If you are a business owner, you must keep your thoughts toward the methods of how increasing the profit of your business. Then the profit will depend on the number of desired customers of your products. Improving the demand towards the business will enhance the number of customers reaching to your products. Quality production strategies are the impact behind this issue and every type of business who tries to achieve more in the every step needs to do some sophisticated analysis to initiate the best suited business strategies for their business. As a result of that, business analysis came to the stage of the business world. All business runs on the customer requirements. Role of the business analysis also stands on the business requirements which are shaped by the influence of customer’s desires. Then the “Business analysis” is identifying business needs of their clients and stakeholders in order to determine efficient and effective decisions on strategies they are going to apply. Investigating the customer requirements, business analysts take the decisions depending on the gathered data and statistical methods to predict the future endeavors that must to achieve to drive business planning.
Good business analysis will help to predict and prevent the issues regarding the business goals. It will answer the questions like “What happened?”, “Why happened?” and “What will happen?”.
There are three basic methods of doing analysis. They are descriptive analysis, predictive analysis and prescriptive analysis. Descriptive analysis is learning from the historical data to influence future decisions. Then find the correlations between past behaviors to Identify sales patterns which facilitate to realize the customer’s buying behaviors. Then the management can easily forecast the different decisions to step into the next stage.
Identifying risks and opportunities in the future is called predictive analysis. It will cause to forecast the demands and adjust the production methods and sales patterns in the future considering public and social data sets deriving from the past. Vast capacity of that data will provide more accurate results on decision making procedure.
The next, prescriptive analysis which describes the advices leads by the predictions to determine effects of future decisions. It will help to manage decisions and schedules before they are to be act. The impact of good future decision will consider filtering more opportunities through the risks. Then, business analysis will turn the business behavior toward the optimized direction while delivering the right product to the right customers at the right time.
As the accompanied advantages of business analysis, helps to improve decision making process while handling cost efficiency and better alignments of resources on availability of sources leading to fulfill user needs on time. Therefore, business analysis will add colors to any business performance with the high rate of profits regardless its size, capacity or history.
Shanika I nanayakkara
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