Business analysis is a critical function in today’s dynamic and complex business environment, but some companies are not embracing its full potential.
In this article, Stephen France, Change Architect for Marbral Advisory in Jersey, explains how we can all seize the opportunity.
Business Analysis involves identifying business needs and determining solutions to business problems. These solutions often include a combination of process improvement, technology implementation, and strategic planning. Business analysts play a pivotal role in ensuring that organisations operate efficiently and effectively, adapting to changes and seizing opportunities for growth.
Understanding Business Analysis
At its core, business analysis is about understanding the structure, policies, and operations of an organisation. Business analysts gather and analyse data to identify trends, inefficiencies, and areas for improvement. They work closely with stakeholders to understand their needs and translate these into actionable plans. This process involves various techniques such as SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis, PEST (political, economic, social, and technological) analysis, and gap analysis, which help in understanding the internal and external factors affecting the organisation.
Key Responsibilities of a Business Analyst
- Requirements Gathering: Business analysts collect detailed information about business needs from stakeholders. This involves conducting interviews, surveys, and workshops to ensure all requirements are captured accurately.
- Data Analysis: They analyse data to identify patterns and trends that can inform decision-making. This includes using statistical tools and software to process large datasets.
- Process Improvement: Business analysts evaluate existing business processes to identify inefficiencies and recommend improvements. This can involve re-engineering processes to enhance productivity and reduce costs.
- Solution Design: Based on the analysis, business analysts design solutions that address the identified needs. This can include developing new systems, processes, or strategies.
- Stakeholder Communication: Effective communication with stakeholders is crucial. Business analysts must ensure that all parties are informed and engaged throughout the analysis and implementation process.
Why is this so Important?
Business analysis is essential for several reasons:
- Strategic Planning: It helps organisations develop strategic plans that align with their goals and objectives. By understanding the business environment and internal capabilities, analysts can recommend strategies that drive growth and competitiveness.
- Risk Management: Identifying potential risks and developing mitigation strategies is a key aspect of business analysis. This proactive approach helps organisations avoid pitfalls and navigate challenges effectively.
- Efficiency and Productivity: Through process improvement and optimisation, business analysis contributes to increased efficiency and productivity. This can lead to significant cost savings and better resource utilisation.
- Innovation: Business analysis fosters innovation by identifying opportunities for new products, services, or markets. Analysts help organisations stay ahead of the curve by anticipating changes and adapting accordingly.
Learning From Experience
Business Analysis is a primary service delivered by Marbral Advisory, alongside Project and Change Management. We work with clients from every sector to identify where analysis and change will help achieve positive growth.
We were recently engaged on a digital transformation project for a client that involved a significant amount of data and process analysis. During this project, it became clear that a high number of customer applications were being rejected due to missing data, or invalid data being entered onto the application forms. By redesigning the forms to incorporate error checking and digitalising the experience, we have hugely improved the application process for the client. The result has been a significant decrease in rejected applications, an increase in happier customers and a decrease in processing times.
It is also not uncommon when discussing the results of an analysis with clients to hear phrases such as “that can’t be right.”, or “why are doing that?” or similar. Another internal process review we have been involved with recently highlighted issues with data – specifically where data needed to be heavily manipulated because it was being produced in the wrong format. The phrase “because that is the way that it has always been done” was heard. With a clear understanding of the end-to-end processes, a simple change upstream to the format of the output resulted in a significant improvement to the downstream processes.
Sometimes, the issue isn’t technology but just a lack of communication between teams. It’s important that business analysts are great communicators too and understand the principles of change management to ensure they deliver the right solution to the client, not just the expected one.
Business analysis is a vital function that supports organisational success. If you want to find out more about how Marbral Advisory can support your business with BA services, resources, or strategy, then head to the website or contact the friendly team today.
