Last updated on April 1st, 2024 at 10:58 am
What is Business Analyst:
A business analyst is an individual who analyses an association or business area and records its business, cycles, or frameworks, and evaluates the plan of action or it's joining with innovation. He helps in managing organizations in improving their cycles, items, administrations, and programming through information investigation.
They are also a link between Information Technology and business using data analytics. Business analyst courses are booming with many students opting for a career in this field. Universities like Berkley and Cornell are offering business analyst courses.
A business analyst helps a company to boost its business by improving the functioning of the company, the products, and software using data analysis. This role of a business analyst not only demands technical skills but also requires experience that enables an individual to analyze people and situations.
A product analyst on the other hand observes the current trends in the market, the demands, and expectations of the consumer and then guides businesses to develop the right marketing strategies for the products. They compare the products of the company with the trends in the market to make a product suitable as well as profitable.
A business analyst and a product analyst work together to ensure a company’s profit and business but they have different responsibilities. Many product analysts usually start their careers as business analysts and transition later. They both work closely.
A product manager takes full control over a product. They own the product in every right and are also responsible for its future in the market. They work on the marketing strategies for the product and analyze its performance in the market while chalking out the profit and loss based on market research. They work closely with the sales team to ensure that it reaches maximum consumers.
A business analyst enables change in the company according to the needs and provides solutions. They bridge the gap between IT and business teams. If the business team desires a change in the software system, the analyst steps in and facilitates the discussion and ensures the necessary software solutions are provided. A business analyst collaborates and makes sure that requirements on both sides are met and how the updated business will be.
If we had to consider the biggest difference between a product analyst and a business analyst, it is that the former has more decision-making power.
- They collaborate with executive teams to ensure maximum marketing for the product.
- They decide the software’s function.
- They have financial responsibilities towards the company and the product.
A business analyst is like a catalyst. They are responsible for changes in the organization. They identify the problem and tackle it by providing solutions. If it’s about software changes, the analyst works together with other departments in the organization as well.
It’s the business analyst suggesting the changes and the technical team delivering it them. A business analyst ensures that everyone agrees to the changes and they are also responsible for updating everyone about the upgrades in the business process.
A product analyst focuses more on the interests of the consumers and market trends. The product is their responsibility. They tend to work on how the product will benefit the market and the consumers. Throughout the project, the product analyst questions ‘why’ to determine the best solutions for the users.
One of the most essential responsibilities of the product analyst is to manage the backlog of the product to increase its end value. The backlog helps the team to concentrate on the internal work and other important aspects. After the backlog is created, it’s important to maintain the backlog to ensure prioritization. They also oversee every stage of development of the product including the planning, processing, and reviewing.
For an organization to function properly, the collaboration between a business analyst and product analyst provides the best way out of every problem, be it technical or practical. To tackle such situations, business acumen, as well as technical expertise is important.
