Business analysis is a research field that aids you in seeking business requirements and shaping solutions to business issues. Also, it consists of a software-enabled development component. Business analysis provides nitty-gritty of the progress of the initial model for all kinds of projects. It encompasses the solution to help investors of projects who implement business modelling in an organized way.
That being said, it is quintessential for business analysts or professionals pursuing a career in business analysis to learn about various business analysis techniques. Some of them are explained below:
SWOT Analysis
SWOT stands for: S- Strength, W- Weakness, O- Opportunities and T- Threats. It is a comprehensive assessment that takes into account the factors that are termed internal - such as Strength and Weakness, as well as the external such as Opportunities and Threats.
SWOT analysis is a four-dimensional approach, wherein business analysts place the information as the answers for every dimension. Moreover, they answer the queries under all the dimensions.
SWOT analysis is gaining popularity across various industries as it is simple and is not just limited to business analysis. In addition, it can be used at any phase of the project if required with a majority of people aware of this approach.
MOST Analysis
MOST analysis contains four components, namely
- M-Mission
- O-Objective
- S-Strategy
- T-Tactics
This is an effective business analysis model that allows business analysts to assess the working of an organization, strategies to meet the goals, and tactics to maintain the strategic arrangement.
MOST analysis is an organized business analysis technique utilized by all the working levels in a company from top to down. The approach makes sure that companies stay focused on the objective which is a key aspect for their success story further.
PESTLE Analysis
Different environmental aspects impact businesses in their strategic framework. These important aspects are referred to as PESTLE which is an acronym for the following:
- P- Political
- E – Economic
- S – Social
- T – Technological
- L- Legal
- E – Environmental
All of the above-mentioned factors influence decision making, as such, assessing these important drivers is the vital job of business analysts. Business analysts implement the PESTLE analysis technique to know and recognize the factors inside the environment of organizations and evaluate the impact of these PESTLE factors on the future landscape of organizations.
CATWOE Analysis
CATWOE analysis is a general way of thinking for a business analyst to identify the key goals of a business. It recognized the pain points and the effect of the solution on the business and people associated with it. CATWOE stands for
- C - Clients
- A - Actors
- T - Transformation
- W - Weltanschauung or World View
- O - Owner
- E - Environmental Constraints
CATWOE analysis puts various perceptions of market players on a shared platform and thus, offers an overall understanding of the integrity of the data, assumption, and ethical viewpoint. Further, it aids business analysts to sort different perceptions based on their merits.
Business Process Modelling (BPM)
Business Process Modelling technique is used during the assessment stage of a project to identify or examine the loopholes between the current and the projected business model that businesses are going for.
In a BPM project, business analysts perform various tasks including, business model assessment, strategic planning, technical analysis for complicated business solution, and specifying process and build it.
Conclusion
To wrap up, these techniques explained above are beneficial and are a must for any business analyst striving to exercise the most effective business analysis techniques. Moreover, they can enrol in any business analysis course to grasp more about them with real-time situations.
