Author: onwordie

Introduction

Income inequality and wage disparities have been a growing concern in recent years. This article briefly explores the wage gap in various professions, focusing on the IT Business Analyst role. We also analyse the data, comparing IT Business Analyst wages with related professions, and draw insights on income disparities within the IT sector. The dataset used for this analysis is sourced from the Office for National Statistics (ONS) 2022 dataset, which can be found here.

Wage Gap Analysis: Key Findings

Our analysis is based on a dataset of mean wages and percentile rankings for different professions. Here are some highlights from our findings:

• The highest mean wage in the dataset is £109,937, earned by Chief executives and senior officials.
• The lowest mean wage is £4236, earned by School midday and crossing patrol occupations, which isn’t much different from £6,925, earned by Playworkers.

The overall wage gap between the highest and lowest earners is £105,701.

IT Business Analysts: A Closer Look

IT Business Analysts play a crucial role in bridging the gap between technology and business requirements. This analysis reveals the following details for this profession:

• Mean wage: £54,491
• Percentile ranking: 95.60%

The 95.60 percentile ranking means that IT Business Analysts are among the dataset’s top 4.4% highest earning professions.

Source: Tekstepp Solutions using ONS (2022) Dataset

Comparison with Related Professions

To gain a better understanding of wage disparities within the IT sector, we compared IT Business Analyst wages with those of other related professions:

• IT managers: Mean wage £54,989, Percentile ranking 96.00% (top 4%)
• Programmers and software development professionals: Mean wage £48,048, Percentile ranking 90.00% (top 10%)
• Information technology directors: Mean wage £80,142, Percentile ranking 99.20% (top 0.8%)

Conclusions and Discussion

Our analysis shows that IT Business Analysts are relatively well-paid compared to many other professions in the dataset, being among the top 4.4% highest earners. However, there is a significant wage gap when comparing IT Business Analysts to IT directors, who are among the top 0.8% highest earners with a mean wage of £80,142. On the other hand, IT Business Analysts earn more on average than programmers and software development professionals, who are among the top 10% highest earners with a mean wage of £48,048.

These findings indicate that IT Business Analyst profession is well-paying compared to most other IT positions.

Benchmarking analysis is a critical business analysis technique that enables companies to evaluate their performance, processes, and practices by comparing them with industry leaders and top-performing organisations. This method allows companies to identify gaps in their current operations, set goals for their desired future state, and develop a roadmap for improvement. Among various types of benchmarking analysis, functional benchmarking specifically focuses on comparing similar processes or functions across different companies and industries.

In this article, we will explore the application of functional benchmarking analysis to enhance a critical aspect of any business – the onboarding process – using a hypothetical example of a company named “ShopBright.”

We chose the onboarding process as our focal point because it is a common business area where organisations face challenges in their pursuit to engage and retain customers while ensuring a seamless and positive experience from the outset. Functional benchmarking analysis can identify areas where the onboarding process may fall short and provide insights into the best practices adopted by industry leaders. By comparing ShopBright’s onboarding process with those of top companies in the retail and e-commerce sectors, our goal is to pinpoint gaps in their current approach, define the desired future state, and devise a strategy for improvement.

Key advantages of functional benchmarking analysis include the following:

1. Staying competitive: By comparing current business processes with industry leaders, organisations can maintain a competitive edge in the market by integrating innovative solutions.
2. Embracing innovation: Functional benchmarking analysis assists organisations in identifying and adopting the latest technological innovations to enhance their processes, making them more efficient and effective.
3. Streamlining decision-making: By recognising gaps and best practices, functional benchmarking analysis equips organisations with valuable insights that can streamline decision-making and prioritise areas for improvement.

Applying Functional Benchmarking Analysis to ShopBright’s Onboarding Process.

The following steps are critical in conducting functional benchmarking analysis.

1. Define objectives: First, we need to set clear objectives for the analysis. In this case, our goal is to optimise ShopBright’s onboarding process to ensure a smooth and efficient customer experience.
2. Identify benchmarking partners: We select leading companies in the retail and e-commerce industries, known for their excellence in customer onboarding processes, as benchmarking partners.
3. Collect data: Gather information on the onboarding processes of the selected benchmarking partners, focusing on aspects like sign-up options, mobile verification, SSO integration, and other relevant factors.
4. Analyse data: Compare ShopBright’s onboarding process with those of the benchmarking partners, identifying gaps and best practices.
5. Identify opportunities for improvement: Based on the comparison, outline specific areas where ShopBright can enhance its onboarding process by adopting industry best practices.

Identifying Gaps and Defining the Desired Future State

After conducting the functional benchmarking analysis for ShopBright, we could identify several gaps in the current onboarding process:

• Limited sign-up options compared to industry leaders
• No mobile verification for new customers
• Absence of SSO integration with popular platforms
• Inconsistent presentation of terms and conditions and marketing preferences

Using these insights, we can define the desired future state for ShopBright’s onboarding process, incorporating best practices from industry leaders:

• Offer multiple sign-up options, including email, mobile number, and SSO
• Implement mobile verification through OTP for added security
• Integrate SSO with popular platforms like Google and Facebook
• Streamline the presentation of terms and conditions and marketing preferences for a consistent user experience

Conclusion

Functional benchmarking analysis serves as a highly effective and valuable tool in the realm of business analysis, offering organisations the ability to optimise their processes and maintain a competitive edge in the market. By adopting best practices and learning from top-performing organisations, businesses can unlock their full potential and consistently deliver exceptional experiences to their customers.

At TekStepp Solutions, we believe in empowering aspiring business analysts through our training programs centred on real-world projects inspired by actual success stories from industry giants like Salesforce, Microsoft, and Google Cloud Analytics. Our hands-on approach ensures you acquire the expertise necessary to excel in your professional journey.

Introduction

The rapid advancement of artificial intelligence (AI) has sparked a global debate on the future of work. With AI’s increasing ability to replace jobs in various sectors, anxiety about job security has reached an all-time high. In this era of uncertainty, it’s crucial for workers to future-proof their careers by acquiring and developing new skills. One such skill that promises to make workers more resilient and guarantee competitive salaries is business analysis.

Why Business Analysis?

Business analysis is a fast-growing field that focuses on identifying and solving problems within organisations. It involves understanding the organisation’s needs, analysing data, and recommending solutions to improve efficiency, reduce costs, and drive growth. As AI continues to transform businesses, the demand for skilled business analysts is expected to rise. These professionals will be responsible for closing the gap between AI technology and business strategy, making them invaluable to companies of all sizes.

Future-Proofing Your Career

Developing skills in business analysis can help future-proof your career in the following ways:

1. In-Demand Skillset: With companies increasingly adopting AI technologies, there is a growing need for professionals who can understand and implement these technologies effectively. Business analysts possess the skills to integrate AI into business processes, making them highly sought-after in the job market.
2. Versatility: Business analysis skills are applicable across various industries, including finance, healthcare, IT, and retail. This versatility allows professionals to easily transition between industries and find work in different sectors as the job market evolves.
3. Adaptability: As businesses continue to change and innovate, business analysts must stay up-to-date with the latest trends, tools, and technologies. This adaptability ensures that they remain relevant and can adapt to new challenges.
4. Problem-Solving: AI is excellent at handling repetitive tasks, but it often struggles with complex problem-solving. Business analysts have the analytical and critical thinking skills required to tackle these problems, making them indispensable in the AI-dominated workforce.

The future of work demands resilience, adaptability, and the ability to embrace change. For individuals seeking a career switch or new opportunities, business analysis offers a chance to future-proof their careers, guarantee competitive salaries, and thrive in a rapidly growing field. Tekstepp Solutions provides two specialised training programs to equip professionals with the skills and knowledge necessary to succeed in the realm of business analysis.

Revolutionary Training Programs by Tekstepp Solutions

1. Applied Business Analyst Training: Dive into the world of business analysis with this immersive Real-World Project-Based Training program. Learn from projects inspired by real-life success stories, such as those from Salesforce, and build a robust foundation in business analysis. This training is designed for professionals who want to switch careers or excel in their current role, providing the groundwork for a successful career in business analysis.
2. Real-World Case Method Training: Embark on a hands-on learning experience specifically tailored for individuals new to the field of business analysis. Engage in authentic business analysis tasks like creating stakeholder plans, participating in stakeholder workshops, and developing essential BA artefacts such as user stories, use cases, functional specifications, and UAT creation and testing. This practical approach empowers you with the expertise needed for a triumphant professional journey.

Unrivalled Benefits of Tekstepp Solutions Training Programs:

• Master Business Analysis: Acquire a comprehensive knowledge of business analysis principles and practices, positioning yourself for success in this rapidly growing field.
• Gain Real-World Experience: Hone your skills through Real-World Case Method Training, where you’ll actively participate in real-life scenarios, apply learned techniques, and refine your abilities with valuable feedback.
• Secure Your Dream Job: Enjoy job search support, including CV remodelling and interview preparation, to help you land a rewarding position in the world of business analysis.
• Smooth Career Transition: Benefit from one month of free mentoring to guide you seamlessly into your new role as a business analyst.
• Exclusive Toolkit Access: Leverage our exclusive Business Analyst Toolkit, complete with templates and checklists, to help you excel in your new position.
• Competitive Edge: Position yourself for competitive salaries and promising growth opportunities in the high-demand field of business analysis.

Conclusion

Tekstepp Solutions’ specialised training programs offer a compelling opportunity for professionals seeking to transform their careers and excel in the world of business analysis. With a focus on real-world projects, hands-on experience, and unparalleled support, Tekstepp Solutions empowers individuals to adapt and succeed in the ever-evolving future of work.

Navigating Uncharted Waters: A Business Analyst’s Mindset in New Projects

“Begin challenging your assumptions. Your assumptions are your windows to the world. Scrub them off every once in a while, or the light won’t come in.” – Alan Alda.

Embarking on a new project as a Business Analyst (BA) can be both exhilarating and daunting. As Alda’s quote suggests, it is essential for a BA to challenge their assumptions and to approach every new project with a fresh, open mindset. The ability to welcome new perspectives, adapt, and learn is the foundation of success in the complex world of business analysis.

1. Embracing Agility: Change is inevitable in the business landscape, especially when tackling complex projects. As a BA, one must remain agile and willing to modify their approach based on new information or project direction changes. An adaptable BA can pivot gracefully, recalibrate, and align with the project’s evolving requirements and objectives. 
2.  The Power of Curiosity: Curiosity is the driving force that enables a BA to explore and understand the unknown. When new to a project, a BA should actively seek information, ask questions, and exhibit a genuine interest in uncovering the underlying business needs. A curious mindset promotes creativity and innovation and helps the BA develop effective solutions.
3. Collaboration and Communication: An open, collaborative mindset is crucial for a BA to engage effectively with diverse stakeholders. Active listening, empathy, and clear communication are vital in building rapport, understanding different viewpoints, and achieving a shared vision. In addition, a BA should be bold in voicing their opinions, as respectful debate and discussion can often lead to better solutions.
4. A Learning Orientation: A humble and continuous learning mindset is essential for a BA. Recognising that expertise in one project does not guarantee success in another is critical. Embrace the opportunity to learn from every project experience, team member, and stakeholder interaction. Commit to personal growth, update your skills, and never stop seeking knowledge.
5. Resilience and Persistence: Finally, a BA must be resilient and persistent when faced with challenges, ambiguity, and setbacks. These are inevitable in complex projects, and the ability to bounce back and maintain focus on the end goal is essential. Embrace challenges as opportunities for growth and stay committed to the pursuit of success.

In conclusion, a Business Analyst’s mindset when new to a project should be characterised by curiosity, agility, collaboration, learning, and resilience. By continually challenging assumptions and embracing new perspectives, a BA can effectively navigate the complexities of any project, unlocking value and delivering transformative results for the organisation.