Why We Need Business Analysis & it’s Important

Business analysis is important for the company to gain financial strength in the market. By analyzing business the organization enhance their tactical and technical skills because they become aware of the market scenario and their position in the market.

How does one analyze the business and its needs – let’s answer this question here:

  1. Analyze the requirements and area of the work.
  2. Work with the project managers and business sponsors to find out what are the level of the work that they are expecting to get and manage.
  3. Find out the complexity of the work and the efforts that will be needed to complete the taken project.
  4. Define in a proper manner the project elicitation. Prepare a document containing all the important aspects of the project. Use elicitation document to identify critical requirements of the project.
  5. Analyze and define the functional requirement of the project and document them.
  6. Documentation can be done in many forms, like preparing diagrams – (High level / low level); writing elicitation explaining every minute details of the project (Requirement Understanding Documents / SRS); making prototypes and DFD’s etc.
  7. Asking right questions to the customer or the stake holder. The templates should be pre-pared for this.
  8. Identify the core components of the business and its market value and competitors. This will help in giving better solution so that the business is able to make it stand in the market