Steps to follow in the business analysis process

There are typically eight main steps in the business analysis process. Those are as follows.

1. Collecting Basic Information

The foremost step of the business impact analysis process is to collect and gather all the background and
basic information related to the project. One of the most common rookie mistakes that business process
analysts tend to make is to get involved when a project is already underway. However, most don’t realise
this can lead to serious consequences and, ultimately, the project’s failure. Therefore, as a business
process analyst, you must perform the tasks below prior to starting the project to understand the overall
requirements and objectives fully.

Getting a clear understanding of the project, and the project history

Establishing who the main stakeholders are

Evaluating the already existing systems and processes

Outlining your roles and responsibilities as the business analyst

2. Understanding The Main Objectives

Properly documenting the various business objectives and strategies is also crucial since it helps project
managers and team members stay focused on the vision and take the necessary actions accordingly. It
usually involves the steps mentioned below.

Understanding the needs and expectations of the stakeholders

Resolving any conflicting expectations and devising a shared understanding of the goals and objectives

Ensuring that all the business objectives are plausible and can be achieved

Devising the business objectives so that it can define the scope properly.

Establishing the business objectives can be done with the use of various tools and techniques. The
SMART (Specific, Measurable, Achievable, Relevant and Time-Bound) technique and the SWOT (Strength,
Weakness, Opportunity and Threat) analysis are the most commonly used ones.

Learn business analytics courses online from the World’s top Universities. Earn Masters, Executive PG
Programmer Certification, or Global Master Certification to fast-track your career.

3. Defining The Scope

Following this, the next step is to determine/define the scope. This is essential because it helps the team
members get a clear view of what exactly the business needs. Some of the most common responsibilities
included in this step are,

Understanding the nature and extent of process changes that might be required

Documenting a clear statement of the scope and reviewing it with the stakeholders

Confirming the business case.

4. Designing A Business Plan

The ultimate goal of a business plan is to provide as much clarity as possible relating to the overall
business analysis process. It should provide the appropriate answers to several key questions that might
be raised during the process. Some of the main responsibilities include,

Estimating the timeline for deliverables

Establish a set of deliverables, including the scope and the stakeholders.

Determining the required form of deliverables

How to design a business plan:

Create an executive summary

Compose your company description

Summarize market research and potential

Conduct competitive analysis

Describe your product or service

Develop a marketing and sales strategy

Compile your business financials

Describe your organization and management

Explain your funding request

Compile an appendix for official documents

5. Defining Project Requirements

Defining the project requirements is essential to help the implementation team get all the required
information to identify a usable solution. It involves thoroughly reviewing and analysing the deliverables
and asking the relevant questions to bridge any gap.

Some of the many techniques that help in this requirement-gathering process are interviewing the
stakeholders or using tools such as use case templates, storyboards, and wireframes, among others.

6. Support Implementation

The team in charge of technical implementation is usually responsible for building and deploying
software on a project. This includes,

Scrutinising the final solution

Collaborating with quality assurance professionals

Managing any kind of requirement changes

Enabling user acceptance testing in areas where it is possible

7. Assessing The Value Added By The Project

Finally, at the end of all these steps, it is time to properly evaluate the value created by implementing
diverse solutions. This involves evaluating the overall process throughout the timeline and asking for
stakeholder feedback. Based on the information gathered, and the feedback, new initiatives or
modifications can be suggested that will help to align the business objectives with the implementation
phase.