Methods of Business analysis can be different when you become or get hired as a Business Analyst – but implementing the best methodology depend on the skills a Business analyst poses. To analyze any business it is important by using the best Business analysis steps techniques and methodology that are suitable for the Organization. In this post, we will understand various methods as a Business Analyst you can use for Analyzing business cases.
The very first method that comes to mind while implementing Business analysis techniques is the – SWOT Analysis which stands for Strengths Weaknesses opportunities and Threats is one of the most used techniques by Business Analysts for developing any kind of strategy. Today SWOT analysis is the most widely used business analysis tool today. SWOT method of analyzing business is simple and not only limited to Business analysis. In addition, it is simple. It is a technique for enterprise-level analysis that is not limited to business analysis.
During SWOT Business Analysis methodology – A Business Analyst understands Strengths and weaknesses are internal factors, while opportunities and threats are external factors. Strengths can be the reputation of the company employee trust brand name etc whereas Weaknesses are the disadvantages the company is facing such as the supply of products or rivalry with competitors’ pricing issues etc.
Opportunities and Threats are the external factors which can benefit the business or break the workings and profitability with any new policies or preference changes in consumers.
The MOST analysis is another business analysis skills & framework which is considered to be an effective method or understanding the purpose and capabilities of an organization. The MOST analysis is carried through internal examination of an organization and planned on achieving its objectives.
- Mission: This entails understanding the mission of an organization.
- Objectives: Objectives are essential to understand where to initiate and where to end in order to achieve the outcome.
- Strategy: Strategy is basically the alternative to achieve the goals?
- Tactics: Tactics are the methods used in order to fulfil the strategy
Business Process Modeling (BPM)
Business Process Modeling which is also abbreviated as BPM is one of the frequently used methods during the analyzing phase in order to evaluate any gaps in the existing processes or future processes of the business. This method is mainly used by the IT sector since it is simple and easy to execute and explains the function of various roles in a business. There are four methods used within this technique of Business Analysis.
- Planning for future
- Analysis of the business model
- Defining & designing of methodology
- Technical analysis is required for complicated commercial solutions
A PESTLE analysis helps in understanding the studies of key external factors such as Political, Economic, Sociological, Technological, Legal and Environmental. All these factors can influence the working of an organization. Pestle Analysis helps managers in strategic decision-making as the range of scenarios with PESTLE can be many.
The full form of PESTLE stands for:
- Politics: refers to governmental policies, financial support, and initiatives that affect a company’s growth and success.
- Economy: Factors such as inflation rates, labour costs, interest rates, and energy costs.
- Social: Societal attributes that influence a company’s situation.
- Technology: Technological and IT advancements can enhance the efficiency of a company.
- Legal: Existing Rules & regulations or governmental laws, standards, and other related aspects.
- Environment: Aspects such as weather, climate, and pollution.
CATWOE is a business modeling analysis that offers a framework for defining and analyzing business stakeholder perspectives. The full form of CATWOE stands for Customer, Actor, Transformation, Worldview, Owner, and Environment. This method of business analysis helps in understanding the viewpoint at a high-level business operation as it is important to investigate the perspectives of the various stakeholders in a company.
- Customer: The stakeholders of the company may have a different perspectives on the customers. It demonstrates the stakeholders’ comprehension of the clients.
- Actor: Actors are the employees of the company who carry out the business processes and activities of the company.
- Transformation: Transformation is the business system’s central business activity which converts the input into output.
- Worldview: It summarizes the perspective of stakeholders which includes why the existence of an organization and what it suppose to do.
- Owners: They are the ones who are in charge of the organization and have complete authority to make changes in any processes.
- Environmental constraints: As the name suggests it studies the externally imposed limitations which can be better analyzed via PESTLE analysis as mentioned above.
There are many other methods which we would be discussing in further blog posts some of them include MoSCow – (Must or Should, Could or Would), Use Case modelling, Six Thinking Hats etc. The conclusion is that all the above-mentioned methods of Business analysis are quite useful. If you are looking for a platform in order to get trained as a Business Analyst in Canada you are at the right spot.
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