Business Analysis is the set of tasks, knowledge, and techniques required to identify business needs and determine solutions to business problems.

Solutions often includes:
Systems development component
Process improvement
Organizational change

Business analysis helps stakeholders achieve a shared understanding of the organization’s needs.
This shared understanding puts the team in a position to make legitimate recommendations for those needs, and ultimately puts the organization in a position to move forward with the set of recommendations that best meets those needs.

Business Analysis is important because

• It help you develop your business
• It helps you increase demand
• It minimizes chance of unsatisfactory results
• It helps building a common understanding between stakeholders
• It can help in starting your own business
• It helps in growth of business/organization

Importance of Business Analysis
Thinking to be a Business Analyst? Would you like to know the importance of Business Analysis in a business? Understand the true meaning of Business Analysis and how they help the company stand firm in the competitive world. Explore the roles of the Business Analysts in maintaining their company.

Business Analysis Increases the ROI
ROI is the Return on Investment is a measure to evaluate the efficiency of an investment or investments. The image of the business is depended on the ROI as it describes the business value and its benefits and an increase in revenue. Companies may not be focusing entirely on their organization. They may focus only on their technology costs and ignore the other business-related costs. Therefore, companies should focus on total business-related costs. You will get to the accurate value of the ROI if the total cost is considered. ROI is calculated by getting a difference from the value achieved through solutions by the cost of the solution.  

The Business Analyst focuses on increasing the ROI in many ways. They reduce the costs of the projects and reduce the chance to re-work on the projects thereby, increasing the benefits. This method of reducing the cost and increasing the benefits will increase the ROI

Business Analysis Decreases the Cost
The Business Analyst creates different strategies to decrease the cost of the project involved. The Business Analyst will make the team understand the right requirements; the project can be created r designed that will automatically decrease the costs. Once, a BA learns about the ways to save up money for the company, they use the same tactics for all other upcoming projects.

Business Analysts Helps in Decision Making
A Business Analyst is definitely needed to make the decision quicker and easier. The stakeholders will be there for taking on investments and their share, and more. These stakeholders will spend their time in discussion, while the Business Analyst will talk about logical topics that will lead to quick decision making. They’ll directly on the issues, ways to solve them, etc. They focus on Business Analyst Principles of clarity to transform the company even further.

Business Analysts Opt for Cost Effective Solutions
Business Analysts always go for cost-effective solutions for any problems faced where there is no involvement of the IT. BA create a number of ways to solve the problems with inexpensive and affordable methods.
Business Analysts also increase the benefits as said above. They decrease the cost and increase the benefits, thus increasing the ROI. Let’s look further into it on how the benefits are increased.

Business Requirements
Business Analyst understands the business in detail. They understand it very well and understand its requirements to make it grow further. They help the project teams in many ways to increase the benefits of implementing various solutions. Understanding the business requirements means, making various decisions and implementing them in growing their business. Therefore, a Business Analyst is important as they try their level best to create a better environment with a better decision.

Focusing on Real Value
The stakeholders are always investing their money in the business. They take time to discuss every aspect of the business with their partner’s business. And we need a Business Analyst to create a perfect environment where an accurate information is provided which leads to a quick decision. The real value is focused and thus making a clarity on the business and its effect.