A Business Analyst profession is a high-paying job. Upon completing a Business Analyst Certification, you can expect an estimated yearly income of USD 81,714 in the role of a business analyst in the United States. The median pay of business analysts at the entry-level is USD 75 561. As and when you gain the skills and experience and reach a senior role, you can expect a median pay of USD 1,01,024. Data analysts earn a median pay of USD 71 619, and business systems analysts can earn a median pay of USD 93,076.
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Top ten companies that employ Business Analysts
The top ten companies that pay business analysts and the average salaries they pay are as follows:
- Meta – USD 1,60,922 per annum
- Google – USD 1,58,660 per annum
- CLOUDRAY – USD 1,56,364 per annum
- Twitter – USD 1,53,264 per annum
- Silicon Alley – USD 1,49,341 per annum
- Tencent – USD 1,46,042 per annum
- Nvidia – USD 1,40,360 per annum
- Amazon Lab126 – USD 1,36,432 per annum
- Airbnb – USD 1,35,900 per annum
- VMware – USD 1,34,810 per annum.
Some other companies that pay business analysts well are – Deloitte, Infosys, McKinsey and Company, Accenture, JP Morgan Chase and Company, Cisco Systems, and Xceltech.
Responsibilities of a Business Analyst
Business analysts have to fulfill the following responsibilities within an organization to ensure that the processes or systems are aligned to achieve the best possible results:
- Investigate the business systems holistically, including elements of the organizational structure.
- Evaluate solutions for improving the business system operation. This may involve examining organizational structures and recruitment needs
- Documentation of business requirements, including physical materials.
Stages of Working of Business Analysis
Business analyst has to work in a wide realm of activities, but they are often found working in the area of project management. A business analyst can work in various areas of the organization’s business, such as customer service, supply chain management, and sales. Business analysts can work in the reconciliation of various related potential issues, pitfalls, or risks. There are six fundamental stages of project development where a business analyst can add value. These stages are as follows:
- Idea – The first stage involves validating the initial idea of the project, such as – why the idea being considered is a good idea. Does the idea help to solve a problem? how to approach the solution?
- Business Model – Evaluate the demand of the potential customer, the competitor, the accessibility and/or feasibility of the distribution channels, and the risks associated with the implementation of a solution.
- Product – Create a product description in detail. This includes user personas, user journeys for regular usage of the application, the overall vision, a product pile-up of prioritized user stories, and a list of all features that should be there in an application.
- Technology – The tech stack required to support the application and delivery to the end users is defined in this step. This includes representing the engineering framework, existing the needed IT support and technology, and back-end and front-end platforms.
- Delivery – Assess the methodologies used for the development of the application, such as agile and waterfall, budget, and schedule. This step will also involve assessing which person can take accountability for the execution of the project
- Key Performance Indicators (KPIs) – Defining metrics and hypotheses used for the evaluation of the product’s success and how much it fits with the target market. This step also involves conducting quality assurance and research to validate customer expectations.
Tools Used By Business Analysts
With the progress in technology, there are tools that have come to automate the Business Analytics process. Here are some of the most popular tools that business analysts depend on:
- HubSpot – It is a software platform that assists in sales, services, and inbound marketing. The platform includes built-in analytics, dashboards, and reports. The Marketing Analytics software allows for tracking the results of all the activities related to marketing in one place.
- Xplenty – It is a cloud-based data integration technology connecting disparate data sources. The tool is codeless. The low-code options make it easily accessible for all. The marketing analytics solution of the tool enriches a company’s marketing database with data-driven insights and functionalities. The tool solutions in the aspects of marketing, sales, customer service, etc.
- Oracle NetSuite – It is a business management software suite that offers services to both large and small organizations. The software suite allows the construction of a workbook without coding and helps to analyze data. Business analysts can use the tool to generate basic and customizable reports. It has the ability to match data and filter it to fulfill various business needs.
- Creatio – It is a low-code platform integrating CRM (customer relationship management) and process automation that allows IT and non-IT professionals to make apps to meet their individual business requirements. The tool can be used both on-premises and in the cloud. The self-service platform allows collaboration between business analysts and clients. Creatio benefits medium-to-large businesses the most.
- Wrike – A project management tool that runs in the cloud that helps in scheduling, allocation of resources, and maintaining deadlines is Wrike. As a business analyst, you may update and provide tasks using Wrike on Android and iOS from anywhere.
- Oribi – Oribi is appropriate for all kinds of businesses. A business analyst can design marketing funnels using this app and track where visitors are leaving. The tool can monitor events and allows the user to define conversion targets without needing any code. Some prominent features of this tool are custom reports, email capturing, automated event collecting, and visitor journey.
Conclusion
A business analyst plays an important role in an organization. He drives the success of the organization as per the analysis of data. As per reviews by Glassdoor, the average pay is USD 76,082 a year. So, clearly, it is a well-paying job. There are new challenges every day and also opportunities to bring out innovative solutions by putting your skills into practice. So, if you are a curious person who likes challenges and enjoys working independently, the profession of a business analyst may be the right career for you.