on communication strategies: Provide companies and organisations with consulting services concerning their internal and external communication plans and their representation, including their presence online. Recommend improvements in communication and make sure that important information reaches all employees and that their questions are answered.
Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
Advise client on technical possibilities: Recommend technical solutions, including systems, to the client within the framework of a project.
Keep updated on the political landscape: Read, search, and analyse the political situation of a region as a source of information applicable for different purposes such as information, decision-making, and management, and investments.
Report analysis results: Produce research documents or give presentations to report the results of a conducted research and analysis project, indicating the analysis procedures and methods which led to the results, as well as potential interpretations of the results.
Support implementation of quality management systems: Advocate the introduction of new business processes to help achieve quality standards, such as the improvement of the organisational structure or the development of new procedures in case of quality defects.
Advise on organisation climate: Advise organisations on their internal culture and work environment as experienced by employees, and the factors which may influence the behaviour of employees.
Define organisational standards: Write, implement and foster the internal standards of the company as part of the business plans for the operations and levels of performance that the company intends to achieve.
Shape organisational teams based on competencies: Study the profiles of collaborators and decide the best place for directors and collaborators following an strategic mindset and serving to the goals of the company.
Seek innovation in current practices: Search for improvements and present innovative solutions, creativity and alternative thinking to develop new technologies, methods or ideas for and answers to work-related problems.

2421 – Management and organisation analysts

 

 

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References

1. Business analyst – ESCO