The Use of Resource Audit and Porter’s Five Forces as a tool by the Business Analyst

Business Analyst, from time-to-time conduct “Resource Audit” in their organisations for the projects they are working on.

?My focus today, is on you the “Business Analyst.” Have you done a resource audit on yourself?

?Measure / rate yourself according to the BCS key competencies of a Business Analyst and record your score; I will tell you why, if you, continue reading.

?For Personal Qualities

1. Analytical Thinking and Problem-Solving:

·?????? Ability to analyse complex problems and identify root causes.

·?????? Aptitude for developing effective solutions and decision-making.

2. Communication and Stakeholder Engagement:

·?????? Strong verbal and written communication skills.

·?????? Ability to engage and collaborate with diverse stakeholders.

·?????? Proficiency in facilitating workshops and eliciting requirements.

3. Adaptability and Resilience:

·?????? Capacity to adapt to changing project requirements and priorities.

·?????? Resilience in handling challenges and setbacks effectively.

?For Business Knowledge

1. Domain Expertise:

·?????? Understanding of business domains and industries relevant to your role.

·?????? Knowledge of industry-specific terminology, regulations, and trends.

2. Organizational Context:

·?????? Familiarity with the organizational structure, culture, and objectives.

·?????? Awareness of internal processes, systems, and stakeholders.

3. Business Analysis Fundamentals:

·?????? Knowledge of business analysis concepts, methodologies, and frameworks.

·?????? Understanding of key business analysis techniques, such as requirements engineering and solution assessment.

?For Professional Techniques

1. Requirements Engineering:

·?????? Proficiency in gathering, analysing, and documenting business requirements.

·?????? Ability to prioritize requirements and ensure alignment with project objectives.

2. Solution Assessment and Validation:

·?????? Skills in evaluating proposed solutions and assessing their feasibility.

·?????? Experience in conducting user acceptance testing and solution validation activities.

3. Tools and Technologies:

·?????? Proficiency in using business analysis tools and software.

·?????? Familiarity with industry-standard methodologies and frameworks.

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Based on the recorded score (Balance Scorecard if you wish) of your “Resource Audit,” you can assess your capabilities across different dimensions and identify areas for development and improvement. This structured approach allows you to create a targeted development plan to enhance your skills and competencies as a business analyst.

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You might ask why; my short response would be Porter’s 5 Forces.

?1. Threat of New Entrants:

By continuously assessing personal qualities and professional techniques, business analysts can strengthen their skills and capabilities, making it more challenging for new entrants (competitors) to replicate their expertise and value proposition. This ongoing improvement helps establish barriers to entry and enhances the analyst's competitive advantage in the job market.

?2. Bargaining Power of Suppliers and Buyers:

Regular resource audits allow business analysts to stay informed about industry trends, market dynamics, and stakeholder expectations. By continually enhancing their business knowledge and understanding of stakeholder needs, analysts can effectively negotiate and collaborate with suppliers and buyers, exerting greater influence and maintaining mutually beneficial relationships.

?3. Threat of Substitutes:

Through personal resource audits, business analysts can identify areas for skill development and enhancement, reducing the likelihood of being, substituted by other professionals or automated tools. By staying abreast of emerging technologies, methodologies, and best practices, analysts can position themselves as indispensable assets to their organizations and clients.

?4. Competitive Rivalry:

In a competitive job market, business analysts must continuously differentiate themselves from their peers to stand out and secure opportunities. By regularly assessing and improving their personal qualities, business knowledge, and professional techniques, analysts can maintain a competitive edge and thrive amidst intense competition. Additionally, ongoing resource audits enable analysts to adapt to changing industry dynamics and evolving stakeholder needs, ensuring relevance and sustainability in the face of competitive pressures.

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In summary, leveraging Porter's Five Forces framework alongside the resource audit underscores the importance of continuous self-assessment and improvement for business analysts. By continually enhancing their skills, knowledge, and capabilities, analysts can strengthen their competitive position, maximize their bargaining power, and sustain long-term success in their careers.