Business analysis is an essential skill to grow the business. Knowing how to analyze data, spot trends and draw conclusions can make the difference between success and failure in the business world. This guide covers the basics of business analysis for beginners, so you can quickly get up to speed.
What is business analysis?
Business analysis is the practice of identifying, understanding and managing the needs of an organization in order to improve its operations. It involves analyzing a business’s processes and strategies for areas that can be improved or optimized, as well as researching markets and products to help inform decisions about future direction. Business analysts also often develop plans for implementing new strategies and systems within an organization.
Why do businesses need business analysis?
Businesses need business analysis to understand how their operations are running and how changes can be made to make the organization more efficient. Business analysts help organizations identify areas of improvement, develop strategies for improving performance, and measure results. They also provide insight into customer needs and industry trends that help business leaders create better products or services. Ultimately, business analysis helps businesses maximize their profits while minimizing costs.
Top 10 tools used in business analysis
1. Microsoft Excel
2. Gantt Charts
3. SWOT Analysis
4. Business Process Modeling Notation (BPMN)
5. Data Visualization Tools
6. Dashboards and Scorecards
7. Mind Mapping Software
8. Qualitative Research Methods
9. Customer Relationship Management (CRM) Systems
10. Decision Trees
Top 8 use cases of business analysis
1. Requirements gathering and analysis: This is the process of eliciting, analyzing, documenting and managing requirements to meet business objectives.
2. Process modeling: Using diagrams such as flowcharts to understand existing process flows or design new ones for problem-solving purposes.
3. Business use case development: Identifying a set of actions that accomplish a specific goal within an organization’s boundaries in order to develop better solutions or products and services.
4. Process improvement: Identifying and improving existing processes in order to reduce cost, time or effort.
5. System design: Designing the architecture of a computer system, which includes the hardware components, software applications and communications networks that link them together.
6. System testing: Verifying all requirements are met before fully delivering a solution or product to users.
7. User acceptance testing (UAT): Ensuring the actual use of builds aligns with user expectations before production launch
8. Data migration/integration: Moving data from one platform to another while assuring it retains its integrity throughout the process
Top 10 tools in business analysis
1. Visio
2. Excel
3. Tableau
4. Data visualization tools (QlikView, Power BI)
5. JIRA
6. Online surveys (Google Forms, SurveyMonkey)
7. Mind Mapping Software (MindManager, Coggle, FreeMind)
8. User Stories and Storyboarding Techniques
9. Flowcharting Tools
10. Agile Methodology
What is the role of the business analyst?
1. Business Process Mapping: Understanding and documenting the processes that are integral to an organization’s operations, from customer onboarding to internal management reporting.
2. Requirements Gathering: Working with stakeholders in order to identify, document and prioritize requirements for a particular project or initiative.
3. Data Analysis: Utilizing quantitative and qualitative data sources in order to gain insights into a business’s performance across multiple metrics, such as product adoption rates or customer satisfaction ratings.
A typical job description of a business analyst
may include the following duties:
• Collect and analyze data to identify trends, patterns, and opportunities for improvement.
• Develop business process models that clearly document current processes and map out potential improvements.
• Create project plans with timelines, milestones, resources needed etc. in order to successfully deliver projects on time.
• Identify problems or areas of opportunity within existing systems and develop solutions through system analysis/process redesigning.
• Research & evaluate industry practices & technologies
Top 8 certifications of business analysis
1. Certified Business Analysis Professional (CBAP)
2. Certificate in Business Analysis (CCBA)
3. Agile Certified Practitioner (ACP)
4. Lean Six Sigma Green Belt Certification
5. Project Management Professional (PMP®)
6. Certified ScrumMaster®(CSM)
7. ITIL Foundation Certification
8. Certified Associate in Project Management (CAPM)