Fhyzics’ conducted its June-2015 BUSINESS ANALYSIS EVENING session at Fhyzics’ Tamarai Tech Park office on Friday (26-June-2015). For more details about our next Business Analysis Evening session in Chennai/Bangalore/Pune, please visit www.bacourse.com. Thanks.
Business Analyst is our new corporate colleague who is helping organizations in three unique ways that no one else is capable of doing. She is (1) helping organizations to visualize a to-be-solution without actually building the solution (2) achieving that objective at a minimal cost and (3) providing a road-map to the project manager. Information technology is the first industry that introduced business analysis position at a large scale to bridge the gap between the business owners and the developers in multi-million dollar projects. But subsequently, after witnessing the contribution of business analysts, other industries followed suit. Today business analysts are very common in industries such as Banking, Finance, Insurance, Healthcare, Hospitality, Automotive, Aviation, Supply Chain, Retail etc.
Many professionals have a notion that business analysis is something that is only applicable in information technology industry. To some extent their understanding is justifiable as we all know that business analyst positions were first created in IT industry. But subsequently, other industries understood the contribution of business analysis and started using those skills and techniques. Today, business analysis is being leveraged by corporates in almost all verticals, wherever or whenever they encounter on major decisions or embark on large projects.
In this article, I would like to introduce you to one such area where business analysis (BA) is tremendously helpful and have potential to save millions of dollars i.e. buying decisions in corporates. Let us first look into a typical purchasing process that happens in a company and then review the "BA way of Buying".
Business Analyst is like a two-sided coin, on one side he possesses the Business Analysis skill set composed of tasks and techniques and on the other side he possesses certain underlying competencies to succeed in his profession. Both are very vital to make a complete business analyst. In this post, I would like to put in perspective why do a BA needs techniques and how many of them should a BA know to perform above optimal.
Technique is a method to collect, understand, analyze and present information and data in a useful form in business analysis activities. For any given activity, a Business Analyst may have several techniques at hand, but experience helps in determining which has to be deployed. Techniques are helping business analysts to perform a business analysis task in a more effective way.