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Do you want to know the importance of Business Analyst Tools? When it comes to workflow management, you need to use all the tools and processes that streamline and optimize the operations of your business. For instance, you need to utilize software systems that enable you to get improved productivity. These systems include content management systems, document management systems and business process management (BPM) tools.Remember the best workflow management systems can be costly and challenging to implement. However, by seeking the services of an IT Business Analyst, your company will benefit from them, which means you will get the best returns on your investments. In this informative article, we’ll look at five benefits of these tools.1. Improved AccountabilityThe best Business Analyst Tools enable your company to experience improved productivity. Keep in mind many employees don’t respond well to micromanagement, which means you need to use the latest tools to check their productivity. By using the best tools and software, you can know which tasks need to be done, the best team member to carry them out and the specific period the work should be completed.When you know which tasks and goals need to be met, you won’t need to intervene now and then, that’s unless it’s necessary. That improves the relations between the staff and management by removing personal opinions and considerations from any issue. Databases can store records of what occurred in the system, which gives the administration the ability to audit behavior if necessary.2. Reduces the Need for Manual LaborThe best business analyst tools provide your team members with the chance to work on non-repetitive tasks. It means they can expand their skills, for example, by working on aspects that require more human input such as in the production process. The best work management tools ensure that work is done faster and without common human errors. Instead of using these tools to replace employees, you should use them to make the workplace more productive and exciting, which improves the firm’s overall morale.3. Better CommunicationThe best business analyst tools eliminate the need for paper chasing and use of telephones. That makes the office more efficient and greener, which in turn reduces the firm’s turnover rates. Among the reasons for quitting jobs is poor or inadequate communication in offices. By using tracking software, you can provide employees with a better way of finding out what needs to be done right now and in the future. For you to ensure smooth day to day running of the business, you need to make sure your communication is honest and clear to employees.4. Streamlines the Business Operation ProcessesWorkflow or business analyst tools enable you to have valuable insight in the day to day running of your business. For example, by using automation software, you can determine which tasks can be done simultaneously instead of being completed sequentially. You can know which steps are unnecessary; which means you will make informed choices and decisions. For example, you will know which employees perform specific tasks at their best, rather than who happens to be free at that particular time.5. Faster Completion of ProjectsThe best business analyst tools enable you to shorten the duration of projects. For example, you can use them to reduce the period between starting a project and having it approved. As the management, you can set these tools to notify team members when the deadline is approaching or if they have missed it. The team leaders can let employees know of any new projects, changes in scheduling and guideline updates. Remember that in the long run, the time taken to determine these issues can prove to be a lot, meaning you need to use the latest tools to move on to new profitable projects.What to DoWhen switching over to using the best Business Analyst Tools, you may encounter several challenges. That means you should evaluate your office or business needs before deciding to make the switch. If you regularly meet your goals or surpass them, you may choose to leave it as it is. However, if you think you need a general overhaul of your operating systems and routines, you should consider moving your company to the next level.Before implementing drastic changes, you should open up and consult with your team members about the impending changes. You should then consider hiring an expert IT Business Analyst to help in the process. Below we look at benefits of hiring them.Benefits of Hiring an IT Business AnalystOne common question on online business forums is; what are the benefits of hiring an Information Technology (IT) Business Analyst? For some businesses, business analysts provide them with many benefits. However, others may not know these benefits, which mean they fail to get the many positive results that analysts bring to companies. In today’s business environment, business analysis can be the glue that holds a company or business together.What’s The Role of a Business Analyst?Breaks Down Work into Manageable and Small BitsThe primary function of an IT Business Analyst is to help make work more manageable by breaking it into smaller pieces. Developing and testing are also made simpler by business analysts. These professionals ensure all projects are on track by documenting their progress. That means the best returns on your investments.Enhances CommunicationIT Business Analysts ensures the communication lines are kept open, that’s by filling any gaps in the case of breakdowns. They eliminate any confusion in the case of requirements, scope and testing by explaining the processes in a way that team members can understand. It means that the workplace efficiency is improved and tasks completed faster.Provides SupportIn the course of carrying out challenging tasks, the project managers may be overwhelmed by budgets, reports, schedules and other issues. Business analysts can step in and help by providing them with professional support to the team members, project managers and sponsors. The result will be improved returns and faster completion of projects.Increases the Business ReturnsProfessional IT Business Analysts know how to increase the company’s potential benefits and returns. For example, they know how to uncover or discover new business needs and ensure that your business priorities are focused on bringing the best value. Remember that they use the best Business Analyst Tools to arrive at their decisions.What 2018 Holds For IT Business AnalystsAs far as the role of Business Analysts is concerned, the year 2018 offers them new predictions. That’s because new Business Analysts Tools provide them with more chances to improve the operating systems of companies.These professionals will be tasked with many projects that include project and testing management. Many will offer their services on a specialist basis, for example, cost-benefit analysis, scoping and other project requirements.For those with business analysis backgrounds, they will continue their migration towards critical and influential positions in different areas of the organization. The result may be a change in their titles, which may result in disagreement or confusion over their exact job description and responsibilities.How to Hire the Best IT Business Analyst• If you’re asking yourself whether you need to hire a Business Analyst or a project manager, you need to consider the value that each of them brings to your organization or project. In some instances, the project manager may have vast expertise.• On the other hand, the business analyst may have experience and knowledge in examining information and other facts, which means they can provide your company with the right questions and carry out thorough research.• The primary factors for hiring an IT Business Analyst is that he or she can be able to break down information into several parts, document and workflows.• You need to ensure the business analyst you’re hiring has the best experience in the IT field which you need. It may seem like an obvious consideration, but you should remember that IT fields are different.• Other qualities you should consider are their industry knowledge, problem-solving skills and effective documenting. They will ensure you get the best results. Remember that any professional should be self-directed and motivated.• The business analyst should also have the best working skills and communication abilities. They will ensure that he or she works with your team to solve problems. Remember that it’s only through effective communication with your team members that the professional will able to bring you the best results.• When hiring them, make sure you have written agreements on how fast you should expect results, the processes involved and how much they will charge you. That will enable you to plan your budget estimates to ensure that no payment disputes occur during the work or after completion of the project. Compare quotes from different professionals before settling on the best one, who should have experience and provide you with competitive rates.ConclusionThe best IT Business Analyst should be able to use the latest Business Analyst Tools to ensure that your business improves its efficiency and profits. Consider hiring those who use the most recent software and have experience in your particular field.

Your stocks to watch for the week ahead are Cheniere Energy (LNG), S&P 500 biotech giant Vertex Pharmaceuticals (VRTX), Cardinal Health (CAH), Steel Dynamics (STLD) and Genuine Parts (GPC).

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While the market remains in correction, with analysts and investors wary of an economic downturn, these five stocks are worth adding to watchlists. S&P 500 medical giants Vertex and Cardinal Health have been holding up, as health-care related plays tend to do well in down markets.

Steel Dynamics and Genuine Parts are both coming off strong earnings as both the steel and auto parts industries report optimistic outlooks. Meanwhile, Cheniere Energy saw sales boom in the second quarter as demand in Europe for natural gas continues to grow.

Major indexes have been making rally attempts with the Dow Jones and S&P 500 testing weekly support on Friday. With market uncertainty, investors should be ready for follow-through day breakouts and keep an eye on these stocks.

Cheniere Energy, Cardinal Health and VRTX stock are all on IBD Leaderboard.

Cheniere Energy Stock
LNG shares rose 1.1% to 175.79 during Friday’s market trading. On the week, the stock advanced 3.1%, not from highs, bouncing from its 21-day and 10-week lines earlier in the week.

Cheniere Energy has been consolidating since mid-September, but needs another week to forge a proper base, with a potential 182.72 buy point formed on Aug. 10.

Houston-based Cheniere Energy was IBD Stock Of The Day on Thursday, as the largest U.S. producer of liquefied natural gas eyes strong demand in Europe.

Even though natural gas prices are plunging in the U.S. and Europe, investors still see strong LNG demand for Cheniere and others.

The U.K. government confirmed last week that it is in talks for an LNG purchase agreement with a number of companies, including Cheniere.

In the first half of 2021, less than 40% of Cheniere’s cargoes of LNG landed in Europe. That jumped to more than 70% through this year’s second quarter, even as the company ramped up new export capacity. The urgency of Europe’s natural gas shortage only intensified last month. That is when an explosion disabled the Nord Stream 1 pipeline from Russia that had once supplied 40% of the European Union’s natural gas.

In Q2, sales increased 165% to $8 billion and LNG earned $2.90 per share, up from a net loss of $1.30 per share in Q2 2021. The company will report Q3 earnings Nov. 3, with investors seeing booming profits for the next few quarters.

Cheniere Energy has a Composite Rating of 84. It has a 98 Relative Strength Rating, an exclusive IBD Stock Checkup gauge for share price movement with a 1 to 99 score. The rating shows how a stock’s performance over the last 52 weeks holds up against all the other stocks in IBD’s database. The EPS rating is 41.

Vertex Stock
VRTX stock jumped 3.4% to 300 on Friday, rebounding from a test of its 50-day moving average. Shares climbed 2.2% for the week. Vertex stock has formed a tight flat base with an official buy point of 306.05, according to MarketSmith analysis.

The stock has remained consistent over recent weeks, while the relative strength line has trended higher. The RS line tracks a stock’s performance vs. the S&P 500 index.

Vertex Q3 earnings are on due Oct. 27. Analysts see EPS edging up 1% to $3.61 per share with sales increasing 16% to $2.2 billion, according to FactSet.

The Boston-based global biotech company dominates the cystic fibrosis treatment market. Vertex also has other products in late-stage clinical development that target sickle cell disease, Type 1 diabetes and certain genetically caused kidney diseases. That includes a gene-editing partnership with Crispr Therapeutics (CRSP).

In early August, Vertex reported better-than-expected second-quarter results and raised full-year sales targets.

S&P 500 stock Vertex ranks second in the Medical-Biomed/Biotech industry group. VRTX has a 99 Composite Rating. Its Relative Strength Rating is 94 and its EPS Rating is 99.

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Cardinal Health Stock
CAH stock advanced 3.2% to 73.03 Friday, clearing a 71.22 buy point from a shallow cup-with-handle base and hitting a record high. But volume was light on the breakout. CAH stock leapt 7.3% for the week.

Cardinal Health stock’s relative strength line has also been trending up for months.

The cup-with-handle base is part of a base-on-base pattern, forming just above a cup base cleared on Aug. 11.

Cardinal Health, based in Dublin, Ohio, offers a wide assortment of health care services and medical supplies to hospitals, labs, pharmacies and long-term care facilities. The company reports that it serves around 90% of hospitals and 60,000 pharmacies in the U.S.

S&P 500 stock Cardinal Health will report Q1 2023 earnings on Nov. 4. Analysts forecast earnings falling 26% to 96 cents per share. Sales are expected to increase 10% to $48.3 billion, according to FactSet.

Cardinal Health stock ranks first in the Medical-Wholesale Drug/Supplies industry group, ahead of McKesson (MCK), which is also showing positive action. CAH stock has a 94 Composite Rating out of 99. It has a 97 Relative Strength Rating and an EPS rating of 73.

Steel Dynamics Stock
STLD shares shot up 8.5% to 92.92 on Friday and soared 19% on the week, coming off a Steel Dynamics earnings beat Wednesday night.

Shares blasted above an 88.72 consolidation buy point Friday after clearing a trendline Thursday. STLD stock is 17% above its 50-day line, definitely extended from that key average.

Steel Dynamics’ latest consolidation could be seen as part of a larger base going back six months.

Steel Dynamics topped Q3 earnings views with EPS rising 10% to $5.46 while revenue grew 11% to $5.65 billion. The steel producer’s outlook is optimistic despite weaker flat rolled steel pricing. STLD reports its order activity and backlogs remain solid.

The Fort Wayne, Indiana-based company is among the largest producers of carbon steel products in the U.S. It engages in metal recycling operations along with steel fabrication and produces myriad steel products.

How Millett Grew Steel Dynamics From A Three Employee Business

STLD stock ranks first in the Steel-Producers industry group. STLD stock has a 96 Composite Rating out of 99. It has a 90 Relative Strength Rating, an exclusive IBD Stock Checkup gauge for share-price movement that tops at 99. The rating shows how a stock’s performance over the last 52 weeks holds up against all the other stocks in IBD’s database. The EPS rating is 98.

Genuine Parts Stock
GPC stock gained 2.8% to 162.35 Friday after the company topped earnings views with its Q3 results on Thursday. For the week GPC advanced 5.1% as the stock held its 50-day line and is in a flat base.

GPC has an official 165.09 flat-base buy point after a three-week rally, according to MarketSmith analysis.

The relative strength line for Genuine Parts stock has rallied sharply to highs over the past several months.

On Thursday, the Atlanta-based auto parts company raised its full-year guidance on growth across its automotive and industrial sales.

Genuine Parts earnings per share advanced 19% to $2.23 and revenue grew 18% to $5.675 billion in Q3. GPC’s full-year guidance is now calling for EPS of $8.05-$8.15, up from $7.80-$7.95. The company now forecasts revenue growth of 15%-16%, up from the earlier 12%-14%.

During the Covid pandemic, supply chain constraints caused a major upheaval in the auto industry, sending prices for new and used cars to record levels. This has made consumers more likely to hang on to their existing vehicles for longer, driving mileage higher and boosting demand for auto replacement parts.

Fellow auto stocks O’Reilly Auto Parts (ORLY) and AutoZone (AZO) have also rallied near buy points amid the struggling market. O’Reilly reports on Oct. 26.

IBD ranks Genuine Parts first in the Retail/Wholesale-Auto Parts industry group. GPC stock has a 96 Composite Rating. Its Relative Strength Rating is 94 and it has an EPS Rating of 89.

There are several potential financing options available to cash-strapped businesses that need a healthy dose of working capital. A bank loan or line of credit is often the first option that owners think of – and for businesses that qualify, this may be the best option.

In today’s uncertain business, economic and regulatory environment, qualifying for a bank loan can be difficult – especially for start-up companies and those that have experienced any type of financial difficulty. Sometimes, owners of businesses that don’t qualify for a bank loan decide that seeking venture capital or bringing on equity investors are other viable options.

But are they really? While there are some potential benefits to bringing venture capital and so-called “angel” investors into your business, there are drawbacks as well. Unfortunately, owners sometimes don’t think about these drawbacks until the ink has dried on a contract with a venture capitalist or angel investor – and it’s too late to back out of the deal.

Different Types of Financing

One problem with bringing in equity investors to help provide a working capital boost is that working capital and equity are really two different types of financing.

Working capital – or the money that is used to pay business expenses incurred during the time lag until cash from sales (or accounts receivable) is collected – is short-term in nature, so it should be financed via a short-term financing tool. Equity, however, should generally be used to finance rapid growth, business expansion, acquisitions or the purchase of long-term assets, which are defined as assets that are repaid over more than one 12-month business cycle.

But the biggest drawback to bringing equity investors into your business is a potential loss of control. When you sell equity (or shares) in your business to venture capitalists or angels, you are giving up a percentage of ownership in your business, and you may be doing so at an inopportune time. With this dilution of ownership most often comes a loss of control over some or all of the most important business decisions that must be made.

Sometimes, owners are enticed to sell equity by the fact that there is little (if any) out-of-pocket expense. Unlike debt financing, you don’t usually pay interest with equity financing. The equity investor gains its return via the ownership stake gained in your business. But the long-term “cost” of selling equity is always much higher than the short-term cost of debt, in terms of both actual cash cost as well as soft costs like the loss of control and stewardship of your company and the potential future value of the ownership shares that are sold.

Alternative Financing Solutions

But what if your business needs working capital and you don’t qualify for a bank loan or line of credit? Alternative financing solutions are often appropriate for injecting working capital into businesses in this situation. Three of the most common types of alternative financing used by such businesses are:

1. Full-Service Factoring – Businesses sell outstanding accounts receivable on an ongoing basis to a commercial finance (or factoring) company at a discount. The factoring company then manages the receivable until it is paid. Factoring is a well-established and accepted method of temporary alternative finance that is especially well-suited for rapidly growing companies and those with customer concentrations.

2. Accounts Receivable (A/R) Financing – A/R financing is an ideal solution for companies that are not yet bankable but have a stable financial condition and a more diverse customer base. Here, the business provides details on all accounts receivable and pledges those assets as collateral. The proceeds of those receivables are sent to a lockbox while the finance company calculates a borrowing base to determine the amount the company can borrow. When the borrower needs money, it makes an advance request and the finance company advances money using a percentage of the accounts receivable.

3. Asset-Based Lending (ABL) – This is a credit facility secured by all of a company’s assets, which may include A/R, equipment and inventory. Unlike with factoring, the business continues to manage and collect its own receivables and submits collateral reports on an ongoing basis to the finance company, which will review and periodically audit the reports.

In addition to providing working capital and enabling owners to maintain business control, alternative financing may provide other benefits as well:

It’s easy to determine the exact cost of financing and obtain an increase.
Professional collateral management can be included depending on the facility type and the lender.
Real-time, online interactive reporting is often available.
It may provide the business with access to more capital.
It’s flexible – financing ebbs and flows with the business’ needs.
It’s important to note that there are some circumstances in which equity is a viable and attractive financing solution. This is especially true in cases of business expansion and acquisition and new product launches – these are capital needs that are not generally well suited to debt financing. However, equity is not usually the appropriate financing solution to solve a working capital problem or help plug a cash-flow gap.

A Precious Commodity

Remember that business equity is a precious commodity that should only be considered under the right circumstances and at the right time. When equity financing is sought, ideally this should be done at a time when the company has good growth prospects and a significant cash need for this growth. Ideally, majority ownership (and thus, absolute control) should remain with the company founder(s).

Alternative financing solutions like factoring, A/R financing and ABL can provide the working capital boost many cash-strapped businesses that don’t qualify for bank financing need – without diluting ownership and possibly giving up business control at an inopportune time for the owner. If and when these companies become bankable later, it’s often an easy transition to a traditional bank line of credit. Your banker may be able to refer you to a commercial finance company that can offer the right type of alternative financing solution for your particular situation.

Taking the time to understand all the different financing options available to your business, and the pros and cons of each, is the best way to make sure you choose the best option for your business. The use of alternative financing can help your company grow without diluting your ownership. After all, it’s your business – shouldn’t you keep as much of it as possible?