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Business Analyst was a very popular term in the early 21st century. In general, the term was coined in conjunction with Information Technology (IT) due to the overarching effect, business importance, and visibility generated by the Y2K project. There were a number of business analyst roles that were required by various organisations. Business analysts thus came to be viewed as subject matter experts in gathering and analysing data meant for a specific project within the organisation. They spent time determining the scope of the investments and infrastructure of the IT systems.
BUSINESS ANALYSIS
Business analysis, however, is a much larger concept that is used to a much lesser extent in today's environment, but is something that still continues to have a significant impact in the functioning of modern business. Business analysis is almost a discipline in my opinion, a discipline that requires a number of key skill sets, to be done perfectly. Business analysis is the discipline of identifying business needs and determining solutions to business problems. Solutions often include a systems development component, but may also consist of process improvement, organisational change or strategic planning and policy development.
This definition of business analysis encompasses the role of a modern-day leader from both a strategic sense and an operational one. Identifying business needs and defining solutions to the needs and/or problems is a fairly tactical requirement. However, planning and organisational change are tenets of strategy, and are attributable to leaders at higher echelons of the organisation.
A recent article on the Internet touched upon the perception that business analysts are “leaders without titles” since they don't have any significant authority within the organisation. In my view, leaders are business analysts themselves. Business analysis is a key requirement of every leader within an organisation; it could be the key skill set that differentiates the best leaders from the rest.
LEADERSHIP
The best leaders are ones who are able to effectively analyse current patterns of the specific entities / business units that they manage, and are able to estimate future performance based on data gathered around environments, risks, perceptions etc. They are able to strategically envisage where markets, industries, and businesses are moving to. Moreover, they have the additional vision to create a “disruptive” practice, technology, or process that can significantly alter the functioning of the existing set of parameters. This disruptive practice could be as basic as creating a completely different way of slicing data to be reviewed, or as unique as creating the next big technology. By doing this, leaders perform the role of business analysts themselves, and do so extremely effectively. Leaders thus identify business opportunities or problems and create solutions to tap the opportunities or address problems.
Business analysis incorporates the use of a number of techniques and analysis. These analyses offer a clear structure to analyse situations and provide solutions. However, it is fairly safe to assume that leaders in most organisations today use a concoction of all these popular models of business analysis at both the tactical and strategic levels. Almost every business situation in today's dynamic environment demands the ability to use a number of these techniques at different forms and in different weightages for each of the attributes. Leaders are thus business analysts, not only by training, but also by design; they perform the function of a business analyst on an almost daily basis.
In conclusion, business analysis as a discipline is alive and thriving at a much higher level of intensity in today's environment. It has, however, superceded the need to allocate it to a specific function. Rather, it has become imperative that all leaders and aspiring leaders develop this important skill set to successfully navigate the multitude of opportunities and challenges presented before them today.
(The author is Finance & Operations Director, Texas Instruments.)
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