Competencies of a Business Analyst
Every year many organizations around the world are facing high rates in project failures, as per research only 30% of projects are completed on the right time with approved budget out of which only 50 percent end up meeting proposed functionality. For eg: If you are a professional wrestler failing three to six times over ten might earn you few endorsement deals and your place in hall of fame. But in real time business scenario these types of failures cost billions in cost overruns and project waste.
In 2010 Business insider has surveyed more than 2000 businesses to find out why projects fail, the answers were numerous and varied from business to business more than 50% surveyed marked poor requirements gathering as there leading project challenge.
Failing to properly analyze and define the requirements at the very beginning of the project lifecycle points out the lacking of a business analysis opportunity. Business analysts play very vital role in organizations around the world they act as a liaison between the business and the user and strive to meet the end user needs.
Below are the competencies that every business analyst or any professional acting as a business analyst should possess and if performed effectively it could save billions to many organizations.
- Documentation or Elicitation of Requirements: One key duty for any business analyst is to elicit and document business requirements, the conditions and functionality of products and services for their internal and external use. They are needed by the client or by the user to solve problems related to business, but at the end they are tied to the needs of our business and its logitivity. Therefore a business analyst should document and elicit requirements and make sure the information is communicated effectively to relevant departments so that end goal of business is achieved.
- The Business process Management: A business analyst is basically a solution giver, a problem solver where every business would look into at the time of crisis. He should be very well modeled with the AS IN process and apply the business process and rules and scope it TO BE Hence it is very essential for a BA to have good knowledge and understanding of BPM its concepts and techniques.
- Awareness of Technology: It’s necessary for a business analyst to have end to end idea about the emerging and evolving technologies in the market not necessary technical side of it but at least the functionality side so that when a particular issue is arises in business a BA needs to be a bridge between the company, its clients and also its relevant departments.