HOW UNDERLYING COMPETENCIES SUPPORT BUSINESS ANALYSIS
The underlying competencies help the business analysts to explore the fundamental skills required for them to be skilled and versatile. These are divided into six sub-groups as following:
- Analytical Thinking and Problem Solving
- Behavioural Characteristics
- Business Knowledge
- Communication Skills
- Interaction Skills
- Tools and Technology
Analytical Thinking and Problem Solving:
The business analyst requires analytical thinking skills as they need to examine the problems efficiently whereas their problem-solving skills help them to identify the solutions for those problems as well as they can make the required changes for the better productivity. If the business analysts have a good understanding of this core competency, they can find better ways to deal with the stakeholders and present the information to them. It actually entitles them to communicate well in front of the clients or stakeholders in such a suitable and productive manner. This skill includes some crucial points in it further which are as follows:- Creative Thinking
- Decision Making
- Learning
- Problem Solving
- Systems Thinking
- Conceptual Thinking
- Visual Thinking
Behavioural Characteristics:
These characteristics are common for the business analysts but these are the must. These actually enable them to build up their image in front of the stakeholders, gaining their trust and respect by working morally, meeting deadlines as well the expectations, depicting their adjustability towards thew changing needs. Further, these include:- Ethics
- Personal Accountability
- Trustworthiness
- Organization and Time Management
- Adaptability
Business Knowledge:
The business analysts should have knowledge of the extensive concepts which conducts the situation's structure, benefits and value which is related to change or need. Business knowledge is must for the efficient and effective running of the organization, industry or the business. It includes several factors like:
- Business Acumen
- Industry Knowledge
- Organization Knowledge
- Solution Knowledge
- Methodology Knowledge
Communication Skills:
It is defined as an act of sending information from one person to another which delivers the meaning whatever the sender wants. Stakeholders get benefits from fruitful communications. It uses different methods to deliver information like verbal, non-verbal, written and physical. Mostly, communication methods use words to deliver information, however, there are few which use movements and expressions. If the person who is sending the information has the same understanding of the conveying information as the person who is receiving that, then it results in effective and productive communication. Sometimes, the sender has to set the level of understanding and the style which would be able to understand easily by the recipient to make communication productive. Communications core competencies include:
- Verbal Communication
- Non-Verbal Communication
- Written Communication
- Listening
Interaction Skills:
How well business analysts relate, communicate and work with sponsors, colleagues, customers, stakeholders, team members and development professionals is defined as the interaction skills. They are solely responsible to provide leadership, facilitate stakeholders and promote the support of changes. These core competencies include the key factors as follows:
- Facilitation
- Leadership and Influencing
- Teamwork
- Negotiation and Conflict Resolution
- Teaching
Tools and Technology:
Different types of software applications are used by business analysts so that they can check the problems, support communication and collaboration of teams, create concepts and hence yields better output. Word processing tools are used to develop requirements documentation, however, the process of developing business requirements uses simulation and prototyping tools. When it comes to stakeholders, business analysts may have to use communication and collaboration tools with the presentation software so that they can define their ideas and participate in discussions with stakeholders and team members. It includes:
- Office Productivity Tools and Technology
- Business Analysis Tools and Technology
- Communication Tools and Technology
As Harjeet mentioned, the underlying competencies help Business analysts. Chapter 9 presents explanation of the characteristic, knowledge and person qualities that support the business analysis practices.
ReplyDeleteCreative Thinking: This is one of the big challenges nowadays for big companies as TD bank. How can the company innovate creating new products or services to the customer since the company has already a big portfolio of it?
The challenge for the Business Analyst on this case is think outside the box and purpose a creatively idea to solve a problem, to create a brand-new opportunity for the bank or recycle some existent products or services.
To make this happens, maybe the BA could combine existing concepts and ideas with offered TD products and services to the market.
One example is the TD credit card. This is an existent product that has some new concepts inside to make the customer use it more time. The Cash back is one example. IF you use the credit card, depending of you monthly expenses you can receive some dollar back. Inside the credit card we have other option to retain the customer as Aeroplan miles, TD Travel Rewards and more.
Decision Make: Business Analyst is the responsible to present to stakeholder the documented option that could be the best option to the customer. For example, if TD bank is planning to purchase a bank on insurance company, the Business Analyst will be responsible to pros and con of all available option in the market to stakeholders with a clear communication. After the stakeholders understand all the condition, the decision could be made.
We can see on the TD Canada Trust bank’s history some acquisition that was really important for the success and increase of their business and for sure a business analyst was there to help the investors and directors to make the best decision for the company.
As my fellow partners already had a very effective blog i will continue to explain some more thing that support business analysis practices.
ReplyDeleteVerbal and Written communication: these two communications can be with customers as well as staff members. Business analyst is a medium between customers and the employs specially when talking about the TD Bank because he is the person who have a capability to make things better and effective . so he or she can only make things better if he has good communication skills to present his ideas to his fellow team members and then to the market or to the customers to make things go smooth and better.
Leadership and Influencing: Business analyst is responsible for leadership skills as well as making an influence for others. he can only be a good leader if he creates a psychological safe environment to works keeping in mind all the aspects of his workers and the customers need. with the goods skill business analyst can take company to the highest point just by his leadership skills. For example The mission for TD Bank is to be best running, customer focused , integrated financial institute. they can only achieve that goal with the help of the business analyst leadership skills.
My partners discussed important parts of Chapter 9 and I will add 2 last but not least key concepts:
ReplyDeleteMethodology Knowledge is a part of Business Knowledge and is required for the business analyst to perform effectively within their business, organization, solution and methodology.
TD Bank specifically looks for potential employees who have a strong business knowledge. Methodology on the other hand is adopted from other companies or created on their own to fit varying levels of culture, maturity, adaptability, risk, uncertainty, and governance. Knowledge about the variety of methodologies allows the business analyst to quickly adapt and perform in, new environments.
Teamwork is an essential part of any business. This skill allows business analysts to work productively with team members, stakeholders, and any other partners to make solutions develop effectively and implement them to projects.
A business analyst at TD Bank works in teams most of the time so this skill is extremely essential. Developing solutions for customers and having conversations with them is also a big part of being a BA at TD bank.