Most proven techniques that every business analyst should know

by Josh Biggs in Business on 6th February 2021

Business analysis helps companies and in the software development cycle to understand the business needs and find the right solutions to solve its problems. To conduct a business analysis, analytics use several proven techniques that work and ‘tested’. And, it’s essential to know these methods to deliver proper BA reports. Here is the list of the most proven analysis techniques that are used by a business analyst in SDLC

Business analysis techniques are the following:

Brainstorming

The brainstorming method is an operational method for solving a problem based on stimulating creative activity. The discussion participants are asked to express as many solutions as possible, including the most fantastic ones. After, a business analyst selects the most relevant solutions.

Stages of brainstorming

Stage 1 – Statement of the problem. Preliminary stage. At the beginning of this stage, the problem should be clearly formulated. 

Stage 2 – Generation of ideas. The main stage, on which the success (see below) of the entire brainstorming largely depends. Therefore, it is very important to follow the rules for this stage:

Stage 3 – Selection and evaluation of ideas. This stage is often overlooked, but it is he who allows you to highlight the most valuable ideas and give the final result of the brainstorming session

SWOT Analysis

SWOT analysis is a basic analytical model for finding a strategy, which is based on a general assessment of the company’s strengths and weaknesses, as well as the opportunities and threats of the external environment. The SWOT analysis is very abstract, as its conclusions are purely descriptive: they do not suggest any recommendations or prioritize. But this is not required. Its purpose is simply to provide us with a structured description of the situation that needs to be decided upon.

Marketing Opportunity is an area of ​​customer needs and interests that are most likely to profit the company.

Environmental threats are the negative impact of specific trends or unfavorable developments that lead to a decrease in sales or a company’s profit in the absence of protective marketing measures.

Acceptance and Evaluation Criteria Definition

Determination of the requirements that must be met for a solution to be considered acceptable to key stakeholders. An acceptance criterion describes the minimum set of requirements that must be met in order for a particular solution to be worth implementing. An evaluation criterion is a set of requirements that will be used to choose between multiple solutions.

Method elements

1. Testability

2. Scoring (rating)

Backlog Management

A backlog is a prioritized list of all jobs, written as short descriptions.

Each backlog item must comply with the following principles:

Detailed Appropriately – have proper detail;

Estimated – have an estimate;

Emergent – should be emerging, unexpectedly appearing. 

Emergence – the presence of any system of special properties that are not inherent in its elements;

Prioritized – backlog items should be prioritized.

Backlog management is the “science” of sliding through the stages of a consistent product/solution lifecycle in an efficient manner.

Balanced Scorecard

Balanced Scorecard (BMS) – the concept of transfer and decomposition of strategic goals for planning operational activities and monitoring the achievement of goals. The idea of BSC is to balance the scorecard in the form of four groups.

Benchmarking

Benchmarking is the process of studying the economic activities of competitors, products, services, and processes of competitors’ activities in order to use their positive experience in the work of your company (implementation of changes to achieve and maintain competitiveness).

Benchmarking can be divided into several types:

Internal benchmarking – this benchmarking compares processes (products, services) within an organization. Close or similar methods (products, services) are selected as objects. 

Competitive benchmarking – comparison is made with direct competitors (in terms of products or services provided) operating in a local, regional or international market. 

Functional benchmarking – compares your own organization’s processes with similar processes of another organization, but working in a different field of activity. 

Generalized benchmarking – for this type of benchmarking, organizations are selected that have the best processes and approaches in their segment.

Conclusion

Business analysis helps in the determination of possible risks, strengths, and weaknesses of the company. Thanks to these proven business analysis techniques, analytics can efficiently deliver reports and analyze the business from different angles.  

Categories: Business