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. Let's take a look at the most important aspects of Business Analysis, the benefits it can bring to your organisation and the responsibilities 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

To differentiate these two concepts, we could say that Business Analysis centers around processes and functions and Business Analystics around 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 important for any organisation, because it helps with identifying all vulnerabilities and issues and helps to implement proper solutions and continuously monitor the results, based on the data they collect. 

Considering the fact that businesses nowadays has a lot of competitors and the market is ever-changing, Business Analyst became a very valuable resource. 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, the certification is the way to achieve in-depth knowledge and confidence, for the organisation it is the way to be sure that their business will be in safe hands. 

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

Business Analysis field is growing very fast, demand is increasing every year and the market is becoming more and more competitive, so certification is a good way to advance your career. If you want to become an expert and specialist trusted by organisations, see the offer of courses in the field of Business Analytics and develop your skills in that area. 

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