Business analysis
Business analysis is a research discipline that helps organizations to identify business needs and recommend solutions to address them. It involves understanding how organizations function, their goals, processes, and stakeholders. Business analysts use a variety of tools and techniques to analyze data and make recommendations for improving business performance.
One common technique used in business analysis is SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats. This tool helps organizations to identify internal strengths and weaknesses, as well as external opportunities and threats, in order to develop strategies for growth and success.
Another important aspect of business analysis is requirements gathering, which involves eliciting and documenting the needs of stakeholders to ensure that projects deliver the desired outcomes. This process helps to clarify project objectives, scope, and deliverables, and ensures that all stakeholders are aligned on the project goals.
Overall, business analysis plays a crucial role in helping organizations to make informed decisions and drive strategic change. By analyzing data, identifying business needs, and recommending solutions, business analysts help to improve efficiency, streamline processes, and achieve business objectives.
- Example: A business analyst conducted a SWOT analysis for a retail company and identified opportunities for expanding into new markets. By developing a strategic plan based on the analysis, the company was able to increase sales and profitability.
- Example: A business analyst worked with a software development team to gather requirements for a new customer relationship management system. By documenting the needs of stakeholders and translating them into project deliverables, the team was able to successfully implement the system on time and within budget.
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