For many years strategy has been a business buzzword. Companies are constantly brainstorming, defining strategic objectives, goals and objectives.
Real market innovation and disruption can be attributed to well-thought-out business strategies and a heavy focus on strategic planning.
What is the job of a business analyst?
- Understand the present state
- Define the desired future state
- Map out a plan on how to get there
We need to first analyze what our capabilities are and how it relates to our core values. We also need to define what reaching our desired future would look like. Simply put, how would we know that we have achieved the desired results.
When conducting strategic analysis we solicit information from stakeholders, analyse various assets and resources at our disposal to determine what the business present state is. We define what the objectives of the organization should be, or assess what already exists and map out a type of change initiative to achieve these goals in the same vein making a business case for action to take place.
Strategy Analysis Tasks
- Analyze current state
- Define future state
- Analyze Risks — Risk as a result of where we are, the change we are suggesting and the new solutions that might occur.
- Define Change Strategy — How we intend to get to the desired future.
It is important for every organization to perform a holistic assessment of their activities and operational environment to develop a strategy to increase the chances of business success. A careful study of your business, and analyzing organizational capabilities allow managers to shift focus from the technicalities of planning to crucial issues affecting the overall well being of their businesses.