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Importance of Business Analysis | Blog

Aug 28
Business Analysis

Importance of Business Analysis

A practice of enabling change in an organizational context by defining the needs and recommending solutions that deliver value to stakeholders could be explained as Business Analysis. Business analysis is a research discipline. It identifies business needs and determine solutions to business problems. The business solutions includes software-system development component, but may also consist of process improvement, organizational change and strategic planning and policy development. A person who carries out all these task are called Business Analyst.

The business analysis field is vague and organisation-specific. The Business Analyst’s role in one company would be entirely different from the role a Business Analyst performs in another company. For example in a more technical company like Google, a Business Analyst’s role would necessitate them to use SQL, SAS, R Programming and other statistical concepts to determine why an event has occurred and speak to necessary teams to make the changes happen. A certification in Business Analysis will help professionals go a long way in this field. The certification will give professionals the training they need to perform optimally.

Business Analysis helps struggling companies thrive and make good companies great. Using of business intelligence is just one of many business analysis techniques and it leverages technology to convert data into actionable information, which can then be used to make better business decisions. Although there are different role definitions, depending upon the organization, there does seem to be an area of common ground where most business analysts work.

The Importance of Business Analysis

  • Business analysis involves gathering information from multiple and analyzing it for the purpose of forecasting future trends which finds ways to make improvements in business strategies, improve businesses operations, and make smart business decisions to improve the company’s bottom line.
  • It helps businesses find the right solution to avoid making incorrect decisions that can result in time and money being wasted when going back to fix any problems. Fnding right solution helps ts get completed in a timely manner, strategies are executed with the results benefiting the business, and there is effective monitoring of the project that allows for the best adjustments that results in the best outcome.
  • Business analysis make sure to manager that the information is distributed & understood by the entire project team. The current and correct information helps team  to work together in an efficient manner to create a plan that has a higher chance of success.
  • Financial analysis includes analyzing budgets, cash flows, inventory costs, profit and loss statements, and balance sheets that help businesses identify spending waste and streamline operations to make the business more profitable.
  • A changing demographics and consumer habits indicates that it is important for businesses to clearly understand their current and future trends in order to meet changing consumer preferences. Business Analysis helps businesses forecast future business decisions by identify populations and lifestyles, including current and future behavior trends.
  • Business analysis teaches the businesses that they cannot run a successful business without understanding their customers well in today’s highly competitive market. Thus it ensures that the right decisions are made that will benefit the business and mitigate incidents of unrealistic expectations that results in disappointments and loss of revenue.

List of Business Analysis Courses

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