Business Analysts in today’s day and age use many different types of analysis techniques to serve the needs of a business. SparklesSoft have the following four main Business Analysis techniques.
PESTLE (Political, Economic Socio-cultural, Technological, Legal and Environmental) – Pestle Analysis is used to analyze the extramural factors that affect the business. Although it forms an important basis to some other analyzing techniques such as SWOT, it’s important in itself to maintain and improve the macro environment and tactics the company has been using up to this date.
PORTER’S FIVE FORCES ANALYSIS – This interesting framework helps analyze the business’s true position so far in time. It addresses the potential competitors of the business and how well the strategies have helped yield profits. It may also help build confidence during new product introduction.
SWOT MATRIX (Strength, Weaknesses, Opportunities, Threats) – It is a complete analysis of both the internal and the external elements that may come in the way of a product/business or help it grow.
ANSOFFS’S MATRIX (Product/Market Expansion Grid) – Ansoff’s Matrix is a perfect guide or a test check analysis before considering executing an idea with the truest intention of taking the business a step further. It decides how well the idea would be greeted when it is launched and all the risk factors that it may have to face along its way.