Top 12 Skills Every Business Analyst Must Have
IT is an exciting field, but IT professionals quickly realize that there is an unspoken rule that you have to update your knowledge constantly. The situation for business analysts is no different. In today’s tech-savvy business atmosphere, companies must continuously employ current best practices to gain and maintain, a competitive edge in their industry.
As the name suggests, a business analyst’s job is to analyze the customer’s business procedures, practices, and models, and formulate optimal solutions using the latest technologies like Fintech and e-commerce, among others. A good analyst must be knowledgeable in both business and technology to provide comprehensive solutions. So, as a business analyst, what can you do to maximize your opportunities? Luckily, in addition to the excellent read on EPAM Anywhere blog, we’ve compiled some of the top must-have skills.
The technical or hard skills:
- Knowledge of the technology industry
- Conducting quality research
- Data analysis
- Financial planning
- Documentation
- Programming basics
Soft Skills
- Problem-solving
- Decision making
- Managerial skills
- Communication
- Negotiation
- Mentoring
Knowledge of the Tech Industry
Technology improvements offer easier and better ways of providing services in the business world. As a result, there are significant incentives for continuing to develop new and improved technologies, software, and procedures. Since a significant part of the job of a business analyst involves developing and implementing solutions, it is essential that you stay up-to-date with current developments in the tech world. The more knowledgeable you are, the more effective your solutions to the client’s business needs will be.
Conducting Quality Research
Research is one of the first steps in addressing the needs of a client’s company. It allows you to get a clearer picture of the challenges facing the client as well as potential solutions. Inaccurate research data will lead to ineffective solutions, so it’s essential to use all available tools and resources to make sure you conduct quality research and data acquisition.
Data Analysis
Data analysis is the next step after your research and data collection. A good business analyst understands the various relevant data elements such as financial planning and risk assessment and can analyze and interpret them in the context of each project.
Financial Planning
Financial planning is a key skill to have as a business analyst, whether you are working at a remote freelancing job or another employment opportunity. It involves determining how much the decisions made will cost your client and assessing the cost-benefit ratio of potential solutions.
Documenting
One of the best things you can do as an analyst is a document the entire process of creating and implementing business solutions from start to finish. This makes it easy for all stakeholders on the project to understand the plan of action, and enhances team cooperation.
Knowing the Basics of Programming
A clear understanding of at least the basics of programming is a prerequisite for the effective execution of solutions. This knowledge helps business analysts understand the technical aspects of the project, envision the entirety of the project, minimize do-overs, and make redundancies easy to spot. It also facilitates the communication of ideas and solutions with your team.
Problem Solving Skills
The core role of a business analyst is to analyze business needs and create optimal solutions. Dealing with challenging issues under stress will be a part of your daily routine, especially during negotiations between the parties involved in the project. So how will you handle it? A good business analyst is flexible when needed and can work cooperatively with the members of a team to arrive at solutions.
Decision Making
Clients rely on your professional judgment and decisions about their business needs. This enormous responsibility requires that your choices be supported by thoroughly researched data on both the company’s internal conditions and those of the external market.
Managerial Skills
Every client has explicit and implicit expectations. Your responsibility is to meet these expectations through a combination of adequate planning, the establishment of realistic project goals, allocation of responsibilities, and efficient time management. Your leadership and managerial skills are crucial to meeting your client’s deadlines and creating effective solutions.
Communication Skills
Communication skill is another essential tool for a business analyst. Your ability to communicate effectively can diffuse disagreements, foster a friendly working environment, and encourage your team to stay on task, all of which will positively impact the quality and the quantity of the work done.
Negotiation
Your ability to successfully negotiate is what makes business magic happen. It’s a given that your work will involve different people with different backgrounds, personalities, and skills, from clients to designers to developers. Your ability to help people to think differently or make compromises when needed to facilitate cooperation is what distinguishes you from the amateurs.
Mentoring
Although not a direct responsibility of a business analyst, the ability to share your knowledge and experience with others is an excellent way to enhance teamwork and improve the overall productivity in your workplace.
