Best Business Analysis Process
After covid-19, business analysis holds an important position in the business decision making process. Thus, a business analyst guide business entities in improving products, services, processes and software. Similarly, they limit or control frauds and acts of negligence under the heading of Human errors. Clearly, business analysis process demands a strategic mind analyst.
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A disciplined based analysis approach is must when a business earns both revenue and goodwill. It means expectations of both the stakeholders and customers have raised. Business leaders should articulate the performance and make the reasonable decisions. With the progressive results, now the business has no choice but to sustain in the market. Otherwise, it is going to get a bad response from customers and becomes history for once and all.
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An efficient business analyst can bridge the gap and enhance the performance. At times, many business entities earn both profitability and goodwill in the market. But, management hardly concerns for the business analysis to make the strategies to improve the products and services.
I believe in a disciplined business analysis approach based on financial, management and customer-relationship analysis in order to sketch current position. It helps in portraying the real image of the business in future (after a year may be). I can make the report which is beneficial for the business to evaluate current performance and make the strategies for future- What differs while analyzing the performance is “I focus on the reasons behind success/failure, neglected opportunities and potential resources to utilize”
What is Business Analysis
Business analysis is a disciplined based approach to identify, evaluate and manage the issues on both management and financial level of the organization. In this regard, business analysis tools are used to evaluate the performance. Thus, businesses go for quantitative business analysis in terms of financial data such as, financial ratios and statements. Also, there is a qualitative business analysis based on performance management and customer-relationship management.
Business Analyst
Thus, role of a business analyst is continuously evolving. Companies more rely on the results but neglect the performance. It is important to have a focus on the process while the progress is being in the business. Any business entity can celebrate the progress in terms of revenue and goodwill. But, if the leadership, in particular, is not well-informed for the reasons behind the progress then soon business can lack the adequate strategy to sustain in the market.
Business Analysis Process
Business analysis process is based on the business analysis approach in order to get the outcome of evaluation. The areas to analyze the performance are,
Financial Statement Analysis (AFS) — It includes comparative financial statements and ratio analysis of the business
Management Performance Analysis — It includes the management of staff member such as deployment of workers based on their areas of expertise
- Step 1: Build a Work Breakdown Structure (WBS)
- Step 2: Create a Network Diagram (using your WBS)
- Step 3: Create a Gantt Chart (using the Network Diagram)
Marketing Management Analysis — The advertisement or marketing campaigns to attract and influence customers
Customer-Relationship Analysis — It includes the feedback from customers. Also, the steps taken by the management to ensure the healthier relationship with the consumers
