What is business analysis tools and techniques?
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What is business analysis tools and techniques?
1. SWOT Analysis · 2. MOST Analysis · 3. PESTLE Analysis · 4. System Analysis .
Fundamentally, there are 3 types of Business analysis which we can categorize into −
Strategic Analysis − Strategic business analysis deals with pre-project work. It is the method or process of identifying business problems, devising business strategies, goals and objectives helping the top management. It provides management information reporting for effective decision making process.
Tactical Analysis − It involves knowledge of specific business analysis techniques to apply at the right time in the appropriate project.
Operational Analysis − In this type of Business analysis, we are focussed towards the business aspect by leveraging information technology. It is also a process of studying operational systems with the aim of identifying opportunities for business improvement.
Tools enhances the effectiveness of the content being presented and facilitate productivity and to define the best tool for business analysis requires understanding the purpose for which the tool will be used.
Let me give you a brief about the different business analysis tools that are commonly used and you can choose the best based on your need :
MS Visio
Microsoft visio is a diagramming and vector graphics application and is part of the Microsoft Office family.
Enterprise Architect
Enterprise Architect is a modeling, business simulation and project management software.
Rational Requisite Pro
Rational Requisite Pro is an IBM product which is widely used for requirement management and their documentation.
MS PowerPoint
Microsoft PowerPoint is a slide show presentation tool developed by Microsoft.
MS Word
Microsoft Word is a word processor developed by Microsoft.
MS Excel
Microsoft excel is a spreadsheet application by Microsoft.
DOORS
IBM Rational DOORS is a requirements management application by IBM. DOORS is an acronym for Dynamic Object-Oriented Requirements System
Balsamiq
Balsamiq is a wireframing and mock up generation tool used to create user interface and sketch-style wireframes
Other Tools
A business analyst might sometimes use other tools like: Blueprint Requirements Center, MS OneNote and MS Access.
Business analysis tools are software that helps in analyzing various business data and helps in getting information after processing the data. With the help of technology, this process has become accessible and more focused.
SWOT analysis (helps us to define the Strengths, Weaknesses, Opportunities, and Threats of the company). It’s extremely useful at the very first stage when you’re trying to understand your client goals, to define his problems and to understand what features may provide him with the competitive advantage.
Benchmark (defining the competitors, their product features) allows to define the killer features of the created product to make it exclusive and special among the competitors, to meet users expectations they don’t have in other products.
Gap analysis (defines as-is and to-be company or product statement). It can be useful both for the global company situations helping to put the company goals and define the scope of work for their achievement and also for the particular project when we can find out the scope of required features to achieve the goals and KPI of the project.
MoSCoW (the technique of the requirements prioritization: Must, Schould, Could, Won’t). It updates a third-level scale which makes the prioritization.
Gantt diagram is incredibly useful in planning of not only project execution but also the sequence of features realization.
RACI matrix helps to divide the responsibilities between the team members and determine the limits of their responsibilities. So, you’ll also know who is responsible on a task and demand the result from this person.