Business analysis refers to the process of evaluating an organization's operations, procedures, and systems to identify areas for improvement and growth. It synthesizes data to create meaningful insights, to inform business decisions. It helps organizations develop strategies to improve business processes, products, and services.
Key techniques:
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SWOT Analysis: This technique evaluates the strengths, weaknesses, opportunities, and threats relating to an organization. It identifies factors that impact business operations and create a comprehensive understanding of the business landscape.
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PESTLE Analysis: This technique evaluates external factors that impact an organization. PESTLE stands for political, economic, social, technological, legal, environmental.
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Stakeholder Analysis: This technique identifies stakeholders and their interests in a particular project or business process. It helps ensure that stakeholder needs are met.
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Use Case Analysis: This technique identifies and documents the functional requirements of a system. It involves analyzing how users interact with a system and identifying the specific actions that need to be performed.
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Business Data Analysis: This a technique analyzes and interprets data to create insights that can inform business decisions. It involves using statistical methods to identify patterns and trends in data.
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Process Mapping and Value Stream Mapping (VSM): These techniques identify and document steps involved in business workflows. Mapping can identify areas are opportunities for workflow improvements.