What is Business Analysis

Business analysts find employment in organizations from many different sectors. This is a desirable profession in areas such as finance, real estate, manufacturing and trade, among others. A significant role in the market is also played by specialists in the field of IT business analysis, whose task is solely focused on developing computer software. In this article, we will clarify what business analysis is!

The role of a business analyst in a project

A business analyst is a person responsible for identifying a company’s needs and for processing this information into clear and understandable project specifications and functional requirements for the project team. They work on a strategic level, helping managers and engineers determine what business objectives are to be achieved and what system or product functionalities need to be implemented.

The analyst is responsible for gathering business requirements from all stakeholders, such as the sales, marketing, finance, and operations teams, and ensuring that each of these groups is properly represented in the project. In addition, they also act as a liaison between the business and project departments, ensuring that they fully understand the needs of the enterprise.

What benefits do companies get from business analysis?

Business analysis brings many benefits to companies. Here are a few key ones:

• Improved operational efficiency – analysis allows you to identify areas where a company can improve its productivity, for example by optimizing business processes or eliminating unnecessary costs.
• Better decision-making – analysis provides information and data, allowing a company to avoid making decisions based on guesswork or incorrect premises.
• Adapting to customer requirements – analysis allows you to understand the needs of customers and adapt the company’s offer to them.
• Cost optimization – analysis allows you to identify and eliminate unnecessary costs, thereby improving the organization’s profitability.
• The ability to quickly adapt to market changes – analysis allows you to track trends and adapt quickly to changes, which is particularly important in a dynamic business environment.

Getting started in business intelligence

The basic stages of business analysis include:

1. Defining business objectives – first, a company must define its goals in order to understand what historical and current data will be needed to achieve them. These goals should be measurable, specifically defined, and tied to financial customer value.
2. Selection of business analysis tools – in the next step, the organization must choose the appropriate tools and technologies that will allow for data collection, storage, and analysis. BI platforms such as Microsoft Power BI, Tableau, or Qlik are the most popular solutions.
3. Data collection – the next step involves obtaining information from various sources, such as CRM systems, ERP or websites. It is important that the data is consistent with assumptions, current, and accurate.
4. Data cleansing and transformation – the acquired information may be partially incorrect or inconsistent. Before analyzing it, it needs to be cleaned and transformed.
5. Data Analysis – The analytical stage involves using various tools and techniques to uncover potential patterns, dependencies and hidden information in the data.
6. Data visualization – the final step involves presenting the analysis results in a visual form like charts, tables or dashboards. This aids in quickly interpreting information and facilitates taking actions aligned with the company’s real business needs.

As you can see, business analysis is a highly universal process that will be applicable in any industry. It may be used for marketing, sales, or operational purposes, among others.

What is business analysis? Summary

The work of data analysts plays an increasingly important role in the business world. Its effects are gaining in accuracy and significance, thanks to the use of artificial intelligence. It helps to process large amounts of information and generate reports quickly. Machine learning leads to the automation of key processes, such as data acquisition and creation of predictive models. This, in turn, allows business users to make optimal decisions smoothly and enhances the company’s competitive edge.