What is business analysis?
Business analysis can be considered as a research field that helps you identify business needs and find solutions to business problems. The solutions provided by a business analyst may include software development and system components, process improvement, organizational changes, or strategic planning and even policy development. In essence, the goal of business analysis is to identify solutions that contribute to the progress and development of the business.
Business analysis is a process of bringing about change in an organization by specifying requirements and proposing solutions that bring value to stakeholders. Business analysts empower company managers to accurately identify the needs and primary reasons for change in the organization and describe and design solutions that create value.
Business analysis focuses on various innovations within the organization, which can be strategic, tactical, or operational. The business analysis process can be carried out within the scope of a project or across the entire organization for continuous improvement. It can be used to understand the current situation, define the future state, and determine the activities and actions necessary to transition from the current state to the future.
Business analysis can be executed from different perspectives. The BABOK Guide describes some of these perspectives, including organizational agility, business intelligence, information technology, business architecture, and business process management. These perspectives can be viewed as a magnifying glass through which the person conducting the business analysis evaluates their work activities based on the current state of the organization. One or more perspectives may be related to specific and independent processes, and the perspectives presented in the BABOK Guide do not cover all the conditions of business analysis or a complete set of business analysis areas.
The necessity and importance of using business analysis
Below are some of the important reasons to use business analysis methods:
- It helps you get to know the structure and dynamics of your company.
- It allows you to know the problems in your organization.
- Enables you to identify improvement potentials and find solutions to achieve goals.
- This topic helps you identify and discuss the need for change.
- Finally, by using these methods, you can increase the value provided by the organization to the shareholders.
Business analysis is important because it enables the organization to gain its financial strength in the market. In fact, with business analytics, the organization learns and strengthens business skills and technical techniques.
These skills are acquired in planned ways that are very attractive to employers. For this reason, these techniques are required at all levels of business.
Business analysis and statistics
5% of the organizations are among the organizations that have continuous and optimal improvement in business analysis. Also, 13% of the organizations have stabilized in business analysis. Both of these organizations are in the category of organizations that have reached a high level of maturity. 37% of them are among the organizations in which business analysis is structured and improved. 25% of organizations are in the beginning stage of business analysis and 21% of organizations consider business analysis as a temporary solution. These two categories are among organizations with a low level of maturity.
Basic BABOK Business Analysis Techniques
In the first part of the article, we found out what the BABOK business analysis is supposed to do, and it is clear that if the BABOK business analysis rules are done correctly, the risk of failure for the company will be minimized. Now there are a series of important BABOK business analysis techniques that need to be clarified.
Evaluation of indicators: The first technique related to BABOK is evaluation of indicators and calculation of acceptability. This technique is very important in allocating resources and is considered a main pillar for commercial tenders. According to this technique, the right conditions are supposed to be determined for the key stakeholder groups so that a specific solution is realized.
Determining the status of the organization's performance: The status of the organization's performance is very important, and a benchmark is needed to determine this issue. The benchmark specifies how the performance status of the organization in question compares to other organizations of the same target, and in fact, the mark or score of the organization in question is determined.
New ideas: This technique, which some people call brainstorming, is actually the extraction of a series of new ideas, which of course must be done in a short period of time and will only be achieved by a group of designated people.
Analysis of business rules: a series of processes are followed in organizations on a regular basis and are related to the performance of the organization, in this tactic of BABOK business analysis, it is necessary to define rules and principles so that the decision-making process can be followed with the least errors and Of course, this is very important.
Data documentation: Data is the beating heart of any organization. Documenting data is a very important issue, and of course, before documenting, the collection process must be done correctly. Data documentation is reviewed based on the existing definitions of keywords and evaluated according to the business activities of the organization.
Data Flow Visualization: Inputs of an organization should be illustrated correctly, on the other hand, processing and maintenance as well as data exit from the organization is also a very important issue and should be arranged. Data visualization can increase the chances of acceptance and profitability.
Assumption modeling: The scope of business activity in a company will grow due to the assumptions that are defined for it, so it is very important to model the data in the right space. Of course, modeling should be based on BABOK business analysis methods and related information should also be entered into the field.
Analysis of the decision-making process: Decisions made for a company or organization need to be analyzed according to the BABOK business analysis. It is clear that the decision-making process is followed under conditions of uncertainty and takes into account complex challenges and conditions.
Document analysis: A series of documents have been collected for similar issues and the solutions related to this section as well as new ways and their combination can consider BABOK business analysis as a real performance.
Why did business analysis become an important and necessary profession in organizations?
It can be said that many organizations, in addition to doing their daily and routine work in order to use opportunities and deal with threats, are forced to define projects for applying organizational changes or improving processes or developing a new product or service.
For example, when an organization faces a decrease in the purchasing power of its customers during an economic recession, what should it do?
When due to the imposition of sanctions or an increase in the exchange rate and the exit of one of the competitors from the market, he has the opportunity to increase his market share, how can he use this opportunity in the best way?
How should he find the weaknesses and problems in his processes or products and plan to solve these problems and find the right solution?
Analyzing and assessing the business landscape is a fundamental pillar of the services provided by the Narenji Group. This process enables a comprehensive understanding of both the macro and micro elements of organizations. The analysis involves fundamental critiques of activities, processes, and the overall business structure. Leveraging advanced analytical tools and extensive industry experience, the Narenji Group delves deep into identifying the strengths and weaknesses of its customer organizations.
The specialized team at Narenji Group excels in uncovering various layers of business analysis, ranging from recognizing risks to enhancing operational efficiency. This type of analysis serves as a foundation for offering intelligent solutions to organizations, aiming to improve and optimize their functions. In other words, business analysis by the Narenji Group provides a pathway for organizations to intelligently address their challenges and progress sustainably.
