Why are Business Analytics Important

And why you should care about them!

Change is the hallmark of successful business analysis.  The work included in the business analyst role across all the levels of their organization is identifying areas where change needs to happen and presenting workable solutions. A good business analyst has a sound working knowledge in statistics, and big data since these resources help identify trouble spots and may be needed to back up the analyst’s suggestions to upper management.

But the business analyst’s job role doesn’t always stop at identifying the need for change and proposing solutions. Some analysts guide the company’s teams through the changes, taking on a leadership role as they shepherd the staff through uncharted terrain.  The business analyst role includes finding out what’s broken, coming up with the fix, and helping the organization put it to effect.

Today’s Global Economy Needs Business Analysts

The world community faces a multitude of challenges every year, difficulties that affect not only people but businesses as well. Whether it’s market instability, health crises, political fallout, exponentially increasing technology, or changing consumer tastes, companies must adapt, endure, and evolve to survive. The only constant in the world is changing, and businesses need every advantage in deciding the best ways to change, in turn. Fortunately, the role of a business analyst is such that they know how to handle change best.

Business analysts are the go-to professionals for making the best-informed decisions. Companies depend on these business analyst roles to mitigate costs, realize benefits, identify new opportunities, understand the company’s strengths and weaknesses, and guide the organization’s future development. While there is no such thing as a no-risk decision, business analysts employ data and a host of diverse skills to develop actionable insights that increase the chance of success. You could say that a business analyst's roles specialize in stacking the deck in favor of the business.

The current COVID-19 pandemic is a prime example of why a sound data-driven strategy could mean the difference between success and failure. By employing data analysis, a business trying to adjust to the current social distancing measures can use data to figure out how consumers are conforming to new restrictions, and make the appropriate business strategy corrections to better adapt to the new reality.

Remember, it’s a scary and uncertain world out there, but much of that fear comes from ignorance—knowledge eliminates ignorance, and business analysis provides that necessary knowledge. It’s not too far-fetched to say that in today’s volatile economic times, the importance and value of a good business analyst are higher than ever!
Original Posted by Simplilearn Last updated on Sep 25, 2020