The business environment is constantly changing. There are increasing uncertainties and unforeseen challenges arising from the complexity of the hyper-connected global economy. The pace of development is a compelling argument in favor of constant review and revision of your business strategies.
Convergence of the digital and social spheres, and there cannot be an isolated strategy to deal with both. The basic rules are "innovate or perish." Survival is for those who stay at the forefront of innovation and constantly create new products. This has made the role of a business analyst very challenging and intuitive.
You need to have a thorough understanding of business value propositions, cultivate a spirit of innovation, and constantly focus on product value.
Realizing the above can actually make the difference in the success or failure of the organization as it faces the challenges of the 21st century.
A business analysis framework is a conceptual plan that describes all of the key requirements for running a business. It is based on the use of knowledge, the various techniques that make up the process, and also critical analysis.
All of this is essential for the analyst to ensure that a step-by-step approach is implemented to align your business practices with the company.
The business analytics framework is a real structure and / or conceptual that involves the use of a range of knowledge, practical techniques, and established concepts to quickly discover, critically analyze, and accurately maintain the company's needs.
(Recommend blog: 6 Steps Business Process Analysis)
The field of business analysis is very diverse. The number of business analytics process requirements and customer expectations are continuously increasing, which is due both to the changing business landscapes that are brought about by technical advances.
The framework provides a break from rumors as a trusted source that can help you run your business through troubled waters.
In other words, most organizations use frameworks for their main purpose: as a reference model that they can use to understand your processes and build a model or structure that ensures that the work is done efficiently and is constantly monitored.
The entire business analytics framework is divided into five sections, each with a business analyst identifying, analyzing, and recording all requirements. There are many subtasks associated with each of these sections that are helpful in turn.
The business analyst must document the same requirements from different business owners and stakeholders.
Examining the Situation: As a first step, it is very important that the analyst is focused on the current problems tarnishing the business. It is ensured that the issue in question is properly analyzed. The business analyst must remember never to rush to conclusions without going through a process.
Outlook: This is more of an understanding for business owners and other stakeholders. A business analyst needs to consider and understand your views and perspectives on issues under the lens. This is an important task as the BA(Business analyst) needs to manage all stakeholders and primarily consider who is empowered to make decisions. However, this means that the comments of all parties involved must be duly respected.
Needs Analysis: This step refers to analyzing the current system and discussing the improvements that can be made to the current business. A gap analysis is also carried out. To eliminate the missing links between current and required production in productivity.
Evaluation of options: This phase evaluates all possible options mentioned in the process. Improvements are analyzed by comparing the current systems with the required ones.
Requirements definition: Contains detailed documentation for the analyst. BA is supposed to spend valuable time writing the necessary requirements by discussing them with key stakeholders.
Techniues used for business analytics framework
As the name suggests, the term SWOT stands for four components:
Strengths: All strengths and positive aspects of the business process are listed and noted here. These are the pillars on which the organization was founded and which must be promoted.
Weaknesses: All links and weak points of the business process are marked and noted, which has to be eliminated with time and strategy.
Opportunities: They relate to the potential scope of business growth. They relate to any external factor that needs to be identified and addressed Future product or service
Threats: This generally refers to the threat posed by new entrants as well as other factors that threaten the very survival of the business. It is a detailed analysis that is carried out by companies on four parameters and, when resolved, provides extensive information that can be further used in business processes.
The first two, strengths and weaknesses, relate to internal processes, while the next two, i.e. H. Opportunities and risks related to external processes.
(Most related: SWOT Analysis of Reliance Jio)
Another powerful weapon in the hands of business analysts to improve their strategy, MOST analysis simply helps companies set defined goals for the entire team and organization. It has four elements:
Mission: Every company that wants to be successful must have a clear mission. The company's goals and objectives must be aligned with the company's broader mission.
Objective: Objectives are also part of the mission. They are measurable and actionable, depending on a specific time frame. You have to be SMART. since any delay often results in organizations failing to achieve their goals.
Strategy: A strategy is basically a plan of action that organizations can use to achieve their goals.
Tactics: These define the methods by which strategies are developed.The methods must be simple and practicable; it must be clear to all employees in the organization that they are being implemented effectively. This is usually done to revitalize the look and feel of the organization when the purpose and mission are to be refined.
It refers to a graphical representation of an organization's business process or a specific workflow that has been defined. In this process, entrepreneurs are presented with a number of suggestions to change their current model to make it more profitable and scalable.
The International Institute of Business Analysis performs the following tasks within the framework of BPM:
Analysis of business models
Definition and design of business processes
Technical analysis for complex solutions
It is a simple option for the representation of a business process which is served by different roles. It is one of the greatest analytical techniques used in the industry, especially in the IT industry. It helps the whole team to visualize the execution process and simplify the analysis.
This technique is generally used when the technical solution to a particular problem changes. The main goal of the business analyst is to ensure system performance and data storage requirements. This is done to measure the performance factors of the live data.
The NFR analysis is repeated during the analysis phase while it is implemented in the design phase. The non-functional requirements are as follows:
It is usually done by the business analyst to capture the needs of clients. These sessions usually result in valuable knowledge for the business and result in the resolution of a complex problem.
Generating more ideas, doing root cause analysis, and even suggesting solutions to various problems is the fundamental technology used for other business analysis techniques such as SWOT analysis, MOST analysis, etc.
Again, this is an important part of the product life cycle, starting when stakeholders usually find a solution. Here a business analyst needs to conduct many interviews to understand the basic intent of the requirements. Not possible for a draft. Some of the components of these interviews are:
In addition to interviews, BA can also resort to the following techniques for an effective requirement analysis:
Brainstorming: As explained above, brainstorming is an essential part of various functions and techniques as it leads to the generation of novel ideas and plans. Often these meetings are held with a specific idea. It's a group activity.
Shadowing: The focus of the technology is on the analysis of the real business environment and thus on the observation of the reactions and problems of the end user. Through close observation, a BA can record current problems and suggest improvements. of two types: passive and active In the first case the BA observes passively without disturbing the individual, in the second case the BA has the opportunity to interact with the individual at any time.
Prototyping: This is an important technique for gathering requirements. It is helpful for the business analyst to get the most relevant feedback. Low fidelity prototypes are more useful for owners to understand the typical use case and therefore provide their feedback. Also, as they go through the design, business owners can understand more and therefore provide more detailed feedback.
It provides a general business analysis thought process to understand the business goal. It lists the vulnerabilities and how the proposed solution will affect both the company and those associated with it.
Therefore, a business analyst is better able to prioritize different business perspectives according to their merits. CATWOE is basically an acronym that stands for customers, actors, transformation, worldview, owners and environmental restrictions.
This is seen as a modern business analytics technique that is mainly used in the agile model. In the latter, there is a greater need for iterations for collecting, designing and building a project.
The requirements are best gathered from the users to create the project. Since it is the user's perspective as the central idea, it is very effective.
Environmental factors have profound and obvious impacts on the businesses and have to be factored in during any kind of strategic planning. The main factors which are involved in PESTLE analysis, referring to:
Political: It relates to government policies and initiatives.
Economic: It relates to the development of economic conditions in the country and internationally. Eg.- Interest rates, inflation, labor costs, energy, etc.
Social: This revolves around the population, culture, education, media, lifestyles, etc.
Technological: All kinds of innovations and technological advances:
Law: Represents all laws in the country, especially those related to company, work culture, employee well-being, etc.
Environment: The impact of business on the environment such as pollution, recycling, Garbage etc.
The main goal of the business analysis framework is to ensure that all business processes are efficient and run smoothly, and to reflect all the techniques that business analysts can use to collect and realize requirements.
A good business analyst always adheres to the fundamentals of the basic framework. His role is basically to make the client and the customer happy by ensuring their requirements have been met. The whole process works fine and is the prime responsibility of the analyst.
6 Major Branches of Artificial Intelligence (AI)READ MORE
Reliance Jio and JioMart: Marketing Strategy, SWOT Analysis, and Working EcosystemREAD MORE
8 Most Popular Business Analysis Techniques used by Business AnalystREAD MORE
Top 10 Big Data TechnologiesREAD MORE
Elasticity of Demand and its TypesREAD MORE
What is PESTLE Analysis? Everything you need to know about itREAD MORE
An Overview of Descriptive AnalysisREAD MORE
5 Factors Affecting the Price Elasticity of Demand (PED)READ MORE
Dijkstra’s Algorithm: The Shortest Path AlgorithmREAD MORE
What Are Recommendation Systems in Machine Learning?READ MORE