Business analysis: how to do IT projects wisely and stay ahead of competitors?
How to create an application that will appeal to users and outperform the competition? How to make sure that the investment in new software, improving the company’s workflow, is definitely worthwhile? Answers to these and many other questions are provided by business analysis. Learn the 4 key advantages of business analysis, as applied by Speednet IT experts. Without them, implementing a new digital product can cost much more.
What is business analysis?
Business analysis involves diagnosing problems and creating the most effective methods of fixing them. The analyst’s task is to develop solutions that work best in a particular case. This is possible through access to information and its analysis. Practical actions in the area of business analysis often mean lower costs for achieving business goals.
What makes up business analysis?
The business analysis process at a software house includes many essential sections:
- discussions with customers – getting to know what they expect from the product;
- building a partnership relationship – clearly defining needs;
- developing a plan – setting goals, calculating resources, and outlining the vision for the project;
- defining the MVP – verifying expectations and making possible improvements;
- getting to know the user – gaining information about their needs and preferences for the product;
- financial analysis – defining the budget;
- researching the competition – the experience of other companies can be a source of inspiration or a warning;
- risk identification – anticipating obstacles and designing solution sets;
- analysis of collected information – organizing data;
- creation of a project outline – creating a specific list of tasks, i.e. systematization of work.
Business analysis in software development – 4 key advantages
The advantages of using business analysis in the day-to-day operation of an enterprise are being recognized by a growing number of business owners. Due to the specific nature of the work of software houses, the role of BA (Business Analysis) in software development is something almost obvious. Especially because of the 4 key factors we discuss below.
More precise MVP of an app or any digital product
Defining a version of your app that meets the minimum market entry readiness (MVP) avoids many failures. First and foremost, you nullify the risk of creating a product that will not fulfill its assigned role. The cost of building an application anew or making modifications can be critical to the entire project.
Accurately and reliably characterizing an MVP requires analyzing information from multiple sources. Data collected from both the people involved in the project and their potential end users should be considered. This is the role of business analysts.
Business analysis helps determine strategies for product implementation, development, and promotion
All decisions to determine any strategy should be based on insightful data analysis. Also when it comes to product implementation, development and promotion. Business analysts provide specific information. These include data on problem areas in the company, conclusions from cost analysis, or suggestions for development directions. Thanks to business analysis, effective planning is possible, which is the basis of any venture aimed at improving competitiveness in the market.
Easier IT project implementation and testing
Quality control of a new digital product begins at the stage of its construction. Analysts verify the application’s functionality and compliance with established requirements. They also participate in the testing phase, collecting and transferring the acquired information to the project team. They allow ongoing changes and improvements to be made.
In each phase of the project, business analysis significantly increases the chances of predicting crisis situations and resolving them. The final product can be implemented more quickly, without the risk of going over budget and having to apply later revisions.
BA + software development = cheaper implementation
Business analysis visibly reduces the cost of product implementation and shortens its time. Project implementation preceded and carried out in cooperation with analysts becomes more effective. It proceeds on the basis of a specific strategy and methodology of work, developed on the basis of objective data. Errors resulting from chaotic activities are eliminated, and ongoing control allows for the prompt prevention of delays and additional expenses. The final product becomes even more profitable and valuable.
Business analysis and software development must go hand in hand
Business analysis is a field without which successful digital transformation is virtually impossible. Analysts create methods, techniques, and tools that help realize the potential of a product to its maximum potential. Meeting user demands and creating an application or other digital product that will give you an edge over your competitors is becoming easier, faster, and cheaper thanks to BA. It’s impossible not to take advantage of it.
If you need business analysis support before launching your IT project, write to us – together we will develop all the necessary analysis!