Business Analysis in New Product Development
- 1 What is the role of a Business Analyst?
- 2 How does a Business Analyst support a new product development process?
- 2.1 Gather Information
- 2.2 Identifying objectives and plan
- 2.3 Defining the project scope
- 2.4 Specification of project needs
- 3 Reasons why a company must have Business Analysis in product development
Developing a new product and conducting the necessary research before releasing it to the public takes time. Just having an idea is not enough. To turn that idea into profit, an organization must have a business plan for execution. That’s where the expertise of a business analyst comes in.
The following aspects of the new product’s life cycle can be anticipated through business analysis:
- Does the new product solve any problems?
- Risks associated with the new product life cycle.
- What is the business’s growth and opportunity once the product is launched?
- Planning for Contingencies and Emergency Measures.
- Monitoring competitor’s work.
A business analysis certification course will familiarise you with the fundamentals of product development, giving your company an edge in the race to the top. In addition, we will further illustrate how BA training has an advantage in organisations and benefits them in developing a new product.
To begin, a company can rely on a professional with a certification in business analysis as it validates the skills and knowledge of the analyst for success.
What is the role of a Business Analyst?
A business analyst is a key person responsible for acting as an intermediary between the client and the product development team. The analyst’s primary role is to streamline the process, perform data analysis of the target market, define the requirements of the product, and build a business model.
Data is imperative for a business. For a company to successfully launch a new product in the market, it is crucial to understand and determine if the masses need it. A certificate program in business analytics will help you understand the roles and responsibilities of a BA. An analyst must have extensive knowledge of financial analysis and forecasting, budgeting, and performance indicators.
How does a Business Analyst support a new product development process?
There are approximately eight stages in the new product development process: idea generation, identifying the target market, developing a prototype, etc. But out of all steps, the most important is the business analysis of the product.
Because the company needs to figure out the project’s feasibility and whether the product is attractive enough for the market, it can launch.
Let us further discuss how it works:
In BA training, various tools and techniques are used to gather data, like requirement analysis, life cycle management, data visualisation, SQL databases, Python, etc.
Business analysts spend much time figuring out information depending on the latest trends, technologies, and economic and political factors. Data is then given to the stakeholders, managers, and team, who recognize areas for improvement and trends. Later, enough research and analysis are done to develop possible solutions and recommendations.
Identifying objectives and plan
At this stage, the team conducts brainstorming sessions following the product proposal concept. Using visual aids like flowcharts and mind maps, team members can work together to refine their proposed solutions for the company’s product development life cycle. The business analyst must ensure that the presented ideas fit the customer’s vision, budget, etc.
Defining the project scope
A business analyst course online will prepare professionals with the clarity to break down the deliverables and the teams into smaller, doable groups to finish the assigned task. A cross functional team is set up to meet deadlines and complete the product development phase on time. The delivery time should be realistic and achievable, with some time included for unforeseen circumstances.
Specification of project needs
Finally, the business analyst defines the developers’ functional and non-functional requirements. The functional requirements include the product’s processes, features, and functions. At the same time, the non-functional requirements include security, scalability, and performance.
Mastering a certification program in business analytics is essential for professionals and equally crucial for companies. For example, having a top-notch BA on a product development team gives the company insights and a better understanding of product demand and viability that can improve decision-making and reduce the time to market.
Reasons why a company must have Business Analysis in product development
Highly sought-after job profile
BAs are highly sought-after professionals as they help the company save time, money, and energy on developing new products. Also, the final product will be high quality and successful with the target audience. According to Glassdoor, a business analyst in India is offered, on average, Rs. 8 lakhs for a junior position. Depending on the company, geographical location, and experience, a BA can earn up to Rs 15 lakhs annually. Whereas, a business analyst in the United States can make up to $82,138 annually, according to Glassdoor.
Increases the potential to earn revenue
For the amount of time spent on brainstorming sessions, the final product is created with many specifics and keeping in mind the market’s requirements and trends. As a result, the chances are that the return on investment will be higher and quicker.
Communication is better
As the business analyst team is an integral part of the product development team, communication is facilitated between the clients and the stakeholders through the BA. Therefore, practical communication skills by specialists ensure that the flow of communication is stress-free and hassle-free. So, there is no risk of misunderstanding as the details are discussed beforehand between the project managers, developers, and clients, ensuring everybody is on the same page.
Successful planning & implementation
As the primary responsibility of a business analyst is to plan a business strategy and recognize pitfalls during a product development life cycle, they need to convey the data analysis based on their reports to determine if the product is viable. This saves the company development costs and helps them keep risks to a minimum.
If you’re a working professional who wants to advance your career as a business analyst, now is the time to get a certificate in the field. You can rest assured that by taking a business analyst course online, you will acquire the knowledge and skills to contribute to the development of innovative new products effectively.