Organizations rely on established theories to implement the best models, tactics, and strategies that can support the delivery of positive results. However, some challenges tend to emerge that disorient operations and make it impossible for businesses to breakeven. Many small and medium-sized firms are yet to appreciate the importance of business analysis as a powerful tool for transforming performance. This problem exists due to the absence of adequate information and theoretical findings. This study was conducted in order to solve these answered questions and present a condensed approach that emerging business could apply in different departments to solve existing obstacles to performance, implement new changes successfully, appreciate the use of emerging technologies, and create the best environments to maximize profitability. When more firms consider these implications and contributions, chances of becoming sustainable and successful increase successfully.
Leaders of business organizations need to consider existing situations, opportunities, and challenges that might impact performance. The business analysis cycle has become a powerful model for guiding different managers to identify potential issues and present timely solutions that resonate with the intended goals. Experts need to be involved to examine the situation and propose superior strategies and policies that can transform the situation. This paper focuses on the topic of the business analysis cycle and how it remains significant in the world of business.
The scope of this discussion revolves around the implementation of this model in emerging or medium-sized firms. The targeted goal is to present additional insights for relying on the suggested framework to take businesses from point A to B. The paper will rely on the use of qualitative research and grounded theory to consider what other scholars have done and develop a superior model for emerging companies. This research paper will be organized into background, hypothesis development, results and discussions, and conclusion sections.
Organizational theorists have presented powerful concepts and ideas that businesses can implement to improve performance and profitability. However, Wilton (2016) indicates that challenges will always emerge that have the potential to disorient operations in a given firm. When such issues occur, it becomes necessary for leaders to liaise with different stakeholders to identify areas of concern and introduce superior measures to address the situation. In the article “The Effects of Business Strategy and Inventory on the Relationship between Sales Manipulation and Future Profitability”, Yi et al. (2019) reveal that business analysis is not a new concept since t has been applied for many decades to monitor organizational operations. The notions associated with it are founded on the power of organizational theory. According to the model, professionals and entrepreneurs need to implement impersonal attributes that support professionalism, guide decision-making processes, and create the best environment for responsibility (Yuliansyah et al., 2017). These situations make it possible for leaders to engage in successful business analysis and present timely inputs to improve performance.
Within the past two decades, experts have presented powerful concepts that expand the idea of business analysis. Applying their competencies, such professionals will rely on emerging software systems and acquire data to make meaningful inferences about the issues a given company experiences (Sroka & Lőrinczy, 2015). They will collaborate with different stakeholders and followers to solve the established problems, engage in continuous consultation, and analyze emerging ideas to transform business operations. Before the emergence of modern technology, traditional analysts were able to pinpoint the strengths that could promote performance and pinpoint challenges that could disorient operations (Schwartz, 2017). Fortunately, the past few years have resulted in numerous changes that appear to support business analysis as a procedure for boosting performance.
Depending on the nature of a company, analysts will focus on different segments to offer timely information. In the article “Business Process Analysis versus Business Analysis: Why Most Organizations Confuse Them?”, Darwish (2015) acknowledges that such professionals will be required to take a 360 degrees view of the intended unit or department. They will consider emerging HR issues, managerial processes, and supply chain procedures that might be disorienting performance (Nosrati, 2017).
They can apply information technology (IT) models to analyze some of the existing issues and consider new ways of changing the situation. More often than not, business analysts collaborate with key stakeholders and leaders to understand the nature of the problems and learn how to solve them effectively.
The ultimate aim of the analysis cycle is to improve the established business systems and deliver better results. For instance, Slávik (2019) uses the article “The Business Model of Start-up—Structure and Consequences” to explain how professionals in this field could examine the established structure in order to understand how it might be supporting or disorienting the recorded outcomes. They can go further to consider the challenges different workers have to go through and make informed decisions (Winter, 2019).
When using advanced analytical technologies and systems, chances of providing evidence-based decisions increase significantly (Lemus-Aguilar et al., 2019). They tend to share their findings with some of the policymakers and managers to ensure that the best solutions are taken into consideration.
The cyclic nature of business analysis is a concept that remains critical for many organizations today. Through consultancy and involvement of different stakeholders, such professionals will consider the nature of the existing problems, evaluate them accordingly, use decision-support systems (DSSs), and identify the right resources that can address the situation. When done effectively, Batocchio et al. (2016) believe that any given business will empower all key stakeholders and move closer towards its business aims. This continuous process is essential since established organizations and emerging firms will encounter diverse challenges that require superior or advanced solutions.
The involvement of all key stakeholders throughout such a process is essential since it will maximize the level of cooperation, support the implementation of the relevant change strategy, and eventually place the organization on the right path towards achieving the targeted business objectives. Rezaee (2017) acknowledges that companies that ignore the unique attributes of business analysis cycle will take long before becoming more competitive. These attributes explain why this framework needs to be pursued at the organizational level.
A practical question was developed to support the development of an effective hypothesis for this research. The question was: How could emerging firms rely on a business analysis cycle to improve performance and maximize profitability? The study relied on this hypothesis: Business analysis cycle is an effective framework for guiding businesses to become profitable and sustainable in their respective sectors (Milani, 2019). Hypothesis testing was achieved by using grounded theory to analyze past publications and present high-quality findings.
Results and Discussions
The consulted materials and articles offer powerful guidelines that business organizations need to apply to achieve their aims. Business analysis is an evidence-based approach that allows companies to hire experts to review the level of progress and identify challenges that might be disorienting performance (Morrison, 2017). This practice will allow the firm to assess the recorded financial position, analyze some of the established core activities, and consider the established systems that are in accordance with the implemented business model.
Business organizations need to conduct analysis continuously if they are to create better working conditions. In different units, various challenges and obstacles tend to emerge when the involved workers are unable to relate positively with each other and fail to receive timely guidelines (Paul & Lovelock, 2019). Through business analysis, the involved professionals can identify the nature of such issues and present superior insights that can change the situation. Such experts will play the role of internal consultancy, investigate the existing business situation, and present new options for evaluating the established systems (Kabeyi, 2019). They can go further to consider how effective communication could be introduced to improve relationships and position the company in such a way that it is ready for future goals.
Organizational change could be implemented successfully by coordinating with business analysts and considering new ways to utilize emerging technologies. Due to the challenge of competition, many emerging companies will be keen to increase revenues, maximize productivity, and reduce wastes (Ghazzawi, 2018). These forces encourage business firms to consider new ways of implementing IT solutions and presenting additional practices that resonate with the evolving needs of the business. The business analysis cycle will become a powerful guideline for considering aspects and measures that will support the process of transformation.
When applied in small firms, business analysis cycle can become a new opportunity for companies to achieve numerous goals. First, Daft et al. (2017) believe that the model an guide firms to identify emerging issues and consider the importance of launching projects that are efficient are in accordance with the wider organizational goals. Second, Maon and Sen (2016) indicate that the framework is continuous in nature and can be repeated over and over again. If positive results are not realized, the company can reconsider the model in an attempt to identify issues missed and consider the importance of implementing superior measures to improve the level of performance.
Third, the business analysis process is usually beneficial since it guides different partners and leaders to learn more about the strengths and existing gaps. Such findings will then empower them to make the relevant documentation and identify resources and requirements that would be essential to improve performance (Suhermin et al., 2019). Finally, emerging organizations that take this issue seriously will be in a position to reduce wastes and promote the implementation of better procedures for boosting performance.
The completed study has identified the business analysis cycle as a powerful model for learning more about the situations existing in emerging business firms and the challenges that might be disorienting performance. This cyclic approach can be replicated to ensure that issues affecting profitability are addressed sufficiently. The presented insights can guide more firms to analyze their business situations, introduce the relevant IT systems, and introduce superior actions to change business operations. The discussion has identified the involvement of all key stakeholders as an effective practice that will ensure that timely results are realized. Organizational leaders should, therefore, examine these findings to apply the business analysis cycle effectively and eventually realize their aims.
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