Business Analysis | A key to success
Business analysis assists in making a company to improve the way it performs its functions, with the overall objective of reducing operational costs, using the resources available to provide a more efficient way of performing business tasks and with the ultimate objective of serving their customers to their highest level of expectations.
Business Analysis – driving improvement
Business Analysis can view the company from every angle and could be the key to a company being a success or failure in the market place.
It is a process of getting to understand the change in customers and the industry sectors needs. The way this can be done is by the capturing of both internal and external business information and putting together the business requirements that are needed to push forward success in the future.
Is it all about data?
It is true that there is probably a wealth of data (probably most of it untapped) available within a company. We also must remember that employees are a fantastic source of what is actually going on both internally and externally.
Business Analysis is basically a set of actions, information and knowledge and the trick is to use techniques to pull all of this together to try and reach a common sense business plan for the company.
Business Analysis – who can do it?
There are of course specialists that can be drafted into your company to help decipher and collect the various pieces of the jigsaw; that can conclude in bringing together a strategic plan. First look within your organisation, there may be candidates who possess some of the analytical skills you require; if they don’t have the full portfolio of expertise, then investment in training would not be a bad thing.
If you are in the process of recruiting new staff, look for potential employees that either have experience in analytical processes or show potential that could be developed.
Business Analysis will hopefully bring together a strategic plan; with this plan an organisation will need action. It is essential that some form of “requirements planning” is reviewed by management. This type of planning will ensure that there enough resources available to execute the requirements needed to push forward.
This could potentially be one of the most important aspects of the business analysis process. If this area is not resourced or funded in the right way, then there may be trouble ahead.
When business is being analysed it is pretty crucial that managers know what they are looking for and to draw the right conclusions based on the information they will find during the business analysis process.
It is key for the management to support the business analysts and recommendations that they may put forward. They may not be the plans the company may actually follow due to other influences (e.g. business politics) but they can, as long as the analysis has been conducted in the proper way, help to company move forward and one never knows, it could potentially open up niche or unique markets, thus offering some diversification.
Business Analysis can be a key to business success; it helps identify the requirements of the organisation with an aim of it achieving its strategic goals. The performance of such analysis can also open new windows of business opportunity and further business success. It can also be crucial in identifying where the business or market place is failing and offer alternative routes to company prosperity.