Mastering Business Analysis: The Ultimate Guide to Your Studies

What is business analysis?

 

Business analysis examines and evaluates a company’s needs and determines solutions to help improve efficiency and strengthen business processes.

Companies do business analysis to help them better understand how to achieve their short and long-term objectives. 

 

Business analysts have several duties, including: 

• Understanding business strengths, weaknesses, opportunities, and goals
• Identifying the company’s technical and functional needs
• Analysing large data sets, including finances, purchases, customers, operations, and more
• Comparing charts and data
• Creating financial reports to support the implementation of new methods
• Planning company architecture (the structure and model of the business)
• Performing variance and financial analysis

 

Why study business analysis

 

There are many different benefits to taking a business analysis course, from vast career opportunities to high salary potential. Let’s have a look at some of these benefits. 

1. High demand

There’s a growing need for business analysis in South Africa. This means there are many job opportunities in this field, and you won’t have to worry about sitting without a job. 

As technology continues to improve and businesses are forced to improve their processes to keep up with competition, the need for business analysts will continue to grow. 

 

2. High salary potential

Business analysts can earn high salaries depending on their role, industry, and location. As of 2024, they can earn upwards of R40,000 per month

 

3. Different job opportunities

With the evolving landscape of business analysis, you can specialise in certain areas, such as process improvement, data analysis, and product ownership. This created many different job opportunities in various industries, including:

 

• IT 
• Finance
• Education
• eCommerce
• Healthcare
• Consulting

 

4. Allows you to challenge yourself

Business analysis is an excellent career choice for individuals looking for a career that will challenge them. Analysing data and determining business solutions requires intellectual capability. 

You need to be able to analyse patterns, do in-depth research and analysis, and develop data-driven solutions. Let’s just say your working days will be anything but boring. 

 

Skills and competencies required

 

Some skills are essential to become a great data analyst. These skills include, but aren’t limited to, the following. 

Analytical thinking

Analytical thinking is breaking down big and complex problems or data into smaller, more manageable pieces. Hence, it becomes easier to understand and solve. 

As a business analyst, you must think critically about the type of data you collect and how to interpret the data. You also need to distinguish between helpful data and data that isn’t. 

 

Problem-solving

Business analysts use a combination of logical thinking, data analysis, and critical thinking to solve problems. Being a natural problem-solver will make this job much easier and make you stand out above other employees.

 

Communication

Presenting your findings clearly and concisely will help stakeholders understand what needs to be done and make it easier for them to act on your recommendations. 

You must be able to tell a story with data through verbal and written communication. Verbal communication is necessary for effective presentations, and written communication is essential to writing easily understandable emails and reports.

 

Business acumen

You need to be familiar with the specific industry in which the business operates, including processes, required resources, and current challenges. Without knowing these things, you won’t know what data to analyse and which business areas need improvements. 

You also need a basic understanding of financial principles, including budgeting, forecasting, and doing cost-benefit analysis. Doing a business analysis course will equip you all you need to succeed.

 

Tips for success in your business analysis studies

 

Here are some tips to help you succeed in your business analysis studies. 

1. Balance work, life, and study

Maintaining a healthy relationship between work, studies, and personal life can be challenging. To avoid stress, it’s best to create a schedule that considers all areas of your life and work. 

Stick to the schedule and prioritise your tasks from most to least important. Tools like Google Calendar or Trello can help you manage your schedule. Remember to schedule breaks to re-energise and spend time with your loved ones. 

You should also communicate your study schedule with your family and set clear boundaries so they know when you’re ready to study. This will minimise interruptions and distractions.

 

2. Network and join professional development opportunities

Join professional organisations like the International Institute of Business Analysis (IIBA) to access resources, attend events, and connect with other industry professionals. 

You can attend workshops and conferences (both online and in-person) to learn about the latest developments and trends in the industry. 

You can also join LinkedIn groups and forums that share business analysis insights where you can meet other professionals, discuss challenges, and offer advice. 

 

3. Seek feedback and continuous improvement

If you want to stand out in the workforce, you need to be willing to go the extra mile. You can seek feedback from your lecturers on ways to improve your work. 

Stay open to constructive criticism and have a growth mindset where you learn from your mistakes and continue to refine your skills. 

You can also assess your academic performance by comparing your work and identifying areas for improvement through additional study or by seeking help. 

 

Business analysis courses available

There are many different types of business analysis course, including higher certificates, diplomas, and degrees. 

MANCOSA offers an Advanced Diploma in Business Analysis, which equips students with the key analytical, communication, and problem-solving abilities to solve complex business problems. 

This business analyst qualification focuses on business strategy, analysis, and planning, allowing you to take many career paths. You can learn more about it here. 

 

Register for a MANCOSA business analysis course online

 

As technology advances, the need for business analysts will continue to rise. This makes it an excellent career choice with job security and high earning potential. 

If you like the idea of challenging yourself and having a career where problem-solving is a weekly activity, consider our Advanced Diploma in Business Analysis course.