Senior Business Process Analyst Salary
Senior Business Process Analyst Salary – A business analyst works to identify problems and find opportunities for companies to improve their processes, products and services. Their responsibilities include creating models for business decision-making, budgeting, forecasting, developing plans and monitoring business performance against key performance indicators (KPIs). A KPI is a metric used to assess whether and how companies are meeting their key business objectives.
Business analysts can serve in several industries, including information technology, finance/insurance, government and public sector, business/professional consulting, and health and social services. Many large organizations employ business analysts who constantly monitor operations and design and implement process improvements. Business analysts also act as external consultants, providing targeted analysis and recommendations to organizations on a short-term contract basis.
Senior Business Process Analyst Salary
Trends such as machine learning/AI and agile methodologies are changing the role of the business analyst. For example, artificial intelligence techniques serve a useful purpose in analyzing the results of data that companies collect about their business, their market, and their customers. However, companies integrating AI into their processes have had mixed results. The Harvard Business Review reports that approximately 72% of organizations find that their AI initiatives are not achieving the expected results. Challenges include a lack of clear vision and unrealistic business value. The role of a business analyst can help improve the success of AI deployments. With AI translation knowledge and experience, business analysts can use their technical knowledge and experience to translate the complexity of AI into business language. They can then communicate the projected business results of the AI integration project.
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Business analysts can play a proactive role in agile environments. Agile is a flexible framework that enables rapid iterations of software development based on feedback to achieve business and IT goals and improve the customer experience. For example, a digital transformation project team focused on improving the user experience can use an agile framework to rapidly change software based on customer feedback. According to the International Institute for Business Analysis, 77% of business analysts contribute to digital initiatives. Business analysts can also introduce new business processes to transform the efficiency, productivity and cost of running existing business processes.
Organizations want to find more efficient and cost-effective ways to acquire, prepare and analyze data. From this data, they hope to uncover insights that can help them rise above their competitors. The growth of business analyst roles demonstrates the need for professionals who can help companies make the most of their data and improve operational efficiency, brand awareness, customer relations and profitability. The US Bureau of Labor Statistics (BLS) projects a 14% growth in management analyst roles, including business analysts, over the next ten years.
Business analysts perform the functions of data management, business intelligence analyst, business systems analyst and IT business analyst. In the age of data, business analyst job profiles continue to expand to include roles such as head of analytics, business analytics specialist, business intelligence (BI) engineer, data engineer, data visualization developer, and machine learning scientist.
There are a variety of business analyst jobs in many industries. Nevertheless, business analyst jobs have this in common: they can lead to financially rewarding careers. Just as the titles, daily activities, and career paths of business analyst roles vary, so do salaries. The BLS also provides salary information for business operations professionals in all industries. Below are some examples of the annual median salary in the sectors with the highest employment rates for business analysts and the related roles of business operations professionals:
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Demand for business analyst roles has a favorable outlook in 2020, according to BA Times, “the number of all US business analyst positions will increase from the current 364,000 vacancies to 2,720,000, according to IBM.” Below are examples of projected salaries by business analyst profile, according to BA Times:
Typically, employers hire business analysts with at least a bachelor’s degree. Applicants may have completed an undergraduate degree in finance, statistics, economics, accounting, business administration, political science or other related subjects.
Many employers may require a master’s degree in business, information technology, or a subject area that combines elements of business and IT, such as business analytics. It is common for experienced business analysts to return to school to earn a master’s degree, which can help them advance to senior analyst and consulting roles.
Education requirements vary by business analyst job type. For example, a degree in information technology or computer science can also serve a candidate seeking IT business analyst roles. Similarly, a degree in marketing can help marketing research analysts qualify for some jobs. A financial analyst role may require candidates with degrees in fields such as accounting, economics, finance, statistics and mathematics. In some roles, such as operations research analyst, employers may seek candidates with a bachelor’s degree that focuses on quantitative analysis, computer science, and advanced statistical and database software.
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In addition to formal education at the graduate level, a certificate can help position candidates for leadership roles. For example, the International Institute for Business Analysis offers several accreditations, including:
Depending on the area of focus, individuals have other certification options. For example, a marketing research analyst may benefit from the Professional Researcher Certification (PRC) offered by the Marketing Research Association. Alternatively, financial analysts often seek to obtain the Chartered Financial Analyst (CFA) certification from the CFA Institute. For experienced business analysts who want to advance their consulting careers, the Institute of Management Consultants USA offers the Certified Management Consultant (CMC) certification.
Because of the increasing focus on efficiency and cost control improvements in business operations, the BLS predicts faster-than-average employment growth for management analysts compared to all other occupations: 14 percent from 2018 to 2028.
Career growth factors can include years of experience, level of education, and industry. A typical career path for business analyst positions may consist of about three years of entry-level work before moving into field-specific positions. Titles at this level include project manager or IT business analyst.
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In the next phase of a typical business analyst career path, qualified candidates serve in senior positions. Job title may include Senior Business Analyst. At the highest levels, and typically after eight to ten years of service in a variety of business analysis roles, a qualified individual with proven leadership skills can advance to business specialist roles or move up the executive team to a position such as Chief Technology Officer. .
The median annual salary for data management jobs, such as computer and information systems managers, was $142,530 in May 2018, according to the BLS. The employment growth projection for the role of computer and information systems managers is 11 percent from 2018 to 2028. The growing demand and high salary for this role is a result of the increasing urgency among companies to digitally transform their operations.
Duties of computer and information systems managers and related roles include assisting organizations in ensuring secure and reliable access to data assets, including sensitive information, and in compliance with government regulations. On a typical day, activities may include evaluating technology, advising senior management on strategic technology investments, performing cost-benefit analysis for new projects, and working with systems analysts, software developers, and information security analysts.
Business analyst roles under the umbrella of data management jobs include database administrators, computer systems analysts, computer programmers, and computer and information research analysts. Below is a brief description of the focus of each role:
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DBAs focus on implementing, testing, managing, and updating databases to ensure they are running efficiently, accessible, and aligned with business needs. According to the U.S. News & World Report the median annual salary for database administrators is $90,070.
By combining information technology and business disciplines, computer systems analysts help organizations manage efficient and effective computer systems that include hardware, software, and networks. The median annual salary was $88,740, according to the U.S. News & World Report.
After a software developer or engineer signs off on the design specifications for a program, the computer program writes the code that instructs the programs how to run. They also rewrite, debug and test software. The average annual salary was $84,280, according to the U.S. News & World Report.
Computer and information research analysts focused on creating and improving the functionality of software and hardware work in a variety of disciplines. They often work with electrical and hardware engineers to study and solve complex computer problems. The median annual salary in May 2018 was $118,370, according to the BLS.
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At the intersection of business strategy and computer science, business intelligence analyst jobs involve using SQL, data visualization, and similar tools to design data analysis, solve problems, and provide in-depth knowledge of specific business areas. Using their business knowledge and communication skills, business intelligence analysts translate technical and complex topics or data and make them understandable to a non-technical audience.
Related roles include financial analysts, market research analysts, economists and budget analysts. Below is a brief description of the focus of each of these roles:
Financial analysts research economic and business trends, estimate business values and provide investment guidance to companies and individuals. They usually work in financial companies such as banks and insurance companies. Their average annual salary in May 2018 was $85,660
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