12 Must-Have Business Analyst Skills
IT is an exciting field, but IT professionals quickly realize that there is an unspoken rule that you have to constantly update your knowledge. The situation for business analysts is no different. In today’s tech-savvy business environment, organizations must continually adopt the latest best practices in order to gain and maintain a competitive advantage in their industry.
As the name suggests, the job of a business analyst is to analyze the customer’s business processes, practices and models and to formulate optimal solutions using the latest technologies such as fintech and e-commerce, among others. A good analyst must have both business and technological knowledge to offer comprehensive solutions. So, as a business analyst, what can you do to maximize your opportunities? Luckily, along with an excellent reading of the EPAM Anywhere blog, we’ve rounded up some of the must-have essential skills.
The technical or hard skills:
- Knowledge of the technology industry
- Conducting quality research
- Data analysis
- Financial planning
- Programming basics
- solve problems
- Make a decision
- leadership qualities
Knowledge of the tech industry
Technological improvements offer easier and better ways to deliver services in the business world. This results in considerable incentives for the further development of new and improved technologies, software and processes. Since a significant part of a business analyst’s job involves developing and implementing solutions, it is important to keep abreast of the latest developments in the tech world. The more knowledge you have, the more effective your solutions will be for the customer’s business needs.
Conducting quality research
Research is one of the first steps in addressing a client’s business needs. It enables you to get a clearer picture of the client’s challenges and possible solutions. Inaccurate research data leads to ineffective solutions, so it is important to utilize all tools and resources available to ensure that you are conducting high quality research and data collection.
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 any project.
Financial planning is a key skill that you should have as a business analyst, whether you are working on a remote freelance job or other employment opportunity. The costs of the decisions made are determined for your customers and the cost-benefit ratio of possible solutions is assessed.
One of the best things you can do as an analyst is document the entire process of creating and implementing business solutions from start to finish. This makes it easier for everyone involved in the project to understand the action plan and improves teamwork.
Know the basics of programming
A clear understanding of at least the basics of programming is a prerequisite for the effective implementation of solutions. This knowledge helps business analysts understand the technical aspects of the project, envision the overall project, minimize repetitions and easily identify redundancies. It also makes it easier to communicate ideas and solutions with your team.
Problem solving skills
The core task of a business analyst is to analyze business requirements and develop optimal solutions. Dealing with challenging topics under stress is part of your everyday life, especially when negotiating between the project participants. How are you going to deal with it? A good business analyst is flexible when necessary and can work cooperatively on solutions with members of a team.
Make a decision
Customers rely on your professional judgment and decisions about their business needs. This enormous responsibility requires that your decisions be supported by thoroughly researched data on both the company’s internal conditions and those of the external market.
Every customer has explicit and implicit expectations. It is your responsibility to meet these expectations through a combination of adequate planning, realistic project objective setting, allocation of responsibilities and efficient time management. Your leadership and management skills are critical to meeting your clients’ deadlines and developing effective solutions.
Communication skills is another important tool for a business analyst. Your ability to communicate effectively can resolve disagreements, promote a friendly work environment, and encourage your team to stick to the task, which has a positive impact on the quality and quantity of the work done.
Your ability to negotiate successfully is what makes business magic possible. It goes without saying that your work involves different people with different backgrounds, personalities and skills, from clients to designers to developers. Your ability to help others, think differently, or compromise when necessary to facilitate collaboration, sets you apart from the layperson.
While not the direct responsibility of a business analyst, the ability to share your knowledge and experience with others is an excellent way to improve teamwork and improve overall productivity in your workplace.
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Analytics Insight is an influential platform dedicated to insights, trends and opinions from the world of data-driven technologies. It monitors developments, recognitions, and achievements of artificial intelligence, big data, and analytics companies around the world.
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