The Importance of Business Analysis

The Importance of Business Analysis

Today's business market is quite competitive. That's why companies do what they can to be successful and not to be left behind.

The key to success is wise decisions that can be made based on reliable information. To obtain this information, we need Business Analysis.

We should examine the most essential aspects of Business Analysis. It can provide advantages to your organisation. Additionally, we should explore the duties of a Business Analyst.

Keyword(s): Business Analysis

What is Business Analysis? 

First, let's answer the simplest question. Business Analysis is a set of processes that involve gaining insight based on the collected data. Business Analysis is performed using several analytical techniques.

What does a Business Analyst do?

Business Analyst spends their time analyzing. They mainly analize business in general - they document systems and processes. They are able to identify issues and define soulutions that can be used to avoid them. 

Organisations nowadays often use the term "IT Business Analyst". Although, many companies use both IT and regular Business Analyst term interchangeably, there are some circles that differentiate them. In that cases, IT Business Analyst works largely with methodologies, related to software development. 

Difference between Business Analysis and Business Analytics

We can differentiate Business Analysis and Business Analytics. Business Analysis focuses on processes and functions, while Business Analytics focuses on data and creating reports. Although, a lot of organisations use both terms alternately.

Why it is important to use Business Analysis?

Business world is ever-changing and businesses have to be able to adapt to the changes that constantly appear. Considering the competitive market it is critically important for any business to properly adapt to those changes. It can save the organisation from staying behind their competitors and later on, failing. Business Analysts are needed to navigate and prepare organisation for the mentioned changes and lead them through the entire change process.  

Business Analysis process

There are few very important steps of the Business Analysis processes, such as:

Get oriented 

Get to know project's history and define business analyst's role in it.

Name the primary business objectives.

Identify stakeholder requirements and expactations. Create clear objectives.

Define the project’s scope.

Create complete project's scope, so that the project team can follow it.

Create a business analysis plan.

Create timelines and outline the most important steps.

Define requirements.

Analyze the already collected data and create clear requirements.

Support the technical implementation.

Work closely with IT teams in order to implement solutions that are based on using software development.

Help implement the solution.

Create clear documentation of all the processes.

Assess value.

Define if project works as expected and analyze the progress it brought to the organisation. Define if any follow-ups are needed. 

Techniques of Business Analysis

There are quite a few Business Analysis techniques that will help your processes bring the most desirable results:

CATWOE (Customers, Actors, Transformation Process, World View, Owner, and Environmental Constraints)

CATWOE technique helps to evaluate how a chosen action will affect different element and parties of the project.

MoSCoW (Must or Should, Could or Would)

In this processes Business Analyst proritize requierements and define their importance, by grouping them into shelves of the ones that needs to be done, could be done, should be done or don't have to be done right now.

MOST (Mission, Objectives, Strategies, and Tactics)

This techniques helps to define ogranisations's goals and the way to achieve them.

PESTLE (Political, Economic, Sociological, Technological, Legal, and Environmental)

Evaluate external factors that may affect the organisation. 

SWOT (Strengths, Weaknesses, Opportunities, and Threats)

Identify strong and weak points of corporate structure. 

The 5 Whys

It contains several questions starting with "why", whichc helps to identify problems and their origin. 

The benefits of Business Analysis

Business Analysis is essential for any organization. It aids in recognizing weaknesses and problems, and facilitates the implementation of proper solutions. Additionally, it enables continual monitoring of the results through the data gathered. 

Business Analysts are highly valued due to the competitive business landscape and ever-changing market. Nowadays, businesses face a lot of competition and the market is constantly shifting. Business Analysis can help organisations with better understanding of their business needs and identifying their goals in order to meet them. 

The benefits of Business Analysis certification

Organisations need Business Analysis. They need certified Analysts that will lead their business towards the success. Therefore, getting certified can put you on the map. The more experienced you get, the more your value increases. 

For you, certification is the key to gaining knowledge and confidence. For the organisation, it is the way to ensure their business is secure. 

What skills does a Business Analyst need?

According to the Institute of Business Analysis, a good analyst needs the following skills and knowledge:

  1. Analytical thinking and problem solving
  2. Communication skills (oral and written)
  3. Interpersonal and consultative skills
  4. Costs benefit analysis
  5. Facilitation skills
  6. Detail-oriented and able to deliver at a high level of accuracy
  7. Organizational skills
  8. Processes modeling
  9. Knowledge of business structures
  10. Stakeholder analysis
  11. Requirements engineering
  12. Understanding of how networks, databases and other technologies work

The Business Analysis field is experiencing rapid growth. Demand rises annually, and the market is increasingly competitive. Obtaining a certification is a great way to advance your career. If you want to be an expert and specialist trusted by organisations, consider taking courses in the field of Business Analysis. Developing your skills in this area can help you reach your goal.

Frequently Asked Questions (FAQs)

  1. What is Business Analysis, and why is it important?
    Business Analysis is a set of processes that involve gaining insights based on collected data using several analytical techniques. It is important for businesses to adapt to today's ever-changing business world. This helps them stay ahead of their competitors and prevents them from falling behind. The role of Business Analysts is crucial in guiding organizations through these changes.
  2. What are some key responsibilities of a Business Analyst?
    A Business Analyst's primary responsibilities include analyzing and documenting systems and processes, identifying issues, and defining solutions to avoid these issues. They play an important part in managing business objectives. They help define the project scope and create a business analysis plan. They define requirements and support the technical implementation. They assist in implementing the solution and assess the value of the project.
  3. How does Business Analysis differ from Business Analytics?
    The terms "Business Analysis" and "Business Analytics" are often used interchangeably. However, there is a key difference. Business Analysis is focused on processes and functions, while Business Analytics focuses on data and creating reports.
  4. What are some techniques of Business Analysis?
    Techniques of Business Analysis include CATWOE, MoSCoW, MOST, PESTLE, SWOT, and the 5 Whys. These techniques can help with various tasks. Evaluating project impacts, prioritizing requirements, and defining organizational goals are some examples. Assessing external factors, identifying corporate strengths and weaknesses, and pinpointing problems and their origins are also included.
  5. What are the benefits of Business Analysis certification and what skills does a Business Analyst need?
    A Business Analysis certification can be beneficial because organizations need certified Analysts to lead their business towards success. Being certified can increase an analyst's value and provides them with in-depth knowledge and confidence. Business Analysts need to have analytical thinking and problem-solving skills. They should also have good communication and interpersonal skills. Additionally, they need to know how to do cost benefit analysis, facilitate meetings, and be organized. They should also have processes modeling and stakeholder analysis skills. Finally, they should understand technologies such as networks and databases.

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