Business Analysis In Product Development: Why Everyone Needs It
Just having a groundbreaking idea is not enough to corner the market. You need to have a detailed plan to turn your idea into huge profits. And that’s where business analysis comes “into the game”. We are talking about full-fledged research of the market, business objectives and requirements.
This analysis will help to understand the viability of your idea and aware you of all potential pitfalls. It is particularly important for the success of the projects in the field of software development, the Blockchain and AI technologies, and Data Science.
Business Analysis: Key Stages & Outcomes
In order to make this article happen we looked back at our experience in business analysis and prepared a detailed plan to help you understand how it all works and what to expect when opting for business analysis services.
1. Gathering Background Information
First of all, business analyst team collects all the information on the current situation in the field: latest trends, newest technologies, etc. They pay particular attention to the external circumstances that can affect the project: legal, economic, political, socio-cultural, technological factors on the global and local scale.
2. Determining Stakeholders
Next, business analysts identify all the potential stakeholders, i.e. those who are or may be interested in your project and can directly impact it. They pinpoint owners, managers, developers, analysts, testers, regulators, suppliers, partners, customers, and competitors.
3. Identifying Business Objectives
This is the stage where analyst team looks into deep details of your project goals – why your project is needed, and for whom. Then, you and the business analysts determine what objectives you want to reach in order to come up with a comprehensive business strategy based on the business needs.
4. Identifying And Analyzing Options
During business analysis in a project, there is a strong need to brainstorm various ways for achieving the objectives you have pinpointed before. After brainstorming, you and business analyst team narrow down your options by analyzing cost-benefit ratio, potential impact, and risks.
5. Defining The Scope
Now it’s time to identify the development goals based on everything that was determined before. This will result in the list of development items and integrations that are in and out of scope.
6. Creating The Detailed Timeline
Here business analysts are ready to create the delivery plan. This plan represents the timeline of the project development. By the way, here you have a great opportunity to check the analyst team you are working with – all deadlines set should be realistic and there should always be some extra time for unforeseen circumstances.
7. Defining Project Requirements
Finally, it is time for indication of the specifications that will be the guidelines for the developers. Non-functional requirements are the ones concerning security, scalability, and performance. In their turn, functional requirements are represented as prototypes, use cases, wireframes, storyboards, etc.
As for the key outcomes, after conducting business analysis with the help of qualified specialists you get a clear understanding of the product’s cost, economic viability, competitors, the demand for the product, etc. It is impossible to say how long it will take to do business analysis since its length depends on how complex the project is, how engaged the stakeholders are, and the approach used. Besides, business analysis in Agile projects can last during the whole development process on the itinerary basis.
5 Reasons Why Everyone Needs Business Analysis In Product Development
As we have mentioned above, conducting business analysis is crucial for the future of your project, be it business analysis for ICO or business analysis for AI product development. And, we have 5 clear reasons you need business analysis.
1. Technical Requirements Become Clearer
If you dedicate enough time for making your business needs and objectives clear and precise for your business analysts, the technical requirements will also be clearer. As the result, the chances that you will be frustrated with the development and/or the final product are much lower. Besides, developers are not likely to have to redo some parts of the product as well.
2. It Saves Your Time
It may seem counterintuitive at first, but hear us out. The clearer project requirements are, the less likely you are to waste your time explaining to the developers what you need them to change and waiting for them to implement the changes during the software development process. The fewer changes developers have to make, the faster they finish building the product and the sooner you can enjoy making a profit from it.
This is especially important for the projects that rely on the latest technologies and trends. In this case, you can’t afford wasting time if you want your product to be one-of-a-kind.
3. Lower Development Costs
As the result, if the requirements are set and less time is needed for implementing changes, you can save on the development costs and avoid unforeseen expenses (e.g., having to postpone the product’s launch can cost you a lot). So, your initial budget will remain intact.
4. You Know What Needs Your Product Is Supposed To Satisfy
If you are confident about the target audience and their needs that your product is supposed to meet, the chances of going bankrupt are much lower. Besides, such information is vital for planning and carrying out a successful marketing campaign and attracting more customers/clients/users.
5. Communication Becomes Stressless
Project development can be hassle-free if everyone, from developers and testers to the product owner and project manager, is on the same page regarding what is going on and what tasks have to be fulfilled. Business analysis is your tool for defining even the tiniest details beforehand, so the risk of misunderstandings during the development is much lower. Consequently, there are less unforeseen circumstances and unpleasant surprises.
These are just the main reasons why you need business analysis in your project, be it business analysis for Machine Learning product development or business analysis for blockchain product development. Besides what we have described above, the quality of the product tends to be higher, the missed deadlines are rarely the case, etc.
The Bottom Line
If you are still hesitating about conducting business analysis for your project development, there is no good reason to have doubts. All in all, business analysis helps you make the technical requirements clear for everyone involved, it saves your time, money, nerves and energy. What is more important, conducting business analysis is an effective way for ensuring that the final product will be high-quality and successful among the target audience.
In case you would like to get professional help with business analysis for your software development project, feel free to contact us at any time and with any questions.