Business Analysis Tools, Techniques & Software

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  • 0:00 Business Analysis
  • 0:46 Business Analysis Techniques
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Lesson Transcript
Instructor: Elizabeth Wamicha

Elizabeth teaches undergraduate courses in Business and Information Technology for the last 7 years. She is currently on course to completing a Doctorate in Information Systems

This lesson examines the tools, techniques, and software commonly used in business analysis. Business analysis attempts to identify the requirements of a particular business and solve business-related problems.

Business Analysis

Business analysis is the process of identifying the needs of a business and evaluating the solutions that would be most appropriate for solving the specific problems of a business. Some of the solutions that could be introduced are software solutions or changes in organization.

Business analysis aims to provide a holistic overview of a business and the situation that the business is in. Business analysis also aims to establish ways to improve the operations of a company and aid in the development of documents and standards. The following sections further analyze the tools and techniques that are used in business analysis and the software often used in business analysis exercises.

Business Analysis Techniques

Business analysis tools and techniques usually have specific uses and can help a business analyst carry out a number of functions during the business analysis process. The following are descriptions of some of the most common types of tools and techniques.

1. SWOT Analysis

The term SWOT stands for strengths, weaknesses, opportunities, and threats. The SWOT analysis tool is commonly used to assess these four components. The SWOT analysis helps the business analyst decide which aspects of the organization and its business environment need to be improved. The SWOT analysis is a simple and straightforward technique.

2. Business Process Modeling

Business process modeling is a tool that's actually a diagram that represents how information flows from one process to another. The most common business process notations are the Business Process Modeling Notation and the Unified Modeling Language. The business process modeling tool is used most commonly during the analysis phase of a project.

3. PESTLE Analysis

This is a business analysis tool that is used to analyze the environment within which a particular organization operates. The term PESTLE stands for political, economic, social, technological, legal, and environmental. When the PESTLE analysis is carried out within an organization, it seeks to understand these six aspects of the environment as much as possible.

4. HEPTALYSIS

This tool of business analysis looks at seven aspects that a new business should consider as it is starting up. These seven aspects include market opportunity, product development, the operations plan, the budget and finances, human resources, return on investment, and safety margins.

5. Business Analysis Software

There are some specialized programs that can be used in business analysis. This section examines some of the valuable business analysis software tools.

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