Benefits of Business Analysis
Importance or benefits of Business Analysis
The benefits of Business Analysis may seem obvious, but in reality, not many organizations appreciate how analysis can help their business and the improvement that can arise as a result.
Business analysis is a practice that enables change within an organization or an enterprise by identifying the need for change or opportunities and recommending solutions that will deliver value to the stakeholders. The solution recommended could be IT related or non-IT, minor or humongous and could be customized or even off-the-shelf product. Different bodies such as IIBA, BCS, PMI coordinate the Business Analysis certification.
Interested in knowing more about Business Analysis? Visit our ‘what is Business Analysis’ page.
The business analysis practice has evolved rapidly over the last two decades and as such, more organizations have realized its need for strong business requirements to support their efforts and to maximize return on investment (ROI).
The business analysis certification course is for both individuals and organizations. Individuals who opt for the course do so for two major reasons: Firstly, to validate their experience either for personal or professional recognition. Secondly, for increase in income and thirdly, for professional development.
Also, the involvement of organization is for two major reasons, which are: to adopt the business analysis practice in order to choose and do businesses better and to train their employees for increased productivity and achieving their set objectives.
The following are the advantages or benefits of opting the business analysis certification:
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The benefits of business analysis to individuals abound, some of which are:
As the business world progresses on a daily basis, the need to continually keep up and adapt to the changes increases as well. This contributed to the reason why individuals with the business analysis certifications are one of the most sought-after in the business world.
Being a practice that equips you with knowledge of the skills, tools, and techniques that enable progression, the qualification makes you employable in organizations of varied sizes, across different industries.
Increased earning potential
The Business Analysis certification signifies professionalism, knowledge, and understanding of business components. The knowledge of the Business Analysis practice shows that you have the ability to analyze business requirements, current processes, propose solutions, ensure the implementation and monitor the solutions to achieve organizational objectives.
Demonstrating these unique qualities to your employers not only shows your commitment to progression, but also helps in increasing your bargaining power as a professional. Ultimately, how much you will be paid by your employer.
Visiting the Jobberman website, for example, will give you a fair idea of how much certified professionals earn per month in Nigeria.
According to Randstad.co survey, Business Analysis certified Professionals earn an average of 16% higher than those who are not certified. Also, the U.S. Bureau of Labor Statistics predicted a 14% growth percentage between 2014-2024 for Business Analysis roles.
The objective of the business analysis is to be able to find errors in a system, provide solutions to the problem and to be able to improve it. Business Analysts are identified as individuals with an advanced level of knowledge in the tools and techniques used in business analysis for greater effectiveness and efficiency.
As confidence is born out of knowledge, having the Business Analysis knowledge which is about providing solutions to problems; will immensely increase your self-confidence.
Business Analysts help produce reliable, quality results with increased efficiency and consistency. As a result, you can be positioned to move up into roles such as IT business analyst, senior/lead business analyst or product manager or even Chief Technology Officer within a short period of time.
The following are the advantages or benefits of Business Analysis to organizations:
Better business performance
Adopting the Business analysis practice in an organization helps in better business performance. How? If employees are equipped with the knowledge of business analysis, they will be able to carry out their job effectively. The knowledge of the Business analysis practice will help in doing the right businesses to achieve organizational objectives.
As business performance increases, so does the value created for shareholders.
Being a flexible practice that is in use in industries such as IT, Manufacturing, Healthcare, Financial services, NGOs, etc. The business analysis practice helps to understand why there is a need for change or opportunities. Similarly, what to do and how to do them in any specific industry.
The good news is, whatever industry you are in, this course is for you.
In today’s business environment, the strategic focus for most organizations is the growth in their revenue. How can organizations achieve this?
Carrying out effective business analysis will help to achieve this. This involves gathering information, analyzing the information, finding ways to enhance strategies and making smart decisions to build revenue.
The practical way of handling businesses can be best satisfied by adopting Business analysis practice and training the organization’s staff.
Questions such as: ‘What project should we embark on? How do we figure out the right project? How do we even go about it?’ arise once an organization realizes the need for change in their business. The knowledge of the business analysis practice helps in discovering new opportunities. This enables a better understanding of the changes that need to be in place for continual growth through projects.
This is to say that business analysis is an essential component of a successful project. Similarly, having a competent business analyst could save a project from failure.
Adequate collaboration with Stakeholders
Many a time, a significant amount of project spending are wasted on re-work. Understanding the business analysis practice enhances the ability to collaborate with stakeholders when gathering requirements. This will not only help avoid gaps but also reduce the time. Also, it helps to reduce other resources wasted on the rework of failed projects.
Business Analysis is a methodical way of managing businesses because it helps to avoid working on negatively impacts cost initiatives or opportunities. The lower the cost, the higher the return on investment for your organization.
From the benefits of Business Analysis mentioned above for both individuals and organizations, it can be concluded that it is no longer a question of why opt for the Business Analysis course but rather a question of how soon you want to start.
How soon should that be? If I were you, I would start now!. You can not afford to continue depriving yourself of the benefits of the Business Analysis qualification
Want to know more about Business Analysis?
At Harrybaker we’re determined to ensure learners pass the Business Analysis exam at the first sitting. My only question is, will it be you?