The process of getting insight into business operations to expose the cause and effect relationship behind failure or poor results is often managed by a change expert, known as a “business analyst” (BA). However, a lot of businesses believe hiring a business analyst is irrelevant or simply just an extra added cost, but in actual fact, they are highly valuable to company progression and evolvement.
Business analysts have a wide variety of responsibilities within a business. They not only need to understand the current business needs of an organisation, but they must identify and resolve any problems that may be happening too. They aim to facilitate these changes quickly and effectively, through employing a project-based approach to problem-solving and decision-making.
Four ways a business analyst can benefit a business
Different organisations have different views on the responsibilities of individuals involved in business analysis. However, here are four common responsibilities a BA takes part in day-to-date to benefit businesses:
1. Reviewing business systems
Business analysts review how the organisational structure of a company works, and what elements impact business performance and development. They must explore the business system with a magnifying glass, whilst considering any viable changes that can be carried out to improve the running of the company and projects.
2. Identifying areas for improvement
Through reviewing the business system, the individual must identify what must be refined and create a plan of action learned through business analyst training. The ‘plan of action’ encompasses a wide variety of suggestions and possible ideas that can help change the current state of the business structure, to ensure the all-important targets are met in the business.
3. Project planning
The business analyst works alongside business personnel to gather information and draw out the business requirements to document and plan for upcoming projects. They also look into the technicalities, to ensure nothing goes wrong.
In addition, business analysts manage projects with the aim to keep costs low. This is achieved by looking at cost-effective practices and only changing details that are entirely necessary, to gain the highest return on investment.
4. Overseeing projects
Whilst a project is in progress, a business analyst must ensure everything goes to plan and meets the initial requirements. A business analyst helps to oversee projects, alongside a project manager, to help lead the project in the right direction to achieve business targets. Their role is to identify which projects will best achieve the company’s key objectives and ensure the best return on investment, without the risk of failure which can be highly problematic in the business world.