What is Business Analysis?
Business Analysis means identifying the needs of business and to find out best solutions for business problems. Some solutions that include in business analysis are:
- System Development Component,
- Process Improvement,
- Policy Development, and
- Strategic Planning.
The worker who does this task is known as Business Analyst (BA). The Business Analyst those work alone on developing the software systems may be called with various names such as:
- IT Business Analysis,
- System Analysts,
- Technical Business Analysts, or
- Online Business Analysts.
Techniques in Business Analysis:
The Business Analyst has different techniques in business analysis to facilitate business change. Some of them include:
- PESTLE: Used for performing External Environmental Analysis.
i. P – Political.
ii. E – Economic.
iii. S – Sociological.
iv. T – Technological.
v. L – Legal.
vi. E – Environmental.
- HEPTALYSIS: It is used to perform overall analysis of Early Stage Business on 7 categories. They are:
i. Human Capital.
ii. Execution Plan.
iv. Market opportunity.
v. Financial Engine.
vi. Margin of safety.
vii. Potential return.
- MOST: Used for performing Internal Environmental Analysis.
i. M – Mission.
ii. O – Objective.
iii. S – Strategies.
iv. T – Tactics.
- SWOT: Used for identifying threats in both external and internal.
i. S – Strengths.
ii. W – Weakness.
iii. O – Opportunities
iv. T – Threats.
- 6 Thinking hats of de Bono: Used for generating brainstorm session and to analyze options and ideas.
i. Green – Emotional and Creative.
ii. White – Logical and Pure facts.
iii. Black – Devil’s Advocate and Negative.
iv. Blue – Control and Cold.
v. Red – Emotional.
vi. Yellow – Positive and Bright.
- 5 Why’s: Used to know what is going on in a single example.
i. M – Must Have.
ii. S – Should Have.
iii. C – Could Have.
iv. W – Would be willing to have in future.
- VPEC-T: Used to analyze the multiple parties expectations.
i. V – Values.
ii. P – Policies.
iii. E – Events.
iv. C – Contents.
Business Process Improvement (BPI):
The Business Process Improvement includes six major steps:
- Process Analysis Training,
- Selection of Process Teams and Leader,
- Process Documentation,
- Process Analysis Interview,
- Problem Analysis, and
- Review Cycle.
Roles of Business Analysts (BA):
The Business Analysts has three specialized activities in business analysis such as:
- System Analyst, and
The ultimate goal of business analysis is to reduce waste of money, create best solutions, improve efficiency, complete projects on time, and document right requirements.
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