In recent years there has been an extensive shift towards business analysis. Companies are keen to hire business analysts from the market who can boost the company profits, increase threshold productivity and synergy between fellow colleagues of a particular company.
In achieving all these, business analytics tools and techniques are the most important arsenal for people working as business analysts. This arsenal consists of a number of weapons that are helpful to business analysts. In this blog, you will get to know what these analytic tools and techniques are and how they are advantageous.
The term SWOT is an abbreviation for its four elements:
S - Strength
W - Weakness
O - Opportunity
T - Threat
It is a detailed analysis conducted by the business analysts on the following factors:-
- Strengths and weaknesses as internal factors.
- Threats and opportunities as external factors.
It is graphically depicted, the 4 factors are divided into 4 quadrants and the business analyst enters the gathered data as the answer in these quadrants
Strengths- it includes the positive aspects of the project which can be an aid to the company and its employees.
Weaknesses- it includes things that can act as a limitation. Areas with scope for improvement can also be added here.
Threats- this includes the external risks that can act as a barrier for the successful growth of the company like the market competition.
Opportunities- this field includes factors that can be exploited for the benefit of the company. Any good opportunities come under this section.
Advantages of SWOT Analysis
SWOT analysis is one of the most profound business analysis techniques out there. It is easy to conduct and is not only limited to industrial use. It can be used at the institutional level for educational purposes if required. hence, it is widely used throughout the industry.
The term MOST is an abbreviation for its 4 elements:-
M - Mission
O - Observation
S - Strategy
T - Tactics
The MOST analysis is an excellent tool to measure the capability of an organization. Through MOST analysis business analysts try to analyze what an organization does, what does that organization yearn to achieve in the coming years and what do they need to do to maintain sustainable performance.
Now, let’s see what these terms really mean
Mission - It is the most important factor to analyze an organization. Because this factor defines what purpose an organization serves and what goal it is trying to achieve.
Objectives - we can summarise objectives as a set of goals which as a whole form the mission of an organization. An objective should be S.M.A.R.T:-
- S- Specific
Strategy- these are steps taken by the organization to fulfill their objectives and ultimately achieve their goal.
Tactics- these are secret and straightforward methods carried out by the organization to complete their strategies.
Advantages of SWOT Analysis
The MOST analysis is an important technique that is followed at levels of the industry. It ensures that the organization remains focused on its goals and achieves them.
Brainstorming is a group activity and one of the most popular business analysis techniques. This is a very creative and refreshing business analysis technique that involves conducting a group activity, finding out the root of problems, and working together to find an effective and efficient solution
Not only is it a good business analysis technique but it also serves as a good group activity that can improve the bond between fellow colleagues and ignite their desire to work together and achieve milestones for their organization.
At all times there are environmental factors that affect the strategic planning of an organization to achieve its goals. These factors are commonly abbreviated as P.E.S.T.L.E:-
- P- Political
- E – Economic
- S – Social
- T – Technological
- L- Legal
- E – Environmental
All factors listed above play a major role in finalizing a business decision. Therefore, a business analyst has to keep all these factors in mind while analyzing.
In the above picture are listed factors that constitute P.E.S.T.L.E., it is the task of a business analyst to analyze that under what conditions the organization is operating and how all these factors might influence the organization’s future
Advantages of PESTLE Analysis
PESTLE is an easy and essential business analysis technique that depends on the skills of business analyst and their expertise in their field of work. Good PESTLE analysis can reduce potential threats to an organization. This way a business analyst can ease up an organization’s path to their goal.
Requirement analysis is a process that usually starts when a project is underway and the stakeholders propose a solution to a project decision. As a part of the requirement analysis technique, the business analyst needs to conduct several interviews to understand what are the real requirements that mainly include:-
Advantages of Requirement Analysis
It involves direct involvement of stakeholders in decision making, this can be of real benefit in the future. Therefore, it can be said that this is the most important phase of a project.
All the business analysis techniques and tools mentioned above are useful and must be known to a business analyst who wants to sharpen their business analytical skills and increase their expertise in their respective field. And if an organization hires a business analyst with good business analytical skills, then the chances of that organization becoming successful in the future become much more profound.