Business analysis is the discipline of identifying business needs and determining solutions to business problems. These solutions may include improvement of business processes, accommodating/incorporating new processes or strategic planning and policy development. The person who performs this role of identification and determination is called a business analyst or BA.This role has emerged with evolution of software engineering and raise of RUP (Rational Unified Process) to mitigate risk in project management. Clients do not have the time to make the technical team understand how business operations, processes, compliances and competitors work; nor does the project manager have time to make business people understand how technology worked. This position of a BA actually fills this gap, to make the project successful. A professional with domain knowledge (finance, healthcare, service industry, manufacturing or FMCG) can work as a Functional Business Analyst and the technical team (IT, Engineering and systems) can work as Business Analyst/ Technical Analyst / Systems Analyst.
As per IBM, everyday 2.5 quintillion bytes of data are being generated in the world. This data is being generated in the form of business transactions, social network posts and tweets, emails, mobile chats, texts and calls etc. Companies are inundated with data which holds the potential to transform their business prospects, if analyzed properly to bring out the relevant insights. Analytics has now become a part of every company’s strategy to gain sustainable competitive advantage. This has created a need for skilled and trained professionals who can take up the challenge of managing the data, analyzing it and generating business insights from it in a short time. With the rapid explosion of data there is a growing shortage of this skilled talent. McKinsey estimates that by 2018 a shortage of 190,000 people with deep analytics skills and another 1.5 million people with the know-how to use analytics to make decisions. Harvard Business Review calls analytics as the sexiest job of the 21st century. Analytics professionals are highly paid and typically earn 30%-50% more than their counterparts in the IT industry
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