How Important is Business Analysis?

Business analysis can be defined as a technique that is used to liaise between various stakeholders in order to understand a business’s needs, structure, policies, and operations to find solutions that help the organization achieve its desired objectives.

Business Analysis plays a vital role in every organization. Analyzing business requirements, creating proper documentation, identifying areas for process improvement and organizational change, strategic planning and developing various policies that drive an organization towards a better future are observed as the most common solutions.

An organization can leverage business analysis to achieve its strategic goals by identifying and implementing specific changes. The nature of change can be strategic or structural, sometimes involving changing various policies and processes within an organization to compete better in the market.

Organizations can improve their strategic and technical skills by understanding current market scenario, with the help of business analysis. This helps them identify where they are placed in the market compared to competitors.

There are many facets to business analysis. Some examples include:

• Performing feasibility studies
• Risk assessment and mitigation plan
• Identifying and defining new business opportunities
• Writing a detailed business case

To understand the importance of business analysis in a better way, here are some of the techniques which an analyst performs in a project:

Eliciting Requirements for a Project

At the beginning of a project, an analyst starts to work with key stakeholders to understand business requirements and clearly articulate the project’s vision to achieve the objective.

An analyst should understand and take into account the sentiments of all stakeholders so that a unanimous decision can be taken to define the vision for the project. This can be done by doing the following:

• Personal and group interviews: Conducting one to one or group interviews is a very effective way to identify and judge the concerns of different stakeholders by asking…