7 Types of Business Analysts You Need to Know
Business analysts are professionals who help organizations improve their performance, processes, products, and services. They use various methods and tools to analyze data, identify problems, and propose solutions. Business analysts can work in different domains, such as finance, marketing, IT, or healthcare. Depending on their area of expertise, they may have different roles and responsibilities. In this article, we will explore seven types of business analysts that you need to know.
1. Business Process Analyst
A business process analyst focuses on the workflows and procedures of an organization. They map out the current state of a process, identify the gaps and inefficiencies, and recommend improvements. A business process analyst may use techniques such as business process modeling, flowcharts, or swimlane diagrams to document and visualize the process. They may also use metrics and indicators to measure the performance and outcomes of the process.
2. Business Systems Analyst
A business systems analyst deals with the technical aspects of an organization’s systems and applications. They act as a bridge between the business and IT teams, translating the business requirements into functional specifications for the developers. A business systems analyst may use tools such as UML diagrams, use cases, or user stories to define the system features and functionalities. They may also test and validate the system, ensuring that it meets the user needs and expectations.
3. Data Analyst
A data analyst collects, cleans, and analyzes large amounts of data to generate insights and support decision-making. They use statistical methods and software to manipulate and visualize the data. A data analyst may use tools such as Excel, SQL, R, or Python to perform data analysis. They may also create reports and dashboards to communicate their findings and recommendations to the stakeholders.
4. Business Intelligence Analyst
A business intelligence analyst uses data to help an organization achieve its strategic goals and objectives. They use advanced analytics and business intelligence tools to extract, transform, and load (ETL) data from various sources. A business intelligence analyst may use tools such as Power BI, Tableau, or QlikView to create interactive dashboards and reports that show the key performance indicators (KPIs) and trends of the organization. They may also provide guidance and advice on how to optimize the business performance and processes.
5. Product Analyst
A product analyst works on developing and improving a product or service that meets the customer needs and expectations. They conduct market research, customer feedback, and competitor analysis to identify the opportunities and challenges for the product. A product analyst may use tools such as surveys, interviews, or focus groups to gather customer insights. They may also use frameworks such as SWOT analysis, Porter’s five forces, or value proposition canvas to evaluate the product’s strengths, weaknesses, opportunities, and threats.
6. Marketing Analyst
A marketing analyst helps an organization plan and execute effective marketing campaigns and strategies. They analyze the market size, segmentation, trends, and customer behavior to identify the best ways to reach and engage the target audience. A marketing analyst may use tools such as Google Analytics, Facebook Insights, or HubSpot to track and measure the performance and impact of the marketing activities. They may also use tools such as SEMrush, Moz, or Ahrefs to optimize the website’s SEO (search engine optimization) and increase its visibility and traffic.
7.Financial Analyst
A financial analyst helps an organization manage its financial resources and investments. They analyze the financial statements, budgets, forecasts, and cash flows of the organization to assess its financial health and performance. A financial analyst may use tools such as Excel, QuickBooks, or SAP to perform financial modeling and analysis. They may also use tools such as Bloomberg Terminal, Morningstar, or Yahoo Finance to research the financial markets and trends.
Business analysts are valuable assets for any organization that wants to improve its efficiency, effectiveness, quality, and profitability. They can work in different domains and have different roles depending on their skills and expertise. By knowing the different types of business analysts, you can better understand their functions and responsibilities.
Types of Business Analysts and Their Global Demand
Business analysts are professionals who help organizations improve their performance, processes, products, or services by analyzing data, identifying problems, and proposing solutions. There are different types of business analysts depending on their focus, skills, and domain knowledge. Here are some of the common types of business analysts and their global demand.
Functional Analysts
Functional analysts are analysts who tend to focus on a single business area, such as HR, finance, marketing, or operations. They have a deep understanding of the business functions, processes, and requirements of their domain. They work closely with stakeholders to elicit, analyze, and document their needs and expectations. They also communicate with developers and testers to ensure that the solutions meet the business objectives and quality standards.
Functional analysts are in high demand in many industries, especially those that rely on complex or specialized business processes. According to Indeed.com, the average salary for a functional analyst in the US is $83,920 per year as of December 2021. The demand for functional analysts is expected to grow as more organizations adopt digital transformation initiatives and need experts who can bridge the gap between business and technology.
Business Intelligence Analysts
Business intelligence analysts are analysts who use data to provide insights and recommendations for decision making. They collect, process, analyze, and visualize data from various sources using tools and techniques such as SQL, Python, Tableau, Power BI, or R. They also create reports, dashboards, and presentations to communicate their findings and suggestions to stakeholders.
Business intelligence analysts are in high demand in many industries, especially those that deal with large amounts of data or need to optimize their performance, efficiency, or profitability. According to Glassdoor.com, the average salary for a business intelligence analyst in the US is $76,402 per year as of December 2021. The demand for business intelligence analysts is expected to grow as more organizations leverage data analytics to gain a competitive edge and improve their customer experience.
Business Architecture Analysts
Business architecture analysts are analysts who design and model the structure, strategy, capabilities, processes, and governance of an organization. They have a holistic view of the organization’s vision, goals, value proposition, stakeholders, and environment. They work with senior executives and managers to align the organization’s architecture with its strategic direction and change initiatives. They also collaborate with other architects and analysts to ensure that the solutions are consistent and coherent across the organization.
Business architecture analysts are in high demand in many industries, especially those that face complex or dynamic challenges or opportunities. According to ZipRecruiter.com, the average salary for a business architecture analyst in the US is $101,857 per year as of December 2021. The demand for business architecture analysts is expected to grow as more organizations adopt business architecture as a discipline and a framework to guide their transformation and innovation efforts.
References:
https://www.iiba.org/professional-development/career-centre/what-is-business-analysis/
http://worldcat.org/oclc/819807719
https://www.iiba.org/standards-and-resources/babok/
https://www.bridging-the-gap.com/what-does-a-business-analyst-do/
https://www.zippia.com/business-analyst-jobs/skills/
https://www.indeed.com/career-advice/career-development/types-of-business-analysts
