Global Business Standards provides detail business analysis service to our clints, capturing industry and firm requirements, analyze your business processes and perform needs assessment, providing best practices from industry practise, building and improving expected processes to optimize the entire Business.
Global Business Standards as an organization adopts the Six Core Concepts of Business Analysis, namely; Change, Need, Solution, Stakeholder, Value, and Context: These six core concepts are fundamental to the practice of business analysis.
The Business Analysis Core Concept Model™ (BACCM™), that establishes a conceptual framework for business analysis, lays out in the BABOK® Guide six terms that have a common meaning and to support the discussions regarding business analysis and its relationships. It is important that the business analyst knows these concepts since they are interconnected and essential to comprehend the sort of information elicited, analyzed, or managed in business analysis tasks.
The six Business Analysis core concepts are:
Change is the act of transformation in response to a need. The aim of Change is to improve the performance of an enterprise, which is deliberate and controlled through business analysis activities.
Needs can be a problem or opportunity that should be addressed and may cause changes by motivating stakeholders to act. It also can be caused by Changes (eroding or enhancing the value delivered by existing solutions).
The Solution is the way how the Need will be satisfied, by resolving a problem faced by stakeholders or enabling stakeholders to take advantage of an opportunity.
Stakeholder represents a group or individual with a relationship to the Change, the Need, or the Solution. Stakeholders are grouped based on their relationship to Needs, Changes, and Solutions.
Here is, in my perspective, the most controversial concept, since it can to vary according to the project and context and it can be tangible (e.g. realized returns) or intangible (e.g. company’s reputation). But briefly, the Value represents the worth, importance, or usefulness of something to a stakeholder.
The Context consists of circumstances that influence or are influenced by. It is everything relevant to the change that is within the environment (e.g. attitudes, behaviours, beliefs, competitors, culture, demographics, goals, governments, infrastructure, languages, losses, processes, products, projects, sales, seasons, terminology, technology, weather).
In more details, Global Business Standards as an organization provides business analysis servises as we understands it, customised it to the needs of our clients.The term business analysis as we understands refers to the discipline of identifying needs within a business, and determining the appropriate solution. These solutions may include changes in the organization itself, strategic development or development of new policies.
We have multiples of tools, few among these techniques used in our business analysis are;
MOST- Mission (where the business intends to go) Objectives (the key goals that will help achieve mission) Strategies (the different options for moving forward) Tactics (how the different strategies are put into action)
PESTLE -Political (Current and future political influences) Economic (The local, national and world economy impact) Sociological (Different ways society can affect an organization) Technological (The effect of new and emerging technology) Legal (The effect of national and world legislation) Environmental (Local, national and world environmental issues)
CATWOE- Customers (who benefits from the highest level business process and how does the issue affect them?) Actors (who is involved in the situation? Who is implementing solutions? What will impact their success?) Transformation Process (what processes or systems are affected by the issue?) World View (what is the big picture and what are the wider impacts of the issue?) Owner (who owns the process or situation being investigated and what is their role in the solution?) Environmental Constraints (what are the limitations that will impact the solution and its success?)
SWOT- Strengths (examine advantages and what is done well within the company) Weaknesses (examine the disadvantages and areas that need improvement) Opportunities (examine opportunities for improvement in all areas, including market share) Threats (examine the obstacles the business faces in accomplishing their goals)
Our team of Professional Business Analysis follows standard business analysis best practices. That is to say, current state, future state, risk analysis and communications as outlined in the BABOK.
As part of these initiatives, we have had to gather the numbers, which essentially means ask for them and use them to help assess the current state environment financially for eventually doing some future state projections and budgeting. I am a big believer in the adages, the numbers don’t lie, and you need to know where you are to determine where you need to go. Numbers help in making better business decisions.
We apply some key financial analysis options within business analysis to help professionals make better business decisions for your organisational needs. The type of financials we may use as initial check list are;
Vertical Analysis is used on financial statements where each entry of the major accounts, assets, liabilities, and equities in the balance sheet are represented as a proportion of the account totals. It shows the relative sizes of different accounts on a financial statement. When done on an income statement the top line of sales (100%) is broken down by percentage of product or service sold. It can be used on a project to understand top line spend (100%) against a category of spend. For example, labor, hardware, software, etc. However, if you are looking at a company’s financials overall, you may want to understand the financial breakdown of sales vs. expenses regarding percentages.
Horizontal Analysis is sometimes called trend analysis. Something within business analysis which we need to be concerned. You compare ratios or line items in financial statements over a certain period. This makes it a useful tool evaluate trend situations. You can use this analysis against a balance sheet, income statement (something BAs should know how to read), industry data or a multi-period project budget to understand what is going on.
Forecast to Budget: The use of historical data to determine the direction of future trends. Forecasting is used by companies to determine how to allocate their budgets for an upcoming period. It is also used to budget for projects.
Run-Rates: If a company has revenues of $100 million in its latest quarter, the CEO might say: “Our latest quarter puts us at a $400 million run rate.” All this is saying is that if the company were to perform at the same level for the next year, they’d have annual revenues of $400 million.
Productivity: Productivity is the relationship between the quantity of output and the quantity of input used to generate that output. It is a measure of the effectiveness and efficiency of your organization in generating output with the resources available. Productivity = output/input.
Return on Assets: Investors and managers base the market value of the business on the profit it generates. The return on assets, or ROA, of business, is a ratio commonly used to calculate profitability.
Inventory Turnover: Companies that are based on the sale of a product depend on regular sales to generate a profit. In these cases, the financial health of a business depends on its inventory turnover, or in other words, how many times a year it sells its average inventory.
Cost-Benefit Analysis is a systematic approach to estimating the strengths and weaknesses of alternatives that satisfy transactions, activities or functional requirements for business. It is a technique that is used to determine options that provide the best approach for the adoption and practice regarding benefits in labor, time and cost savings.
Breakeven Analysis: An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue.
Sensitivity Analysis: A technique used to determine how different values of an independent variable will impact a particular dependent variable under a given set of assumptions.
Profitability Analysis: A component of enterprise resource planning (ERP) that allows administrators to forecast the profitability of a proposal or optimize the profitability of an existing project.
Net Present Value (NPV): Defined as the sum of the present values (PVs) of incoming and outgoing cash flows over a period. Incoming and outgoing cash flows can also be described as benefit and cost cash flows, respectively.
Internal Rate of Return (IRR): Also called the discounted cash flow rate of return. It’s a rate of return used in capital budgeting to measure and compare the profitability of investments. ‘Internal’ refers to the fact that does not calculate environmental factors like interest rates or inflation.
Return on Investment: A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of some different investments. To calculate, ROI, the benefit (return) of an investment is divided by the cost of the investment; the result is expressed as a percentage or a ratio.
Business Morals or Ethics as the Premise of Business Quality – factors in building authoritative respectability.
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