The scope of data production nowadays pushes businesses to learn how to use it to their advantage. Many think of ways how to benefit from making data-driven decisions. The answer to these questions is Business Analysis.
With the increasing need for a comprehensive, holistic approach to business, the demand for data-savvy specialists has risen. When seeing that getting too stuck up in the numbers is not doing any good, companies tend to shift their perspective to the bigger picture. They require a high-level narrative and understanding of how business is doing, not just plain figures that on their own say nothing about the overall state of things. Business analytics come to the rescue in such situations.
Rapid and ubiquitous digital transformation also drives the need for BA. It facilitates the design of the systems that are to carry out the strategy of digital changes within the organizations. Business analysts also drive inner transformations by implementing new business processes.
We want to dwell upon the benefits of this aspect in businesses of all kinds and will tackle only some of the industries that showcase the best results from engaging with business analysis in their work. We will discover the processes and algorithms in Business Analysis that help companies around the world grow and thrive, putting raw data to good use. Its work for the business can mean the difference between leading the market and staying mediocre.
Much needed business acumen in tandem with a tech-savvy mindset makes business analysis specialists an irreplaceable element in the organization. Energy companies get an opportunity to optimize their production and management, staying in line with eco-trends and solving fuel issues.
Implementing analysis of the business data, service-providing companies managed to organize energy usage monitoring in real-time for users to reduce their carbon footprint and control the levels of their consumption — a hot trend, keeping in mind the concern over climate change.
Asset management can also be enhanced with the outputs of the BA — development, operation, maintenance, upgrade, and disposal of assets are looked at through the prism of cost-effectiveness in order to save money yet adopt the best strategy possible, using those assets for getting results your company strives to achieve.
Power generation maximization for production companies and reduction of the energy costs by establishing the optimal locations for alternative energy resources usage (wind turbines and whatnot) — results of the thorough approach and deep analysis of pros and cons, of raw data from companies, analyzing the stats, and the constant question in the mind of a BA: why would this be important for the business or how would this piece of data be helpful in future.
Setting up a business is not an easy task, and identifying your strategy, objectives, and mission is a challenge that can be facilitated through the best BA practices. Here are some of the techniques that may help gain a fresh look at your positioning and pinpoint clear business goals, and finally map out the plan for further development.
Get to know your potential target audience with purchasing motivation analysis. It allows you to find out which factors drive customers to make the decision to choose one or another product or service. Researchers establish, which of the five motivations: money, other people, status, image, and fear of missing out, are the most important for a person. Using this qualitative data, start-ups may better understand their consumers and thus accommodate some of the business processes to fit people’s expectations.
SWOT Analysis — a very useful BA tool to identify strengths, weaknesses, opportunities, and threats of a business at the very onset of its activity. Data on the relevant performance and potential of a company may prove important for future business decisions. You will identify the points for growth and proceed in that direction since the data clearly points out the best way to follow and maybe even turn your weaknesses into advantages, as well as use them as springboards and avoid any pitfalls along the way.
MOST Analysis — another powerful technique in BA. The acronym stands for Mission, Objectives, Strategies, and Tactics. This framework allows start-ups to identify their abilities and the actual purpose of their endeavor. It provides the data about the internal goals of the organization and offers ways how to approach them accurately alongside getting productive outcomes.
Such a standardized industry like healthcare requires a fresh approach to the introduction of innovation, and once again a couple of BA techniques might be of help here. Conforming to the rules and regulations of healthcare while introducing technological improvements needs a holistic view of the opportunities BA might offer. Moreover, healthcare now is the biggest field of digital transformation, so such companies consider building more complex and non-traditional systems to make changes happen.
Business analysis for healthcare can expand the horizon and help to adopt new business models that would allow providing care to the patients in ways that were not available before, with the outdated methodologies and facilities.
Business Process modeling helps analyze the inner business processes and provides the company with data on where efficiencies can be achieved. This method allows for effective resource allocation inside the organizations that seek operational excellence. With business process modeling, companies can identify redundant processes and make more room for productivity improvements. Data obtained from this kind of analysis may also measure the impact innovative technologies may have on business operations — which is a critical point for healthcare where the need for new tech solutions emerges non-stop.
For the development of efficient smart healthcare systems, Use Case Modeling can be employed. Such a technique involves determining the end user’s requirement from the system in question. It provides you with a detailed description of what your system is supposed to do. Use case modeling is mainly fit for software development and agile management of the process.
The transport industry was heavily disrupted by the pandemic with people being locked down at home. Thus logistic companies are already considering various scenarios to get back on track after such a crisis. To adopt a suitable strategy of revival and reach a more sustainable, efficient, and convenient future, businesses need to leverage data and business analysis.
Logistics may benefit from implementing the PESTLE model in their business analysis process. It tackles six factors that can influence the operational efficiency of your business. They are: political, economic, sociological, technological, legal, and environmental. Taking into account all of the nuances of each factor helps with making appropriate business decisions. Find out if you can use some government initiatives, learn how to cope with inflation and energy costs for transportation, adopt new technologies that optimize supply chains and logistic operations, and stay environmentally aware of your impact on nature.
If your Transport & Logistics project needs a technology solution to be replaced, changed, or built from scratch — BA specialists carry out non-functional requirement analysis. It establishes the characteristics that are needed for such modifications of a system. It also covers such important points for logistics as performance and reliability.
The unprecedented pace of new technologies adoption among many industries requires undivided attention to the feasibility of business decisions. Business analysis offers this opportunity for companies and drives many of them to the ultimate success by merely tackling data insights and using them to the organization’s advantage. Competitive and modern businesses should stay open to new operational models and should always be in search of improvement that might often be found in data through high-quality business analysis.