The classic definition of Business Analysis is that it is research carried out to identify business needs and implement solutions to promote growth and achieve organizational objectives. Then why are there organizations that still don’t feel the need to carry out this crucial process?
The line between business and technology is blurring. Businesses need to adopt technology to survive and those that do it successfully learn to balance the IT resources with the business needs. This crucial but often ambiguous role is carried out by a business analyst.
Its crucial because business analysts have to combine their savvy communication skills with superb technological skills to communicate, facilitate, and analyze operations. And it is ambiguous because a business analyst has no defined area, and can work in either operations, marketing, finance or engineering.
To understand if they can survive without BA, organizations need to see their success rate in IT-related projects. Can they achieve 100% success rate without a dedicated liaison between IT and technology and specialists who can understand the structure, policies, and operations of an organization to successfully suggest and implement improvements?
The answer is probably a no. A Standish Group research shows that a staggering 31.1% of all IT-related projects get cancelled and the success rate for any project impeded with cost and schedule reruns is only 25%. An organization however small or big cannot survive with just a 25 % margin.
BA’s on the other hand are actively involved in reducing costs. This they do by reducing rework—by focusing on the right requirements and eliminating unnecessary change, ensuring efficient utilization of stakeholder time, and by finding solutions that will help achieve project targets, cost-effectively.
These processes will ensure shorter delivery time, increased productivity, higher employee morale, and a higher rate of project success. And the best benefit—satisfied customers who will value the quality and finesse brought into the projects.
As organizations mature and take on complex, time intensive projects, they cannot afford to bypass an integral area of project management that will help meet their business objectives and succeed in this competitive environment.
