It is important for organizations to learn about various business analytics techniques which can help improve business performances.
Business analytics combine different strategies and tools to improve the performance of an enterprise. These form part of the management system and embody the particular approaches which the company adopts. Business analysts must be well-versed with techniques in business analysis which can be used in addressing current problems. There are numerous methods in quantitative analysis. Yet, there are primary strategies which are recognized as valuable for most business owners.
BA Technique #1 – MOST
These techniques in business analysis can help company executives and managers in reviewing different options to manage the organization. Most of the solutions can include modifications in the organization, strategic development or creation of new policies. One of these techniques is more popularly known as MOST which means: Mission or the direction of the business; Objectives referring to the objectives that will help achieve the mission; Strategies or the different options to move forward; and, Tactics or how different strategies are implemented.
BA Technique #2 – PESTLE
The PESTLE technique is the second among business analytics tools which is meant to scrutinize the various external elements which can affect an enterprise and its operations. It is made up of six characteristics:
- Political (present and future political influences)
- Economic (impact of local, national and global economy)
- Sociological (various ways society can affect any organization)
- Technological (effect of new and emerging technologies)
- Legal (effect of national and world legislation)
- Environmental (issues on local, national and world environment)
BA Technique #3 – CATWOE
CATWOE is a business analysis technique which supports critical thinking about what the business hopes to accomplish. There are six elements considered part of this technique:
- Customers (benefits derived from high-level business process and corresponding effects)
- Actors (individuals involved in the situation and solutions for success)
- Transformation Process (processes or systems are affected by the issue)
- World View (big picture and broader impacts of the issue)
- Owner (process or situation being investigated and roles in the solutions)
- Environmental Constraints (limitations that will impact the solution and its success)
BA Technique #4 – SWOT
The SWOT analysis provides a complete overview of both internal and external factors affecting a business. The four SWOT elements are:
- Strengths (examine the strengths of the organization)
- Weaknesses (know the downsides that you will be encountering)
- Opportunities (take advantage of the opportunities that come along the way)
- Threats (neutralize possible threats that may come about)
The Five Why’s methodology in business analytics is used to help get to the root of any given problem within the business intelligence. It is a technique that calls for asking questions to examine the cause and effect of a specific circumstance.
The process of business analysis can be very complicated. Fortunately, there are several solutions that are open to business managers. Under this broad continuum lies a number of sub-disciplines, roles and numerous techniques that you can always make use of. Bear in mind that all corporate entities experience such conditions and issues. You need help to keep on going forward. This is when you need the expertise of a business analyst to help in providing this technical competence.