Benefits of Business and Data Analysis
The term data analysis refers to the process of inspecting, transforming, cleansing and modeling data with an intention of supporting decision making process as well as discovering useful information. Business analysis, on the other hand, is a type of research that identifies the business needs and finds the solution to the challenges facing a business. Some of the immediate solutions to a problem include the use of a software system component. In addition, business can use policy development, organizational change, process improvement as well as strategic panning.
A business analyst is an individual whose job is to carry out the business analysis procedure whereas data analysts specialize in examination. The business analyst is charged with the following responsibilities, these include evaluating actions and improving the operations of a company’s system, documenting the business requirements for the information technology systems of a business using the appropriate documentation standards as well as investigating business systems using the required procedures.
Business analysis is divided into the following sub-disciplines including requirement planning and management, enterprise analysis, requirement elicitation, requirement analysis and documentation, solution assessment and validation, as well as requirements communication.
Enterprise analysis is critical since it palsy a vital role in identifying business needs and preparing the initiatives that will make the business meet its goals. The following are the main duties of enterprise analysis, these include carrying out the initial risk assessment, defining new business opportunities, steering feasibility studies, making and upholding the business architecture, defining new business opportunities, as well as making the business case.
The process of data analysis involves breaking down of a whole system into various components for individual examination. Data analysis is useful in decision making process since it obtains raw data and converts it into useful information.
Data analysis as a process has three main different phases these include data collection, data processing and data cleaning. The following are the main source of data, these include sources such as recording devices, camera, people, among others.
The following is the benefits of business and data analysis. Business and data analysis need to be incorporated in companies since they reassures proactivity and anticipating needs. The analytical skills are vital since they assist business to produce relevant products.
One of the reasons as to why business need to hire both data and business analysts is that the skills will assist in optimizing and boosting the operational efficiency of the business. The other techniques applied include in field operation , improve efficiency as well as productivity.
In addition to boosting performance and productivity in a business, the techniques are also vital in curbing security and fraud threat within an organization. It is good to note that by adopting the techniques, a business is able to protect its financial and intellectual assets from fraud.