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Business analysts are a valuable tool for any business. They help companies make viable changes to improve their organization and achieve their goals. While some companies may think business analysts are an added cost, they actually help reduce company costs through increasing its ROI and lowering project costs. Business analysts are agents of change, as they introduce, manage, and facilitate the necessary changes to your business model. They also serve as a communication channel between stakeholders and a project team.
Here are just some of the many ways your business will benefit from hiring a business analyst:
- Increased ROI – The overall value of a company is centered on its ROI. Your ROI measures the efficiency of an investment or solution. It is measured by dividing the benefit of an investment by the cost of the investment. A business can impact these two variables. Business analysts increase the benefit achieved through an investment, as well as reduce the cost to implement it, which ultimately increases your ROI. They lower costs by finding more cost-efficient solutions. They increase the benefits by determining new needs within the organization, prioritizing those needs by value, and making necessary changes.
- Successful Projects – A business analyst is a critical component of a project. Having a strong business analyst could save a project from failure. While the project manager oversees a project and keeps it on track, a business analyst makes sure the project manager leads the right project. The business analyst identifies which projects will best achieve the organization’s objectives.
- Lower Costs – A large part of a business analyst’s job is to reduce company costs. The business analyst reduces project rework, underutilized functionality and requirements churn. They also identify and implement more cost-effective solutions.
- Collaboration with Stakeholders –A significant portion of project spending is wasted on rework caused by errors in requirements. By collaborating with stakeholders, business analysts reduce the rework on your projects. They determine the complete and correct business requirements at the start of the project so that the steps can be implemented properly throughout the project.
As you can see, business analysts are a vital part of any organization, from corporations to government agencies. If you haven’t already, you should hire a business analyst to ensure your organization achieves its goals in a cost-efficient manner. Once you hire a business analyst, make sure his/her skills are up to speed. Systemation, a performance improvement company, offers business analysis courses to help business analysts maximize their analytical skills. Contact Systemation today!