Business Analysis in Finance
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What is the role of business analysis in finance, and how can financial institutions benefit from business analysis? These are timely questions as business analysis is becoming more essential to the success of financial organizations. This is because finance companies are being flooded with data. “As a result, many companies are bringing in the data professionals, tapping business analysts to become permanent fixtures on financial teams,” the Uncommon League Blog stated, as business analysis professionals can help companies make good use of data.
What is the Role of Business Analysis in Finance?
Financial analysts and business analysis professionals often work in tandem to make recommendations for organizations that will yield better business outcomes. They make recommendations based on their findings from examining internal and/or external client data.
Investopedia explained that financial analysts help employers make investment decisions by studying financial data, identifying trends, and making forecasts. A business analysis professional’s role in finance is a little different. A contributor to Investopedia wrote,
“...business analysts pore over company data and use their findings to help management make business decisions. This data, rather than being investment-related, involves the day-to-day operations of the business. Business analysts study strategy, business models, processes and workflows, and technical systems. They are called upon to spot inefficiencies and find opportunities for the company's operations to be streamlined and improved.”
Together, business analysis professionals and financial analysts can help a financial institution grow and thrive.
Related Reading: What is Business Analysis?
The Benefits of Business Analysis in Finance
The primary benefit of business analysis for financial institutions is better decision making. This may sound like a simple benefit, but it touches every aspect of the company. Better decision making translates to a better bottom line, a better company culture, better management, and a better employee experience. According to LinkedIn, the benefits of business analysis include an increased ROI, decreased costs, effective team collaboration, an increase in sales, and higher project success rates.
The pandemic has made digitization of products and services non-negotiable - organizations can either digitize or become obsolete. Business analysis professionals can easily spot trends in digital transformation and help financial institutions adapt to the rapidly changing digital landscape. They can ensure these companies meet the needs of their customers, who have come to expect digital services. Enabling and preparing financial institutions to digitize their services is another benefit of business analysis.
Business analysis can benefit financial institutions greatly, especially post-COVID. That’s why now is the ideal time for these organizations to invest in business analysis.
Are you a company leader looking for ways to mitigate the damage done by the pandemic and prevent future damage? If so, invest in business analysis. Are you a business analysis professional who wants to help businesses across all sectors recover from the pandemic and thrive in spite of it? Get certified in Business Data Analytics. Check out IIBA’s Certification in Business Data Analytics to learn more, and for a limited time take advantage of discounts on IIBA certifications, including the Certification in Business Data Analytics (but only until December 31, 2021).
Ready to start taking the necessary steps to improve your business analysis and data capabilities?
Download the preview of Achieving More with Data: The Critical Role of Business Analysis in Becoming a Data-Driven Organization and align your organization with the robust business analysis offering available through IIBA’s Global Corporate Program.
About The Author:
Sema Sali is a business analysis ambassador at IIBA, leveraging the intercept of marketing with business analysis to increase awareness of the value and criticality of business analysis to the success of organizations in today’s complex and disruptive world. She contributes to the growth of IIBA’s ecosystem through marketing efforts of IIBA’s Organizational Programs for Corporate, Academic and Endorsed Education Providers.