Business analysis is a research process that helps identify business needs, document existing systems and assess business strategies. It also helps you create solutions to problems and gather the necessary information to help organisations improve.
A business analyst works to help you gain insights into the dynamics of your business. These dynamics include the target audience, existing customers, revenue generation, needs, structure, marketing, and many others.
This article will shed light on the essence of business analyses, how to conduct them, and the techniques to use.
Here’s a 7-step process for conducting a thorough business analysis.
The motive for conducting a business analysis is to solve a problem or validate an idea. Hence, the first step is identifying the problem or intended objective. This step also includes identifying the current state of the business.
Stakeholders have a significant influence on the business analysis process. They are vital decision-makers and must be identified before kickstarting the process.
Stakeholders may include one or more of the following:
After identifying the stakeholders, have a meeting with them. Ask specific questions about the project, and understand what they want from the business analysis. Skipping this step may lead to a vague understanding of the project and, inevitably—failure.
The scope refers to the range of results expected from the business analysis for it to be successful. This includes:
Requirements are what you need to carry out the business analysis. This is a subtle research stage because it includes analysing all relevant data and information to the project, such as:
This step is applicable if there’s a technical part to the business analysis. If so, the technical step involves software installation, workflow configuration, website development and many more. In this step, the business analyst and the technicians will work closely to ensure that the requirements for this stage are met.
At this stage, you should be able to discern the problem and have a better insight into the project. You should be able to identify the following:
And many more.
This step becomes achievable once you’ve gained valuable insight into the business. Now it’s time to propose the requirements for the necessary solution.
This presentation can take the form of:
There are a plethora of techniques to use for a business analysis, which can be tailored to your organisation’s success.
We’ll discuss some of the main techniques.
SWOT stands for Strength, Weaknesses, Opportunities and Threats. SWOT is a popular method used in most industries. It discovers the underlying strengths and weaknesses in a particular business.
The information from this analysis helps business owners identify where they are performing well and where to put more effort.
The four elements of SWOT are:
No, this doesn’t refer to the city in Russia. It stands for Must or Should, Could or Would.
The MoSCoW framework helps you identify the urgency and importance of the business analysis. Is the analysis a must-do or a should-do? Would the result make the business better, or could it?
The 5 Whys technique helps pinpoint the particular goals you want to achieve or the problems you plan to solve with the business analysis.
The first why answers the cause of the problem, while the second why questions the previous answer, and so on. It traces the problem down to its root.
Consider the example below:
Why? Because they aren’t motivated enough to input their credit card details.
Why? Because the copywriting on the landing page is not persuasive enough.
Why? Because HR hasn’t hired a dedicated copywriter.
Why? Because HR was trying to manage resources.
Why? Because the company has budget constraints.
The six thinking hats are usually used together with brainstorming to guide thought processes.
Other techniques include:
Business analysis helps your organisation to:
MetaPM offers a professional business analysis that positions your organisation for success.
We use a professional framework that identifies your business needs and curates a tailored solution. This framework has four stages:
Our business analysis services also include:
Our years of experience in business analysis can help transform your business. To learn more, contact us today.