Business analysis is a useful tool for understanding the strengths and weaknesses of an organization. Analysis is carried out through an accurate study of the case, developed on the basis of precise administrative, technology, and excellent management consultancy. The measurement of business results, also through the aid of strategic business planning, allows you to acquire an in-depth view of your business and optimize every internal process.
Every company should equip itself with management control tools. It is in fact very important to have full control of your business, in real-time, in order to perform at your best.
The company dashboard is a methodology designed specifically for each individual activity following careful business analysis work. This is why every organization needs the expert services of a business analyst.
Below, we discuss 4 steps every business analyst that will be highly sought after by organizations must take.
I. Detection of Criticalities
The first step a good management consultant must take is to inspect a company to identify the objectives that the founder or the company itself is pursuing at a given time. This takes place through strategic interview with the owners/leaders. The interview defines a path and a direction to achieving business optimization for the company.
At this point, the criticalities are identified, which can be of different types: production, financial, fiscal, managerial, or in relation to employees. Thereafter, each problem is studied and analyzed.
II. Company SWOT Analysis
The SWOT category is also part of the company analysis. No, this is not a special force breaking into your office, nor is it a series of grueling pushups!
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Stanford University developed this analysis in the 1960s. It is a very effective methodology to deploy to detect all the salient characteristics and concerns of a company.
An organization’s SWOT analysis is based on the definition of a specific objective. Starting from this, the business analysis consultant analyzes the strengths that contribute to achieving this goal and the weaknesses that can hinder it. From there, actions are taken to improve weaknesses, exploit opportunities, and reduce threats. Consequently, all work will be planned for this goal. By discussing with the organization’s leaders, you will draw up specific objectives, specify the necessary priorities, as well as a possible action plan – all jointly decided by the analyst and the organization.
III. Action Plan
Once the criticalities have been identified and the strengths and weaknesses determined, the business analysis consultant can move on to the action plan of the company’s analysis and to a correct evaluation of the company’s overall or specific needs.
Based on the defined objectives, these may consist of a series of structural, managerial, or decision-making changes, all aimed at achieving the objective, eliminating critical issues, and improving standards. Costs and revenues are analyzed to find significant trends, and a report is drawn up that includes all actions taken to improve business performance. Often the affected leaders are aware of their own criticalities, but not of their actual weight on the company.
As a business analyst, you are to do everything necessary and within your scope of expertise to help the organization in defining a brilliant strategy based on their objectives and needs
IV. Know-how Transfer
Business analysis ends with the transfer of strategic know-how to the organization you are consulting for, or the team you are working with. Thanks to this knowledge transfer, the organization will be able to continue the laid-down strategies with a controlled methodology, completely avoiding basic errors or correcting themselves in real time without suffering any or serious losses. The formation of a solid corporate culture is the key to a constant improvement of organizational standards.
Correct business analysis also requires meticulous attention to cost analysis. Cost analysis is an accounting study procedure useful for maximizing efficiency in the administration of the resources available to a company. This type of study procedure is valid for every type of company, and it is the duty of a business analyst to conduct this for organizations, alongside other cogent aspects of business effectiveness.
Are you ready to become the brain of businesses henceforth? Becoming a Certified Business Analysis Professional (CBAP) will expose you to opportunities of working as a business analyst in organizations or as an independent consultant to organizations.
Learn more and take this course.
