It’s an exciting feeling to walk into a brand new restaurant. The ambiance is electric; the restaurant appears aesthetically pleasing, and, at first impression, it has lived up to the rave reviews you’ve heard. Now that you’re seated, your interest diverts to the menu, and boy are you enthralled. The menu offers appetizers that you never knew existed, the list of entrees has your mouth salivating and the salads look amazing. There are so many great options to have to narrow down.
More than a menu.
This experience has likely happened to you to some degree, whether that dramatic or not. And as exciting as a new menu might seem, have you ever taken a look at it from an analyst’s point of view? Think about it. A restaurant’s menu is essentially a culmination of data points comprised by the owner, executive chef or a combination of other management personnel. These individuals have carefully gathered and assessed data on the best ingredients, price points, menu design and more. There is a reason why the Cobb salad is in bold font and the roadhouse burger is at the top of the “hands on” section. You better believe the chef has a definitive reason why her restaurant only sources fish from the Atlantic and why the beverage director insisted on creating a stand-alone drink menu.
Analyze the data that will make your company profitable.
It’s all part of the plan.
As consumers, we rarely notice subtle nuances like these, yet they are right in front of our faces every day. As they say, everything happens for a reason. When it comes to making faster and smarter decisions in business, it is typically based on the research and feedback from the business analyst. It takes a special skill set to understand and interpret a company’s data and turn it into action plans. Not only must these individuals maintain wholesome perspectives on business, it’s imperative they are aware that a company’s ability to monetize on big data relies on their decision-making. (Between you and me, it’s hard enough deciding which tie works best on a first date, but if I input my success and failure rates in relation to each tie in my closet into a spreadsheet and analyzed it, I could better predict my chance of a second date. Data analysts use this same technique on a bigger scale.)
What’s on your menu?
The business analyst role isn’t new, but the growing importance of it is. Thanks to the Internet of Things and the Cloud, data is being collected on basically everyone and from almost every direction. With a future of big data, business analysts will play an integral role in companies, creating new revenue streams, translating customer needs into new products, services and profits, and providing a competitive edge for their company. And the beauty of it is that your executive team and business development leaders can trust in what these analysts are bringing to the table because everything is based on data, as opposed to abstracts or suggested theories.
If you’re looking to improve your business analysis skills, there’s no better time. Or, if you’re a leader in your company and don’t have a business analyst on staff, it might be something to consider. Whether you’re at a restaurant, bank, insurance agency, or part of a marketing department, analysts are the brilliant men and women who will compliment your business intelligence software and staff. It’s such a fascinating, yet aggressive, time we are living in right now, and nobody can afford to be left behind.
Wanting to become a business analysis professional or understand more about how this could benefit your organization? New Horizons has the classes for you.