A Business Analyst is a Data Science professional who uses the data generated by the business to analyze and forecast the performance of a business. If you are aiming for the role of a Business Analyst and want to know what an organization expects from a Business Analyst, this article is for you. In this article, I will take you through some of the role and responsibilities of a Business Analyst that you should know.
Role and Responsibilities of a Business Analyst
Below are some of the role and responsibilities of a Business Analyst every organization will expect from their Business Analyst.
Analyzing and Forecasting Business Trends
Analyzing the performance of a business and forecasting future trends are some of the valuable responsibilities of a Business Analyst.
As a Business Analyst, you should always be aware of the business environment to make necessary decisions so the business cannot be affected negatively by any factor. As a business analyst, you should also know business forecasting techniques to forecast business trends.
Understanding and Analyzing Business Strategies
As a business analyst, you should be able to understand and formulate strategies to get ahead of your competitors. In this data-driven era, creating a business strategy is impossible without analyzing the inputs and returns from your previous business strategies.
So as a business analyst, you should be able to analyze every factor affecting your business before formulating a new business strategy.
Budgeting and Financial Analysis
Budgeting and Financial Analysis are also some valuable roles of a Business Analyst. You should know how to plan new strategies and decisions in a particular budget assigned by your company.
Analyzing the financial risks from any change in behaviour, strategies, policies, and other outside factors is something that every organization will expect from a business analyst. So you should know how to analyze financial data as a Business Analyst.
Creating Dashboards to Support Business Decisions
The data a Data Science professional works with cannot be understood easily by all professionals in an organization. So you need to know how to create dashboards, visualizations, and reports to show the story behind the data generated by the business. It helps explain issues and present your findings to support business decisions.
So, some of the role and responsibilities that every organization expects from a Business Analyst are:
- Analyzing and forecasting business trends
- Understanding and analyzing business strategies
- Budgeting and financial analysis
- Creating dashboards to support business decisions
I hope you liked this article on the role and responsibilities of a Business Analyst. Feel free to ask valuable questions in the comments section below.