5 ways a business analytics can help transform a business
It is hard to find a business in the world that is not going through some sort of major transformation at the moment. A range of unprecedented movements have taken place over the last few years. The pandemic and the ensuing economic revolution on top of everything have forced every business to rediscover themselves and to seek new ways to survive and sustain themselves.
The dramatic turn of events have created new opportunities for some while pushing many others towards the abyss. In the midst of all of this a job role that has risen to unforeseen prominence is that of the business analyst. Business intelligence professionals were there before the data revolution and even before the internet. The role of the analyst has taken that higher by many notches. Let us see how.
It is quite amusing how often enterprises, especially non-profit associations commit unwitting blunders in terms of financial reports. For instance, a non-profit organization has a lot of fundraising activities. People donate, pledge, or gift money with various restrictions and conditions. Now the fundraisers and the accountants paint different pictures of those transactions and they end up with contradicting reports. Way to look shady, would you not think?
A business analyst can introduce the association to ways of bringing parity and transparency in terms of interpreting and recording all sorts of different transactions.
As businesses try to be more efficient they are quite rightly attracted towards automation. They want to automate accounting; they want to implement ERP software; they want to integrate all the different islands of information that exist within the enterprise. A business analyst can help the company choose the right tool to automate the right areas so that the business saves time while maintaining a healthy return of investments.
Guiding analytics endeavors
Business owners know that they have to put company data and external data to good use. They understand that there is a repository of dark data sitting idle, waiting to be organized and leveraged. A business analyst can discover the data; choose the perfect data governance tool for the company; maybe help implement the same; monitor the data for insights; help the business understand which insight to focus upon at what point of time.
Transforming business processes
Small changes in business processes can amount to large steps in terms of progress. The business analyst can function as a vigilante that identifies even a microscopic opportunity of development. They help enterprises adopt a vision where data works as the north star and not instincts and feelings. This sort of empirical approach can be applied to every section of the business from pricing to staffing. A business analytics course trains a professional to become extremely adaptable and that person can transmit that sort of adaptability to the business.
Breaking the silos
Nothing hurts a business more than high functioning people who are on different pages. Integration of the complete business effort – bringing the developers and the accountants on the same page becomes extremely important as the businesses try to scale.
A trained business analyst brings these advantages to the table that are becoming more and more critical with every passing quarter.