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This Business Analysis training will teach delegates a series of Business Analysis methodologies.
One of these methodologies is SWOT. SWOT stands for:
SWOT is a simple method used to determine where improvements in organisations can be made in order to advance in the marketplace. To achieve this, business strengths, weaknesses, opportunities, and threats come under analysis. SWOT can identify opportunities for progression and diagnose the top threats experienced by the business, so SWOT is essentially a device for understanding the process of decision-making. SWOT can take place when a branch wants to review their current operation systems to divert approaches. It can also be implemented in organisations of all scopes and types.
Another Business Analysis model is Heptalysis, which is applied to carry out a deep analysis of the earliest stages of a business venture. Heptalysis identifies the vital factors of business ventures as:
Market opportunity - Business Analysis is needed to identify opportunities in the marketplace. Current trends, gaps in the market, and movements by competitors need to be considered here. The long term impact and investment value needs to be taken into account when considering an opportunity.
Product/solution - the solution is what is produced when the analysis is complete. The solution must fit business requirements and needs to coordinate with market opportunities.
Execution plan - a powerful execution plan defines project objectives and provides a structure by how to achieve the objectives. The execution plan must fit with the broader goals of the organisation.
Financial Engine - the financial engine handles the cash flows, capital requirements and investments, where money will be spent, and money making methods.
Human Capital - human capital is crucial because the entire team need to understand the vision and support its enforcement for the project to be successful. Accomplishment relies on the employees involved. People’s skills need to be utilised so the best people for the job are in the correct roles. Managers need to demonstrate effective communication techniques and absolute commitment to the idea.
Potential Return - formulate a rational plan regarding how far money can go and where it shall be spent.
Margin of safety - both internal and external risks need to be assessed, and take into account changes in the market and events during the course of the project.
CATWOE is another Business Analysis methodology that is used to prompt thinking about what businesses want to achieve, the problems they may encounter, and the possible resolutions. There are six parts to CATWOE:
Clients are those who use business services or products, hence they are the ones who are affected when change is implemented. Thus, these clients need to be identified, and the impact of the change on them analysed.
Actors are those who are responsible for applying changes.
These are the changes which the operation generates. The inputs and outputs need to be determined.
World View (Weltanschauung)
World view refers to the broader impact of the implemented changes. This stage is the most important as the stakeholders have the same demands but different ways of arriving at the outcome.
The owners are those who decide what changes will be made, how the project will run, and whether the project should or should not continue.
These are the limits that may stagnate progress of change implementation in areas such as finance, ethics, resources, and general limits.
In addition to these methodologies used in Business Analysis, Business Analysts follow a set process in order to solve business problems:
Communicating internally to understand the requirements of the different parts of the organisation and the organisation as a whole
Communicating with external stakeholders to investigate feedback into the service, function, or product that is being provided
Analysing findings using data modelling practices and creating suggestions for change
Considering potential risks of carrying out the recommendations
Identifying the processes required to introduce the suggestions
Obtaining agreement from senior management about the best method for introducing suggestions to the company
Liaising with different departments to suggest recommendations
Creating supporting documentation and report on findings to present to stakeholders
Supporting the changes and resolving any issues which arise
Evaluating the impact of the changes