What Is an Analysis?
An analysis is a thorough examination and evaluation of reports and data to discover the cause-effect relationship of a business. Business analysis demands critical research to achieve accurate solutions and competent decisions to the problem. Writing an analysis is important because it helps you review your business performance for you to site problems then come up with solutions for it and to check your business' competency.
How to Do an Effective Analysis
There are widely used analytical techniques; this includes SWOT analysis, competitor analysis, and gap analysis. Each analytical technique has its own focus, but generally, these techniques denominate the same purposes, to check on the business status and create new opportunities for further development. Business analysts don't consider solutions to come along without any effort, therefore writing an analysis comes in the process.
1. Identify the Problem
You cannot start if you do not have a basis with you. You should make your evaluation forms and refer to the evaluation report templates provided in this site. After, you should check on your business status and come up with a list of problems that need to deal with. Then, identify its root cause. You have to set specific problems to deal with in a particular analysis solution. Aside from the root cause, you also include the potential problems surrounding your main problem.
2. Conduct Research
When writing analysis, you have to research details pertaining to your problems in order for you to know its causes. You can utilize plan templates on this site to set an organized flow of research. Then, choose what type to explore; you can do quantitative business analysis for your financial decisions through creating and analyzing charts, graphs, and tables. You can also proceed to a qualitative business analysis which uses non-quantifiable methods to evaluate business opportunities and create decisions. Proper research will help you use the right methodology.
3. Analyze and Interpret Your Data
After gathering all the information, start to check on how to make use of your data. You must analyze each and interrelate to other data. If you have good information with you, it's easier to analyze it. Right after analyzing, proceed to the interpretation of data analysis. Evaluate the options you created and assess if these pieces of information will provide solutions to your problem or create another problem. You have to get useful information to create opportunities for your business.
4. Avoid Misused Data
Based on Forrester's article, between 60 percent and 75 percent of all data within a company left unused in analytics. Thus, this adds to the uncertainty of information and a bad result for the company. Instead of helping your company surpass hardships, misused data will double the expenses and mislead the process analysis.
5. Present Your Data
There are various ways to present the collected data. You can make analysis infographics using programs such as Microsoft Excel, Powerpoint, or MS Word. Make an effective presentation of your data so that if questions come up along the process, you will be guided accordingly. High-quality data drives your presentation.