8 Most Popular Business Analysis Techniques used by Business Analysts

  • 17th Jun'22
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Today’s data-driven digital world has countless offers and options for consumers and entrepreneurs. In constraints of this, it is also complex to sustain a business in such a competitive market. So if you are an entrepreneur then you can understand more precisely that your business needs a timely overview of its workings for constant growth. A venture needs to have efficient and cost-effective working patterns. Besides this, the business analyst techniques help to know how to transform your small business into a big business, as it is a wide approach that includes all the prime elements.

These all requirements emerge a business analyst, who is an essential element for an organization’s survival and success. These professionals are hired to use the data to create and implement business insights in a constant dynamic commercial era. In short business, analysts can use the virtual techniques within an organization such as IT processes, organizational structures and staff development. 

These all analytical activities are done to push your business in the right direction and for optimum use of resources. Let's have a closer look at it!

 

Business Analysts Techniques

 

What is Business Analyst?

A business analyst is a person or professional who identifies your business areas to increase efficiency and strengthen the organizational process. They communicate with the business hierarchy to communicate their findings and help them in implementing the changes as and when required. Well, you might have got an insight about what is a business analyst, now here some prime tasks are described that are performed by a Business analyst:

  • Identifying and prioritizing the needs of the organizational functions.

  • Using SQL and Excel sheets to analyze the large data sets

  • Compiling the charts, tables and other elements of data visualization

  • Creating financial models to provide support to the business

  • Understanding the strategies of business, goals and requirements.

  • Planning for enterprise architecture

  • Forecasting, performing and budgeting the variance analysis and financial analysis.

 

Techniques of Business Analysts

Business analysts help the companies in identifying the needs, root flaws and sifting through a flow of data and also find the alternatives for the right actionable solution. We are here to explore some most significant techniques that are used in the business analyst’s process and how they can be successfully leveraged for an organization’s growth. Although there are several techniques some of these are highlighted, that are commonly used. Have a look into that!

1. Business Processing Model

It is one of the common techniques in the business analyst’s process. It is used during a project analysis phase to understand and analyze the gap between the existing and future business processes. Four major tasks are operated under this model, and these are as under:

  • Strategies Planning

  • Business Model Analysis

  • Defining and Designing the process

  • Technical Analysis of the difficult business solutions

Several corporations use this technique, especially the IT companies use this tool as it is a straightforward way to present the steps and execute the process that can be operated in different roles. 

2. CATWOE

It defines the beneficiaries who collect the perceptions of different stakeholders onto one unified platform. So the business analysts use this process to evaluate any proposed action that can affect the various parties. The Acrimony stands for:

  • C: Customers who benefit the company

  • A: Actors, Who eventually perform the tasks and are players in the process

  • T: Transformation Process, such as what is the transportation at the core of the system?

  • W: World View, what is the actual picture and what are the impacts

  • O: Owner, who owned the system and what is their relation

  • E: Environmental Constraints, what are the external constraints and how they can impact them?

Thus business analysts enable a business to know about the pillars of entrepreneurship by leading the company.

 

Business Analysts Techniques

 

3. Moscow (Must or Should, Could or would)

Not like a city in Russia, Moscow prioritizes the requirements by providing a framework that evaluates the demand relative to the rest. This process enables you to ask questions about the actual necessity of any given element. In other words, the technique focuses on whether the item should have or must-have. With this, it’s also evaluated whether the demand is for the betterment of the product or if it is something that can be a good idea in the future.

4. Most (Mission, Objectives, Strategies and Tactics) 

This technique is known as a robust business analysis framework that is the best tool for understanding the ability of an organization and its purpose also. In this technique, a detailed and complete analysis of the goals of the organization and the methods to approach them are described and discussed. The Acrimony Stands for:

  • Mission: the purpose of the corporation.

  • Objectives: key goals to achieve the targets

  • Strategies: alternatives available for achieving the objectives

  • Tactics: methods that can be followed by the organizations to carry out the strategies.

5. PESTLE Analysis

The PESTLE model is used to identify external and environmental factors which can create an impact on the company. With this, these tools address those issues which are used to address the business decisions.

  • Political: financial support, government initiatives, policies and subsidies are considered under these factors.

  • Economic: Labor and energy cost, inflation and interest rates

  • Sociological: Education, culture, media and life

  • Technological: information and communication system of technology

  • Legal: Local and national government regulations with employment standards

  • Environmental: waste, recycling, pollution and atmospheric conditions

6. SWOT Analysis

It is one of the most significant techniques that is used by business analysts. In this process a company’s strengths, weaknesses, opportunities, threats and challenges are evaluated. This helps the business analysts to take the proper decisions about the resource allocation and suggestions for organizational improvements.

  • Strength: quality of the business or a particular project that can give an advantage over the competition

  • Weakness: the loopholes of the project and business 

  • Opportunities: those elements which can exploit the business or project

  • Threats: those elements in the environment that can hinder the projects

Thus it is a simple and versatile technique that can be used to have a quick and deep analysis of the organizational activities.

7. Six Thinking Hats

This technique guides the group line of the projects to encourage them to consider different ideas and perspectives. The six hats are:

  • White: Focus on the logic and data

  • Red: take the assistance of intuitions, emotions and feelings

  • Black: consider all the negative results and assess what can go wrong

  • Yellow: focus on the positive stapes by keeping the optimistic overview

  • Blue: take the picture into account and make the process control

  • Green: this hat focuses on creativity, ideas, alternatives and possibilities and is a solution to black hat problems.

 

Business Analysts Techniques

 

8. Use Case Modeling (UML)

This tool is used for visualizing and having interactions that can be supportive for a customer. The prime components of this tool are as under:

  • System

  • Actors

  • Use Cases

  • Relationships

Thus the UML technique can be used to make proper decisions with the help of diagrams of case studies.. For instance, a diagram explaining why (use case) two types of customers (Actors) can interact with the bank system and how the result of the relationship is.

Thus business analysts work hard to show you the importance of mission and vision in attaining the desired goals. They guide you with the help of innovative and technical strategies. 

 

Conclusion

Business analysis techniques prove concepts and insights into the development of the initial framework for any project of the business. Thus we can say that business analyst techniques are used to solve the problems and maximize the business growth. Among these techniques, you can find the right solution for optimizing the business and creating an online store. As these stores create wider business opportunities that are affordable too. 

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. Do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Roshni Khatri, OpenGrowth Content Team

A keen observer, who loves to spend time with nature. A fun loving person, enjoys to explore the new aspects of life. Passionate about reading and learning new things. Roshni is dedicated towards her work and has worked in different professions.


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