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Luna, Assignment 1

The document discusses business analysis and strategic audits. It defines business analysis as a field that helps discover business needs and identify solutions to problems. A strategic audit objectively evaluates a strategic plan. The document also lists 10 areas that should be considered when conducting a strategic audit, including core competencies, resources, value chain, and the quality of the strategy and action plan.

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Joyce Luna
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49 views4 pages

Luna, Assignment 1

The document discusses business analysis and strategic audits. It defines business analysis as a field that helps discover business needs and identify solutions to problems. A strategic audit objectively evaluates a strategic plan. The document also lists 10 areas that should be considered when conducting a strategic audit, including core competencies, resources, value chain, and the quality of the strategy and action plan.

Uploaded by

Joyce Luna
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Luna, Joyce Anne R.

Statistic Business Analysis

BSA 701 August 27, 2021

Business Analysis

Business analysis is a study field that aids in the discovery of business needs and
the identification of solutions to business problems. Development of a software or system
component, process improvements, organizational adjustments, or strategic planning and
policy development are examples of these solutions. Business analysis is a study field
that aids in the discovery of business needs and the identification of solutions to business
problems. Development of a software or system component, process improvements,
organizational adjustments, or strategic planning and policy development are examples
of these solutions.

Strategic Audit

A strategic audit is an objective study and evaluation of a strategic plan (or


collection of plans) put in place by senior executives and key stakeholders to achieve an
organization's long-term goals. The audit ensures that strategic plans are identified, that
they remain relevant, and that they continue to add value to the company.

What are the importance of Business Analysis?

Business analysis is a strategy for liaising amongst numerous stakeholders in


order to understand a company's needs, structure, policies, and operations in order to
discover solutions that help the company achieve its goals.

Every corporation requires the services of a business analyst. The most typical
solutions are identified as analyzing business requirements, establishing correct
documentation, finding areas for process improvement and organizational transformation,
strategic planning, and adopting numerous policies that lead an organization towards a
better future.

An organization can leverage business analysis to achieve its strategic goals by


identifying and implementing specific changes. The nature of change can be strategic or
structural, sometimes involving changing various policies and processes within an
organization to compete better in the market.

Organizations can improve their strategic and technical skills by understanding


current market scenario, with the help of business analysis. This helps them identify
where they are placed in the market compared to competitors.

What are the contents of Strategic Audit?

When your team is ready to audit your organization’s strategic plan, here are 10 areas of
the organization you should consider:

Core Competencies

Review the unique mix of qualities that sets your organization apart from the competition,
looking at the categories of cost, service, quality, and flexibility.

Resources

Examine anything that supports the organization’s objectives, including cash, capital,
buildings, employee skills, brand, goodwill, and more.

Value Chain

Study all the activities that help or hurt the organization’s ability to achieve its objectives,
including logistics, marketing, operations, human resources, procurement, infrastructure
improvements, and more.
Performance

Investigate how well the organization is taking advantage of its core competencies,
resources, and value chain to meet its objectives, measured against past performance,
goals, or competitors.

Portfolio

Study the risks and returns of all business units and investments controlled by the
organization to determine those that are strong and those that are underperforming. A
portfolio audit helps to ensure that each product or service is meeting customer needs
and expectations. All products and services have a lifecycle; every enterprise must detect
which products are reaching maturity and need to be refreshed or retired. Additionally,
organizations need to be assertive in their development process and make preparations
to introduce new, game-changing products. This will keep competitors at bay while
delighting customers with needed solutions that add value. The portfolio review is all
about growing and winning in the marketplace.

Execution Capability

Many strategic audits have discovered that to effectively support strategic plans, leaders
need to monitor the level of ownership for new assumptions and beliefs as well as track
investments, achieve milestones, and create corresponding KPIs to measure progress
and maintain accountability. All too often, good strategies fail to deliver promised results,
not because they lack good analytics and bold and creative ideas but because they lack
conviction and the will to effectively implement their plans. Strategic audits need to assess
the level of support and passion for the strategic intentions of the enterprise.

SWOT

Evaluate the organization’s strengths, weaknesses, opportunities, and threats. A SWOT


audit in strategic management gives leaders insights into how to counteract threats and
seize opportunities.
Strategic Narrative

Assess how well leaders are communicating the new direction, priorities, and desired
goals and outcomes the organization is pursuing. In order to get traction with a strategy,
everyone needs to understand what the strategic plan is and how they fit and why they
matter in relation to it. A good audit will evaluate the quality and quantity of town-hall
meetings, the content shared on the firm’s intranet, and the videos and chat messages
on the organization’s messaging platforms. Finally, team leaders need to give team
members an opportunity to absorb and engage with changes associated with a new or
refreshed strategy. Focus groups and surveys can help leaders determine the level of
understanding and commitment to the new strategy.

Quality of the Strategy

Strategy auditors must determine if the strategy is based on credible and privileged
insights using the sources of data above. If you want to achieve an edge over existing
rivals, new entrants, or substitutes in the marketplace, you will need to audit the quality
of data, research, and your level of inquiry into current and potential future customer
segments, competitors and suppliers. Our experience suggests that businesses that go
out of their way to look at the big picture, detect new patterns and trends, and experience
the world from the customer’s point of view will excel in the market.

Quality of the Action Plan

Without clear roles, responsibilities, timelines, and measures of success, the strategy is
only an idea. Auditors have a special responsibility to determine the clarity, specificity,
creativity, and flexibility of the strategic action plan. This responsibility is based on
feedback received through a results forum where progress on the execution of the action
plan is reviewed.

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