“Business Analysis is the set of tasks and techniques used to work as a link between all interested parties (stakeholders) in order to understand the structure, policies and operations of a company and to recommend solutions that allow the company to achieve your goals,” according to the BABOK Guide.
Business Analysis involves understanding how organizations accomplish their purposes and defining the capabilities that a company requires to provide products and services to its customers (or external stakeholders). It includes defining goals, how those goals connect with more specific goals, determining the action plans that an organization has to commit to in order to achieve those goals and targets, and establishing how different business units and parties (internal and external stakeholders) interact.
Business Analysis can be done to understand the current scenario of the company or serve as a basis for identifying the business needs themselves. In many cases, however, Business Analysis is done to define and validate solutions that satisfy business needs, goals, or objectives, where you must evaluate and synthesize the information that is provided by all people who interact with the business, such as customers, suppliers, the IT sector, executives, etc.
In the next pages, we look at 5 facts you should know about Business Analysis.
I. Implementing Business Analysis Positions an Organization for Future Growth
One of the major facts of business analysis is that it positions an organization for future growth. An analysis typically considers not just the company’s performance under current economic and market conditions, but how the current structure is likely to function in light of anticipated economic changes. In this sense, the analysis offers the company the opportunity to start preparing today for the needs of tomorrow, increasing the possibility that the company will remain profitable and viable in the future.
II. Business Analysis Ensures Organizational Vices are Identified and Eliminated
In this sense, it identifies changes that need to be made to eliminate waste. This may include reorganizing the company’s operating model, combining some positions, creating new ones, and generally ensuring that available resources are used in the best possible way. Only by carefully evaluating every aspect of the current business model can the analyst determine when and even if any change in the organization would be in the best interest of the company.
III. Business Analysis Evaluates and Fixes Company Policies and Internal Procedures
The analysis can focus on how these policies help or hinder communication between departments, the impact of current policies on customer service and support, and even what these policies mean in terms of utilizing the company’s information technology resources to the best advantage. Here, the task often involves using real-life scenarios from the history of the company to illustrate how these policies are working, as well as identifying ways to adapt these policies to improve overall communication within the organization.
Typically, business analysis is all about identifying what works and what doesn’t, then making recommendations on how to make changes without harming anything that is working properly. Periodically, this type of strategy can go a long way in keeping the company competitive in its market, as well as helping owners and managers to be more open to new approaches and technologies that are win-win for everyone involved.
Companies of all sizes and types can reap the benefits of business analytics and make their businesses stronger and more resilient in terms of meeting challenges and positioning their organization for future growth.
Having understood the facts about business analysis and how important it is in every organization, we invite you to equip yourself to successfully manage change and growth quests for organizations by taking our Business Analysis Foundation certificate course today.
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