What Does a Business Analyst Do, and How Can Lumify Learn Help You Become One?

Thanks to the surge of online platforms and smart devices, data gathering has never been easier. With just a few taps, customers can share their preferences and satisfaction through surveys on social media and websites.

Business analysts play a crucial role in analysing this information, spotting patterns and trends, and ultimately enhancing the company’s performance and efficiency.

If you enjoy using data to understand organisational problems and recommending solutions that meet company goals, business analysis could be the perfect path for you. According to SEEK, this field is set to grow by 23.2% over the next five years and currently enjoys a 4.1-star job satisfaction rating online. Professionals in this industry can earn around $105,000 to $125,000.

In this blog post, we will discuss what business analysis is, what business analysts do, and their importance in today’s business landscape. We will also talk about how Lumify Learn’s new Business Analysis Certified Professional course can help you kickstart your business analysis career.

What is Business Analysis?

Business analysis is the practice of identifying business needs and recommending solutions to potential challenges. It involves understanding how organisations operate, gathering requirements, analysing data, and collaborating with stakeholders to improve products, services, processes, and software.

Companies perform business analysis to ensure that any changes or solutions implemented align with the strategic objectives of the organisation and deliver value to the business.

What Do Business Analysts Do, and What Skills Do They Possess?

Business analysts (BAs) are skilled professionals using data analytics to document processes, identify requirements, and make recommendations to stakeholders and company executives.

They play a crucial role in bridging the gap between an organisation’s goals and the necessary solutions to achieve them, helping navigate change and improve efficiency.

Key business analyst roles and responsibilities include:

• Understanding organisational needs, goals and strategies

• Gathering and defining requirements from different stakeholder across the organisation

• Analysing large data sets using data management tools

• Assembling tables, charts, and other data visualisation elements

• Analysing and improving business processes

• Recommending solutions that drive improvement and align with the company’s goals

• Supporting change management of new systems and tools

Some people may confuse business analysts with data analysts as both use data to help businesses make better-informed decisions. However, BAs collaborate with stakeholders to define requirements, assess processes, and recommend improvements that drive success. Data analysts, on the other hand, collect, analyse, visualise, and present existing data.

Business analysts typically possess the following skills:

• Analytical thinking and problem-solving

• Effective communication and people skills

• Proficiency in data analysis tools like Excel, and business intelligence (BI) software

• Understanding of business processes and modelling techniques

• Ability to turn complex data into actionable insights

• Knowledge of industry-specific regulations and standards

• Stakeholder management

• Balancing different needs and expectations

• Project management and organisational skills

• Attention to detail and strong observational skills

What are the Current Business Analysis Trends in Australia?

Today's business analysis landscape is shaped by several key developments, some of which include:

1. Data-driven decision making

Historically, some businesses have depended heavily on intuition and assumptions when making decisions. While this approach can be effective, it can also be prone to biases, errors, and missed opportunities. BAs ground their initial assessments and gut feel opinions on data. This enables leaders and teams to make more informed and accurate decisions. BAs also helps them identify inefficiencies and bottlenecks, leading to improved productivity and cost savings.

2. Predictive analytics and artificial intelligence (AI)

Machine learning algorithms and AI models forecast future trends and customer behaviour to help analysts proactively alert teams on possible issues and recommend ways to avoid or address these. For instance, a business analyst might use predictive analytics to forecast sales trends for the next quarter. By analysing historical data and identifying patterns, they can predict which products will be in high demand and so the team can adjust inventory levels accordingly.

3. Cyber Security Awareness

Australia has been experiencing a rise in cyber attacks over the past few years. The Australian Cyber Security Centre, in fact, recorded over 76,000 cyber crime reports during the 2021-22 financial year — a 13% increase from the past year. On top of these, in a recent survey by security company Barracuda, 74% of 150 organisations fell victim to email-based attacks at least once. As a result, BAs are becoming more important when it comes to cyber security awareness, particularly in the following:

• Risk management and compliance: BAs help organisations navigate regulatory requirements (e.g., Australia’s Privacy Act and General Data Protection Regulation). They assist as well in implementing security measures that protect sensitive data.

• Security requirement analysis: BAs can also be responsible for identifying and documenting security requirements for new systems being introduced into an organisation. They ensure that cyber security is considered at every stage of development and implementation of these platforms.

• Incident response planning: To mitigate the impact of cyber attacks and ensure a quick recovery, BAs can develop and implement incident response plans. This involves naming key stakeholders, defining communication arrangements, and outlining steps to solve cyber incidents.

4. Agile Business Analysis

Agile methodology is a project framework that divides projects into multiple dynamic phases.

Businesses in Australia continue to adopt this approach, and business analysts also now need to work more often in agile environments. This trend emphasises the following:

• Collaboration and flexibility: BAs must work closely with cross-functional teams and stakeholders in repeated stages to swiftly adapt to changing business requirements.

• Backlog management: They are also in charge of the product backlog, or the prioritised list of a product’s features or requirements. This involves obtaining and documenting requirements, prioritising them based on value, and ensuring alignment with business goals.

Why is the Business Analysis Field Evolving?

There are various underlying factors driving the rapid evolution of the business analysis industry today. These factors also impact the rise in demand for people with BA skills and certifications. Let’s explore some of them:

1. Increasing Complexity of Business Environments

Businesses are operating in a more complex and dynamic environment than ever before. For instance, companies now need to manage multiple platforms like mobile apps, social media accounts, and online marketplaces. Moreover, consumers expect personalised experiences and tailored services.

Business analysts can help organisations navigate these complexities and achieve their strategic objectives through their reports and guidance.

2. Digital Transformation

More and more businesses today are adopting digital technologies to stay competitive. This has resulted in the expansion of the role of business analysts.

For instance, BAs are guiding organisations through digital transformation by leveraging cloud computing, artificial intelligence, and machine learning. And because of the increasing sophistication of data analysis tools and techniques, business analysts are no longer just expected to understand data. They must also be able to translate insights into recommendations that can help businesses thrive.

3. Disruptive Events

Market conditions can change almost in the drop of a hat. Unexpected phenomena have highlighted the importance of business analysts — people who can anticipate changes and keep an eye on a team's resource allocation.

For example, the COVID-19 pandemic forced businesses to swiftly implement a remote work environment and embrace digital transformation. And during the 2008 global financial crisis, organisations had to adapt to severe economic conditions to survive. These sudden shifts showed the importance of flexibility and resilience in business operations.

During these events, business analysts played a significant role. They helped organisations ensure continued operations, identify new market dynamics, and implement new work tools.

4. Risk Management and Compliance

It’s important for companies to ensure they’re adhering to new and existing regulations to avoid hefty fines, legal issues, and reputational damage. Proper compliance also helps build trust with customers and partners, ensuring data protection.

BAs help in this aspect by verifying that new systems, processes, and business initiatives comply with data privacy, cyber security, and financial reporting standards. Additionally, can also develop and deliver training programs to employees to raise awareness of compliance requirements and best practices. This way, they can foster a culture of compliance within their organisation.

How Lumify Learn Can Help You Break into the Business Analysis Field

If the idea of identifying organisational needs, generating insights from data, and facilitating successful business changes excites you, why not start a business analysis career? Lumify Learn can help you take the first step with our new Business Analysis Certified Professional course.

This no-prerequisite program will teach business analysis fundamentals like gathering requirements, modelling processes, and managing different stakeholders and contacts. Get hands-on experience with a project that simulates real-world business challenges. What’s more, you’ll work with tools like Jira for project tracking, Excel for data analysis, and Power BI for data visualisation.

By the end of the course, you will gain not just one, but two certifications:

• BCS Business Analysis Foundation: This micro-credential in business analysis principles and practices helps you develop a deep understanding of the field.

• BCS Requirement Engineering Practitioner: Learn to gather, document, and manage project requirements effectively.

The Business Analysis Certified Professional course is conducted 100% online. This means you can easily balance your studies with your personal and professional commitments.

And as soon as you complete the program, you can join Lumify Edge, our exclusive career support initiative. We will help you update your resume and LinkedIn profile and connect you with employers looking to hire business analysis professionals. You can even join events hosted by our partners and meet like-minded people!

Ready to harness the power of data to help businesses thrive? Enquire with us on a course today.