How to conduct Stakeholder Analysis?

The basics of requirement management is planning for stakeholder analysis. If you miss this, you will face many hurdles. Stakeholder analysis is key to succeed in your project as missing any stakeholder in the stakeholder analysis means that stakeholders requirements will add to the project as either an additional requirements or a change. Both would have an impact on project timeline and budget. Moreover, the stakeholder may be disappointed for not counting him/her in the first place.

Let us understand how to work on stakeholder analysis...following are few tips of analyzing the stakeholders and creating the list in most effective way.

- By studying the business need (problem or an opportunity) and solution scope document to understand stakeholders and their involvement.

- Outlining the stakeholders’ details by studying the organizational structure or modelling the organization (enterprise architecture) and their relationships, and communication.

- Getting additional details through existing documents related to stakeholder analysis.

- Communicating and collaborating with identified stakeholders to confirm details thus obtained (except for details on their attitude and persona).

Process: First identify the impact of the business need (problem or an opportunity). Once you know the details, that will become your basis to build stakeholders. You also obtain organizational structure to understand the people and their role. You discuss with the main stakeholders to identify the stakeholders or you can obtain the official stakeholders list as some of organizations have formal designated person for every dept who act as stakeholder(s) for them.

You can compile the data in excel and verify the data with the relevant stakeholders.

The data can be compiled using following parameters.

1. # / Stakeholder Number
2. Name
3. Contact Number
4. Email
5. Location
6. Role
7. Responsibiltiies
8. Authority Level
9. Profile or
10. Technical skills / proficiency
11. Preferred environment
12. Special Needs
13. RACI (R - Responsible, A - accountable, C - consulted and I Informed. Some may add S for support, but that is an optional)
14. Additional Description
15. Group / category
16. Influence *
17. Attitude *

Please remember that all the information can be send to stakeholders to validate the data, except last two (influence and attitude) unless you want get fired. This list must be modified by authorized person to avoid complication of loss of data or changes made to the documents.

You can add more parameters to this and create a matrix that can be easily used.

Opportunities for Business Analysis in future…

Business Analysis includes strategy analysis, business process management, business-technology-management i.e. analyzing business (using business analysis process and business analysis techniques) and identifying solution for better business with or without using IT.

Business Strategy Analysis: Analyst with business background can go for strategy analysis part of business analysis and work closely with business stakeholders. Strategy Analysis will include, but not limited to identifying business need (problem or opportunity) and recommend the solution to achieve organization’s goal. The organization goal could to taking care of exiting problem, or improving existing business or clutching new opportunity to expand business.

Business Technology Analysis: Analyst with technology background can go for system/technology analysis part of business analysis work closely with technology team. Business / System analysis will include, but not limited to analysis the solution requirements (capability and conditions of solutions or Functional and non-functional requirements) to ensure that the future solution meets the problem or opportunity mentioned in business need document.

Opportunities: There is tremendous opportunity in every sector as every organization strives to improve their business (product, services, operations technology and so on...) to remain competitive or to create competitive edge or new create a business (for example Facebook, a networking was a new/emerging business just a decade ago…)

The need for business analysis will increase for following reasons:

• The increase in complexity in technology with new innovation technology will have highly sophisticated solutions.
• The increase in complexity and competition in business will have larger scope for strategy analysis, one part of business analysis.
• Dynamic business environment where change is not only accepted, but also accepted at the speed of light
• A dramatic change in traditional to technology focus business with technology savvy new generations will experience new business opportunities that were never thought of...and many more...

This is one of the reasons why many universities in UK and USA have started offering full-fledged courses in either in business analysis or business technology management. Although IEEE, USA is pioneer in setting the standards for IT industry, recently many professional institutions such as IIBA from Canada, PMI from USA, BCS from UK and IREB from Germany and more are working towards improving the quality and setting new standards for this field.

There are few institutions involved in setting standards in business process management.

Most of the institutes offer certification program suitable for business analysis professionals and also support industry to create center of excellence.

All industries need business analysis as every industry and every company will need business technology optimisation and management throughout their life-cycle.

Following is the partial list of industries and functions who will extensively use the business analysis for their day-to-day business operations. 

To read more about career paths in Business Analysis, pls visit my blog: Career Paths for Business Analyst

Construction, manufacturing, healthcare, non profit, advertising, agile, architecture, automotive, agency, budget, building, business development, consulting, communication, clinical research, design, software development, product development, interior design, web development, engineering, education, events, electrical, exhibition, energy, ngo, finance, fashion, green card, oil gas, hospital, it, marketing, media, mining, nhs, non technical, oil and gas, offshore, pharmaceutical, real estate, retail, research, human resources, telecommunications, technology, technical, senior, digital, software, web, clinical, hr, infrastructure, business, ERP, Creative, ICT, hvac, sales, quality management, uk, implementation, network, operations, architectural, environmental, crm, website, interactive, security, supply chain, logistics, training, project management, administrative management…








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Green Business Analyst

A business analyst is a person who analyses existing business needs to identify problem or opportunity, so as to recommend the appropriate solution for the same. It means either for improving the existing system or creating a new one.

But a Green Business Analyst is someone who not only takes into account the requirement of the business, but ensures it is in sync with environmental concerns. While it is all very well to use technology to make man’s job easier and faster, it must avoid wastage of precious resources, reduce waste and pollution. It is not only a social responsibility, but also mandatory as per governmental laws for companies to consider green solutions to most business problems. The good part is this also helps in increasing the brand value and increased profit margin. 

Therefore, a Green BA must work on providing innovating solutions that may include energy-efficient computing, power management, data center efficiency, dispose and recycle resources and as far as possible use of renewable energy resources. For example, if the both side paper printing option is enabled, it can reduce 50 % of the paper cost. As per the survey done in 2003, if London city alone opt for double sided printing, it can save more than 1.4 billion of A4 size paper that is enough to encircle the globe four times. Think, what it can do if half the corporate world chooses this option. The products such as Kindle and iPad had too provided great solution to the customer reduce the paper printing by reading books on their devices. Bank of America has saved millions by providing their customers an option to choose eStatements in early years.

In addition to saving papers, Business Analyst can get innovative in integrating hybrid vehicles, resource (energy, water, paper…) saving equipment, GPS and RFID to their solutions can result into wonders in business operations.

Cloud computing solution that is used by companies of all sizes is definitely transforming the way IT is managed and delivered.

In the hospitality industry, Green Hotels Association is encouraging hotels to go green by encouraging them to integrate greener process. Even the ISO 14001 Standard ensures Environmental Policy Compliance which specifies the requirements for the formulation and maintenance of an EMS. These standards can be incorporated into existing process the way ibis, part of Accor group has done it. 

Green Business Analyst also can further find a solution for reducing the wastage by reusing or recycling existing waste. Many MNC prefer to get the green certificate for the same for adding the brand value to it. Another way of reducing wastage could be finding integrated products such as multi-function printer that reduces wastage and space for separate copier/fax/scanning machines.

To summarize, it is the Green Business Analyst’s responsibility to ensure that the ‘green’ is the integral part of the solution that profits the company as well by way of cost cutting. Also, he must never lose sight of the customer as the end user of the product.Business Analysis.

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Identify you Business Need

Business Need is usually arisen either to solve the existing business problem, or take care of new business opportunity.

Problem:

For example, in first case, a multi-brand retail store managers want to analyze their historical data to predict the future trends to display particular goods in a particular season.  This can be achieved effectively if the managers have the required past data to project the growth and strategies.

In second case, a customer is frustrated when shopping online on a particular website as it either breaks down or slows down. At times some of the customers just leave the website and go to the competitors.

In third scenario, employees are complaining of repeated work they are doing for several years and those processes can be automated or improved.

All these scenarios are coming from either fixing the existing problems or process through feedback process. This may be achieved through ‘bottom-up approach’ management techniques.

However, in first scenario, the retail store can go for decision support system which can be done through ‘peer-to-peer approach’.

So there is a business need to fix the problem which could lead to either improved customer satisfaction or improved employee moral or improved decision making process.  It may also lead to reduced operations cost by improving the operational process that could lead to increased profitability.

Opportunity:

‘Business need’ also be achieved by identifying the ‘right opportunity’ in the organization.

For example, Times of India is providing online newspaper in the form of epaper which is nominally charged outside India that caters to NRIs who is keen in keeping in touch with home country. This is a value additional services TOI is providing to their customers. In addition, TOI is also generating additional revenue through online display advertisement over the epaper edition.

A management could decide to launch brand new products/services to take new business opportunity or expand the existing one. Either way there will be ‘need’ of brand new business solution. These decisions are typically taken from ‘top-down’ management approach.

These kinds of business need result into ‘increased revenue’ through new and existing business line. It also adds great value to shareholders.

Finally, it is all about “what value the proposed solution will bring in to the business?’

Next article will focus on how to calculate the ‘value’ for the business need...

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