What is Business Analysis
What is Business Analysis
Business Analysis is a broad spectrum of business strategies and practices.
Business Analysis is a set of procedures taken to understand the business requirements and to solve any problems in the businesses.
It helps in improving the business, planning according to the market needs, organisational transformations and in core software developments projects.
The person who is responsible for taking up this role in the business project is called the Business Analyst.
What is the Purpose of Business Analysis?
Yep, we need to know the purpose of business analysis for proceeding further.
Business Analysis is the key to find out the gaps that are lagging a business in the market.
Business Analysis stipulates the current scenario of the business concerning the competitive market.
It dramatically helps the stakeholders to put up with better decisions owing to the business needs and project development.
The vital benefit or purpose of the business analysis is to find out the clear cut path for the prosperity of the business to sustain and soar high in the market.
What is the Business Analysis Process?
Now, you are clear about what is business analysis and why we need it.
Let’s look into the process of business analysis.
There are about six necessary steps involved in the process of Business analysis. They are,
- Analysis of the Enterprise
This is the very first stage in business analysis. It is all about knowing the enterprise goals, choosing the project according to the infrastructure of the business, preparing the complete business use cases and decision package.
This stage involves a lot more research in choosing the right project for the business to flourish.
- Need Analysis, Requirements Management and Strategic Planning
Secondly, framing the needs and requirements of the business, managing them effectively by constructing a proactive business plan.
- Elicitation of Requirements
This is in-depth down research on the business needs from the users, customers and stakeholders.
- Documentation of Requirements and Analysis
Conclude all your research and requirements with a proper software/business requirement statement or the complete documentation of the plans, statutes and the tasks for implementing the solution. This documentation should be in the stakeholder’s point of view.
- Communication of Requirements
Here, we have to gather the expected results of requirement analysis. In general practice, every part of the need should be adequately packaged, reviewed, and endorsed before deploying the solution.
- Evolution of Solution and Validation
Finally, verify whether the product meets the business and stakeholders goals.
These are the fundamental processes involved in business analysis techniques.
What are the Types of Business Analysis?
Now we are going to look into the various types of business analysis.
There are a plethora of business analysis models available in the market. We have to choose the right one that fits in our business needs. Here, we are going to discuss the top five business analysis models that can be applied to any business.
- Business Process Modelling
BPM is the traditional business analysis method. It involves strategic planning, analysis of business models, design, and defining the business process and finally analysing the complex business problems with technical purposes.
It follows a workflow diagram to achieve the business process.
- Use Case Modelling
UCM is deployed mostly in software projects. It can transform the business requirements into functional specifications with the existing infrastructure of project development. It uses unified modelling language, UML diagrams to represent the project workflow.
- Non-Functional Requirements Analysis
This type of modelling is deployed when migrating to a different environment or adopting new technology in the project. System performance and data storage capacity are the primary concern here. This is considered to be the simple and the best way for the analysis and design phase of the project.
- PESTLE Analysis
Political, Economical, Social, Technological, Legal, Environmental basis of analysis.
A business decision would be based on every aspect of the factors as mentioned earlier.
Business threats could be significantly avoided by this unique method.
- Requirement Analysis
It is the most proper and informal way to identify the business needs in various perspectives.
It is an essential phase in every business analysis technique. Knowing the requirement!.
These are about the types of business analysis techniques
Wrapping of Facts!
This business analysis is crucial in every project development. We need to gain a lot of insights on the business requirements to create a productive solution.