Business Analysis Body of Knowledge: River Bank - Case Study Example

River Bank Business Analysis Student’s Name: ID Number: Lecturer: Date: Introduction This paper provides the realistic approach towards solving the financial crisis at River Banks Cleaning Services. By definition, a financial business crisis refers to a situation where a business entity experiences rapid loss of a greater portion of their nominal worth. Various factors cause the finances of a business to depreciate rapidly.Inorder for any business entity to avoid financial breakdown, it is important for it to analyze the various factors that lead towards the issue. As discovered the main, cause of the financial crisis is the extreme expense on paperwork and maintain human resources. In order for the entity to succeed, it should strategize on how on implementing efficient methods of eliminating the impendent of success. Financial crisis has significant impacts on the aggregate performance of a business. For a business to compete effectively in the market, it should control its own financial problems. In order to solve any problem it is important to scrutinize the business entity thoroughly. When analyzing the issues in a business entity, it is important to draw information from the different knowledge areas of a business (Jonasson, 2012). This is per the Business Analysis Body of Knowledge. To help use study the problem of human capital and excessive paperwork; we will analyse the various aspects of the business. This includes the enterprise analysis, Solution description, approach, scope, validation and assessment (Jonasson, 2012). In order to tackle this issue professionally, it is important to use the various techniques of business analysis. These methods provide clear guidelines that help solve situations of various degrees as per the different areas of knowledge. In this analysis, the knowledge areas will enable use the appropriate techniques to solve the financial crisis at River Bank Cleaning Services (Kupersmith, Mulvey & McGoey, 2013). Enterprise analysis Enterprise analysis help in understanding the needs of a business entity by identifying its strategic goals and evolving methodologies aimed towards realizing those needs. The enterprise analysis involves the definition of the specific problem and developing a solution scope (Grzegorz, 2011). One of these approaches is to establish appropriate solution to the existing and perceived challenge. This involves determining the various aspects of the business which include inputs, elements, stakeholders and output. It is important for the analyst to identify the business need. The business need defines the problem that the analyst is to figure out its solution. The choice of the most appropriate solution depends on the business need. It is highly important for this solution to help eradicate the challenges effectively. Assumptions and constraints the business entity has used should be also be under examination. In addition, it is important to assess the required capabilities’ of the business. After thorough assessment, it will be easy to determine the best solution approach. It is also critical to have a thought about the effects of the proposed solution toward the involved stakeholders. In order for River Bank Cleaning Services to curb their financial crisis successfully, they should focus on the best ways to handle their excessive expenditure in human resources and other operational costs. The business entity should try automating most of its activities to reduce costs associated with paperwork. This will effectively cut down the excessive operational expenses especially in the office. Subsequently this would help reduce their expenses on human resource matters. Due to the use of computerised methods in most of the work, less labour force is required. This approach will act as a two-way traffic approach in solving their major causes of financial problems. From this approach, the company will successfully eradicate existing and future financial challenges (Grzegorz, 2011). To implement these solutions excellently it would be appropriate for the analyst to conduct the SWOT analysis. This method evaluates the strengths, weaknesses, opportunities and risks associated mainly with internal and external operations of the particular business. Through this the analyst will be able understand the different effects the proposed solution to the various aspects of the business body. Solution validation and Assessment It is highly important to ensure the proposed solution would work in favour of the company. This will involve thorough assessment of the solution in order to validate its usefulness. Solution assessment and validation describes the process of defining a solution that fit’s the business needs best, identifies the niches ,flaws in the solutions and determines necessary changes due to the solution. In addition, it is important to ensure the solution maintains the original business needs (Landry, Malouin & Oral, 1983). The Asses Requirements coverage determines the possible solutions and the requirements that need fulfilment in order to realise the solution effectively. This involves assembling several solutions, analysing them and pinpointing the reasons for rejection. Solution assessment is possible via performing as single assessment or comparing multiple proposed solution. While assessing a single solution the analyst should determine the value the solution would add towards the business entity. The analyst should use this to determine the viability of a given proposed solution towards solving the financial crisis at River Bank Cleaning services. While dealing with multiple solutions the analyst will compare the value of addition of each proposed solution. From this, they will determine the best of all solutions. It is important to know the various inputs required to initialize the solution. Analysts should also choose the solution that meet the requirements the stakeholders understands and does not contradict with the entity’s organizational structure. Information of about any solution should also be readily available while carrying out the assessment. It is important for the analyst to explain to the stakeholders the reason behind choosing a given solution. This might be tricky since not all the stakeholders have the required technical expertise. In order for the aforementioned to be successful, it is important to provide the necessary requirements for the solution to work best. For the entity to yield maximum profits, provision of the requirements is highly crucial. Once the stakeholders have understood the required necessities it is important to incorporate the paramount technique to implement the solutions. For best outcome, the analyst should prioritize the requirements with the aim of achieving the best results. Stakeholders involved in the decision making of techniques are customers, suppliers, domain experts, business owners, requirements analysts, project managers among other parties. In order to allocate the requirements it is important to consider the structural design of the business and evaluate the risks involved. After the location of required necessities, it is important to ensure that the proposed solution is per the organisation’s architecture. This accesses readiness of the business entity to adjust varies aspects of its structure. The main of aim of this is to promote communication between the suggested solution and the necessities for best implementation. For these variations to work it is necessary for all the stakeholders to be acquainted with knowledge of any prospective change in their specific organizational units. In any organisation, the vital stakeholders involved in determining the organization readiness to change are technical staff members, Project managers, sponsors and support parties. SWOT analysis is the main technique the analyst will use while assessing the various business strategies. In order, for the business analyst to identify the organizations’ readiness to allocate the necessities successfully, it is critical to understand the vision of the organisation and verify the need of various guidelines. This include understanding the readiness of stakeholders, impact of the solution to individual responsibilities and the business architecture. Majority of new companies’ solution have bases on the old solutions. For effective functionality, it is advisable for businesses to let both old and new solutions to run parallel to each other. This is to make stakeholders and workers comfortable with the new solutions. During this phase, certain Stakeholders tend to require more time to internalize the new solutions requirements. This phase is the transitional phase, since the requirements needed in this stage only help in the transaction from the old solution to the new solution. In order for the analyst to ensure effective transaction, it is important to understand the flow of data and migration within the company (El Kharbili, 2012). It is important to validate the proposed solution to determine the effectiveness of the new solution. The business should be able to handle and prioritize the various problems that might arise due to the solution. The concerned team and stakeholders should know about the active defects of the solution. Through this, the analyst is able to know the best approach in the implementation stage. This stage involves understand user experience, fixing the defects and determining the credibility of the solution (Grzegorz, 2011). After evaluation, it is important for the analyst to determine any post effects of the solution after employment. This is what determines if the solution is working as per the expectations. To understand the various issues of the solution it is important to use the 3w’s concept. The 3W’s involve the when, where and why the analyst should immediately act to the issues. This helps in taking appropriate actions on time to solve the critical problems. To validate the performance of the solution it is important to fully understand the business requirements and gain necessary information about the flaws. For the solution to work effectively it is important to include the various remedies of the known defects. This will make the new solution highly effective (Zellner, 2011). By following the outlined steps, River Bank Cleaning Services will effectively tackle its financial crisis and go ahead to attain maximum profit realization. Conclusion Proper and accurate business analysis calls for deliberate actions from the management to set aside adequate funds for this purpose. It is all about seeking to establish the actual position of the enterprise in terms of financial strengths and quality of human capital. The process may involve internal workforce as well as external professional service provider. Note that the main aim of conducting business analysis is to stimulate performance and to facilitate its sustainability in the market. Such process is critical and highly demanding in terms of time and financial resources thus need for advance planning and management participation. The employees play a key role in determining the success of business analysis process. They help the management to identify areas that business is weak and also may give their input in search of viable solution. It is important to note that employees are actively involved in all business operations hence are familiar with all its aspects. They are also in the best position to point out specific areas where they think the management is going wrong. In respect of this, they help the management and consultants in establishing the solution and implementing the same. The management should therefore prepare employees in advance for the process. Failure to this may lead to sabotage and the management may not realise its objective. In such case, employees view the process as a threat to their existence rather than an advantage to both the business and the labour force. Business analysis should be a conducted on frequent basis in order for the enterprise to achieve its objective. The management should have a policy on the frequency of such process. Most successful businesses conduct their analysis after every two years while others do it annually. It helps to follow-up on the previous activity and to correct any deviation from the recommendations. Frequent analysis also enable the management realise new challenges since the business operates on ever-changing environment. Such aspect exposes the business to new threats and opportunities thus need for frequent analysis. River Bank Cleaning Services should therefore consider these factors in order to have successful business analysis and sustainable performance. References Bray, D. W., & Grant, D. L. (1966). The assessment center in the measurement of potential for business management. Psychological Monographs: General and Applied, 80(17), 1. El Kharbili, M. (2012, January). Business process regulatory compliance management solution frameworks: A comparative evaluation. In Proceedings of the Eighth Asia-Pacific Conference on Conceptual Modelling-Volume 130 (pp. 23-32). Australian Computer Society, Inc. Grzegorz, M. (2011). Financial Analysis in the Enterprise: A Value-Based Liquidity Frame-work. Available at SSRN 1839367. Horkoff, J., & Yu, E. (2010). Interactive analysis of agent-goal models in enterprise modelling. International Journal of Information System Modelling and Design (IJISMD), 1(4), 1-23. Jonasson, H. (2012). Determining Project Requirements: Mastering the BABOK® and the CBAP® Exam. CRC Press. Kupersmith, K., Mulvey, P., & McGoey, K. (2013). Business Analysis for Dummies. John Wiley & Sons. Landry, M., Malouin, J. L., & Oral, M. (1983). Model validation in operations research. European Journal of Operational Research, 14(3), 207-220. Mathiesen, P., Bandara, W., Delavari, H., Harmon, P., & Brennan, K. (2011). A comparative analysis of business analysis (BA) and business process management (BPM) capabilities. ECIS 2011 Proceedings. Miniati, R., Dori, F., Cecconi, G., Gusinu, R., Niccolini, F., & Gentili, G. B. (2013). HTA decision support system for sustainable business continuity management in hospitals. The case of surgical activity at the University Hospital in Florence. Technology and Health Care, 21(1), 49-61. Reid, G. (2002). Small business enterprise: an economic analysis. Routledge. Zellner, G. (2011). A structured evaluation of business process improvement approaches. Business Process Management Journal, 17(2), 203-237. Read More