Timely, Accurate and Actionable: Harnessing the Power of Data
Business Solutions Business analysis professionals can help organizations leverage business intelligence to deliver a sustainable competitive advantage.
Increasingly, organizations are turning to business intelligence to deliver a meaningful, competitive advantage. Successful implementation of business intelligence requires business analysis professionals to leverage key analytical skills to harness the potential power of data to drive better decisions for their organization.
Business analysts explore and evaluate opportunities for value that are enabled by business intelligence and data analytics. Business analysts are in the right position to help organizations make sense of the increasing variety and volume of data that is now available, such as industry data, economic data, corporate data, business area data, web-based data and social media-based data, products sensors, etc.
Stakeholders who are not familiar with the capabilities of business intelligence might focus on simply replacing or repairing existing information. Business intelligence and analytics deliver value by providing timely, accurate, high-value and actionable information, which can be used to drive effective business decisions. Better informed decision making at all levels can lead to improved business performance, including increased revenues and reduced costs.
Supporting key decisions
Effective business intelligence capabilities leverage data-centric system architectures, technologies and tools to deliver reliable, consistent, high-quality information that enables stakeholders to better manage strategic, operational and tactical decisions.
"Data is a strategic asset that needs to be governed, managed and utilized for the benefit of its stakeholders, including employees and customers."
Business analysis practitioners will use and amplify many of their existing skills and knowledge to help transform, integrate and enhance data into value-added information. By analysing, interpreting, synthesizing and communicating data into easier to understand information, BA professionals can leverage business intelligence and effectively bring value to their organizations.
The recent launch of BABOK® Guide v3, the only globally recognized standard for the practice of business analysis, represents today’s rapidly evolving view and expectations of the business community. The new guide was reviewed and developed by the global business analysis community and showcases how new perspectives, such as business intelligence can support business analysis professionals in providing value to organizations and stakeholders.
Setting up success
Data is a strategic asset that needs to be governed, managed and utilized for the benefit of its stakeholders, including employees and customers. It is important to establish a strong governing structure to ensure data is available throughout the organization.
One approach could include building a centralized focus for business intelligence or data analytics within your organization and may include creating a Center of Excellence or developing organizational best practices. Engaging seasoned business analysis professionals who have deep experience working with data can provide the required focus for success in an organization.
New data discovery and analytics tools can help organizations access and utilize data effectively. Because of the skills, knowledge and competencies business analysis professionals developed in their role, organizations can leverage this capability and utilize it to their advantage to help them harness the power of data and achieve new levels of success.