Business in today’s world plays a great role in uplifting the economy of a country and making a person self – independent. The analysis is made in order to prepare the annual report of a company and to find out whether the company is in a profitable position or not and others. Certain tools and techniques are followed in order to get the best outcome from the business. Proper analysis of a report/a project would help in getting a better solution or and even easier methods for keeping the company in profit. Techniques such as MOST, SWOT, BPM etc. are followed by many companies nowadays for this purpose. There are many different techniques used by different organisations, but not all of them are considered as the best, these are only applicable for certain kinds and types of projected done by the company during a particular period of time.
The 10 best business analysis techniques are:
⦁ SWOT ANALYSIS:
Consisting of 4 elements, the SWOT analysis technique helps a company in finding their strength and weaknesses. S stands for strength W stands for weakness O stands for opportunities T stands for threat, this helps in providing an opportunity to the employees in exhaling themselves in certain fields in which they need some improvement. Consisting of 4 quadrants, the SWOT analysis also helps in finds the amount of risk the company need to handle in order to compete in the stock market.
⦁ BUSINESS PROCESS MODELLING [BP
As the business takes up projects day by day, it needs a technique that helps it to analyse the methods that are used for the previous project can also be used for the new one or not, and BPM suits the best for it. Projects taken up by the company needs to be planned and put into diagrammatical manner for better strategical analysis and also for better planning for which opting for BPM is the best idea. The diagrams that are made under BPM are classified into 2 subtypes that are BUSINESS PROCESS MODELLING NOTATION[BPMN], and UNIFIED MODELLING LANGUAGE ACTIVITY DIAGRAM[UML], both of these subtypes helps in representing the data in a more simple and logical manner.
⦁ MOST ANALYSIS :
Same as the SWOT analysis technique, the MOST analysis also consists of 4 quadrants were M stand for mission O stand for objective S stands for strategy and T stands for tactics. The main objectives of this particular technique are to achieve realistic goals timely and effectively. This technique can be used by a company at every level of work in order to obtain effective results
⦁ BRAINSTORMING :
Working in groups helps in generating more ideas and multiple solutions to a single problem. The same concept is followed here in brainstorming. The company makes groups of employee and let them present the different solutions and methods to increase sales and gain profit in the market from which the best one is being chosen and then implemented.
⦁PESTLE ANALYSIS :
Today the main concern of all the companies and industries is to produce their products and expand their business without causing any harm to the environment.
There comes the pestle analysis technique that focuses on the political, social, economic and environmental development that need to be made by the company and also helps in reducing the conflicts that may arise in between the company and the government.
⦁NON-FUNCTIONAL REQUIREMENT ANALYSIS :
Technology changes from day to day and to keep competing among other companies in the market the company need to keep it self update with new technologies. The non-functional requirement analysis helps in analysing the changes and check the updates that are made when a company adopts a new technology. This also helps in secure login into the system of the company that can only be accessed bt the employee of the company, this also helps in better performance of the employee in the company and help the company grow.
⦁ USE CASE MODELLING :
Presenting the ideas through diagrams helps in better understanding and better analysing of the idea. Use case modelling type of technique is mainly used in software developing projects, and this helps in saving files as a draft without losing the data. Validation and submission of timesheet on time makes it easy for the company in calculation of profit and distribution of salary to its employee at the end of every month.
⦁REQUIREMENT ANALYSIS :
Different stakeholders propose different solutions for the project proposed by the company, and the company prepares a set of questions that are asked by a business analyst to the stakeholders to find out the most important solution. Workshops are held related to the solutions proposed by the stakeholders in order to develop the project, and this shows the direct involvement of the stakeholder in the project.
⦁ CATWOE :
All the project or the products made by the company are consumed by the consumers at the end, and that needs to meet up their expectations, if it doesn’t matter then the consumers won’t purchase the products of the company then that would let the company into loss, CATWOE helps the company to find out where it is facing problems and what objectives it is trying to achieve by the end of a particular financing year. It shows the perception of different stakeholders regarding different issues on a common platform.
⦁ USER STORIES :
As we know consumers are the end-users of a product produces by the company so an analyst is made to think from the point of the consumer because it would help in producing the best solution for the project. Through this technique, the product produced by the company becomes more user friendly and satisfies the consumer’s needs and keeps the company in a profitable position.
Many different techniques are coming up day by day and not every technique works for every company, but the techniques mentioned above are some of the techniques that are used by most of the companies in developing and gaining profit for their organisations. Different projects need different techniques for their development, and proper functioning, so proper selection and implementation of techniques helps the company grow and earn the profit.