When you want to get into business analysis it’s really important be aware about the different industries you can opt for as a business analyst (BA). A Business Analyst is an essential part of every industry as they play an important role in the overall growth of the company. Some of the industries you should consider while looking for jobs in business analysis are telecom, retail, real estate, healthcare, IT, marketing and pharmaceuticals.
Business analysts gather requirements, specify functional and nonfunctional documentation, propose solutions for requirements and processes. They improve business processes, do research and analysis, find facts and determine outputs to fit within schedule and budget. The Employment Projections Program conducted by the U.S. Bureau of Labor Statistics has pointed out that American employers will need 876,000 business analysis related professionals by 2020.(Source: http://www.aditiconsulting.com/career-path-for-a-senior-business-analyst-in-2016/ )
Here are some of the industries where you can get hired as a business analyst.
All of us are aware that health systems have become more software based which requires a lot of complex analysis.
Business Analysts in the Healthcare Industry are helping in improvement of many business processes, multiple use cases and act as an interface between patients and doctors, wherever virtual communication is used.
A healthcare business job role involves identifying problem areas like cost, treatment time, etc. They gather data, conduct research and take measures and make changes in systems and processes, to provide the required solutions.
According to U.S. Bureau of Labor Statistics (BLS) the healthcare business analysis market will experience a 14% increase in jobs over the 2014-2024 decade. Also it was noted that in 2015, management analysts made a median annual salary of $81,320.
Business analysts work throughout the software development lifecycle to make sure the product or service is flawless. Mostly the work is divided into 3 stages: Initiating the project, elaborating the details, and supporting the implementation.
Business analysts make business cases, do requirement elicitation by interacting with the clients and stakeholders, where they identify the business needs.
Early on they might perform research activities to formulate the business need. Business analysts then make proper documentation and ensure on time delivery and best solutions by acting as an interface between the client and the developers.
If we look at remuneration in this field, according to U.S. Bureau of Labor Statistics the average salary based of computer system analyst is $87,220.
Here are some of the main tasks of BA in IT industry.
- Understanding product features,
- Gathering and documenting the clients’ requirements by making a Business Requirements Document (BRD).
- Understanding and providing best customizations as per the Clients’ requirements.
- Project Planning– Understanding the project plan and the roadmap.
- Making Unified modelling language(UML) diagrams and Software specification document(SSD) to analyses the requirements.
- Testing– To develop test case and be a part of high level testing.
- Deployment–BA plays a part in project sign off and giving a demo of the product to the client.
Business operation analysts work with different teams and departments to improve strategies, resolve business problems and understanding the problem areas. Some of the task that falls in bucket of BA in operations are:
- Reviewing sales/financial analyses and interpreting data
- Understand fundamental parts of the problem
- Analyze customer data and industry trends.
- Determining the competitive landscape
- Make recommendations for business process changes
BA is involved in tasks related to Investment Banking, Risk Management and Financial Analysis, etc.
A Business Analyst in Banking/Financial industry analyzes the financial data and finds out finance related information about clients which helps in expansion of business. They also communicate the same results and findings to different department heads so as to make them all aware about modifications needed based upon the data. It is therefore important to be well versed with financial terms and processes used in banking industry. Strong communication skills are also essential to interact with different teams and stakeholders.
If we look at remuneration in this field, according to U.S. Bureau of Labor Statistics the average salary based of computer system analyst is $81,760.
According to a report by Markets and markets Telecom Analytics Market would be worth $4,296.6 Million by 2019.( source: http://www.marketsandmarkets.com/PressReleases/telecom-analytics.asp )
The role of business analyst in this field includes installation, operation and maintaining hardware and software for telecommunications systems. Some of the important tasks for BA in this industry are:
- Analyze and resolve issues in telecommunications systems’ software and hardware.
- Improving systems and reducing the cost for telecom providers.
- Determine telecommunication needs and propose designs and ideas for the same.
- Provides ongoing technical and operational assistance for all telecommunications systems.
- Maintaining databases, producing reports of calls, maintain call trackers and resolve service related issues.
These are only some of the industries to consider while choosing a career as a BA. However BA’s have innumerable ever-increasing opportunities in all the fields. BA’s are an important part of every organization as they deliver business value to their organizations.
If you wish to learn more about the job roles, day to day life, topics you should study etc. for BA you could opt for the Business analysis course on Millionlights website(https://www.millionlights.org/Course/AboutCourse?id=115&type=&pe=0 ).