Business Analysis is the practice of identifying and solving problems or issues within a company, and working with the various stakeholders to define and implement an adequate solution. However, conducting a business analysis can be quite complex and time-consuming. Let’s have a look at a typical sequence of events within a Business Analysis.
Initial Point – The first step is to identify the problem. Let’s say that you are the owner of an automobile’s dealership. In addition to selling cars, your store does maintenance and repairs, sells riding gears, and orders custom parts for customers. You have received many complaints from the staff and customers, about the efficiency of your inventory system. The main problem for the system is to show parts and merchandise as being in stock, when none are actually available. This means that the repair job is not finished on time, which really bother your customers.
Designate Business Analysis Team – The next step is to allot an individual or a group to analyze the business performance. For the most part, the Business Analysis group is the go-between and gives association, illumination, documentation, vital direction and help with political issues. Its last objective is to efficiently resolve the problem or issue to the satisfaction of all parties.
Identify Stakeholders – These will vary from project to project. For e.g., stakeholders can include customers, suppliers, regulatory officials, external auditors and financial reporting experts.
Depict the Requirements
Initially, it is significant that the stakeholder’s requirements are clearly identified and defined. If we don’t do this, it will be difficult to effectively resolve the issue. The stakeholders need to mention:
- Individual interviews
- Observation and research
- Spontaneous group discussions
- Questionnaires and Surveys
- System analysis
- Discussion groups of individuals
Identify Ongoing Business Process and Capabilities – A number of the same strategies that are utilized to distinguish stakeholder’s necessities can likewise be utilized to characterize the present business procedures and capacities. We would depend intensely upon system’s analysis techniques, research, modelling, and the review of documentation.
Analyze the Differences – Any difference between what the stakeholders need and what the current business process can offer, and represent unsatisfied stakeholder needs- these issues must be fixed.
Solution assessment and validation – It depicts how the business expert can perform accuracy of a proposed solution, how to check possible shortcomings in the implementation and how to support the implementation of a solution.