Introducing business analysis
We’re sure you’ve heard the term Business Analysis many times, within different situations, but what does it really entail? What is its importance and why is it a research discipline in itself?
Here at the Business Analysis Hub we untangle your business, with insight at the heart of this. We get to know you and the people that use your service and take the guesswork out of creating something your customers will love! That means no longer taking a punt and hoping for the best.
So, what is Business Analysis? In its simplest form, it is gaining insight from specific data using predetermined techniques, in order to identify the needs of a business. It enables you to troubleshoot solutions to such business problems, alongside strategic planning and development. The fundamental aim of Business Analysis is developing a framework that enables a business to work more efficiently and create change by defining the needs of stakeholders.
Why should you use Business Analysis? Well, there are several vital reasons why it is valuable to your organisation, not least due to the rapid change in the way we live and work, enabling an adaptive culture within your business. Businesses need to have the ability to adapt to constant changes within a competitive marketplace, ensuring that an organisation does not lag behind its competitors. Here are some reasons why you should use Business Analysis:
● It aids an organisation to understand its structure and dynamics
● It allows a business to understand its current problems and/or opportunities
● It helps identify improvements and recommend solutions to enable an organisation to achieve its goals
● It helps to identify and articulate the need for change
● It maximises the value delivered by an organisation to its stakeholders
Now, I hear you asking, how does a business benefit from Business Analysis? In many ways! The most critical goal of any organisation is to achieve a stable Return On Investment (ROI), with the use of Business Analysis enabling a higher profit to be determined. Through the implementation of effective business strategies, businesses can save money in areas that they may not have thought about in the past. Using Business Analysis can empower a workforce to collaborate in a much more effective way, leading to projects being completed in a quicker turnaround, alongside reducing the amount of mistakes and the need for reworking. This in turn leads to a decrease in costs, with Business Analysis critically examining the most productive methods and techniques to keep costs lower and reduce resource waste. This is fundamental to the growth and development of any business and practical solutions allow an organisation to solve recurring problems relating to the costs to a business. Anticipating business problems is a further area that Business Analysis can assist with, facilitating practical and feasible solutions, alongside anticipating future issues with remedies that can be implemented with ease.
The value of Business Analysis is three-fold: it helps your organisation grow, develop and implement efficacious solutions to problems, alongside ensuring that you stay ahead of your competitors by listening to and taking on feedback, alongside amassing a heightened understanding of your business. Businesses must take both proactive and reactive measures which gives them the ability to understand what is required of them to consistently strive to change and stay ahead of the game, to continue to be successful.
In summary, Business Analysis is a crucial part of any organisation, ultimately enabling a business to drastically change its bottom line, empowering an organisation to have a strong understanding of its place in the market and, conclusively, provide the best possible service to their clients.