A Product Analyst analyzes a company’s product and industry trends.
They use market data to assist companies in developing marketing plans for a product to ensure that it is profitable and in line with the customer’s needs.
Product analysts assess an organization’s solutions to determine whether they will satisfy both immediate and long-term needs.
They create and manage small- to medium-sized projects that build solutions that will continuously enhance products.
They collaborate with other departments to improve a product’s analysis and presentation.
They assist with operations like costing, inventory management, budgeting, and planning.
They use data analysis software to assess a product’s potential for sales and profitability.
They also track its performance to develop plans for enhancing the performance of the product.
What are the responsibilities of a Product Analyst?
Some of the responsibilities of the Product Analyst include the following:
- Enhance product features and evaluate and test those features.
- Identify new business and expansion prospects.
- Contribute to the creation of commercially viable assessment solutions (including software, digital, print, and professional development offerings) that will provide value to the defined market segments.
- Develop and/or improve customer value propositions for product solutions in close collaboration with the sales and marketing departments.
- Work with multidisciplinary teams from several fields, including product, engineering, design, success, and support.
- Creating and maintaining product documentation (both for internal and external use).
- Support business analysis and project management in an agile development environment.
- To ensure the scalability of all risk operations, and automate business processes where it is practical to do so using the appropriate technologies.
- Make sure that project controls are in place for each individually assigned work throughout the project’s lifecycle.
- To find the answers to important product and business questions, analyse patterns and data.
- Serve as the primary point of contact for projects and other important communications.
- Collaborate with the QA team to define and Manage and own the product life cycle.
- Analyze the effects of action plans on the top and bottom lines.
- Giving development staff design direction and checking the design and specs for modifications that impact their specialised modules
What are the job requirements for the product analyst role ?
This role usually requires a bachelor’s or master’s degree in business, computer science, engineering, or information systems.
It also requires experience and data and business process analysis.
The ability to make decisions and pay attention to detail.
Leadership, negotiation, problem solving, collaborative and critical thinking skills
Experience using the agile methodology.