Data analysis and business analysis may be useful for business owners for various reasons, and it may be relevant at different stages of company development.
Let’s imagine that you have an online store and you notice that sales of a certain product have dropped in the last few months. You decide to contact a business analyst to understand the reasons for this decline and develop a strategy to improve the situation.
A business analyst begins by collecting data. He can examine product sales over a certain period, price competitiveness data, customer feedback, and other factors that could influence demand. Next, the BA specialist will formulate hypotheses and prototype solutions, and based on them, develop comprehensive recommendations for optimizing business processes. Often, business analysts are also responsible for working with documentation and reporting, developing instructions and regulations and their timely implementation.