Monday, September 20, 2021

12 Business Analysis Tools Being Used By Businesses in 2021

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We are living in a highly competitive world. Hence, businesses need to constantly look out for different ways to upscale their game. One such weapon that allows businesses to thrive amidst cut-throat competition is business analytics. Presently, there’s huge demands for efficient business analysis tools and business analysts that can perform tasks quickly.

And guess what! The market is flooded with a multitude of business analysis tools with distinct features and functionality. But simultaneously, it is nearly impossible for an organization to try and learn all available tools. Furthermore, so many options often confuse the businesses in taking an apt decision. Hence, in this post, we’ll walk you through the best business analysis tools in 2021.

Business Analysis Tools: Introduction

Basically, business analysis tools are those that help companies in different verticals including project management, management of workflow, prototype creation, use case analysis, and many more. Before heading to the top 12 business analysis tools, let’s discuss why an organization really needs one.

Why use Business Analysis Tools?

Here are the reasons that businesses needs such tools –

1. To Adhere to the Evolving Requirements

Some projects may require a complete flow of the process, including use cases where each one of them represents business functionality. And consequently, a professional must adhere to the evolving requirements.

For a manual workforce, it is quite impossible to remember all the requirements and use case mappings in memory. Even if the requirement, however, increases drastically, a tool can maintain these relationships without any difficulty. 

2. To Coordinate With the Development Team

When a business uses analysis tools, they are likely to get notified about the changes in needs. On the other hand, if a professional uses the tool to change the requirements, a notification will be sent to the development team without any prior permission.

As a result, this will prevent extra effort.

3. To Coordinate with QA Team Easily

Although the development team gets notified about the requirement changes, other departments need to be notified, too. As most of the functional test cases are based on requirements, the testing team must know about the needs as they have to make changes to the test scripts to cover the new requirements.

4. To Identify the Best Requirements for a Project

When it comes to identifying the best requirements for the project, a business analyst conducts thorough research to accumulate tons of information and requirements associated. Most of them don’t need to be implemented at a later point in time.

This is where the importance of a business analysis tool comes in!

Choosing such a tool will help prioritize de-scoped items appropriately. Also, these tools are infused with features that will help you trace all requirements and meet business objectives. When you identify the best requirement, you are likely to provide your organization with the best Return on Investment (ROI).

5. To Efficiently Manage One-to-Many Relationships

In a business, certain scenarios might come where you need to maintain more than one use case. And this could be potentially a daunting situation for businesses to decide what requirements should be updated first. When you choose the right business analysis tool, you can easily identify and map the relations.

Business Analysis Tools Being Used By Businesses in 2021

Here are some of the business analysis tools being used by businesses in 2021 to grow their operations to an unprecedented scale.

1. SWOT Analysis

This is one of the most popular business analysis tools being used by organizations to manage their tasks efficiently and quickly.

The term SWOT stands for:

  • S- Strength
  • W- Weakness
  • O- Opportunities
  • T- Threats

It can be defined as a complete analysis conducted by a professional by adhering to:

  • Some of the internal factors include strength and weakness.
  • Some of the external factors that include threats and opportunities

Also known as a four-quadrant analysis, it helps a professional to place the data as the solution to each quadrant.

Advantage:

There’s no denying the fact that the SWOT analysis is one of the most popular business analysis techniques that is being used by businesses in the industry. It is an enterprise-level analysis technique that can be used at any stage of the project from conceptualization to implementation.

2. MOST Analysis

The term MOST stands for

  • M-Mission
  • O-Objective
  • S-Strategy
  • T-Tactics

This is another best business analysis tool that is significantly gaining traction among organizations due to its range of benefits. It helps professionals to analyze what an organization does and plans to achieve the objectives while maintaining strategic alignment.

Well, it couldn’t be wrong to say that it helps to understand an organization’s ability and purpose.

Let’s discuss each of its elements in detail!

  • Mission: This is the important factor for an organization that defines its purpose and the goals it wants to achieve in the future. If the mission is precise, it would be easier for businesses to analyze and measure other core factors.
  • Objectives: objectives must be considered as a collection of goals that must be the mission of every organization. Also, an objective must be S.M.A.R.T –
  • S- Specific
  • M-Measurable
  • A-Achievable
  • R-Realistic
  • T-Timely
  • Strategy: This is another step that an organization considers to accomplish the mission and eventually, achieve the objectives. A strategy is a group of tactics.
  • Tactics: Another step that a business must follow to carry out the strategies.

Advantage: MOST analysis is a robust and efficient business analysis technique that must be followed by every department in an organization. This tool will help an organization to focus on its respective mission while ensuring the success of its organization.

3. Business Process Modelling (BPM)

Business Process Modelling is another powerful business analysis tool that is being used by organizations to understand and analyze the gaps during the analysis phase of the project.

Business analysts perform a multitude of tasks in a BPM project, as per the International Institute of Business Analysis (IIBA). These tasks include;

  • Strategic planning
  • Business Model Analysis
  • Defining process and design it
  • Technical Analysis for complex business solutions

Advantage: BPM technique could be an incredibly effective technique that will represent how a business process will operate by different roles. In the IT industry, this technique is being extensively used among different departments from top to bottom. One of the best things about the technique is that it can make the complex business analysis more clear to perform by a business analyst professional.

4. Use Case Modeling

When it comes down to pictorially illustrate how the business functions must work by adhering to the users’ interactions, use case modeling is an ideal choice. This technique is mostly used by the development team in the designing phase of the project to transform business requirements into functional specifications.

Some of the popular tools that can be used to draw UML diagrams are including IBM’s Rational Rose Microsoft Visio, and many more.

Advantage:

If you want to demonstrate the scope of functionality in a business, then this popular business analysis technique is being used by UML Use Case Diagram. Because organizations must focus on the important functional areas, using case modeling may lend you a helping hand. Also, you will get the right requirements of a business and meet respective objectives.

5. Brainstorming

This is one of the most popular business analysis techniques where professionals perform a group activity to collect ideas and provide effective solutions to complex business issues. When business analyst uses the tool, they are likely to support other powerful tools like SWOT analysis, PESTLE analysis, etc.

6. Non-functional Requirement Analysis

This is another popular business analysis tool that is used when certain changes to the technology solutions are made.

Well, these changes could be migration from one technology to another.

When a professional use this tool, they will focus on system performance and other data storage requirements to evaluate the performance of the current system. This tool is usually performed during the analysis phase of the project and implemented during the design phase.

Some of the types of non-functionality requirement analysis are:

  • Performance
  • Security
  • Logging
  • Reliability

Advantage:

There’s no arguing with the fact that it is one of the best business analysis tools that help you achieve the intended result.

7. PESTLE Analysis

Besides internal factors, there are even environmental factors that can affect a business strategy to make a decision. Some of the factors that come under PESTLE are as follows:

  • P- Political
  • E – Economic
  • S – Social
  • T – Technological
  • L- Legal
  • E – Environmental

These factors, as you could see, are likely to influence the decision-making power of a business. So, a business must utilize this tool to predict unforeseen tasks and act accordingly.

Advantage:

PESTLE is a robust business analysis tool that can efficiently reduce the potential threats of an organization. Moreover, it helps an organization to explore a multitude of opportunities for entering into new markets on a global scale.

8. Trello

Trello can be defined as the collaboration tool that helps businesses to collaborate and communicate between teams and share information without any difficulty. Also, a professional can easily analyze the business data.

Features:

  • It provides safe and secure collaboration with a team
  • It helps to organize boards with collections
  • Trello allows users to view team activity across different boards.
  • It helps the admin to easily manage privacy settings.
  • It helps to deactivate old members along with saving their work history
  • Trello exports data within a single click.

9. Wrike

This is another popular business analysis tool that helps to minimize the cost of a complete project by storing information in a centralized location.

Features:

Some of the features of this tool are; 

  • It provides building blocks of work
  • It allows live editing and file management
  • Wrike allow you to request Forms and Automation
  • It provides a workload view for balancing resources with performance tracking
  • It helps in project reporting
  • Wrike provides a visual timeline to view the schedule of the project
  • It helps to track time for efficient planning and management of the budget.

10. CATWOE

CATWOE is another tool that helps an organization to understand its objectives. The tool helps to identify the complex issues that might impact the business in the long run.

CATWOE stands for different elements that include:

  • Clients
  • Actors
  • Transformation
  • Weltanschauung or World View
  • Owner
  • Environmental Constraints

Advantage:

The reason behind the popularity of this tool is that it can easily bring different viewpoints of stakeholders to a specific platform. When used efficiently, it can prioritize different perspectives depending on their merits.

11. SmartDraw

When it comes to simplifying project management tasks without breaking the bank, many businesses often use SmartDraw.

Features:

Some of the features of this tool are; 

  • It helps to automate a multitude of activities such as Add, move or delete shapes
  • The best thing about the tool is that you can integrate it with other popular tools like Google Drive, OneDrive, Microsoft Office, and Dropbox to increase its effectiveness.
  • It supports 100 languages to create diagrams
  • As you can install it behind a firewall, it helps to maintain security.

12. Version One Lifecycle

With a multitude of features aligned with enterprise applications, this is one of the best business analysis tools being used by businesses worldwide.

Features:

Some of the features of this tool are; 

  • It comes with a special feature, i.e. Agile Data Mart designing
  • It is mainly associated with agile software development
  • The tool can easily scale up with ease project workspaces, portfolios, across teams and locations.
  • It can enable an advanced analysis to make a decision based on facts.
  • It helps facilitate quick decision-making during the lifecycle of the software tool.

 

Final Thoughts

So, that’s a wrap-up to the 12 best business analysis tools being used by businesses in 2021!!

Though all the above-mentioned business analysis tools can help organizations to perform tasks efficiently and quickly, they are not alone. If an organization wants to make the best use of these tools, it must consider an experienced business analyst professional.

Have got questions related to business analysis tools? If so, please leave your comments below!

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