Building Business Analysis Capability is a Great Investment for Organizations
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Building business analysis capability is one of the best investments an organization can make. Business analysis minimizes costs, delivers value, and increases ROI, which is why companies should prioritize it. This is true for all companies, especially those that have been affected by the coronavirus pandemic and are working to mitigate the financial damage caused by it.
Companies considering building business analysis capability often want to know if the value of business analysis can be proven. The answer is “yes.”
In the webinar “Why Building Business Analysis Capability is a Good Investment,” Barbara A. Carkenord, CBAP, IIBA Board Chair, explained,
“Employee time is a very valuable commodity in companies. Any time we save employee time in our organizations, we are improving our organizations’ bottom line.”
She also pointed out that Business Analysts save companies money by helping them make better decisions and avoid pitfalls. “When we help an executive make a decision more quickly, and make a good-quality decision, we’re saving them lots of time, and time is money,” Carkenord said.
Watch the webinar on-demand here.
Additionally, business analysis can reduce consultant costs and service provider costs.
Another way a Business Analyst can help companies save money is by ensuring they choose the right software applications.
“Oftentimes, organizations are choosing software applications to purchase or license,” Carkenord commented. “It’s very valuable to have a business analysis professional involved before packages are chosen and implemented.”
A BA can help organizational leaders not be swayed by good vendor demonstrations and sales pitches. They give company leaders the information they need to choose software applications that truly meet their company’s needs and deliver a great ROI.
Business Analysts often ask vendors to help them analyze how well the software package will meet the company’s needs. This enables them to help companies choose the right software applications. In turn, this saves organizations money. “The benefit could be $100,000 to $200,000 easily in the first year,” Carkenord said.
A Business Analyst is skilled at saving employee time, helping companies make better decisions and choosing the right software applications, and reducing consultant costs and service provider costs. All of this combines to equal serious cost savings for organizations and prove the value of business analysis for organizations.
Interested in building business analysis capability so that your organization can make better decisions and save money?
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About The Author:
Barbara Carkenord, CBAP, is passionate about enabling people and organizations to succeed through analysis. She provides training and consulting to help companies improve their analysis maturity, consistency, and effectiveness. She combines her entrepreneurial and business analysis experience with her love of education to promote the development of the business analysis practice. During her career Barbara co-founded two successful companies and worked in varied industries including manufacturing, financial services, and software development. Barbara has worked as a leader, mentor, consultant, trainer, and instructional designer. She has written numerous books, articles, blogs, and training manuals all aimed at helping professionals enhance their skills including Seven Steps to Mastering Business Analysis. Barbara is Chair of the board of directors for the International Institute of Business Analysis™ (IIBA®).