What is business intelligence and who is a business analyst, what does it do, and how does it help the company grow?

Business analytics is a field that has been developing rapidly in recent years and is becoming more and more in demand in the labor market. Business and department leaders are increasingly turning to business analysts to make data-driven decisions. In this article, we'll discuss how to gain the necessary skills and experience to become a successful business analyst, as well as look at helpful tips and resources for career advancement.

Business analysis covers a wide range of company activities: analysis of development strategy, business processes, organizational structure and information systems, as well as design and configuration of interaction with the external environment.

The main goal of business analysis is to design and implement organizational changes that contribute to the achievement of the company's main goals in the most effective way.

Business analytics brings together different areas of expertise, such as finance, marketing, project management, and IT. This allows analysts to collect and process data from different sources to make informed conclusions and optimize business processes. It is important to have a general understanding of different industries and be able to integrate information to create a holistic picture.
Business analytics aims to support management decisions and organizational change using high-quality, relevant, and objective data. Here are the key tasks of business intelligence:

1. Collection of data on the company's activities:

• Transform this data into a structured format for analysis.

1. Data analysis:

• Search for patterns and forecasting the development of the company in various conditions.

Business intelligence is a part of business analysis that deals with the collection, processing, and analysis of data. It is the basis for effective management of organizational change.

Business analytics is essential for companies that strive to make high-quality, fact-based management decisions. It helps to structure, analyze data and provide recommendations for improving the company's performance.

For example, a company that sells seasonal goods (bicycles or skis) can use business analysts to accurately determine the demand curve, demonstrate it to management, and make recommendations for maximizing revenue. Without analytics, such decisions are made at random, which leads to lost profits.

There are several areas of business intelligence, each of which corresponds to the key elements of the management system:

1. Enterprise development strategy:

• Data analysis for the formation of the company's development strategy.

1. Business processes:

• Analysis and updating of business processes to achieve strategic goals.

1. IT architecture:

• Assessment and optimization of the company's information systems.

1. Organizational and role structure:

• Analysis of data on the work of employees and departments for the restructuring of the company.

To perform their tasks, business analysts use various methods of data analysis:

• Correlation and regression analysis:
• Study of the relationship between quantitative indicators.
• Analysis of variance and factor:
• Study of the influence of qualitative variables on quantitative indicators.
• Cluster analysis:
• Grouping data by homogeneous features.
• Methods of descriptive statistics:
• Processing and systematization of data in tables and graphs.

A business analyst is a specialist who serves as a link between the business and the development team. He helps client companies formulate needs and business problems, develops models for solving these problems and submits them for implementation.

The competencies of a business analyst include the collection, processing, and analysis of information related to the activities of various companies. It tracks the profitability of the organization, the percentage of expenses and sales, the number of employees who participate in various processes.

Today, business analysis is in demand in the fields of information technology, construction, real estate, investment, biotech, medicine, and manufacturing. Business analysts or teams of such specialists are needed in every company or outsourced to competently build and implement business strategies.

To successfully master the profession of a business analyst, it is necessary to undergo training and obtain the appropriate qualifications. There are various courses, both paid and free, that allow you to learn the basics of data analysis, programming, and reporting. It is important to choose courses that offer practical tasks and cases so that you can put what you have learned into practice.

The career path of a business analyst can be very diverse. Experienced analysts often become heads of departments, are engaged in consulting, or open their own businesses. It is important to constantly develop and update your knowledge in order to remain a sought-after specialist.

The responsibilities of a business analyst can vary depending on the organization. Specialists can be divided into three main categories:

Example: A regional distributor strives for on-time delivery of goods. Truck drivers often lose their invoices, which leads to confusion in the warehouse. The analyst will identify the reasons for the loss of invoices and offer process automation for their compilation and sending.

This specialist implements IT solutions and works closely with the project manager. He can perform some of the duties of a product manager if there are many other employees in the team.

Example: A product manager wants to add a "Physical Activity" section to a health app. The analyst explains what buttons and screens need to be added and develops terms of reference for testers.

The specialist acts as a translator from technical to business language. He explains business challenges to developers and often works for companies that provide IT solutions.

Example: a medical organization wants to keep records of internal processes and turns to the developer. The business analyst explains the conditions and requirements for the implementation of the task.

The specialist acts as a translator from technical to business language. He explains business challenges to developers and often works for companies that provide IT solutions.

Example: a medical organization wants to keep records of internal processes and turns to the developer. The business analyst explains the conditions and requirements for the implementation of the task.

A successful business analyst must have balanced soft and hard skills and have a deep understanding of their field. It is important for novice specialists to quickly choose a direction and study it in depth.

Soft skills:

• Maintaining communication: Ability to conduct interviews and ask leading questions.
• Critical thinking: The ability to ask questions of oneself and clients.
• Systematic and analytical: Extract important information from large amounts of data.
• Empathy: Empathy and understanding of the experiences of employees.
• English: Access to English-language materials and information.

Hard skills:

• Knowledge of requirements classification and extraction techniques.
• Business Process Modeling (UML / BPMN / EPC / IDEF0 / IDEF3).
• Work with diagrams (Class Diagram, Activity Diagram, etc.).
• Knowledge of the software lifecycle.
• Knowledge of the principles of task decomposition.
• Ability to create interface prototypes.
• Basic erudition in the field of IT.

For business analysts, various software products are used:

• Business Intelligence (BI): Power BI, Foresight, Yandex DataLens, Tableau.
• Task trackers: Kaiten.
• Tools for visualizing the results: PowerPoint, Keynote, Prezi.
• Process modeling tools: Camunda, Bizagi Modeler.
• Editors for program interface design: Figma and others.

There are numerous online resources that help business analysts in their work. Popular data collection and processing services such as Google Analytics, Tableau, and Power BI allow you to visualize information and make reports more understandable.

Business analytics is an interesting and promising field that opens up many opportunities for professional and career growth. With the right approach and constant training, you can become a sought-after expert who makes important decisions and influences the development of the company. Use these tips and resources to succeed in this exciting profession.