Businesses work best when their operations are stable and predictable, but that’s never been the case—especially in the modern business environment. It can be difficult to analyze the necessary data from different parts of the business, which makes it especially challenging to put together an effective analysis strategy. This article discusses why business needs effective analysts and how they can help develop better analytics strategies to keep businesses ahead of the competition.
Lets Know why business needs effective analysts
Main Reasons Organizations Need An Analytic Leader
Managers, CEOs and executives now more than ever need an objective perspective from which to make critical business decisions. We are witnessing a renaissance in business analytics that is transforming every part of organizations—from R&D labs to supply chains and sales forces. The truth is that organizations have access to vast amounts of data. Unfortunately, most companies don’t know how to turn their data into actionable insights. In fact, according to McKinsey & Company’s report Big Data: The Next Frontier for Innovation, Competition and Productivity only 30% of companies surveyed said they can analyze their internal data well enough to identify new growth opportunities or operational efficiencies. This lack of insight is hampering innovation efforts and hindering growth.
Characteristics Of An Effective Analyst
Excellent written and verbal communication skills.
A passion for identifying problems and developing solutions.
An ability to separate themselves from their own personal biases in order to gain objectivity when working on a problem.
Driven to understand data; an innate sense of curiosity about how things work and why things are the way they are – i.e., someone who is data-driven, not results-driven.
The more effective you are at communicating information and solving problems, the more influential you’ll be as an analyst and a team member, which makes for better opportunities down the road when it comes time to look for a new job or advance your career path by changing companies . While being able to communicate effectively may seem like common sense, many analysts struggle with both speaking and writing. If you find yourself struggling with either one of these areas, consider taking a public speaking class or hiring a coach to help develop your presentation skills.
Additionally, if writing isn’t something that comes naturally to you (which is completely fine), take some time to practice writing well-structured emails that get right to the point. It’s much easier for someone else (or even yourself) to read an email that gets straight into what needs done rather than reading through several paragraphs of unnecessary verbiage before getting any real information.
Common Mistakes Made By An Analyst
The most common mistake made by analysts is not having an effective methodology for testing and validating ideas. The first step to correcting a problem is to be aware of it, so let’s take a look at five signs that you’re making these mistakes. If any of them sound familiar, there are ways to fix them and become more effective in your role as an analyst.
1) You’re constantly changing your mind: If you can’t make up your mind about what to do next, how can anyone else? Staying focused on a single course of action is crucial when conducting analysis because indecision leads to inaction and inaction leads to poor results.
2) You don’t have data-driven recommendations: Your job as an analyst isn’t just to collect data; it’s also important that you interpret what that data means in order to provide actionable insights.
3) You’re afraid to speak up: A good analyst knows that speaking up is part of their job. Whether you disagree with someone or want to point out something that may have been overlooked, being assertive will help ensure that everyone has all of the information they need to make good decisions.
4) You don’t know where to start: When work with a new assignment or project, some people get overwhelmed by everything they need to do and end up doing nothing at all.
5) You think your work doesn’t matter. It may seem like no one cares about what you do as an analyst, but if you’re doing it right then everyone should care!
Tips To Improve The Success Of Your Analyst
The truth is, you don’t always have to have an analyst on your team in order to make a business successful. However, if you do employ one and they are ineffective, it can lead to more problems than having no analyst at all. Fortunately, there are some things that every owner or manager should do in order to ensure that their analysts are as effective as possible.
Make sure your analysts understand how critical they are to the success of your company. This may seem like a no-brainer, but it needs to be said. If your business analysts aren’t aware of how vital they are to keeping everything moving forward smoothly, then they probably won’t be able to focus on anything other than being concerned about making mistakes or getting fired. And while we all know that those fears aren’t entirely irrational when working with someone who has power over you (i.e., your boss), those fears will keep them from really digging into projects and truly excelling at what they do best—analyzing data!
Now you know business needs effective analysts for their growth.