Why Companies Should Invest in Augmenting Business Analysis Capabilities with Data Analytics Post-COVID
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The coronavirus pandemic has turned many organizations upside down, either causing them to close or doing financial damage. A business analysis professional can help mitigate the damage caused by the pandemic, so it is wise for organizations to invest in business analysis post-COVID.
How the Pandemic Affected Companies Around the Globe
One of the primary ways the COVID-19 pandemic did damage to organizations just like yours is by forcing them to digitize before they were ready to do so. As face-to-face interactions became increasingly dangerous during the pandemic, customers understandably wanted contact-free (i.e., digital) services. Thus, digital transformation was accelerated. Thousands of companies weren’t prepared for this and didn’t have the proper infrastructure in place to promote successful and sustainable digitization. Statista states, the total number of connected devices is projected to reach 75.44 billion units worldwide by 2025.
As a result of having to digitize services, organizations were flooded by mass amounts of data. If harvested and used correctly, this data can help them create better products and services that best meet the needs of customers. But without the right support, the data will go to waste and overwhelm organizational leaders further.
Another way the pandemic hurt organizations was by damaging their bottom line. This is especially true of retail businesses and businesses in the hospitality industry. Many consumers were either deterred by fear or restriction of face-to-face interactions or lack of funds (or both). This had a severe financial impact on organizations. The U.S. Bureau of Labor and Statistics explained that “In June 2021, 6.2 million people did not work at all or worked fewer hours because their employer closed or lost business due to the coronavirus pandemic.”
How Business Analysis Can Help Companies Affected by COVID-19
Thankfully, business analysis can help organizations that have been impacted by the pandemic. First, it can help companies organize and make good use of their data. This is particularly true of business data analytics. By analyzing a company’s data, a business analysis professional skilled in data analytics can make recommendations for future business decisions that will benefit the business and ensure it creates better services and products for customers.
Second, a business analysis professional can spot and forecast trends in digital transformation and help organizations plan accordingly to keep pace with these trends. COVID-19 sped up the rate of digital transformation, which was problematic for businesses that didn’t have the technology in place to accommodate new developments in tech and digital services. A business analysis professional with expertise in data analytics can ensure companies never have to be in this position again if they don’t want to be.
With a deep knowledge of digital transformation, business analysis professionals can help companies by focusing on delivering business value while acting as trusted advisors for organizations that need to adapt quickly to their new reality. Read more about this in COVID-19 Accelerated Digital Transformation: Here’s How BA Professionals Can Help.
Company Leaders and Business Analysis Professionals: Invest in THIS Post-COVID
Are you a company leader looking for ways to mitigate the damage done by the pandemic and prevent future damage? If so, invest in business analysis. Are you a business analysis professional who wants to help businesses across all sectors recover from the pandemic and thrive in spite of it? Get certified in Business Data Analytics. Check out IIBA’s Certification in Business Data Analytics to learn more, and for a limited time take advantage of discounts on IIBA certifications, including the Certification in Business Data Analytics (but only until December 31, 2021).
Ready to start taking the necessary steps to improve your business analysis and data capabilities?
Download the preview of Achieving More with Data: The Critical Role of Business Analysis in Becoming a Data-Driven Organization and align your organization with the robust business analysis offering available through IIBA’s Global Corporate Program.
About The Author:
Sema Sali is a business analysis ambassador at IIBA, leveraging the intercept of marketing with business analysis to increase awareness of the value and criticality of business analysis to the success of organizations in today’s complex and disruptive world. She contributes to the growth of IIBA’s ecosystem through marketing efforts of IIBA’s Organizational Programs for Corporate, Academic and Endorsed Education Providers.