As the name suggests, a business analyst is a person who basically studies different businesses for various purposes. This could be to find weaknesses in the business model or to simply find out whether it is running optimally or not. The one thing that is always apparent is that the role of such an analyst in any business is critical. This is because in all cases, the analyst has to study the business and then suggest ways of making it more profitable or efficient. It can therefore be said that the health of any business heavily depends on the work that such an analyst does, as they determine which direction the business will take.
This means that in order to become a good analyst, one has to be willing to be very critical at what they do. Any mistakes made during analysis or policy formulation (a process in which the analyst is heavily involved in) could lead to massive losses. In extreme cases, it could even lead to complete shutdown of the company.
In addition to analysis of the current business structures, such an analyst is also very useful when it comes to the design of a business process. This is important skill is useful when starting a new company or when restructuring an already existing one. As with analysis, the cost of mistakes when doing the design can also be costly. For instance when starting a business, any major mistake that the analyst makes means that the company would start operations on the wrong foot. Once the organization has gained impetus, such mistakes can be difficult and expensive to correct.
The other important role of such an analyst in today’s business environment is integration of technologies with the current business models. For instance, before implementing a new technology in any business, it is often necessary to get an analyst to study the current business set up, and then try to figure out the effect that the technology would have on business. In the same vein, the business analysts can also suggest modifications of current operations so as to ensure that implementation of the new technology is smooth. If the technology has to be modified in order to fit into the current business, it would be the role of the analysts to suggest how this should be done for maximum effect. As one can see, the role of business analysts is very important and should not be taken for granted.