Ever since the rise of Data Science and Analytics in the industry sector, there has been a surge in careers in Business Analytics. Business Analysts are problem solvers who have magnificent data visualization skills along with soft skills, ergo, their suggestions in business strategy are quite impactful. Since data has become one of the most precious assets of every organization, Business Analysts are excelling in this domain due to their data-driven decision-making skills. Consequently, organizations hire and retain project managers who have top-notch business analytics skills for the long term.
The need for business analysts has surged in the past few years and is expected to persist. The US Bureau of Labor Statistics (BLS) anticipates job expansion from 2020 to 2030 for comparable roles to vary from seven percent (for computer systems analysts) to 25 percent (for operations research analysts). Other analogous job designations are management analyst and operations analyst—both of these roles carry out tasks akin to those of business analysts.
Hiring a Business Analyst : Business Analyst Skills to be consider
The demand for Business Analysts in software development, healthcare systems, FMCGs, retail, etc., is accelerating like never before. Hiring them takes quite a lengthy process based on judging their skills and qualifications. Business Analysis practitioners can deliver, and they compensate them accordingly. Therefore, if you’re aspiring to seek a profession in Business Analysis, it’s high time to upskill yourself. There are various organizations that offer exclusive training programs in Business Analysis. Spoclearn is one of the esteemed organizations that offers high-quality training programs that are globally accredited and learners get opportunities to level up their soft skills and problem-solving skills as well.
When considering a person as the best business analyst for a company, HR departments typically evaluate candidates based on their qualifications, skills, and experience.
Here are some factors that HR professionals may consider
- Education: Companies often prefer business analysts with a minimum of a bachelor’s degree in finance, business administration, economics, or a related field. Besides, HR also gives the upper hand to a candidate who has a solid certification in Business Analytics that includes both theoretical and hands-on project experience. Since this job role is based on real-life scenarios, recruiters will always prefer hiring a candidate who has done an internship during the learning period.
- Industry experience: Having industry-specific experience can be advantageous as it demonstrates familiarity with the sector and its unique challenges. Well, freshers can also get good opportunities in this job role if they have worked on projects during their training period or have done an internship.
- Analytical skills: Strong analytical skills are crucial for business analysts as they are responsible for collecting and analyzing data to identify business opportunities and recommend improvements.
- Problem-solving abilities: Business analysts are natural problem solvers who identify issues and propose solutions that deliver better value to customers.
- Communication skills: Effective communication is essential for business analysts to collaborate with stakeholders, influence decision-making, and present findings and recommendations.
- Project management skills: A successful project lands when everything from scratch is done carefully under cautious supervision. Predictive analytics is one of the major skills that is quite impactful over here. While implementing a business strategy, technical skills also play a significant role and that is what stands out in a project. A Business Analyst should have proper knowledge of promotion, resource allocation, execution, etc., to make a project successful.
- Attention to detail: Paying attention to detail is important for business analysts to ensure accurate data analysis and reporting. There is an array of raw data and Business Analysts work with that data to implement business strategy proficiently.
- Teamwork: Business analysts frequently collaborate with cross-functional teams, so being a team player is valuable. Being a proper team member is of utmost importance with respect to a business analytics profession. Whenever a project comes up, every member of the organization presents various data. The duty of a Business Analyst is to deal with both structured and unstructured data, weigh those, and apply various methodologies to come to a decision. Communication skills also play an integral role when it comes to working with a team. Therefore, an HR professional must match the checklist when hiring a Business Analyst.
- Adaptability: The ability to adapt to changing circumstances and work effectively in dynamic environments is highly desirable for business analysts. Staying updated with industry trends, emerging technologies, and best practices is crucial for business analysts to provide valuable insights and recommendations.
Conclusion
Business Analytics is one of the most in-demand job opportunities across multiple industries. By 2030, the growth of Business Analytics which increase up to 25% based on the condition in the current scenario. Therefore, if you start training and upskilling your business analytics skills, you’ll soon land a prestigious position in any esteemed organization.