Business Development Analyst Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a business development analyst. Feel free to use our business development analyst job description template to produce your own. We also provide you with information about the salary you can earn as a business development analyst.
Who is a Business Development Analyst?
Business development refers to actions or ideas that improve the efficiency of a company’s operations. Business Development Analysts are therefore people responsible for tracking, evaluating, and improving the operations of their firm. They do it by conducting research, assessing data, and providing suggestions based on what they learn.
With the introduction of computers in the 1970s and 1980s, businesses began to transition paper-based procedures into automated, electronic processes. In the 1980s and 1990s, business analysts appeared on the scene to combine modern technology with business knowledge. Technology, on the other hand, is continuing to alter this function. The function of the business analyst has changed dramatically as a result of recent breakthroughs in big data. Business analysts (along with other data science positions) may now mine big data to better understand customer behavior and find inefficiencies in systems, for example.
Business analysts, according to the International Institute of Business Analysts (IIBA), are change agents, and one of their key responsibilities is to bring change into a company. These changes could be high-level, such as large-scale structural or policy changes, or more specific, such as identifying cost-cutting options. In any case, a business analyst’s changes should assist an organization in identifying and realizing new opportunities.
Business Development Analysts may also be expected to construct financial models, engage with current and prospective clients, create pitch decks, and uncover new business possibilities, depending on their company’s needs. Business Development Analysts also work with a team of coworkers daily, including managers, supply chain professionals, engineers, and production employees, while reporting to a higher-level employee such as the Vice President of Business Development or Director of Business Development.
Business Development Analysts are in charge of streamlining operations and boosting income. They assess operations and finances, do sales lead research, and build more effective business plans. Senior business development managers are also expected to report to them.
A business development analyst is also responsible for identifying a company’s ever-changing needs and recommending technology solutions to help it enhance its processes and systems. In this approach, a business analyst is often thought of as the interface between the business and IT departments. They frequently collaborate with colleagues at all levels of the organization to convey their findings and assist in the implementation of improvements. Business analysts evaluate current systems and develop strategic plans for companies. This necessitates a thorough understanding of both the unique business and industry trends and practices. The communication of plans between internal departments and external stakeholders is an important feature of the business analyst’s job.
To meet their business needs, business analysts will also create or update computer systems. The business analyst gives requirements to the IT department for this new technical system to be developed, as well as supports the system’s testing and deployment.
Business Development Analyst Job Description
Below are the business development analyst job description examples you can use to develop your resume or write a business development analyst job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a business development analyst include the following:
- Examine corporate operations and tactics to uncover fresh prospects.
- Identify cost-cutting opportunities to boost sales revenue.
- Write proposals and coordinate with other departments to ensure that strategies are aligned.
- Assess and refine sales techniques, as well as seek out new clients.
- Increase revenue by adding value to product offers.
- Report results to top management and seek their permission when necessary.
- Conduct a competitive study to gain a larger market share.
- Establish effective routes for consumer communication and feedback.
- Identify and negotiate sales deals that can provide a steady stream of cash.
- Identify and prioritize the functional and technological requirements and needs of the organizational
- Analyze big data sets using SQL and Excel
- Put together data visualization charts, tables, and other aspects.
- Develop financial models to aid company decision-making
- Understand the objectives, aims, and needs of the company
- Forecast, budget, and conduct both variance and financial analysis.
- Analyze market trends and the company’s initiatives to find new chances to profit from.
- Report to the company’s senior management any pertinent findings from the implementation of the strategies, as well as suggestions for improvement.
- Provide suggestions for adding value-added products to boost sales and revenue.
- Analyze consumer behavior and forecast market trends to come up with answers to consumer problems.
- Conduct a competition study to discover areas where the company can outperform the industry’s competitors and get a larger portion of the market.
- Analyze sales trends and development to generate suggestions for a steady stream of money for the company.
- Identify and report viable market business prospects to maximize profits and margins.
- Create custom and standard reports for the management of the sales staff to aid in decision-making.
- Identify new consumers and assess the company’s sales strategy to serve them better.
- Ensure a steady stream of positive feedback from customers, and work on improving their attention and communication.
- Brief employees about the new systems and procedures that the organization is willing to implement.
- To expand crucial industry ties, look for new relevant company partners.
- Assist in the creation of a new sales and marketing strategy for existing and new items.
- Assist in the creation of sales proposals.
- Prospect new technologies to boost a company’s competitiveness and market share, ensuring that it stays one step ahead of the competition.
- Other responsibilities are delegated by high management.
- Bachelor’s degree in business administration, marketing, or a related field.
- A master’s degree in business administration (MBA) is preferred.
- Advanced understanding of sales and company growth tactics.
- Knowledge of how to spot lucrative business possibilities and potential clientele.
- Expert in CRM software and integrated business management.
- Worked as a Business Development Analyst in a comparable field previously.
- Expertise in advising on strategic industrial alliances.
- Proven capacity to expand market share and competitiveness.
- Ability to cultivate and sustain positive customer relationships.
- Skills in business intelligence: Gaining insights and a thorough understanding of a market is what business intelligence is all about. Building these talents in business development entails investigating the demands of the company and its rival to have a better understanding of the target market.
Business intelligence also includes data collection and analysis. The size of the potential market, any changes affecting it, and the types of campaigns that elicit good responses from various market segments are some of the most typical types of data that aid a business developer. An individual can begin to develop this skill by conducting research, gathering data, and knowing more about target markets.
- Skills in ROI and data analysis: When presenting to managers and executives, business development analysts must be able to track returns on investments (ROI) and have the statistics to back it up. The indicators that business analysts monitor will differ depending on the sales cycle, the company’s needs, and the industry. Having the capacity to demonstrate company progress, as well as the organizational skills to track what you’re doing to help the firm expand, will considerably improve your chances of success in this field.
- Technical skills: Business analysts can use a variety of technical programs, such as those for diagramming, data crunching, wireframing, requirement management, and presenting results. Business analysts are becoming increasingly technical, with an understanding of computer programming, large data mining techniques, database management, and systems engineering becoming regularly important.
- Multitasking: The work of a Business Development Analyst will typically revolve around multiple projects and schedules. As a result, the capacity to multitask is critical.
- Financial Intelligence: A Business Development Analyst’s recommendations are worthless if they result in budget overruns or major expenses. As a result, financial saving is a valuable ability.
- Interpersonal Skills: Business Development Analysts must have good interpersonal and communication skills because they work with a large number of people regularly.
How to become a Business Development Analyst
- Earn a degree: Many businesses prefer candidates with a bachelor’s degree, however, some may prefer those with a master’s degree.
Bachelor’s degrees: According to the BLS, bachelor’s degrees are prevalent for entry-level occupations in analytical disciplines. Business analyst occupations require a bachelor’s degree in a quantitative discipline such as economics, finance, computer science, data science, statistics, information management, or a related field.
MBAs and master’s degrees: Some businesses may prefer individuals having a master’s degree in a relevant field. Consider acquiring a Master of Business Administration (MBA); some programs offer business analytics concentrations. Getting a master’s degree in business analytics or business administration can help you enhance your skills and knowledge, as well as offer you a leg up on the competition in the job market.
- Begin with a low-level position.
Internships and entry-level roles in accounting, finance, or business can help you gain experience before moving up the corporate ladder. Look for titles like a junior business analyst or entry-level business analyst in your job hunt. If you’re still in school, talking to a career counselor might help you figure out what options are available to you.
- Become a certified business analyst: Earning a certification can help you broaden your skillset, enhance your earnings, and make you more marketable for jobs. Consider the following business analysis certifications:
- Business Analysis Entry Certificate from the IIBA (ECBA)
- Certified Business Analyst Professional from the IIBA (CBAP)
- Business Analysis Capability Certification from the IIBA (CCBA)
- PMI Business Analytics Professional (PMI-PBA)
If you’re a new business analyst, the ECBA can demonstrate to hiring managers that you’ve completed several hours of training and understand the fundamentals of business analysis. The CBAP, CCBA, and PMI-PBA can demonstrate your ability and experience to companies if you have some business analytics experience.
- Enhance your skill: As a business analyst, you can improve your skills by doing the following:
- Business acumen: An in-depth understanding of finance, accounting, and business principles can aid you in identifying operational challenges and determining the best course of action to handle them.
- Communication: A business analyst is frequently expected to communicate with a variety of internal stakeholders, including top management and other teams. As a business analyst, you’ll need to be able to communicate your ideas clearly and convincingly, both vocally and in writing.
- Data analysis: A business analyst’s job will entail gathering, tracking, and analyzing performance measures. It can be beneficial to have a solid understanding of data analysis and visualization technologies such as Tableau, Excel, and BI Tools. Knowledge of a programming language, such as SQL, may also be useful.
- Business analysis approaches: Knowing certain methodologies, such as Agile Business Analysis, Six Sigma, or Rational Unified Process, may be beneficial depending on your sector.
- Expertise in a specific industry: Each industry has its own set of business needs and obstacles. Developing business solutions for an IT firm may differ from developing business solutions for a healthcare firm. Even if it’s in a different role, industry experience can help you stand out when looking for jobs.
- Consider taking a class: Refreshing your knowledge of the skills required of a business analyst can demonstrate to employers that your knowledge is current and acceptable. Coursework, whether in person or online, can provide you with the tools you need to break into the profession of business analytics.
With courses in data analytics or business analytics, you can gain a holistic grasp of the job. Alternatively, take some Tableau or Excel and MySQL courses to have a better understanding of the tools used in business analytics.
Where to work as a Business Development Analyst
- Healthcare firm
- Information Technology firm
- Organizational sectors
- Manufacturing industries
Business Development Analyst Salary Scale
In the United States, the average Business Development Analyst compensation is $74,846; however, salaries frequently range from $63,733 to $89,228. Schooling, certificates, supplemental abilities, and the number of years you’ve worked in your industry all play a role in determining salary ranges.
However, the average compensation for an entry-level business development analyst (1-3 years of experience) is $66,504. A senior-level business development analyst (8+ years of experience), on the other hand, gets an average income of $116,120.
In the UK, Business analysts earn between £21,000 and £31,000 as a starting salary. With about five years of experience, a business analyst’s average compensation varies between £32,000 and £38,000. Business analysts with experience might make between £39,000 and £50,000 per year.