From cash flow to compliance and revenue to retention, businesses can face any number of challenges that can hurt the bottom line. And when we identify a problem, our first instinct is to spring into action to rectify it as quickly as possible.
However, without an accurate diagnosis, no treatment can be effective.
That’s where business analysis comes in. By putting the organisation under the microscope, business analysts can gain a deeper understanding of stakeholder requirements and formulate solutions that are tailor-made to meet them. In this article, we look into the ‘what’, ‘when’ and ‘why’ of business analysis.
What Are Business Analysis Services?
Business analysis services aim to define the needs of stakeholders and facilitate a solution that can meet these needs. For example, a business analyst may discover a technology inefficiency and recommend a new software solution that will improve business performance, or they may discover a gap in the market that a new product can fill.
The Business Analysis Body of Knowledge (BABOK) provides this definition of business analysis:
“Business Analysis is the set of tasks and techniques used to work as a liaison among stakeholders in order to understand the structure, policies, and operations of an organization, and to recommend solutions that enable the organization to achieve its goals.”
It’s important to note that business analysis can take many forms. From identifying specific project requirements to documenting broader business processes, it’s a far-reaching discipline that can affect all areas of an organisation.
Why is Business Analysis Important?
Business analysis is a critical activity for any organisation looking to diagnose their inefficiencies and drive positive change. Without holding a mirror to their operations, businesses can suffer from any number of problems, including unnecessary waste, lost market share, ineffective technologies and revenue decline.
Business analysis is also an important precursor to projects that drive organisational change. Projects that proceed without the guidance of business analysts may struggle with undefined requirements, poor stakeholder engagement, inaccurate scope and budget, and unnecessary exposure to risk.
Business analysts are highly skilled in gathering data, organising it to understand the goals of stakeholders, modelling scenarios and testing solutions. This process is often integrated with project management to provide an end-to-end service that delivers successful organisational change.
When Should You Consider Conducting a Business Analysis?
There is no wrong time to conduct a business analysis. After all, some of the most serious problems that plague organisations can be hidden from view.
However, there are a number of scenarios that present a strong case for a business analysis project, including:
- If you’re losing market share
- If you’re evaluating new technologies
- If you’re suffering from poor employee retention
- If you’re facing changing regulatory requirements.
Business analysis can provide a structured approach to solving these challenges; empowering you with a wide-angle view of how to move forward.
MetaPM Business Analysis Services
At MetaPM, we have extensive experience in delivering successful organisational change through professional business analysis services.
For business case development projects, we use a proprietary framework supported by templates and tools which had been developed in-line with client requirements and established methodologies. This framework involves four stages:
1. Discover: We develop a comprehensive understanding of the business need and potential constraints before embarking on the next phase.
2. Develop: We then develop a future position and identify alternatives and options for achieving this position.
3. Define: This stage involves analysis costs and benefits, conducting a risk assessment and evaluating implementation options.
4. Deliver: This step involves collating the work-streams and activities into a clear articulation of the case for change.
In addition to business case development, our business analysis services also include:
- Business Operating Model Design, Development & Facilitation
- Business Process Documentation & Redesign
- Requirements Management
- Solution Analysis and Evaluation
- Business Gap & Issue Identification & Analysis
- As-Is and To-Be Process Mapping
To learn how MetaPM can help your business drive effective change with our experienced business analysis services, get in touch with us today.