How can a Business Analyst add value to your business?
If you are currently considering adding a Business Analyst (BA) to your team, you may be wondering how exactly does the Business Analyst create value for your organisation?
Why is it that we still see so many organisations operating without a Business Analyst function? And how, as a Business Analyst, can you be sure to create the most possible value from your activities to benefit your employer?
A BA is a valuable tool for any business. They are there to help companies make viable changes to improve their organisation and achieve their goals. While some companies still believe that BA’s are an added cost, they actually do the opposite and help reduce company costs through increasing its ROI and lowering project costs. BA’s are specialists of change, as they introduce, manage, and facilitate the necessary changes to your business model. They are the people who provide the all-important link between stakeholders and project teams by communicating information between the two.
Having a BA working within your company has many benefits; these are just a few of the many ways your business will benefit from hiring one:
Increased ROI – The overall value of a company is based on its ROI. Your ROI measures the efficiency of an investment or solution. This is calculated by dividing the benefit of an investment by the cost of the investment. A business can impact these two variables. Business Analyst will work to increase the benefit achieved through an investment, whilst also working to decrease the cost to implement it, which ultimately increases your ROI. They will find more cost-efficient solutions which will lower costs. They increase the benefits by determining new needs within the organisation, prioritising those needs by value, and making necessary changes.
Successful Projects – A BA is a vital component of a project. Having a strong BA working on your project can save it from failure. Whilst the Project Manager will oversee a project and keep it on track, having a BA working alongside will ensure that the Project Manager leads the project in the right
direction. The BA will identify which projects will best achieve the organisation’s objectives.
Lower Costs – One of the key components of a BA’s job is to reduce company costs. The BA reduces project rework, underutilised functionality and requirements churn. They also identify and implement more cost-effective solutions.
Collaboration with Stakeholders –A large portion of project spending is wasted on rework caused by errors in requirements. The BA will reduce the rework on your projects by effectively collaborating with stakeholders. A BA will determine the complete and correct business requirements at the beginning of the project so that the steps can be implemented properly throughout the project.
To summarise, having Business Analysts within your team is vital to any organisation, from corporations to government agencies. If you haven’t already, you should hire a business analyst to ensure your organisation achieves its goals in a cost-efficient manner.
If you’d like to discuss adding a Business Analyst to your ongoing projects or future projects then please get in touch today.