How does business analysis add value to an organization?
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As businesses are restoring operations, business agility and transformation are top of mind. The pace of change is rapid and continuous. What should your organization be doing to ensure success in the new environment?
Business analysis is key to enabling change that drives business success. Business analysis is more than defining requirements, it is a disciplined approach for introducing and managing change for organizations. It is defining needs and opportunities, translating intelligence, and recommending solutions that deliver value to your stakeholders. In IIBA’s upcoming webinar Why Your Company Should be Excited About Business Analysis IIBA Corporate Program Members from Nedbank (one of South Africa’s biggest banks), Royal Bank of Canada (one of the largest banks in North America and the world), and The North Highland (a worldwide, employee-owned management consulting firm) will share how they drive business success with business analysis.
Join me on July 22, 2020 for a panel discussion with corporate leaders Scott Rainey, Vice President from The North Highland, Wilna Coetzee, Senior Manager Business Analysis Practice Centre with Nedbank, and Mohsen Akhavannia, Senior Manager at Royal Bank of Canada for a discussion hosted by Keith Ellis, Chair of IIBA Board of Directors on managing the pace of change, upskilling employees, and enabling transformation to increase your business capability success.
When thinking about return on investments, business analysis before, during and after the life cycle of the project could mean the difference between a failed initiative and a successful one. Some of the ways to measure the value of business analysis include looking at how business analysis can drive value that determines the success of your organization in the long run.
Figure: Business Analysis Core Concept Model
Business analysis analyzes the needs and opportunities for your organization to drive business value delivery and success through:
- Increased ROI: Business analysis keeps the focus on the value delivery to the customer. Enabling organizations to better define products with business analysis to deliver the right outcome that meets customers needs and eliminate requirements with minimal value.
- Increased success rate: 71% of failed software projects can be traced to poor requirements – CIO Magazine, 2006. Mitigate the risk of failed initiatives with business analysis throughout all planning levels and prioritize implementation of requirements with the most potential benefit to the customer.
- Reduced costs: Better defining the product and focus on the right requirements eliminates unnecessary changes or rework with logical and orderly decision-making, tailoring and aligning solutions to the business or customer needs.
- Gain competitive advantage: Accelerate product delivery and be the first to market to gain market share by creating a clear roadmap from the current to future states and building a consensus among stakeholders.
If you would like to learn how IIBA Global Corporate Members, Nedbank, Royal Bank of Canada, and The North Highland apply business analysis within their organizations to make real, measurable differences, join our next webinar panel discussion.
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About The Author:
Being an account manager is similar to solving puzzles. I listen to problems current organizations are facing with the development of their current Business Analysis professionals, and provide recommendations based on their organizational needs.
Could I be your missing piece to help advance the practice of your current Business Analysts? If you are interested in seeing how I can assist with your puzzle, please reach out via LinkedIn or email me at firstname.lastname@example.org.