Business Analytics (ba) Tools Available On Gem – A business analyst is a person who analyzes, understands and provides requirements for the growth of a business by completely reforming its policies, internal processes and information system.
A business analyst makes positive changes by understanding business problems, recommends solutions, and increases the return on investment in projects. This will help modify processes, products, services and software to achieve company goals.
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Business analysis is a task full of ideas, knowledge and information needed to recognize business needs and solutions. Business decisions directly related to business requirements, such as what are the user requirements, attributes, utility and resource requirements, etc. For all these business problems, various business methods arise.
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To analyze the needs, goals and objectives of a business, a suitable method plays a vital role. A business analyst uses many business analysis techniques. Below we have described eight of the most popular techniques.
S.W.O.T. means strength, weakness, opportunities and threats. This is the most important technique used in business analysis. It is conducted by a group of people with different mindsets and perspectives in the company to access the changing environment and respond accordingly.
It is a kind of business structure in which strengths and weaknesses are internal data factors, whereas opportunities and threats are external data factors.
A company’s strength can be classified as activities that work well to solve various problems and provide key advantages to the company. Some examples of strengths are company name, location, trusted employees, excellent reputation, customer support, brand, product, etc.
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The weakness of a company is the various activities or weaknesses that create problems for the growth or policies of the company. Examples of weaknesses are bad reputation, incomplete product, lazy employees, rivalry between departments, constant negativity, office politics, etc.
Opportunities are external facts and figures that have the potential to provide an advantage or advantage over competitors. Any advantage that comes from external facts is an opportunity.
Some examples of opportunities are investing in a startup at an early stage to make more profit later. One of the classic examples of Indian startup opportunities is that after demonetization, many digital payments startups (an example of digital transformation) received millions in funding.
Threats are also external fact or information that can put a company at a disadvantage. Some examples of threats are changes in market research and trends, new regulations, new technologies such as the introduction of artificial intelligence and Internet of Things in touch screen mobile phones which may have posed a threat to keypad phones, example of cyber threats.
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MAJORITY. stands for mission, purpose, strategy and tactics. MOST analysis is also a powerful business analysis technique. MOST analysis always works on top. The business analyst must ensure that he maintains focus on the goals that are most important to the organization.
This provides a better understanding of the organization’s capabilities and vision (goals) and provides answers to questions such as what the organization wants to achieve in terms of mission and goals, how these actions can be implemented in strategy and tactics.
The mission should be a constant process of the organization. Each department of the organization contributes equally to the mission statement. It clarifies the overall reason for going into business and what the results to be achieved will be. The clearer a business is about its mission, the more likely it is to succeed.
Goals are a step down from the mission. They are defined as the specific goals of each department to achieve its mission. Goals must be reasonable and specific for decision making. They should also be measurable and realistic.
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Strategies are actions to be taken to achieve organizational goals. This is a long-term approach to achieving goals. There are many groups of types of actions to achieve at least one goal of a mission objective. Strategies are also considered the safest way to move forward in an organization.
Tactics are designed to implement strategy in an organization. They are written in a simple format so that anyone in the organization who is new to MOST analysis can understand them. This is a short term approach to completed strategies.
In any organization, there are many external macro-environmental factors that can affect its performance. PESTLE analysis is sometimes also called PEST analysis and is used in various business applications.
PESTLE stands for Political, Economic, Social, Technological, Legal and Environmental. These forces or factors can create opportunities or threats to any organization, which is why it is a very powerful business analysis tool or technique.
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Political factors determine how government policies and regulations affect an organization. This is also due to government intervention in the economy. This may include all government influences on business, such as tax policies, tariffs, legislation, trade controls, import restrictions, etc.
Economic factors have a significant impact on how organizations conduct their business and how profitable the business is. Economic factors include economic growth, exchange rate, inflation rate and interest rate.
Social factors include health consciousness, population growth rate, age distribution, cultural trends, etc. These factors help marketers understand the requirements of their customers.
Technological factors include the pace of advancement in technology, innovation, automation, research and development, which can affect business growth.
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Legal factors include discrimination laws, copyright/patent laws, data privacy laws, health care and insurance laws, etc. An organization must operate within its legal boundaries.
Environmental factors include weather, climate change, air and water pollution, etc. These factors especially affect many industries such as tourism, agriculture, insurance, etc.
Systems analysis is a systematic problem-solving technique that allows you to collect and interpret facts, look for weaknesses in a system, identify business problems, or decompose a system into smaller parts. This is an approach to minimizing errors in various matters.
It is the process of exploring the company’s perspective, defining its goals, and co-creating a process to create an effective system.
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. For example, a problem can be solved in a few hours without a full analysis of the system, but sometimes this creates many other unrelated problems. Thus, the better you understand the system, the less likely it is that any problems will arise.
Business model analysis helps us understand a company’s business and clarify policies, market approaches and practices. This gives a better understanding of many things such as the revenue model, the value proposition for the customer segment, the costs associated with the value proposition that will impact the company if the business model changes.
In business model analysis, we also try to understand important factors such as production cost, marketing and management. Through a thorough study of design, production costs, marketing strategy and the impact on possible upcoming changes, the Business Analyst ensures the growth of the company’s status and income.
Brainstorming is a useful technique for generating diverse ideas, solving or finding solutions to complex problems, and for proper business analysis.
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In brainstorming, each individual’s idea is encouraged, be it an out-of-the-box idea.
A brainstorming session conducted by only one person can be considered independent brainstorming. Some business analysts may advocate this type of brainstorming because it will take less time to reach a conclusion, but large organizations practice group brainstorming.
Brainstorming focuses on thinking creatively about a problem to generate a new set of ideas, approaches, and options. This is a group activity that has a completely different goal – finding solutions to problems.
Mind maps are a very useful and effective business analysis technique that gives us a clear and visual understanding of various problems, ideas, thoughts, etc.
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The structure of mind maps is very similar to the structure of neurons in the brain (one of the main reasons why it is called that). It continues to expand with the addition of new ideas and resources.
The role of a business analyst is to research and evaluate problems received by clients or stakeholders which can be solved by using mind maps to obtain structured details of any ideas, thoughts and information.
The mind mapping technique ensures that all the factors required for analysis have been taken into account or not. There are several tools available to create mind maps online such as Freemind, Xmind, Mindmap, Lucidchart, Canva, etc.
It is a critical part of business analysis where the business analyst determines the structure of an organization’s processes and their beneficial and detrimental attributes.
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Process design is necessary to solve problems and take advantage of opportunities to monitor and measure business performance to ensure consistent delivery of value to customers. Process design can also be described as the future state of any business operation.
A business process analyst analyzes the existing process structure and makes changes if necessary. The Business Analyst is responsible for understanding and maintaining large-scale improvements in business processes.
There are many business analysis methods. This blog discusses the importance of business analysis and various techniques. The role of a business analyst is not limited to only analyzing existing data, but also taking the business to the next level. He selects the appropriate technology according to the business objectives and takes the necessary actions.
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