COIT20251 | Knowledge Audit Business Analysis

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Business Analysis is called as an activity of understanding the needs of business change, assessing the impact of the business of those changes, analysing, capturing and reporting needs as well as supporting the communication and delivery of all the needs with applicable stakeholders. The role of business analyst is often as a communication bridge between the business stakeholders and Information Technology (IT). Business analysts should be great written and verbal communicators, problem solvers, tactful diplomats, analysers and thinkers with the potential to engage with different stakeholders to respond as well as understand to their requirements in rapidly changing environments of business. This can often include dealing with the senior stakeholders and can also include the questioning as well as challenging to assure that the value related to money is attained the developments of Information Technology.

Business Analysts don’t require having a specific background such as IT although it can assist to have few basic understanding related to the working of IT systems. Some of the business analysts come from the programming or technical background that are having complete knowledge of the domain of business that can be equally useful.

Key Responsibilities of Business Analyst

The key responsibilities of business analyst involve the following:

  • Discovery or Elicitation: Discovering the main business requirements to be addressed as well as information about the products, and the requirements of the project, often by communicating with the different stakeholders.
  • Analyzing Requirements: It involves the specification, organisation and modeling all the needs to assure they are accomplished and unambiguous.
  • Specifying Requirements: It involves the documenting of all the requirements in a specific format which can be discussed or shared with all the stakeholders.
  • Verifying and validating needs: Assuring the needs map the need of real business that is approved by the relevant stakeholders as well as meets necessary standards related to the quality.

As per the role of business analyst experts, they may also take on the activities of senior-level like planning regarding the activities of business analysis or handling requirements.

The definition of business analysis permits for several different approaches to the specific role. It brings in the experts who work on the logistics, business process changes, software projects or assuring the compliance with different regulations. It brings in experts that work on different projects focused on integrating different software systems, developing new software systems and changing the current software system along with migration from one system to another.

Different models utilised for strategy formulation analysing the internal or external environment

The models such as SWOT and PESTLE can be used for strategy formulation analysing the internal or external environment. SWOT is defined as strengths, weaknesses, opportunities and threats with the help of which different aspects of the organisation can easily be analysed. PESTLE is a political, economic, social, technological, legal and environment analysis which is a useful technique for understanding several external impacts on the organisation or business.

Relationship between organisational strategy and knowledge audit plan

The organisational strategy is defined as s sum of various actions an organisation intends to take to attain different goals of the business. On the other side, the knowledge audit assists the companies to detect their knowledge-based assets and establish the strategies to handle them.

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