A Business Analyst should be familiar with various analytical tools and related technologies when you are wearing the BA hat. I mean, if you are holding this position.
As we have already learnt earlier, business analysis is a process where you are trying to understand a business enterprise and identifying opportunities, problem areas, problems and meeting a wide range of people having wide range of roles and responsibilities like CEO, VP, Director and understanding their business requirements.
Fundamentally, there are 3 types of Business analysis which we can categorize into −
● Strategic Analysis − Strategic business analysis deals with pre-project work. It is the method or process of identifying business problems, devising business strategies, goals and objectives helping the top management. It provides management information reporting for effective decision making process.
● Tactical Analysis − It involves knowledge of specific business analysis techniques to apply at the right time in the appropriate project.
● Operational Analysis − In this type of Business analysis, we are focussed towards the business aspect by leveraging information technology. It is also a process of studying operational systems with the aim of identifying opportunities for business improvement.
For each type of analysis, there are a set of tools which are available in the market and based on organizational needs and requirements, these are to be used.
However, to materialize business requirements into understandable information, a good BA will leverage techniques Fact-Finding, Interviews, Documentation Review, Questionnaires, Sampling and Research in their day-to-day activities.