As a Business Analyst, there are various techniques of business analysis prevalent in different stages of projects and in diverse domains. As part of the business analysis training, one can check out the following business analysis techniques that are relevant in enterprises today.
1. SWOT Analysis
The SWOT Analysis (Strengths, Weaknesses, Threats and Opportunities) is a popular Analysis method for enterprises that assesses an organization against the four important dimensions. It drives decision making for major improvements in an organization’s position in the overall market and is usually used outside of the Project Environment. This analysis helps organizations to re-assess internal and external environment with renewed strategy and direction.
The SWOT Analysis is popular since it is a quick way to gain an in-depth analysis of a situation. It is applied in different business areas and many people are familiar with the technique.
2. Requirements Interviews
Requirements interviews involve conducting structured interviews with relevant queries, captures, and interpretations to gauge a list of requirements for a particular solution. This technique may seem easy and informal but requires specific skills as a Business Analyst. This technique is applied during project initiation during the requirements analysis and validation stage.
Business Analysts can apply the Requirements Interview successfully, owing to its stakeholder engagement perspective forming a direct relationship and connection with the stakeholders being interviewed. The technique can prove to be time intensive but offers several benefits for any project.
3. PESTLE Analysis
The awareness of external influence is extremely important for Business Analysts. The PESTLE Analysis considers the environment and identifies and analyzes the key drivers of change in any business environment. The analysis also looks for factors that influence the decisions.
The PESTLE analysis includes analysis of:
• Political factors in the business environment and its impact
• Economic factors including inflation and meltdown and their impact on the business environment
• Social aspects that affect the environment
• Technological trends and their impact on business
• Legal regulations that impact the industry
• Environmental considerations for business and organization.
One can leverage the PESTLE Analysis to understand the factors and drivers within the organization environment and their influence on the direction of the organization.
4. Business Process Modeling
This technique presents a diagrammatic representation of information workflows including processes and decisions. Business Process Modeling utilizes notations and Unified Modeling Language (UML) Activity diagrams for the technique.
Business analysts are trained to use this technique during the Analysis Phase of any project to understand the processes of the project. It can support project implementation and assist even in business process changes.
This technique works owing to the direct nature of the presentation to showcase how a business process can be executed efficiently within a certain function. The visual representation of the steps to be completed can help explain complex sequences of tasks of any project too.
5. Data Modeling
Data modeling is a Business Analysis Technique that describes all requirements in terms of data elements. Data Modeling describes entities and its attributes are recorded. It visually illustrates how the entities are related to other entities with help of common attributes. This technique is applied during the Analysis and Design stages of a project and can be used in the context of software development or data analytics-based project too.
The technique presents a definitive way to ensure the capture of data and representation on reports. With data modeling, one can showcase elements in a solution and the end results too. Database designers use the BA technique to design solutions with a lower level of details.
The above 5 business analysis techniques are highly popular in more ways than one and relevant in diverse scenarios too. A BA with thorough training will be able to leverage the best ideals of every technique for the maximum positive impact in a project.