Business Analysis

Business Analysis Synopsis

Business Analysis plays a significant role in the lives of entrepreneurs. Business owners should be aware of and quick to grasp the current trends lest they are left out. When a business does not embrace change, whether it is brought by technology or manifested economically or financially, it will lead the business to its downfall. Thus, in order for a business to succeed and survive in the crowded global market, the proper business analysis must be made from time to time (Business Analytics, 2012). In a business environment, it can be observed that business analysis is important in order to maintain and monitor market competition. It also brings forth great impact on the success and excellence of the business. Business Analysis involves gathering information from different sources and analyzing the information itself to create a forecast that can help the business in coping with the future trends. The process of strategizing, operating and making smart decisions are some of the important aspects of business analysis. These aspects help a business to progress in order to reach its goals and objectives. The benefits of doing business analysis shed light on its importance in the business environment making it a formal profession and including it in the curriculum as a subject that has to be taught in schools. Today, business analysis is relatively considered as one of the recently recognized careers that invests on the use of computer technologies. The misconception of this career being heavily involved with technology is probably due to unawareness of the term “business analysis.” As a matter of fact, people had already used various forms of systems and processes as tools for recording and analyzing data prior to the birth of computers. Early works of icons such as Adam Smith and Frederick Winslow Taylor have actually exhibited the practices business analysts are known for. Their works and also those of some of the quality experts will be discussed in the first chapter. In 2004, the Body of Knowledge Committee for Business Analysis was ultimately formed and the organization defined a draft of a global standard for the business analysis practice. In 2005, the IIBA formally release the first version of A Guide to the Business Analysis Body of Knowledge (BABOK Guide) for feedback and comment. Since then, the Business Analysis Body of Knowledge Guide became a useful tool for business analysis practitioners worldwide. It can be seen that through this organization, the majority of the businesses around the globe embraced the importance of having effective business analysis in order to ensure that proper solutions will be given to increase the company’s performance and maintain and monitor its stability. In fact, some even view business analysts as a “change catalyst” in the organization. Various service delivery companies nowadays provide assistance to other companies in case they cannot get their own resource. Business Analyst plays a crucial role in maintaining the company’s adaptability to change, gathering requirements, designing solutions, and identifying ways for an organization to continuously improve. The Business Analysis field becomes broader as time goes by and as new technology and methods are introduced. As the world continuously take the road of change and modernization, business analysis has been widened to several key concepts and terminologies which can help a company create a better strategic process for its operations and economic models. Information is the key to having an effective business analysis. Without proper data to be analyzed, the organization cannot thrive. Thus, the business analysis includes the strategic ways of providing information technology analysis and maximizing the use of technology itself. It should also be noted that every business wants to increase profitability and reduce costs—that is probably the goal of almost all companies. Having an effective business analysis will not only affect the external aspects of the organization but also the way it operates and functions as an organization. The real question is, what real value does a business analyst bring in an organization? What makes them a catalyst of change? As this book continues to discuss several tasks and underlying competencies and techniques of Business Analysis, it will try to answer the questions about the topic, broaden the knowledge about the field, and explain the complexities of the techniques and practices of business analysis.

About This Edition