All around the world, every year the organizations face failures of projects so highly. It is shown by some of the researches that 30% of the projects are done on time and fixed budget and the other 50% ends with meeting up their proposed functionalities. For every league there will be a failure and later it brings endorsement deal and a spot of hall of fame. But for the rest of the people failures bring cost overrun and project waste.
A business analyst is a person who does the timely analysis of the business processes continuously for the better and probable outcome. He analyses all the forthcoming events, advantages, and disadvantages of a business and finds them to get maximized profits.
Business analysts are of different types based on the area of their specialization. also, a business analyst plays an important role in organizational goals and productivity.
Business analysts work under various departments like finance, banking, telecoms, insurance, software, utilities, government, and many more. But there are some Underlying competencies for a business analyst that he/ she should have access during work.
Some important skills to be gained by the business analysts for the core competencies are discussed below:
1. Analytical skills:
The skills such as creative thinking, problem-solving, learning, decision making, and systems thinking are required to be a skilled business analyst. These are the specified analytical skills where:
- Creative thinking helps to brainstorming, mind-mapping, and lateral thinking;
- Problem solving skill helps to suggest effective solutions;
- Learning helps to develop keen observation, learn and understand new things;
- Decision making helps to decide the effective and suitable course of action;
- Systems thinking helps to perform tasks, interface systems, and so on.
2. Behavioral aspects:
An effective Business Analyst must have some behavioral aspects such as ethics, trustworthiness, quality organization and so on which helps to facilitate high-value workshops to organize the proper way of working.
3. Business accomplishments:
Some business accomplishments play a vital role in the organization. Some accomplishments are as follows:
- Organizational principles and practices such as HR, Finance, Marketing, and sales practices where a business analyst must consult and advise the consumers with specified requirements.
- Business knowledge helps to understand the forces such as competitors, customers, suppliers, and substitutes which commonly supports the business requirements.
- Organizational accomplishments help to understand the business models, architectures, and structures such as technology, place, data, and people of the organization.
- Solution knowledge provides an additional advantage to the business analysts to familiarise projects and programs to relate it to the present situation to find solutions.
4. Communication skills:
Every business analyst must have communication skills to survive in an organization whereas to express ideas and thoughts through both verbal and non-verbal communication to give specified clarifications. Teaching is also a communication skill to guide the team members as they will have different capabilities of learning and adapting.
5. Intercommunication skills:
Leadership, Teamwork, Influencing, and Negotiation are the important intercommunication skills which attain expected outcomes, working together in a team without conflicts, motivation, implementation, decision making, and development of personal relationships to reach common objectives of the organization.
6. Software applications:
The application management must be known by a business analyst to carry out day to day performance of the organization. It includes both general and specialized application such as email client, Skype for communication; document management system, content management systems, sales force automation systems and other specified and specialized applications for the better working of the organizational purposes of project requirements.
These are some important and required skills to become an efficient business analyst as they are the suits of job descriptions of a business analyst for supporting a global team of business consultants working for the achievement of organizational goals and objectives.