‘Business Analysis’ the term itself is quite simple and explanatory. It means a thorough study of the business to determine its needs, strengths, and weaknesses and come up with solutions for all business problems. Business Analysis could include software changes/up-gradation, organisational changes or even curation of new strategies. All businesses need a thorough analysis to efficiently function for a long period and maximise their revenue to satisfy all their stakeholders alike. Business owners can’t do a self-analysis correctly as there are various aspects which need to be studied and understood and a lot of data and insights are prepared.
For the sake of professional analysis, there are certified business analysts available to conduct thorough studies and descriptive research to come up with solutions best suited to a particular business venture. They perform a logical analysis of a business and come up with data and insights. This data analysis then provides better clarity with regards to the future of a business and the scope for improvement and change.
The question which arises is what is the need to opt for business analysis? The answer to the question is simple. We live in a fast-paced, dynamic world where technology is rapidly advancing and affecting how we lead our lives. Advancement in modern technology causes a clear change in the way of life of individuals and businesses must understand that and mould themselves accordingly.
There are various techniques to analyse a business, however, the 5 most used business analysis techniques are as below -
1. SWOT Analysis - SWOT stands for Strengths, Weaknesses, Opportunities and Threats. This technique of analysis is a method to identify all four of these aspects efficiently. It’s an extremely useful technique to analyse the potential and current status of a business. After clear identification of the threats and weaknesses of the business, it becomes easier to strategise and come up with measures to improve upon them. Similarly, potential opportunities can be grabbed and strengths could be highlighted furthermore to maximise gains.
2. Use Case Modelling - Use case modelling is a unique and efficient way to analyse a business by looking at it from a potential user/ customer’s point of view. Underuse case modelling, we are shown the user’s perspective while interacting with the software of the business. This helps in shaping the system’s behaviour more by the needs of the customer. There are various model elements involved in use case modelling such as actors and use cases. It is an integral part of software development as it shows how the users shall interact with it and helps in improving their experience.
3. PESTLE Analysis - The word PESTLE is an acronym which stands for all the aspects which are taken into consideration while opting for this technique. They include -
* Political Landscape
* Economic Stability
* Social Conditions
* Technological Environment
* Legal and Regulatory Framework.
So, in short, this technique provides a view of the external and internal factors which affect the day-to-day functioning of a business and helps work in light of the information. It is an extremely useful tool as it gives an idea of the current situation surrounding a business.
4. Business Process Modelling - It is an exercise where the entire map of a business process on laid out so that it can be studied and places where improvement can be made, can be marked. It improves a business's functional efficiency and helps in revamping and improving the operations so that there are no redundant or outdated practices.
5. Brainstorming - This is a technique that almost everyone is aware of and it's an exercise of coming up with new ideas and solutions to business problems. An ideal brainstorming session requires a group of people to think and come up with ideas to increase the productivity and efficiency of the business. The best part about brainstorming is that people with different viewpoints and perspectives come up with ideas which add diversity and widen the horizon of potential opportunities. The more brains at work, the better solutions can be found.
6. Requirements Analysis - As the name itself suggests, takes into account the various requirements and expectations of the user base about a new application. The tasks which determine the needs and conditions of the users regarding the application which is being launched or modified are what consist of requirements analysis.
After having discussed some of the most popular and frequently used business analysis techniques, it is clear that a good business analysis could determine the fate of any business organisation. Businesses take steps to improve their weaknesses and maximise their strengths, resulting in great revenue and a fruitful outcome for the business owners as well all stakeholders involved. Hence, it's always beneficial to do a thorough business analysis to smoothly operate and flourish a business.
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