Analytical Skills: Know How to Solve Business Problems in 2022

by Hiration

How do you deal with a crisis?

You examine it, and then take necessary actions to avert it.

Analytical thinking is identifying the core of the problem to develop workable solutions around it. Employees possessing analytical skills can help solve business problems, resulting in business growth.

In the face of crises, you should detect patterns, interpret data, and make decisions that are best suited to other possibilities. Through strong analytical skills, you can reach such decisions by both a methodical approach or creative techniques.

Analytical skills are requisites in many professions. Technical writing, software development, accounting, and chemical engineering to name a few.

Let us understand what is meant by analytical skills and their importance in the following sections:

The essence of great analytical skills is to break down your analogy for people who might not be as technically nuanced as you.

Define Analytical Skills and Its Importance

Analytical skills indicate a way of thinking that can examine multiple factors specific to a situation. Analytical skills are focused on cause and effect and the impact of possible solutions.

Employers in multiple industries require individuals with strong analytical skills to boost their company growth and navigate the interpersonal aspect of an organization.

With exemplary analytical skills, you will have higher chances of career advancement than your peers. This is because you will be skilled at identifying growth opportunities for your company and yourself.

5 Types of Analytical Skills

Employers take analytical skills tests to check various aspects of your ability. The aspects cover what you have written in your resume, what the job description expect from you, and whether you possess the 5 essential types of analytical skills:

Communication

Communication, not only is in itself a highly needed skill but an underlying aspect for many professional skills.

A great analyst is not limited to only interpreting data. As discussed above, you must know how to communicate it to your subordinates and senior management to bring them on the same page as you.

You can set forth a presentation of your research findings in board meetings. It can also be presented in a report or via emails if needed. Therefore, communication skills are important to the overall development of your analytical skills.

Creativity

Your job description might not explicitly ask you to be creative, but it is a defining aspect employers look for in candidates. No matter how structured your work may be, a pinch of creativeness can work wonders.

Analytical skills often require you to build creative solutions to business problems. You might not always find something by the book, and have to think outside the box to reach the best possible solutions.

Critical Thinking

You must critically think while analyzing business problems to reach rational solutions. Critical thinking is the unbiased and thorough evaluation of factual evidence.

Once you’re ready with your findings, you need to create a possible set of solutions that brings the maximum benefit on a comprehensive level. This is possible through critical thinking.

Data Analysis

Data plays a pivotal role in all disciplines, especially in professions where one has to deal with large amounts of data such as data analysts and business analysts. Therefore, it is vital to understand the discipline of statistics and quantitative analysis.

Data analysis requires identifying patterns and defining the findings to decision-makers to bring forward appropriate courses of action.

Research

Learning about the problem will help you understand and resolve it better. An essential type of analytical skill is to gather and research data on varied topics.

This includes heavy online research and competitor analysis, combined with studying past company experiences.

Research is the key to landing the best possible solutions.

Source: The Balance Careers

Also read: How to Ace Problem Solving Interview Questions?

Deep Dive Analysis

It is always a good call to step back and double-check before finalizing a change project.

Deep dive analysis is an extensive examination of the solution. This is where you conduct financial analysis, and the business acumen dives in.

A deep dive is conducted after a preliminary analysis has shown that further investigation is needed. The techniques used in the deep-dive analysis are:

  • Cost analysis: Cost–benefit analysis is a systematic approach to estimate the strengths and weaknesses of alternatives by studying the constituents of a cost summary and reporting on each factor.

  • SWOT analysis: SWOT analysis, also called situational assessment, is a strategic planning and management technique used to identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.

  • Predictive analysis: Predictive analysis encompasses variety of statistical techniques from data mining, predictive modelling, and machine learning to analyze facts in order to make predictions about future or otherwise unknown events.

  • Quantitative analysis: Quantitative analysis is the process of collecting and evaluating measurable and verifiable data to understand the behavior and performance of a business.

  • Qualitative analysis: Qualitative analysis uses subjective judgment to analyze business prospects based on non-quantifiable data, such as management expertise, industry cycles, strength of research and development, and labor relations.

Also read: Importance of Conceptual Skills

Highlighting Essential Analytical Skills

When your profile expects you to possess analytical skills, you better put that on the table in every way possible.

Here are a few ways by which you can highlight your analytical skills:

  • Add relevant skills to your resume: Adding analytical skills to your resume, with keywords based on your industry and job description, will catch the eye of hiring managers.

  • Highlight skills in your cover letter: With specific examples, mention how you demonstrated your analytical skills in your past work experiences.

  • Provide instances in your interview: Make sure to insert examples of you executing those analytical skills when asked in an interview.

With Hiration’s Online Resume Builder and Cover Letter Builder, you can draft excellent documents based on your industry powered with AI-generated key skill suggestions.

Ways to Improve Your Analytical Skills

It takes time and effort to develop and improve analytical skills. There’s no defined structure to it, but fortunately, you can hone them. Here’s how you can go about boosting your analytical skills and contributing to your company’s growth:

  • Take Certifications or Training: There are plenty of online certifications and training programs (as well as on-the-job training) available to enhance your analytical skills.

  • Find a Mentor: There must be someone in your knowledge with excellent analytical skills. Talk to them, understand, and include their techniques in your approach to solving problems.

  • Play Games based on Analytical Thinking: Games like sudoku, chess, and crossword puzzles evoke you to think critically and step forward. This can help you in real-life situations.

Key Takeaways

  • Analytical skills play a significant role in solving business problems by critically examining them and finding relevant solutions.
  • Analytical skills are broadly classified into communication, creativity, critical thinking, data analysis, and research.
  • Deep dive analysis involves techniques that help in conducting an extensive investigation on a problem and its proposed solution.
  • Make sure to highlight your analytical skills in your resume, cover letter, and interview.
  • Improve your analytical skills by taking relevant courses, finding a mentor, and playing games based on an analytical approach.

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