Everything You Need to Know About Business Analysis

Introduction:

A Business analyst is a very important asset of an organization. He/she helps an organization in identifying and rectifying business problems, provide solutions to fulfill the requirements of the business, optimize its performance, etc. by performing business analysis. Overall it is a very important function of an organization. Keeping that in mind today we are going to share with your everything that you need to know about business analysis.

What Is Business Analysis and What Are Its Benefits?

Business analysis is the process of identifying the business problems/needs of an organization and selecting and implementing a suitable solution to solve them/fulfill the needs of an organization. Following are the benefits of performing a business analysis:

1. It helps in identifying and rectifying business problems.
2. It allows you to understand the way an organization works and functions.
3. It helps in identifying solutions that can help in meeting the needs and requirements of a business.

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Business Analysis Process:

Following are the steps for performing a business analysis:

Step 1: Get Well Oriented-

Many times an analyst has to become a part of a project when it is already going on. In such a situation business analyst must spend some time to get all the details about the project and get well oriented. This allows them to gain clarity about the overall requirements/objectives of a business.

Step 2: Identify Objectives-

In this step, an analyst identifies/finds the objectives of the business. Why it is important? It is important because it allows the analyst to identify the needs and requirements of the business. Following are the responsibilities of a business analyst at this step:

• Gather information about the expectations of the stakeholders
• Merge conflicting expectations
• Make sure that all the objectives are clear and are attainable

Step 3: Define the Scope-

In this step, an analyst defines the scope of the project. The scope contains the guidelines for the project that help the team understand what are the requirements of the business. Following are the responsibilities of a business analyst at this step:

• Find and select a suitable solution that will allow the organization to fulfill its needs and requirements
• Prepare a concise statement of scope

Step 4: Prepare a Business Plan-

In the next step, a business analyst prepares a business plan to help a business in achieving its objectives. Following are the responsibilities of a business analyst at this step:

• Choose suitable forms of the deliverables
• Prepare a list of deliverables
• Set timelines for delivering the deliverables

Step 5: Define The Requirements-

In this step, the business analyst clearly defines the requirements of the business for the implementation team. This allows the team to clearly understand the requirements of the business and helps them in finding the right solution to fulfill these requirements. Following are the responsibilities of a business analyst at this step:

• Collect and combine information about the requirements of the business
• Analyze the data
• Review and validate the deliverables

Step 6: Help The Technical Implementation Team-

In this step, the business analyst helps the technical implementation team to implement the found solution to solve the business problem. Following are the responsibilities of a business analyst at this step:

• Assess and review the solution
• Update the requirements document
• Help the team in the implementation of the solution

Step 7: Help The Company in the Implementation of The Solution-

In this step, the business analyst helps in implementing the found solution in the company. Following are the responsibilities of a business analyst at this step:

• Analyze and prepare the interim business procedure document
• Train the end-users about how to use the solution

Step 8: Assess The Value-

In the final step, a business analyst calculates the value that is provided by the solution to the business and validates that the solution fulfills the requirements of the stakeholders. Following are the responsibilities of a business analyst at this step:

• Evaluate the progress of the company after implementing the solution
• Communicate findings to the stakeholders
• Follow-ups

Business Analysis Techniques:

Following are some of the most famous business analysis techniques:

MOST-

MOST (Mission, Objectives, Strategies, and Tactics) analysis allows a company to improve its internal processes and culture (company culture).

PESTLE-

PESTLE (Political, Economic, Sociological, Technological, Legal, and Environmental) analysis allows the businesses to evaluate all the external factors in the business environment. This allows the businesses to identify and rectify the problems due to which their performance might be suffering.

SWOT-

SWOT (Strength, Weakness, Opportunities, and Threats) analysis allow a company to identify its strengths and weakness and identify any opportunities or threats that are present for them in their business environment.

CATWOE-

CATWOE (Customers, Actors, Transformation Process, World View, Owner, and Environmental) analysis allows an organization to identify those processes whose performance might be affected by an action taken by the stakeholders.

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Conclusion:

By performing business analysis, a business can easily identify/rectify business problems. Besides this it also allows businesses to identify their needs/requirements and help them in identifying correct solutions to fulfill these requirements or needs. Overall it is a very important function of an organization and a business must hire a competent business analyst for performing it.