How can CIOs use business analysis to build business value?

The global 70% The above enterprises use some form of analysis . With globalization 、 Supply chain challenges and other factors to improve competitiveness , This number will rise .

For businesses ,2022 Year is an important year , Because most industries in the world are recovering from the impact of the COVID-19 ,Web3.0 The time is coming . For these two reasons , The role of CIO must adopt automation and analytical thinking to formulate the strategy of Enterprise Planning . up to now , They have been actively involved in , To maximize IT efficiency , And accelerate overall cost savings .

However , Rapid technological change 、 The growing demand for user centric processes , As well as the adoption of blockchain and Internet of things, business analysis (BA) Positioning as an indispensable part of the enterprise . They are using analytics to help drive business growth . And because no one has the technological nerve of the enterprise except the CIO , They are seizing the opportunity to add value to the enterprise , At the same time, position yourself as an ideological leader .

Gartner Issued by the company 2022 The survey report on business composability in further promoted the demand for analysis . It shows that decision makers, including CIOs, urgently need to adopt automation technology , And cope with the pressure of the rapidly changing business environment .

Continue to establish business analysis practice in the enterprise

Although business analysis operates vertically across the enterprise and at all levels , But it is the CIO's responsibility to ensure that practices are built . It requires an in-depth understanding of the enterprise workflow and scope of analysis , To make significant improvements . therefore , Building business analytics is an ongoing practice , Usually partners are needed to start .

A company called Adaptive US Our educational institutions cooperate with many enterprises , The key is to establish / Improve their business analysis practices . Such platforms are IIBA Certification provides full stack training solutions , And provide various training programs for professionals with different working experience groups . Different educational groups offer different forms of courses , For example, self-study 、 Guide learning 、 Live broadcast and record the course 、 Exam preparation course 、 Office hours, etc , To meet the learning needs of all kinds of learners .

CIOs work with these groups , Their practical construction can be divided into 3 Three key areas ：

• Teams improve skills ： On Planning 、 Gap analysis 、 Scope definition and blueprint design 、 Cost benefit calculation of the new plan 、 Solution architecture 、 modeling 、 inspire 、 demand management 、 Training business analysts in performance management and other improvement programs .
• Process upgrade ： Ensure compliance with industry standards , And benchmark the process according to the business analysis knowledge system , And modernize it .
• Tool update ： Business analysts need to use excellent tools , Having effective tools is critical to the success of an enterprise . Have cost-effective and high-quality business analysis tools ( for example Atlassian、MS Visio、Business Process Modeller、Balsamiq And similar business analysis tools ) It is essential to improve the enterprise plan .

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Perform portfolio management

Compared with the past, only enterprises would regard portfolio management as an important part of executives' decision-making , Today's situation is different . Considering the on-demand accessibility of data , Start ups and small and medium-sized enterprises want their CIOs through application portfolio 、 Infrastructure portfolio and project portfolio to manage the investment of these resources .

Because there is a lot of information available , Business analysis is critical for CIOs . ad locum , Dashboards can include project health elements , Such as cost 、 speed of progress 、 Range 、 Return on investment 、 feedback 、 Value to partners 、 Evaluation of meaningful results and management hierarchy . Low level of this kind of dashboard ( detailed ) The view will include a problem statement 、 Business case 、 state 、 The budget 、 Authorization, etc .

The above answers further enable the CIO to create a top-level view , And evaluate the optimization of expenditure 、 The progress of the channel and the progress of the final promised deliverables .

Extract value from customers

Predictive analysis has an undoubted impact on the mapping model around consumer behavior and the possibility of re subscribing or interrupting Services . The customer experience team is an important part of the CIO team , According to the degree of participation in the product , Customers must be rated according to these indicators , And position them in the marketing funnel .

This sale / Marketing funnel can use the insights of business analysis to predict the possibility of up selling . And then , Tools / The results of the channel will encourage salespeople to provide incentives for up selling or referrals to potential customers . This analytical ability to predict customer churn can help set appropriate goals , It can also strengthen their financial planning field .

Financial management

Financial planning is a key area , Involving all stakeholders including the CIO . For most businesses , It predicts for the project 、 Recruitment 、 Expansion, etc. set the narration . Every CIO and business leader uses financial models to predict any obstacles .

For CIOs , Financial planning and business forecasting through analysts are top priorities . therefore , If the total expenditure is lower than expected , This will be a good indicator , It is also an opportunity to discover new ways that may be useful to enterprises . meanwhile , If the expenditure exceeds the expected limit , CIOs must identify weaknesses , Reformulate the quarterly plan .

Financial visualization in key areas can drive analytical decisions . These include budgets 、 forecast 、 Actual values and accruals 、 Difference and absolute difference 、 Expenditure Economics 、 supplier 、 Contract, etc .

Conclusion

Enterprises realize the importance of analysis in the decision-making of enterprise executives , No need to elaborate . However , The market trend in the post epidemic era requires rapid adoption , And CIOs are leading this shift . up to now , We have discussed the convergence of business analysis across vertical industries and how it changes the role of CIO . It can be seen from the discussion that , This association is found in web3.0 The times will further strengthen . Enterprises that grasp this clue will exist in the competition for a long time .

If people in the industry are accumulating professional skills in business analysis , So it's a step closer to becoming the future CIO .