BUSI49623 Wirkkala Option Sample
Introduction
Business analysis is considered as the disciplined approach for managing as well as introducing change in relation to an organisation. Thus, the following section aims to provide key contributions behind the consideration of effective business analysis approaches in the context of Wirkkala.
The way mentioned Wirkkala utilises the existing data and the way they will require to utilise business analysis for generating business values as well as to support the organisational information system will be highlighted. Underline adding to this, the future tools that the company could be utilised for their decision-making process will also be in this study.
The thesis statement of the present study is to “analyse where there is a key contribution behind consideration of a proper business analysis process for business or not”.
Discussion
Importance business analysis
Business analysis also serves as beneficial for organisations to articulate and identify the need for organisational change according to which a suitable strategic approach could be made. Most of the business entities in today’s dynamic business environment are found to show their focus on understanding their current market position along with their business needs.
An organisation can improvise their technical as well as strategic skills by obtaining clear insight about the present market scenario through the utilisation of business analysis. As mentioned by Andjelic and Vesic (2017) business analysis helps business entities to understand their market position over their competitors and according to which they could execute a strategic approach.
There are different types of tools such as activity diagram, product roadmap, organisational chart, external and internal analysis, and others, which are being utilized by business entities according to their needs. These approaches allow the business entities to analyse their strength and future opportunities that maximise their chance to flourish the future organisational growth and profitability margin (Paurova and Gregova, 2020).
Most of the time, it is identified that business entities fail to consider business analysis as a crucial and integral part of their business activities or for any kind of project work. This ignorance can create complexities for accomplishing target goals and minimise the chance of obtaining long-run business success.
The key reason behind this statement is that due to the growth of project as well as business complexities, business analysis has become one of the key competencies for business or project success (Kabeyi, 2019). This approach allows meeting the demands and expectations of organisational stakeholders along with the target audience and improving overall business performance within the market.
In this context, the concept of Decision Making Theory could be interlinked. The key reason behind this statement is that Decision Making Theory concept highlights the way an individual or management requires to portray their traits in uncertain and complex situations (Abubakar et al. 2019). Application of this theory could serve as beneficial for businesses to execute the business analysis more efficiently by making suitable choices for their future business growth and prosperity.
On the other hand, the application of SWOT analysis (Strength, Weakness, Opportunity and Threat) also serve as effective for businesses like Wirkkala to analyse their internal strength according to which they could make strategic choices for their future growth across the market (Abdel-Basset et al. 2018).
Thus, it can be mentioned that business analysis plays a crucial role for any business entity to enhance their chance to accomplish business goals and profit margin. The way Wirkkala utilises their existing data is going to be underlined in the next adjoining section in the context of business analysis.
Ways Wirkkala use existing data
Collecting data is a major part of managing the business for the organisation and in this regard, Wirkkala collects and utilises data in various ways to enhance their business performance (Ugli, 2021). Following are some of the ways, which are utilised by the organisation in order to improve their business operations.
To understand consumer behaviour
Wirkkala collects consumer data and utilises them in designing and manufacturing products and services to match consumer needs that further helps them to understand the changing consumer behaviour and perceptions (Bachas et al. 2020). Based upon the sales and delivery of services, Wirkkala is able to understand which services and products are performing better compared to others.
This increases company’s ability to understand how the demands and requirements of consumers change with time and need. Even consumer behaviour derived from the data collected, Wirkkala is able to make improvements to the existing line of products and services which hypes customer satisfaction.
To improve customer services
Data collected by Wirkkala is also utilised for improving customer services. A large proportion of the data collected by the organisation comes in the form of feedback, queries and suggestions provided by existing customers to improve their existing line of products and services.
Such information is put to use by Wirkkala’s management in order to address the concerns of the customers in the majority of the cases, and the rest is utilised for making improvements to the existing line of products. Even these information are also useful for making changes to the supply chain of Wirkkala as this greatly predetermines the demand and supply in the market and the way the company wishes to use their existing supply chain to address these diverse demands (Riyadi et al. 2021).
To enhance human resource performance
Human resources of Wirkkala is an important asset that is utilised for maintaining competitiveness in the market and collects the performance of the human resources as a part of the data collection. This allows the management of the organisation to understand to what extent the human resources of the company are performing and what changes are necessary to be brought about (Cook et al. 2020).
The data collected regarding the performance of human resources turn out to be very useful when change management, organisational change, or restructuring needs to be done. Data collected from the internal operations of the organisation is also utilised for initiating any new training resume for the workforce for conducting appraisals.
To diversify and improve the range of products and services
As already mentioned, the organisation collects data regarding products and service performance and this plays a major role in determining whether the organisation should diversify their range of products and services in order to meet emerging trends and demands in the market (Lin and Son, 2020).
This considers being one of the most effective uses of data that is collected from the external environment of the organisation. It allows the organisation to identify if it should initiate the development of new products and services while also identifying if they should card any lower-performing products or services offered by the company (Khoshroo and Izadikhah, 2019).
Ways Wirkkala requires utilising the business analysis to provide business values and support information system strategy
Business analysis is considered as a topmost integral part to ensure service excellence from an organisational perspective. In the context of Wirkkala, distinctive emphasis can be noticed upon the attributes of generating extended business value along with supporting the organisation and information system strategy
However, the company would be required to utilise an extended market analytical approach in order to obtain a complete understanding of the consumer purchasing behaviour along with the current market trends (Tsubiks and Kešelj, 2018). This attribute can also provide adequate knowledge to the organisation regarding the existing competitiveness of the market due to which they will be able to rearrange and receive their products and services for potential consumers. Based on this feature, decent opportunities might also emerge from the organisational perspective in terms of developing their existing customer service.
An advanced customer relationship management system might play a significant role in this concern based on which a profound vision could be outlined by the company regarding the requirements and demands of the customers.
Concerning this understanding, the business analytical approach of Wirkkala requires paying attention upon providing adequate training and developmental facilities for their potential workers and employees. This attribute can help the company to enlarge the performance of their existing human resources and thereby increase the chances of extended competitive advantage on behalf of the organisation (Burhan Ismael et al. 2021).
The mentioned strategic approaches might benefit the organisation with attractive workplace flexibility based on which they might obtain the attributes of service differentiation in a successful manner. The topmost concern in this context highlights the diversification of existing products and services of Wirkkala.
In this regard, the company requires an extended competitor analysis. In accordance with this understanding, the company would obtain clear information regarding their competitor’s range of services and products (Boniface, 2017). In this method, the company might be able to develop their products and services to a fair extent in order to create disruption over the existing organisations from the respective industry.
On the other hand, the company is also required to consider their potential stakeholders during undertaking valuable decisions on behalf of their business. Profound attention is required to be paid upon measuring the return of investment from the organisational products and services offered by them to their potential customers (Phelps, 2018).
Apart from that, the information system strategy of Wirkkala is required to be supported with technological advancement including the attributes of artificial intelligence and machine learning, big data analytics and others. It can differentiate the organisational value proposition concerning utilising information systems as compared with other existing competitors.
Future tools for decision-making
Decision making process can be considered as one of the most critical and important tasks for any business like Wirkkala as managerial decisions directly affect organisational performance along with business success. In today’s business environment, every business entity tries to consider specific and strategic options during making decisions regarding the organisational change (Stenmark et al. 2020). Wirkkala can consider the following tools for making their future decisions.
Marginal Analysis
Marginal analysis is found to be emphasised upon determining the benefits of any specific activities or input over cost. This tool is considered effective for maintaining effective decisions in business as it considers information, preference, and resources constraints. This in turn, enhances the chance for managers to make optimal choices or decisions for their future business.
SWOT Diagram
It becomes essential for organisations to analyse internal strength and their capabilities before executing ore mining business decisions. In this context, Wirkkala can utilise SWOT diagrams to segregate their strength, weakness, threat, and opportunity according to which they could make optimal decisions in the future (Nazarko et al. 2017). Thus, this could be another effective tool for Wirkkala to support their future decision-making process.
Pareto Analysis
Pareto analysis is recognised as a formal technique that is utilised for assuming possible courses of action to solve problem areas. It also identifies areas experiencing the problem for the tasks requiring the biggest payoff (Li, 2019).
With the utilisation of this tool, Wirkkala might be extensively benefited to critically evaluate their future course of actions and strategic interventions in order to ensure distinctive competitive advantage in the market. However, Wirkkala will have to look at considering their future business journey with regards to ensuring reasonable benefits ahead of their existing market rivals where Pareto analysis might provide extended benefit to the organisation with the determination of future actions.
Decision matrix
Decision matrix is considered an innovative tool utilised by the business analyst and other respective stakeholders in terms of evaluating existing business options with considerable clarity and objectivity (Mishra et al. 2017).
This tool includes a list of values in rows and columns, according to which the business analyst can systematically identify, analyse and review the existing performance of relationships between sets of information and values. Wirkkala might be efficiently benefited by accurately identifying business resource requirements along with their market performance with a decision matrix that might provide them with an extended opportunity of stretching competitive edge.
Conclusion
Concerning the overall evaluation, a profound focus could be established regarding the significance of business analysis where the achievement of competitive advantage is included. The utilisation of existing data from the organisational perspective pays attention to understanding consumer behaviour along with developing customer services and enhancing human resource performance and others.
Diversification and improvement of products and services are also included in this concern. In this regard, advanced market analytical approaches will have to be undertaken by them along with technological advancement for supporting information systems strategy.
Different future tools like marginal analysis and swot diagram, Pareto analysis and decision matrix can be used by the company for decision-making. In this case, the statement of this can be restated by signifying the key contribution from the proper business analysis process in an organisational business.
References
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