Every organization at some point hires a business analyst to assess the impact of market changes and how they should utilize data to document and communicate the various aspects of decisions required to sustain in a competitive marketplace. As an analogy, a business analyst is often compared to a building architect. An architect lays out the plan, the configurations and elevation of various elements in the building. For example, the placement of a bedroom with windows and so on…
Similarly, a business analyst in a modern enterprise is an architect of the decision-making tree that acts as a bridge between IT and stakeholders.
A business analyst course is an effective platform to prepare for the various opportunities, challenges and risks associated with the role.
In this article, we identify the various aspects of business analysis that impacts the enterprise intelligence.
Identifying the Disruptive Trends
90% of the organizations with a $50 million turnover in the 1991-1999 no longer exist. A large part of the blame can be attributed to the lack of enterprise intelligence in those organizations. The companies that survived the millennium had at least one business analyst who identified the various trends and challenges that could impact an organization.
Predictive Intelligence with AI and Machine Learning
Nobody would have imagined the sudden explosion of mobile phones, IoT, and AI taking the central position in businesses and homes. With competitive intelligence and marketing research, business analysts keep revealing interesting trends and statistics.
For example, a business analysis on IoT and connected devices industry identified that the world would invest $500 billion in 2019 on smart technologies including 5G and Computer vision. By 2022, this value is evaluated to touch $1 trillion.
With the power of big data and historical intelligence, business analysts in enterprise roles offer actionable predictive advice on what services to focus on, and what skills to hire to become a fast-growing segment.
Fintech and HR Technology: The Two Superpowers in the Making
The years between 2005 and 2018 could be called the age of “Internet explosion.” In these years, internet exploded to throw open new challenges and business opportunities in areas like social media, mobile marketing, advertising and customer relationship management software. Companies like Oracle, SAP, Pega and Salesforce introduced a new technology stack called Marketing and Sales Clouds for enterprise and SMBs. Business analysts in these companies continue to leverage customer data to identify the various areas that can be explored further.
And, that’s why we see the 2019-2020 fully wrapped by two superpower technologies in the making – Financial Tech/Blockchain, and HR Technology. These two technology verticals could plug $1 trillion revenue loss worldwide by simply automating and streamlining various processes.
Tech industry faces the highest level of attrition. With proper recruitment using AI and business analyst training, attrition could be minimized. Also, workplace automation is the most recommended pointer provided by modern business analysts.
The whole paradigm of intelligent enterprise gets a big push with trained business analysis teams.