Business Analysis is considered the bridge between customers and project teams within a business, acting as the conduit for business information and understanding the systems they work with.
In the current landscape, Vietnam's economy is undergoing a significant transformation. As a result, the profession of Business Analysis is becoming increasingly pivotal, aiding in optimizing business operations for enterprises and, consequently, delivering the highest-quality technological products.
To gain a deeper understanding of what Business Analysis entails, its role, and the career prospects it offers for those interested in pursuing this field, we invite you to explore the detailed information below.
1. What is Business Analysis?
Business Analysis is the amalgamation of gathering information from data through techniques and carrying out specialized tasks to identify the needs of both customers and businesses. Subsequently, it involves proposing changes and providing solutions that create value for all parties involved.
Throughout the Business Analysis process, many solutions may incorporate elements rooted in software, digital data, and organizational changes, such as the development of new policies, alterations in structure, and enhancements to processes.
The definition of Business Analysis
2. What are the Steps in the Business Analysis Process?
The needs and products or services of each business are unique, so there will be certain differences in how Business Analysis is carried out. Here are the common steps typically applied in the Business Analysis implementation process:
- Orientation: Clarify the role of the Business Analyst, determine the perspectives of stakeholders, and conduct research to familiarize oneself with the project.
- Define Objectives: Name the primary business objectives, identify stakeholder requirements and expectations, and propose solutions for unrealistic expectations, ensuring clear and feasible goals.
- Project Scope: Determine the project scope, including a preliminary roadmap of the steps the project executor needs to follow.
- Detailed Business Analysis Plan: Develop a detailed plan for business analysis, listing all timelines, processes, and products involved in the project.
- Specific Requirements: Define specific, concise, and clear requirements based on the collected data.
- Collaboration with IT Department: Collaborate with the IT department to implement necessary solutions, if required
- Support Software Testing: Assist in conducting software or product testing based on established criteria.
- Project Evaluation: Evaluate the project to determine its overall performance, assess progress against initial estimates, identify any unmet requirements, and decide on further implementation steps.
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3. The Difference Between Business Analysis and Business Analytics
Both Business Analysis and Business Analytics are used in business management with the aim of finding ways to improve a company's operations. However, there are differences between these two concepts.
- Business Analysis is the process of evaluating and analyzing a business's needs, finding solutions to address issues, and improving its operations.
- Business Analytics, on the other hand, is a highly technical and data-driven approach that involves analyzing data, creating charts, and synthesizing information to help business managers make the most of their company's data and improve decision-making and information processing.
Therefore, Business Analysis and Business Analytics are two related but distinct concepts.
The differences between a Business Analysis and Business Analytics
4. What Skills Are Required for Business Analysis?
Employers typically require candidates for Business Analysis roles to have formal training in information technology or business management to ensure a solid foundation of domain knowledge. In addition, candidates should possess several standout skills:
Business Analysts need to understand the technologies in use and stay current with emerging technologies to identify feasible and relevant business solutions in line with current technological trends and the projects they are involved in.
Business Analysis Skills:
Business Analysis involves identifying and conveying business needs accurately into products or solutions. Business Analysts often need to analyze data, documents, survey results, and more, making strong analytical and synthesis skills crucial.
The business landscape is constantly evolving, leading to frequent changes in Business Analysis projects. Each project is seen as a solution to a smaller problem within a larger context. Being adaptable and effective in various situations can help Business Analysts find and implement solutions as needed.
Sharp Business Acumen:
Business Analysts should not only have a solid business knowledge base but also need to be perceptive and understand a company's strategic goals. This allows them to apply their analytical skills effectively and help leaders make informed business decisions.
Communication, Negotiation, and Persuasion Skills:
Business Analysts often need to negotiate and persuade stakeholders to achieve project objectives and balance the interests of both the business and the clients. Effective communication is crucial for maintaining good relationships with internal departments and external partners.
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The needed requirement of Business Analysis
5. How much is the income of Business Analysis?
Attractive income is one of the reasons why the field of Business Analysis is gaining prominence in today's job market. Business analysts receive handsome compensation for their strong foundation as "bridges" of solid business information. After all, a company's performance largely depends on the quality of this "bridge."
Currently, the salary for Business Analysis ranges from 10 to 20 million VND per month. Salary levels may vary higher or lower depending on the capabilities, experience of the Business Analyst, the size of the enterprise, the work location, and other factors.
In addition to the lucrative income, the significant opportunity that the business analysis profession offers is the chance to interact with numerous clients in various industries, coupled with a sharp business acumen. Through communication with clients, Business Analysts acquire valuable new skills and expertise. The profession of Business Analysis is considered a conducive working environment for those who enjoy gaining experience, learning, and enhancing their capabilities.
The current salary of Business Analyst
6. Recruiting Business Analyst at Navigos Search
Indeed, in the current labor market situation that is thirsty for talent, recruiting talented Business Analysts is not easy. Maybe the business will spend a lot of time and money and still recruit staff, but they may not be the most suitable people.
In order for recruitment to be effective and to successfully find a good Business Analyst, your business should use the recruitment service at Navigos Search - the leading headhunter brand in Vietnam today.
Navigos Search's strength is that it owns a consulting team of experienced recruitment experts with a wide network of operations, understanding each industry and clearly understanding the needs of businesses in those fields. Based on an effective and professional recruitment process, experts will accurately grasp the recruitment requirements of the business to search, recommend and bring candidates to Business Analysis or any other field.
The leading mid-level and senior executive headhunting company in Vietnam
Furthermore, with 375,000+ senior-level candidates and 85,000+ high-level management candidates, Navigos Search is ready to meet the recruitment needs for mid-level and senior-level personnel of any organization or business. With outstanding strengths, the opportunity to find talent for businesses will be precise and swift.
Please don't hesitate to contact Navigos Search if your business is in need of recruiting Business Analysis or any other mid-level or senior-level positions. We are constantly striving to maintain our position as the number one talent hunting service provider in Vietnam today!
Navigos Search - The leading mid
and high-level headhunting company in Vietnam