Business Analysis

Business analysis can be best described as the discipline to identify needs and find solutions to tackle business-oriented problems. 

In most situations, it comes across as a group of tasks and techniques that serve as a link between stakeholders. Such techniques further come in handy to understand a firm’s structure, policies and everyday operations. 

Typically, the primary objective of business analysis is to find relevant solutions to help a firm achieve its goals.  In fact, with the help of a thorough analysis, business entities can scrutinise and synthesise information provided by a firm’s customers, executives, IT professionals and staff, among others. 

Such an effort facilitates a smooth flow of communication among the various organisational units within a firm. 

It must be noted here that the techniques associated with business analysis tend to focus more on business goals and not much on technology design.

 To be more precise, it is a practice that facilitates change within an organisational setup by defining its needs and simultaneously providing effective solutions against them.

Steps of Business Analysis

Typically, there are 8 distinct steps which help to conduct and conclude a business analysis successfully. These following pointers emphasise on how to make business analysis accurately –

• Get oriented 

This mainly deals with clarifying the role of the business analysts and identifying the stakeholders. To get oriented, a potential analyst would also be required to possess a fair understanding of project history and become familiar with the existing system and operational processing. 

• Identifying and understanding the firm’s objectives

In this step, analysts try to uncover the expectations of stakeholders and merge conflicting outlooks. Subsequently, they make sure that all objectives pertaining to a business venture are clear and attainable.

• Defining the scope of analysis

It is crucial to have a general idea about the scope of specific business analysis to realise the business requirements better. This particular step is responsible for defining effective methods in terms of technology and the required changes in operation. Furthermore, the specific step is also responsible for drafting a scope statement and reviewing the same with stakeholders. 

• Planning the analysis 

A well-crafted business analysis plan provides direction to the analysis process. Typically, analysts are required to choose appropriate business analysis deliverables and define the list of deliverables in this planning process. They are also required to pick a timeline for finishing analysis deliverables. 

• Defining the underlying requirements

The concerned step deals with collecting and assessing the required information to formulate the first draft. Subsequently, analysts proceed to review and validate deliverables and help fill gaps by asking relevant questions.

• Backing technical implementation

This stage is mostly concerned with reviewing final solution designs, updating and repackaging essential documents. In this stage, analysts also help quality assurance professionals to understand the significance of technical requirements. They also provide suitable solutions to various problems and further help manage requirement changes.

• Implementing solutions

Analysts analyse and develop business process documents articulating the modifications that need to be made to the same. The entire step is responsible for ensuring that all components of the business community are prepared to adopt and implement changes as specified in the project. 

• Scrutinising the value created

Business analysts evaluate the progress made against a firm’s objectives for specific projects. It helps to understand the extent up to which the previous goals have been met. Subsequently, they communicate the outcomes to sponsors and if required the project team and other essential members of the firm. Lastly, they may suggest follow-up projects and opportunities that may help them to realise their business problems successfully.

Types of Business Analysis Models

Here are 9 types of business analysis model that help to outline all the steps involved to complete a particular business process. These are – 

Impact of Business Analysis

The ultimate aim of conducting a business impact analysis is to improve commercial operations and increase the flow of projects. Other than these, the following points highlight the impact of business analysis on a firm’s venture –

• The various processes involved helps to understand different user groups and the overall business environment of a firm.
• Business analysts are entrusted with the responsibility to identify and define suitable solutions that will help to increase the value of a firm.
• Helps to define goals and requirements and facilitates the formulation of effective strategies to achieve them.
• Helps generate a functional idea of how to avoid unessential costs and manage the indispensable ones.
• It proves useful in identifying new and profitable opportunities.

A thorough business analysis makes sure that business entities can recognise potential benefits and modify their existing business operations. In turn, it helps to increase productivity, sustain profitability and improve the functioning of business operations.