What is a business analysis?
Business Analysis is a method of evaluating different aspects of business in order to identify ways to improve its operation. There are many different methods that are used, depending on the nature of business and the areas of improvement that the analyst seeks to improve. Each method of business analysis usually analyzes internal and external factors, as these factors interact, and identify some desired result. In general, this desired result is an improvement in operational efficiency.
While a specific method of used business analysis will be based on the targets of the company, the general idea is to improve efficiency, which can mean one of many different things. Analysis of internal factors can focus on improving employee efficiency, thus producing more or spending less in everyday production. While considering external factors can focus on using new opportunities due to more or less government regulation.
It means mission, goals, strategy and tactics. Most analyzes are usually used in a new business or in the new aspect of existing business. The first step is to identify the final goal of the new business, a component of the "mission". From there, the analyst can set smaller, reaching objectives that if it is achieved, it will set the company to travel to reach its large image mission. The components of the “strategy” and “tactics” most analyzes outline the methods by which society can achieve these goals.
Another common example of business analysis is SWOT analysis. Usually existing and operating companies use SWOT, which means strengths and weaknesses, opportunities and threats. When performing such an analysis, the company can first identify its strengths and weaknesses that GJe the good idea where the largest marginal improvements can be made in its operations. The “opportunities” and “threats” components identify external factorsthat could affect business. By solving these factors, business can evolve as a specific environment in which it operates changes, causing such changes to benefit not but to harm.
After completing business analysis, it is important that the company implemented and enforces new ways of improving efficiency. However, the difficulty of implementing new business tactics is something that should be considered during the company analysis. Employee micromanagement to ensure that its implementation can be difficult and sometimes more expensive than the expected improvement of efficiency.