Business Analysis for Business Analysts
Do you know that being able to effectively apply strategic business analysis structures to various business situations can help boost your position as an applicant for business management-related jobs? We are in a world where business analysis is imperative, in order to run a successful business. It does not matter whether you intend to change your career, or perhaps you intend to upgrade your current status in the company where you work, getting the relevant business analysis training, techniques and certifications can create a whole new world of diverse opportunities.
Business Analysis: The Foundation
Basically, business analysis is about the study and identification of patterns in business that can be used for identifying the problems and needs in a business and thus creating solutions to solve the problems. With the aid of business analysis techniques, a business analyst can create a workable plan and also propagate the plan to effect positive change. Having skilled business analysts in a business structure is very important, as they are trained with skills that enable them to modularize the whole business structure, thus making it more manageable, and also making it easier to allocate resources and labor more effectively and efficiently.
Business Analysis Techniques used by Business Analysts
In order to come up with solutions that are workable and effective in dealing with various business challenges, the business analysts need to employ the use of several business analysis techniques, some of which include:
- Mission-Objectives-Strategies-Tactics (MOST)
When the analyst is able to identify the mission, objectives, strategies, and tactics of the business, it facilitates proper internal analysis of the business of an organization, as a function of its aim and processes involved in dealing with the problems.
- Strengths-Weaknesses-Opportunities-Threats (SWOT)
This is a business analysis technique that is applied when trying to identify an organization’s area of strengths and weaknesses, and thus be able to identify the various areas of opportunities and threats. This technique helps the business analyst determine how best to allocate resources.
- Customers-Actors-Transformation process-World View-Owner-Environmental constraints (CATWOE)
The business analyst applies this technique when identifying the major sectors and process that may be directly affected by actions undertaken by a business. The technique allows the business analyst to carry out a detailed evaluation of the impact of an action that is being considered for implementation.
- Political-Economic-Sociological-Technological-Legal-Environmental (PESTLE)
The business analyst uses this in evaluating the different external factors that may have effects on the organization/company and thus work towards addressing them.
- Must or Should Could or Would (Moscow)
With this technique, the business analyst can prioritize individual requirements based on their relevance to the project.
The above are some of the core business analysis techniques; however, in other to effectively apply these business analysis techniques, it is important to get formal training, as the training will take you through every aspect and at the end of it all, you will become a certified business analyst. The importance of a business analyst cannot be overemphasized in a company/organization.