Why is SWOT analysis essential for a business analyst?
Posted: Jun 22, 2020
Today you will notice that every field requires SWOT analysis to achieve its targets within a short span of time. SWOT all together stands for strengths, weaknesses, opportunities, and threats. If you do not make this analysis, then never expect success from any particular project.
You would see that nowadays it is given more importance in the field of business analysis. After hearing about it, you might feel surprised and develop a lot of questions in your mind. It is natural for you to have questions about it because you might be hearing it for the first time.
All you can do is to know why they are essential for a business analyst. By knowing about it, you will get to know the hard work of a successful business analyst. Many people think that their job is easy, and they do not have to do anything extra to become successful.
No, it is not a fact you can say that it is a rumor which comes once a year. Today the students in Business Analyst Training also gets to understand the importance of this analysis. You do not have to do anything, just go through these reasons and get the right answer to your question.
- It always comes out with positive results- None of the results have failed after coming out with a detailed SWOT analysis. You will notice that there will be only positive results through the help of this analysis. The only reason is that you will know every positive and negative aspect of the project. By knowing about it, you will only take further steps, which will lead you towards positivity. Believe it or not, but even the project managers who are PMP Certification holders rely on SWOT analysis for this reason.
- Bigger problems can be solved easily- It can happen that SWOT analysis alone cannot solve bigger problems easily. But if you divide each part of SWOT, then every bigger problem can be solved easily. It means that you have to take strengths, weaknesses, opportunities, and threats individually, not all of them together. Jot down this point and mark it very important so that you can inform the new project managers.
- There would be far better chances of growth- The growth which you have expected for your project can become huge then you have expected. You might think that it is not possible as it can be an illusion. No, it is possible, and you can do it by utilizing this analysis properly without making any falters. But if you take it casually, then there would be no chances of growth.
- Make sure that you avoid any kind of errors- A lot of mistakes take place, and due to this thing, projects can land into further troubles. The SWOT analysis will help you and make sure that you avoid any kind of errors. It would not be easy for you, but this analysis will give you a better direction to avoid them.
- Gives you a chance of modification- You may require modification in your project to make it far better than how it has shaped up. This analysis will provide you with a chance of modification and makes your project look better than how it was.
These are the main reasons which will tell you why SWOT analysis is essential for a business analyst.
Richard Pierce An expert in Pmi and Iiba Certifications.