Decode the Role | A Comprehensive Guide to Business Analyst Career Path

  • PF

  • May 02, 2024

Business development is the core requirement of every company stepping into the global market, acquiring strategies to grow its sales and increase conversion rates. The roots of business analysis can be traced back to the early 90s when firms used to assess, implement, and deploy solutions to assist companies in enhancing business operations and resolving complex problems. 

With the emergence of IT and AI, the role of business analysts has been augmented to improve systems and company structures. The latest survey shows over 100 thousand IT business analysts work in the UK. It was recorded that the number has increased from 61,000 to  108,000 in the past 13 years. With the increase in complexities, the need for strong analytical and technical skills has gained prominence to help organizations with their software development projects.

Read the Blog to Explore:

  • What is business analysis and market synopsis
  • Who is a business analyst, and what are its categories?
  • What are the qualification criteria for a BA?
  • Business analyst and software development industry. 
  • Explore the role of a business analyst in SDLC.
  • Explore careers in business analysis.

Business Analysis and Market Overview

Emerging technologies enable the adoption of big data and related operations, including mining, visualization, designing, and sequence inspection, using advanced tools and strategic approaches to understand data patterns and complexities. According to the latest study, the global business analytics market is anticipated to reach $132 billion by 2028, a significant increase from the current condition, which is $82 billion. Moreover, the CAGR is predicted to grow by up to 8% in the forecast period. The growth depends upon all the innovative solutions and data-driven decisions to prevent risk factors while optimizing business operations, providing companies a gateway to grow and expand in the global market.

Interesting Insights on Business Analysis Market 

Industry With the adoption of advanced analytic processes, Banking, Financial Services, and Insurance(BFSI) produce the highest revenue of 70.4% among all other sectors, including retail, IT, healthcare, and entertainment. 
ServicesServices are categorized into managed and professional benefits, and both serve to reduce redundancy and enable companies to stay ahead of the risk factors. 
SoftwaresBusiness analysis helps the content analytical industry due to competitive understanding and incorporation of strategies amid advanced, predictive, and visualization software.
ApplicationsApplications involve finance, marketing, supply chain, and data mining analytics, from which the marketing analysis generates more income due to the implementation of an extensive client-centric analytical approach.

What is a Business Analyst?

BAs or Business Analysts are the entities responsible for bridging the gap between IT companies and businesses using data-driven solutions to evaluate software, requirements, development strategies, and recommendations to develop business models. They communicate with the company’s shareholders, deliver all the insights, and share their understanding of how to enhance operational efficiencies to add value. In simpler words, business analysts are the communication mediators who convert ideas into proper models while guiding the development team. However, depending on their role and responsibilities, BA works with a large volume of data to improve tools, software, services, and process methodologies.

Types of Business Analysts 

Business analysts collaborate with stakeholders and work closely with their needs and objectives. However, there are distinct categories of BAs designated on different levels in a company. Some of the most common types are briefly addressed below:

  • Product Manager

It is a type of business analyst who identifies clients’ requirements and business objectives that a product or service will accomplish. They primarily emphasize product strategies, i.e., designing, development, and distribution, while gaining clients’ feedback on each phase to ensure proper product delivery.

  • Business Consultant

A lucrative career path and a type of business analyst that helps candidates and their companies generate high revenues. Business consultants have an extensive understanding of market competition and work with business owners to guide them in enhancing operational efficiencies. They mainly focus on developing growth strategies and organizational approaches to conduct business. 

  • Data Analyst 

Candidates in this domain are required to have expertise in Python, Tableau, and Power BI. Data analysis collects, cleans, and understands patterns to resolve data complexities. Moreover, the scope of data analyst jobs is growing as industries, including finance, science, healthcare, and administration, are hiring applicants on average pay scales of 70,000/- PKR per month.

  • System Analyst 

They specialize in business technological analysis and are responsible for assessing, designing, and improving company information systems(IS). System analysts work closely with the software, data applications, and development of projects to maintain systems. They are more than programmers who plan and resolve real-time problems. Candidates with CS and IT backgrounds can pursue careers in system analysis.

What is the Qualification Criteria for a Business Analyst?

Choosing a business analyst as a profession is optional and offers diverse opportunities. Most candidates opt for this domain, starting their careers with entry-level roles. However, listed below are the basic requirements companies acquire before recruiting a business analyst:

  • Bachelor’s degree in IT, business administration, or relevant domain
  • Extensive market understanding approach
  • Proficient communication and documentation skills
  • Expertise in collecting requirements and process modeling
  • Basic knowledge of project management tools and SDLC methodologies
  • Market experience as a data analyst, business consultant, or relevant role
  • Understanding of MS Office, Visio, JIRA, etc 

Business Analyst and Software Development Industry

Business analysis plays a key role in the tech industry, enabling companies to bridge the gap between business goals and product development. Software companies hire specialists referred to as BAs to assist businesses in developing strategic approaches to shape company activities. They work as communication broker between product shareholders and development teams. However, there is a high misconception that business analysts are developers; therefore, their primary role is to identify and transform business requirements into functional products.

Role and Responsibilities of Business Analyst in SDLC

Let’s explore the role of a business analyst in the software development life cycle:

  • Requirement Gathering

Business analysts work with company owners to understand their needs and goals. Moreover, they translate the requirements into simple and concise workflow, demonstrating all functional specifications for the development team.

  • Solution Designing

They are responsible for collaborating with the UI/UX team to develop a prototype that meets all requirements. Furthermore, business analysts propose practical solutions to the challenges that align with business ideas.

  • Third-party Communication

BAs are responsible for communicating with third parties regarding complex technicalities while presenting them with project prototypes to gain feedback in every phase.

  • Quality Assurance

They participate in testing systems to validate the project model and implement solutions. The business analyst ensures that the delivered product meets all the submitted requirements with high-quality outcomes.

  • Project Management

Business analysts assist in project planning, collaborate with project managers to specify scope and goals, and monitor progress while ensuring potential risk factors.

Explore Career Paths in Business Analysis with Programmer Force

The world of technology is progressing, and the future of business analysts is at the forefront of emerging industries. Due to a diverse range of benefits, these professions have become a dream opportunity for young minds. Programmer Force offers tech talents with critical thinking skills and the ability to solve problems dealing with real-time complexities to drive positive change in the business world. If you are a candidate who aims to thrive in data mining, visualization, and aggregation, then this career path might be the right fit for you. We at PF aim to shape sharp minds with our latest technologies and team of experts. Contact us to unfold a bundle of opportunities.

Frequently Asked Questions 

What are the Basic Skills Required for a Business Analyst?

Business analysts require the following skills to qualify for the position:

  • Data analysis 
  • Critical thinking
  • Strong communication skills
  • Fact-based decision making
  • Extensive market understanding

What are the Three Primary Responsibilities of a Business Analyst?

Three primary responsibilities of business analysts include:

  1. Collaborate with the development team.
  2. Assist in project planning and resource allocation.
  3. Ensuring high-quality deliverables according to the provided requirements.

What is SWOT analysis in Business?

SWOT analysis is a tool that assists companies in assessing the four fundamental aspects of business: strengths, weaknesses, opportunities, and threats. It designs a successful strategic approach to help the firm grow. It involves inspecting and determining the company’s performance while offering fact-based strategies to take proper initiatives as required.