What is Business analysis and does your company need it?
If you’re a business owner, manager, or even just invested in the success of your workplace or department, you may be looking into the best ways to optimise success. You will have come across many references to business analysis; business intelligence, or data analysis (among others). And, while we all know a little about what business analysis is for, it might be the first time you’re looking into it in any detail.
Hopefully this article will help to de-mystify what exactly business analysis is, and why your company might need to invest in a business analyst.
What is a business analyst?
Business analysts come in many forms. Some (usually larger) companies choose to have an in-house analyst, whereas many smaller businesses choose to hire an analyst only when required. The main job of a business analyst in either circumstance is to create savvy and disciplined change to a company.
What other titles do business analysts have?
Business analysts can also be called:
- Business systems analyst
- Systems analyst
- Product manager
- Enterprise analyst
- Requirement engineer
- Data analyst
- Data scientist
- Business intelligence analyst
- Management consultant
- Business architect
- Process analyst
What does a business analyst do?
A business analyst will use data to identify any changes required within your company. They will articulate the best ways for you to improve and maximise your business operations. Business analysts will work within many areas of your business in order to facilitate changes in the areas you want to focus on. For instance, they may work within the marketing department; with your finance departments, or even on your shop floor.
What kind of things do business analysts identify?
Business analysts can be involved in the following:
- Creating business strategy
- Defining company-wide goals
- Defining specific team goals
- Creating marketing strategy
- Suggesting technology improvements that can be made
- Suggesting specific strategic changes to be implemented
Does my company need a business analyst?
If your company needs cost-saving; opportunity creation; operational change; specific department strategy change, or a company-wide strategy overhaul, then yes, a business analyst is for you.
Most businesses (even the smallest ones) rely on some sort of data analysis to be productive. It is important for companies of all sizes to make the most of the data they have at hand, or risk falling behind. Hiring a business analyst- be it in-house or outsourced could be the best thing you ever do for your company’s productivity, opportunity creation and cost-saving benefits.
