6 Steps To Build A Business Analysis Capability
As a business, you constantly need to be on the watch for opportunities to grow and develop. There should never be a moment of rest or complete satisfaction since things can turn around quickly and your competitors could take the lead. This is why businesses need to introduce new capabilities that will help them bring their operations to the next level. One of those crucial capabilities is business analysis capability.
Building and implementing a successful business analysis capability could benefit your business on a number of levels. Below, we’ll explain why this would be a wise move for you and share the 6 steps to build a business analysis capability. Let’s take a closer look.
What is a Business Analysis Capability?
Let’s start by quickly explaining what a business analysis capability is and what it implies within your business.
So, a business analysis capability is a process that a business invests in. Within this process, the business finds and enables business analysts to work on improving their internal operations, and help them achieve the goals they’ve set. Through business analysis, the business learns about their status quo and finds the best opportunities to improve what they’re doing and how they’re doing it. This is an ongoing process, so the business is never missing a chance to be better and work more efficiently.
Benefits of a Business Analysis Capability
To help you understand the potential and positive effects a business analysis capability could bring you, we’ve decided to briefly mention all the benefits you can expect. So, what are the main benefits of introducing this capability into your business model?
Here’s what you can achieve with it:
● Reduce operating costs and minimize them
● Increase ROI
● Mitigate risks
● Minimize damage caused by external or internal sources
● Maintain competitiveness
● Spot and seize market opportunities
These are just the main and most prominent benefits you’ll be able to grow from. There are a ton of other advantages of introducing a solid business analysis compatibility, so let’s see how you can build one.
How to Build a Business Capability Analysis?
Now that you understand the importance of introducing a business analysis capability, it’s time to learn how to build it from scratch. It may seem complex at first, but the steps we’ll share below will simplify this process for you.
Each step will help you achieve one minor goal which will lead to the completion of building this capability for your business.
1. Recruit Business Analysts
Your business may or may not have business analysts ready to step in and take charge of embracing the business analysis capability. If you don’t already have them on board, start by recruiting them.
Decide what’s your priority when recruiting new business analysts:
● Their understanding of your company/niche/industry
● Their experience
● Their specific approach to problem-solving and business analysis
You need to make sure you have a strong team of people, ready to start working on improving your business. Once you finish recruiting, gather them to meet each other, set up a team-building activity, or a simple meeting.
Start working in a positive work atmosphere from day one.
2. Organize Training & Education
Even with businesses whose business analysts have been working for the company for a while, there’s always room for improvement. If you enable your business analysts to learn and grow continually, your business analysis capability will be far more successful. So, organize training and education regularly to help them improve their skills that they’ll use to perform more successfully.
3. Reinforce Company Culture
Your company’s business analysts need to be on the same page as the rest of the employees working for you. And, your company culture is what brings them all together and gathers them around the same goals.
So, make sure they understand what your company stands for. Have them learn about:
● Your mission and vision
● Your relationship with the customers
● Brand personality
● Products and services your offer
● Values you’re focusing on
If they understand the core of your business and your main focus, they’ll be able to help you achieve your goals more efficiently. You can organize meetings, send out handouts, organize events and team-building sessions, and always include the company culture into the agenda.
4. Introduce the Customer
Your customers are what keep your business alive. So, your business analysts need to be aware of the customer and understand them completely. If you don’t pay attention to this detail, your entire business analysis capability may collapse. Therefore, help your business analysts understand your customers:
● Their needs, pain points, and problems
● The solutions you offer them
● Their expectations from your company
● Their loyalty
The more your business analysts know about your customers, the better they’ll be able to work and help your business grow. They’ll know what to focus on and how it reflects on your relationship with the customers. In addition, this will reinforce the customer-centric culture that your and every other business need to maintain.
5. Set Specific Goals
Having a clear and graspable objective is key to a successful business analysis capability. Your business analysts need to know what you want them to focus on. And, unless you make it clear and delegate it to them, they might get lost in the process. This is why you need to set specific goals they’ll focus on. You can set weekly, monthly, quarterly, or even yearly goals, and assess the progress and success along the way.
For instance, you and your business analysts can agree to focus on reducing costs of specific internal operations, in the next three months. Have them report to you every two weeks about their findings, plans, analysis results, and next moves. Together, discuss their progress and think of the best solutions for continuing it. You can even set multiple goals and prioritize them, or have different teams of business analysts working on different goals.
6. Set KPIs
A key performance indicator (KPI) is a quantifiable measure of performance. You need to set it for each of your goals and analyze it for a specific period. Simply put, you need to know what makes a goal achieved or not.
Setting your KPIs will have a positive effect on building your entire business analysis capability. Here’s how:
● You’ll define your goals more precisely
● You’ll be able to delegate your expectations
● Your business analysts will know what to strive for
● You’ll be able to give precise feedback
The most important thing is to measure your KPIs regularly, continually, and objectively. Keep track of how they change over time and draw conclusions from each measurement. Discuss it with your business analysts, and talk about both success and failure.
Building a business capability analysis is a complex process, but with the right guidance and a clear objective- you can do it with ease. All you need is a strategy to guide you through it, step by step.
Hopefully, this guide will help you do exactly that. Use the steps we’ve shared above to build your business analysis capability like a professional. Start working on it today!