There are two particular job roles that every company looking to scale should be particular about hiring, we would be looking into these job roles in a minute.
Business Analysts and Business Development Executives/Managers both important for a company. A business analyst also referred to as a sales (who gets the new client to the company) executive or account executive (who manages the existing clients) in some of the companies.
A business development executive focuses on building long term contracts/relationships with other companies to generate long term money for the company whereas a business analyst acts as a bridge between IT and business stakeholders to develop and deliver the required system/changes. Business analysts also analyst the current processes and recommend process improvement that could help the company to eliminate waste and save money.
Business Analyst and Business Development are two different things. Business Development is more of a bring new business for the company whereas a Business analysis is more focused on identifying a need for change in how businesses work and helping to facilitate such change
A Business Analyst acts as the bridge between business ideas and business capabilities. They play an incredibly important role as they help to decipher the future of businesses, by identifying, creating and scoping valuable changes and enhancements to business processes
In a way we can say that the Business Development Executive brings money while Business Analysts saves money and the Business Analyst is essential to the early stage of the business while the Business Development is essential when a business is operational.
The Business Analyst figures out a company, documents the business process or systems, they deals on projects and relate more with the stakeholders.
Roles of a Business Analysts
1. Pricing
Their duties include analyzing financial reports, market research and operating procedures, strategizing ideas to improve business operations and meeting with company executives and other stakeholders to provide suggestions based on their analysis
2. Budgeting
They communicate with internal colleagues to understand the needs of departments and the organisation as a whole and work with external stakeholders to understand and investigate feedback into the service, function, or product provided
3. Identifying opportunities
they use data modelling practices to analyse findings and create suggestions for strategic and operational improvements and changes
4. Creates systems and processes.
Business analysts assess how organisations are performing and help them improve their processes and systems. They conduct research and analysis in order to come up with solutions to business problems and help to introduce these solutions to businesses and their clients.
Business Development Executive drive sales by sourcing new clients and assuring existing clients to still be partners with the company, they foster the relationship with clients.
Their roles include
1. Analyze new clients or make money from existing clients
Develops and implements marketing strategy in ensuring targets are met. This includes coaching staff on product knowledge, cross selling and keeping up to date with changes and developments in the market/business area to drive optimal achievement of this opportunities.
Co-ordinates cross selling opportunities with other business departments like corporate solutions, corporate, and other E-business products for possible businesses/ opportunities.
Conducts meetings with the marketing team and carry out reviews on the previous performance and plan for the month ahead.
Plan and oversees new marketing initiatives including branch expansion in new markets as well as continued expansion among existing customers.
Driving peak performance and commercial marketing success for all relationship officers across the branches.
2. Find a way to promote the company
Contribute to the net profitability of the region/zone; ensure effective management of revenue collection and expenditure control.
Ensures that all aspects of revenue collection and operational expenditure are actively monitored and that they are in line with the operating budget.
Review actual figures in the Balance Sheet, Profit and Loss against budget and / or against past months’ performance and investigate undue variations.
Drive the growth of deposits, loans and overdrafts to increase profitability of the Branch.
3. Make profitable deals with other companies
Build organizational capabilities through evaluating likely future requirements and ensuring that individuals are provided with the best possible development opportunities in line with these.
Responsible for the development and retention of relevant skills in order to meet business needs.
Ensure the effective selection of staff by matching the skills and competencies to the requirements of the job.
Ensure skills assessments and competency-based training takes place as and when required.
Create an environment in which learning, and development are emphasized and valued.
Take personal responsibility for coaching and mentoring others.
Effectively delegates authority and responsibility, in line with business objectives, to ensure the empowerment, motivation and effectiveness of all direct and indirect reports.
Monitor and manage the performance and development of direct reports and constantly give feedback during monthly one-on-one review meetings.
Ensure staff compliments to boost productivity and promotes a culture where the values of the company are to be seen
Mutual skills for both the Business development executive and Business Analyst are communication skills, presentation skills, negotiation skills, public speaking
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