Learning Objectives

By the end of this lesson, you will be able to:

• Define the concept and scope of business analysis

• Explain the benefits and value of business analysis

• Identify the key skills and competencies of a business analyst

Introduction

Business analysis is a term that encompasses a wide range of activities, techniques, and tools that aim to understand and improve business processes, solve problems, and deliver value to customers and stakeholders.

Business analysis can be applied to any type of organization, industry, or domain, such as finance, healthcare, education, manufacturing, retail, or technology. Business analysis can also be performed at different levels of granularity, such as strategic, tactical, or operational.

Business analysis is not a one-time event, but rather an ongoing process that involves continuous learning, adaptation, and improvement. Business analysis is also not a solo effort, but rather a collaborative and communicative endeavour that involves working with various people and perspectives.

Benefits and Value of Business Analysis

Business analysis can provide many benefits and value to an organization and its stakeholders, such as:

• Enhancing customer satisfaction. Business analysis can help identify the needs and expectations of customers and deliver solutions that meet or exceed them. Business analysis can also help measure and improve customer satisfaction and loyalty.

• Improving business performance. Business analysis can help analyse the current state of the business and identify the gaps, issues, or opportunities for improvement. Business analysis can also help design and implement solutions that optimize the business processes, resources, and outcomes.

• Reducing costs and risks. Business analysis can help estimate the costs and benefits of different solutions and select the most feasible and viable one. Business analysis can also help identify and mitigate the potential risks and challenges that may arise during or after the solution implementation.

• Increasing innovation and competitiveness. Business analysis can help foster a culture of innovation and creativity within the organization by encouraging new ideas, perspectives, and solutions. Business analysis can also help monitor the market trends and competitors’ activities and adapt accordingly.

Skills and Competencies of a Business Analyst

A business analyst is a professional who performs business analysis activities in order to provide value to an organization and its stakeholders. A business analyst may have different titles or roles depending on the context and scope of their work, such as system analyst, process analyst, product owner, or consultant.

A business analyst needs to have a variety of skills and competencies in order to perform their job effectively, such as:

• Analytical skills. A business analyst needs to be able to collect, process, interpret, and present data and information in a clear and meaningful way. A business analyst also needs to be able to apply logical thinking, critical thinking, and problem-solving skills to analyse complex situations and find optimal solutions.

• Communication skills. A business analyst needs to be able to communicate effectively with different audiences using various modes and methods, such as verbal, written, visual, or digital. A business analyst also needs to be able to listen actively, ask relevant questions, provide constructive feedback, and negotiate confidently.

• Interpersonal skills. A business analyst needs to be able to build rapport and trust with different stakeholders from diverse backgrounds and perspectives. A business analyst also needs to be able to collaborate effectively with others in a team environment, as well as manage conflicts and expectations.

• Technical skills. A business analyst needs to be familiar with the domain knowledge and terminology of the organization and industry they work in. A business analyst also needs to be proficient in using various tools and techniques that support their work, such as software applications, modelling languages, frameworks, or methodologies.

Summary

In this lesson, you learned about:

• The concept and scope of business analysis

• The benefits and value of business analysis

• The key skills and competencies of a business analyst

In the next lesson, you will learn about the role of the business analyst in more detail.