How Business Analysts Can Help Companies Survive a Recession
The current financial climate has seen a recession not only in New Zealand but also overseas, leading to companies looking for ways to cut costs, restructure, and even merge to survive. Business analysts can play a crucial role in helping companies during this period by focusing on continuous improvement and business transformation.
Continuous improvement involves applying process-level improvements to reduce waste in the organization. Business analysts can help by focusing on reducing waste at the process level, making processes more efficient, and providing clarity to senior leaders about the impact of cost-cutting measures. On the other hand, business transformation involves a top-down approach where a company reflects on its business model and unique value proposition (UVP). Business analysts can assist by reviewing the company’s UVP and identifying areas where fundamental changes can be made.
During a recession, companies tend to focus on their UVP, which is what customers come to them for. This may result in turning off services that are not core to the business or not what makes them unique to their target customers. It’s important for businesses to be conservative with their spending and to look for ways to cut costs. However, this can be a difficult time for many people, and it’s important to remember that there are ways to help.
Business analysts can use their skills and knowledge to advise friends and family who may be affected by the recession, helping them to identify new career opportunities and navigate the job market. By focusing on continuous improvement and business transformation, business analysts can help companies and individuals survive and thrive during a recession.