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How to become world class business analyst

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Business analyst are one of the most important part of a successful business. They help you make the right decision and to spend money wisely. We show here what a business analyst has to know, what business analysis he should be doing and what knowledge he should have to be successful

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How to become world class business analyst

  1. 1. 1 How to become world class analyst Practical guide
  2. 2. 2 Who is a business analyst?
  3. 3. 3 Business analyst is a “gold-digger” looking fro how and where the profit of the organization can be improved. He also makes sure that the new business that you are building make economical sense Photo by The Magic Tuba Pixie CC: flickr
  4. 4. 4 Business analyst is the entry level in many companies or departments Business Analyst Associate Senior Associate (PM) Director Partner Consulting companies Business Analyst Associate Investment Manager Investment Director Partner PE / VC Business Analyst VP of Strategy / CEO Strategic Departments Business Analyst Controller Controlling Director Controlling Departments
  5. 5. 5 To become a business analyst it is good to have strong foundation in terms of skills, education and computer literacy Skills and characteristics Education Computer literacy ▪ Analytical Skills ▪ Languages ▪ Computer literacy at least at average level ▪ Independent thinking ▪ Discipline ▪ Application of 80/20 rule ▪ Business / Economics ▪ Econometrics / Quantitative Methods / Statistics ▪ Mathematics ▪ Physics ▪ Computer Science ▪ Medicine ▪ Excel ▪ Power Point ▪ VBA ▪ Access ▪ SPSS ▪ SQL
  6. 6. 6 Analyze performance Analyze new investment opportunity There is number of problems you may tackle as a business analyst Find savings Check performance against planned targets Analyze new business ideas presented by others Find new business ideas Estimate market size Analyze consumer research results Participate in the creation of the strategy /plan Create KPI, dashboards and scorecards Crete reporting system Support management in decisions
  7. 7. 7 If you want to become word class analyst you have to master number of things that we will talk in this presentations Simplify complex issues to simple models Master techniques used to improve results of the company Master Excel Become brutally efficient Talk with slides
  8. 8. 8 What we will show in this presentation is a part of extensive on-line course where I also show how to solve particular cases in Excel. You can also download there the Excels and use them later Click to check my course How to become world class Business Analyst? Cases in Excel $90 $15
  9. 9. 9 Simplify complex issues to simple models
  10. 10. 10 Quite often your are overwhelmed by the number of things that influence the phenomena you want to analyze. Imagine that you have to estimate typical family spending's. You can take into account countless number of factors…..
  11. 11. 11 …or you can limit yourself to the most important one i.e. number of kids, size of house, main repetitive spending like food. On the next slides I will show you some techniques that will help you do the selection
  12. 12. 12 Issue tree
  13. 13. 13 Issue tree is a concept that will help you guess in a structured manner the problems, reasons causing those problems and on the basis of this decide what should be analyzed Area of analysis Area 1 Problem 1 Problem 2 Possible Reason 1 Possible Reason 2 Possible Reason 3 Possible Reason 4 Possible reasonsSuspected problems Analysis to be performed Analysis 1 Analysis 2 Analysis 3 Analysis 4
  14. 14. 14 Have a look at an issue tree example for a chicken meat producer. We guess that he has 3 problems in Logistics Area of analysis Transport High costs of transport per ton of goods Big level of waste and breakage in transport Possible reasonsSuspected problems Analysis to be performed Low usage of resources
  15. 15. 15 Then for those problems we try to guess the reasons causing them Area of analysis Transport High costs of transport per ton of goods Big level of waste and breakage in transport Possible reasonsSuspected problems Analysis to be performed Badly designed routes Too big fuel usage No shipments on the way back Low usage of resources Badly designed method of packaging which makes the product prone to damage Speed not adjusted to the product Badly organized work and schedule of deliveries Limitation on delivery time of finished goods
  16. 16. 16 Finally we come up with analyzes we have to carry to prove or disprove these hypotheses (that certain reason is causing certain problem Area of analysis Transport High costs of transport per ton of goods Big level of waste and breakage in transport Possible reasonsSuspected problems Analysis to be performed Analysis of correlation between type of packaging and percentage of damaged Analysis of time spent on the way and kilometers covered in that time Analysis of designed routes, their length and the influence of possible changes Analysis of fuel usage and kilometers covered by vehicles Analysis of load carried on the way back Badly designed routes Too big fuel usage No shipments on the way back Low usage of resources Badly designed method of packaging which makes the product prone to damage Speed not adjusted to the product Badly organized work and schedule of deliveries Limitation on delivery time of finished goods Analysis of level of overtime, daily organization of drivers work Analysis of Clients’ preferences on delivery time
  17. 17. 17 Bottom-up approach
  18. 18. 18 One of the way to simplify complex is to apply bottom-up approach where you go from single (typical) consumer to market research ▪ First you should imagine the typical users ▪ Then you should try to guess his consumption level ▪ By estimating the number of typical users you and their consumption level you get the rough size of the market
  19. 19. 19 …sometimes it makes sense to divide markets in segments and estimate them separately (i.e. average and typical users, women and man, people in different age groups or segmentation by lifestyle) Segment A Segment B
  20. 20. 20 …lets do a simple example. Imagine that you want to make an application for franchised restaurants ▪ You pick the sample group / area you want to estimate i.e. city (here Warsaw)
  21. 21. 21 …lets do a simple example. Imagine that you want to make an application for franchised restaurants ▪ You pick the sample group / area you want to estimate i.e. city (here Warsaw) ▪ You count the number of all restaurants in the area
  22. 22. 22 …lets do a simple example. Imagine that you want to make an application for franchised restaurants ▪ You pick the sample group / area you want to estimate i.e. city (here Warsaw) ▪ You count the number of all restaurants in the area ▪ For the chosen area you count the franchising restaurants
  23. 23. 23 …lets do a simple example. Imagine that you want to make an application for franchised restaurants ▪ You pick the sample group / area you want to estimate i.e. city (here Warsaw) ▪ You count the number of all restaurants in the area ▪ For the chosen area you count the franchising restaurants ▪ You check the population of the whole country – here Poland
  24. 24. 24 …lets do a simple example. Imagine that you want to make an application for franchised restaurants ▪ You pick the sample group / area you want to estimate i.e. city (here Warsaw) ▪ You count the number of all restaurants in the area ▪ For the chosen area you count the franchising restaurants ▪ You check the population of the whole country – here Poland ▪ Assuming similar density as in Warsaw you scale up the number of franchised restaurants proportionally to the population
  25. 25. 25 Top-down approach
  26. 26. 26 When to use top-down approach? ▪You know the size of the whole market ▪You are interested in a specific segment of the market ▪Segment is big enough ▪You are thinking about niche strategy or low cost strategy (market re-segmenting)
  27. 27. 27 For a change lets see how it would work with top-down approach ▪ You use the total market size to get to the size of the segment in which you are interested ▪ You have to use some sort of sample measure ▪ By applying the result from the sample you can get to the size of the segment in which you are interested
  28. 28. 28 … let’s use the top-down approach to estimate the market for science fiction books sold in Poland…. ▪ You use the total number of books sold in your country ▪ Then you go to the bookstore that belongs to the biggest chain of bookstore and check what percentage of the shelves are take by science fiction books ▪ If you use this proportion to the whole market you should get the rough estimation of the science fiction book segment
  29. 29. 29 Use simple math
  30. 30. 30 Whenever somebody mentions math you see the dreaded formulas
  31. 31. 31 There are some rules that are worth following Find drivers Round to integers Calculate in your mind Do sampling afterwards Write down the rough values ▪ Main things that certain thing depends on ▪ Instead of multiplying 2,3 by 3,61 multiple 2 by 4 Make educated guess
  32. 32. 32 Imagine that you want to use simple math to estimate how long you will wait in the queue. You should use the following simple formula Number of people in the queue x Number of cash tilts Time per 1 customer
  33. 33. 33 If you try to calculate the using the exact digits you may get lost….. Number of people in the queue Time per 1 customer Number of cash tilts 32 2.33 Time you will wait In min 23.4 Number of people in the queue x Number of cash tilts Time per 1 customer
  34. 34. 34 Yet, if you round it up to integers you get fast a good-enough answer Number of people in the queue Time per 1 customer Number of cash tilts 32 2.33 30 23 20.0 Time you will wait In min 23.4 Number of people in the queue x Number of cash tilts Time per 1 customer
  35. 35. 35 Master techniques used to improve results of the company
  36. 36. 36 80/20 Theory of Constraints (Remove Bottlenecks) There are number of techniques that you should master to be world class business analyst Critical Chain Method Lean manufacturing Lean startup 6-sigma Industrial Organization PERT, CPMBusiness models and lean analytics Market research tricks
  37. 37. 37 Applying 80/20 rule in practice
  38. 38. 38 80/20 – Pareto Principal
  39. 39. 39 What does 80/20 mean in practice ▪ Concentrate only on the big items ▪ Concentrate on the big customers ▪ Analyze the most typical cases ▪ Concentrate on the most frequently occurring problems ▪ Analyze problems with big impact ▪ Your analyses should have only 20% of the variable that generate 80% of the impact ▪ Start with subjects where you see the biggest difference between actual results and benchmarks
  40. 40. 40 Here are 3 examples of using 80/20 rules ▪ Learning Visual Basic for Excel ▪ Checking competitors ▪ Salsa course Area ▪ Learn only the 5 most used items that will take only 20% of full course and will be used by in you in 80% cases ▪ You check only 20% of competitors that sales add-up to 80% of the market ▪ Go through 20% of the course to learn the moves and the figures used by 80% of people Description
  41. 41. 41 For more details and examples go to my on-line course. You will also find there example of analyses in Excels that you can use on other projects Click to check my course How to become world class Business Analyst? Cases in Excel $90 $15
  42. 42. 42 Removing bottlenecks
  43. 43. 43 Bottlenecks are dangerous as their hurt the efficiency of the whole system. To improve the wholes system you have to improve first bottlenecks
  44. 44. 44 Bottleneck is always at the place where you have the lowest capacity. Have a look at 3 examples below Example 1 7 5 7 Example 2 5 10 20 Example 3 5 5 3 x Stage capacity x Bottleneck
  45. 45. 45 The are 4 rules that you should follow when it comes to bottlenecks ▪ Identify what is the bottleneck ▪ Increase its throughput by lowering the time needed for everything that goes through the bottleneck ▪ Add new resources to bottleneck ▪ Adjust everything to the bottleneck – so it works at the same pace
  46. 46. 46 Imagine that you are working in a company working in a content marketing. Your bottleneck is writing posts Research topics for a post Write a post Create illustration Edit and modify post, add illustration and schedule 20 5 7 10 # of post that can be done in a week by 1 person xx
  47. 47. 47 If you Speed up the writing process (faster typing, better tools, shortcuts for the most popular words) you boost capacity to 7 and Creation of illustration becomes your bottleneck Research topics for a post Write a post Create illustration Edit and modify post, add illustration and schedule 20 5 7 10 # of post that can be done in a week by 1 person ▪ Speed up the writing process (faster typing, better tools, shortcuts for the most popular words) xx 20 8 7 10
  48. 48. 48 Finally if you make the researcher do also par time writing and making illustration you boos capacity even further to 9 post per week. Writing post again becomes bottleneck. But with the same people you produce almost 2x Research topics for a post Write a post Create illustration Edit and modify post, add illustration and schedule 20 5 7 10 # of post that can be done in a week by 1 person ▪ Speed up the writing process (faster typing, better tools, shortcuts for the most popular words) xx 20 8 7 10 10 9 10 10 ▪ Make the researcher do also par time writing and making illustration
  49. 49. 49 I recommend reading the following books – click on the chosen cover to see details on each and every book Click for moreClick for moreClick for more
  50. 50. 50 Lean Manufacturing
  51. 51. 51 * Sort,Set,Shine,Standardise,Sustain ** Total Productive Maintenance *** Overall Equipment Efficiency Kanban Kaizen Poka Yoke Produkcja gniazdowa Zero defectsOEE***TPM**SMEDJust in time Process mapping Continuous flow management Standaryzacja pracy Heijitsu box 5S* Lean Manufacturing is a philosophy of working with little waste and highest quality. It consists of many techniques that should be gradually mastered
  52. 52. 52 For more information check my presentation Production for Management Consultants Practical guide presentation
  53. 53. 53 I recommend reading the following books – click on the chosen cover to see details on each and every book Click for moreClick for moreClick for more Click for more
  54. 54. 54 Business models
  55. 55. 55 There are 6 basic business models for on-line activities and another 6 for off-line. You have to at leas try to understand some of them SaaS E-commerce Media site 2-sided market User Generated Content Mobile Applications B2B Service Retail B2C Service B2C Products B2B Products Freelancing On-line Off-line
  56. 56. 56 Developed companies can operate at the same time many business models, sometimes even within one business unit
  57. 57. 57 Developed companies can operate multiple models under one or many companies. Have a look at Amazon SaaS E-commerce Media site2-sided market UGC B2B Service B2C Service
  58. 58. 58 Check my presentation on on-line models to understand them properly Business models Practical guide for startups and entrepreneurs presentation
  59. 59. 59 For more check also my on-line course Click to check my course On-line Business Models in Excel – Practical Guide $45 $15
  60. 60. 60 I recommend reading the following books – click on the chosen cover to see details on each and every book Click for moreClick for moreClick for more
  61. 61. 61 Critical Chain
  62. 62. 62 One of the biggest problem for efficiency is the so called Parkinsons’s Law ▪ work expands so as to fill the time available for its completion
  63. 63. 63 To avoid it use the so called Critical Chain Method where you put aggressive deadlines (you do not let people create ‘just in case buffers’ and instead you create 1 buffer for everything
  64. 64. 64 I recommend reading the following books – click on the chosen cover to see details on each and every book Click for more
  65. 65. 65 Market research techniques
  66. 66. 66 Market research can be divided into 3 main categories Market research Consulting methods Off-line research On-line research
  67. 67. 67 The simplest methods are used by consultants and only require a bit of imagination Market research Consulting methods Top-down Bottom-up Off-line research On-line research
  68. 68. 68 Off-line research are a must not only in physical good businesses Market research Consulting methods Off-line research Interviews and discussion with (potential) customers Being where your (potential) customer is Work for your (potential) customers Store checks of competition Mystery shopping at competition On-line research
  69. 69. 69 The last group of on-line tools puts at your disposal numerous solutions giving you in-depth knowledge of your competitors and markets Market Research Consulting methods Off-line research On-line research On-line interviews Facebook Audience Insight Customers profiles on facebook/instagram/pinterest Keyword Planner for Google AdWords SimilarWeb Branch sites and reports Slideshare and Youtube Markets for applications
  70. 70. 70 Type of markets Existing Better Product Resegmented Niche Strategy Low cost New Market New users New product Some methods are more useful on a specific type of markets… ▪ Mainly consulting methods ▪ Off-line and on-line research of customers for proxy or similar markets ▪ Off-line and on-line research of customers for similar business models ▪ Off-line and on-line research of customers (chosen segments) and competition ▪ Off-line and on-line research of customers and companies on similar / proxy markets ▪ Some usage of consulting methods ▪ Off-line research of customers and competition ▪ On-line research of customers and competition
  71. 71. 71 Check my presentation on on-line models to understand them properly Market research Practical guide for startups and entrepreneurs presentation
  72. 72. 72 If you want to learn how to make in Excel advanced analysis that you would do as a business analyst go to my on-line course Click to check my course How to conduct market research? Practical Guide $45 $15
  73. 73. 73 Lean Startup
  74. 74. 74 I recommend reading the following books – click on the chosen cover to see details on each and every book Click for more Click for moreClick for more Click for more
  75. 75. 75 Master Excel
  76. 76. 76 Rules for Excel
  77. 77. 77 What rules should be used when building analysis in Excel Usage of colors Consistency between sheets Pyramid principle 1-source rule Repetition of variables Shortcuts No mouse Description Data source Master sheet
  78. 78. 78 The most useful functions Basic functions Financial / Mathematical Others ▪ SUMIF / SUMIFS ▪ COUNTIF / COUNTIFS ▪ HLOOKUP ▪ VLOOKUP ▪ MATCH ▪ SUMPRODUCT ▪ IF ▪ AND / OR ▪ IFERROR ▪ AVERAGEIF ▪ LEFT / RIGHT / MID ▪ FIND ▪ CONCATENATE ▪ YEAR / MONTH / DAY ▪ ROUND / ROUNDUP / ROUNDDOWN ▪ TODAY ▪ VALUE ▪ WEEKDAY ▪ RAND / RANDBETWEEN ▪ MOD ▪ NPV ▪ IRR ▪ ABS ▪ MAX / MIN ▪ CORREL ▪ Pivot ▪ Slicer ▪ Relative addresses ▪ Formats ▪ Hyperlink ▪ Remove Duplicates ▪ Filters ▪ Sorting ▪ Data Validation ▪ Trace Dependents / Precedent ▪ Analysis Tool Pack
  79. 79. 79 Have a look at an example of analysis where we try to see which marketing channel is the most sensible
  80. 80. 80 You can also find some useful tips on Excel Essential Excel for Business Analysts and Consultants A practical guide presentation
  81. 81. 81 If you want to learn how to make in Excel advanced analysis that you would do as a business analyst go to my on-line course Click to check my course How to become world class Business Analyst? Cases in Excel $90 $15
  82. 82. 82 Become brutally efficient
  83. 83. 83 Check my extensive presentation on productivity hacks to see how you can me 10x more productive Management consultant productivity hacks How to be lazy and still get things done presentation
  84. 84. 84 If you need more detailed version on productivity hacks you can check our course on productivity hacks Click to check my course Management Consulting Productivity Hacks $45 $15
  85. 85. 85 Talk with slides
  86. 86. 86 Power Point presentations
  87. 87. 87 What rules should be used for Power Point Presentations Use the template 1 slide = 1 message Agenda Executive summary Excel analysis for every slide Sources Dates Backup Next version rule Show money
  88. 88. 88 Now have a look at 3 examples of showing market development on slides. The first 2 are ok; the 3rd one violated the rules we have shown
  89. 89. 89 The kids market will be slowly growing as a result of GDP growth 3 247 3 480 3 473 3 503 3 537 3 583 3 626 3 689 3 750 3 806 3 857 3 911 3 965 4 011 4 055 4 104 4 144 2 804 2 862 2 855 2 880 2 908 2 946 2 981 3 033 3 084 3 130 3 171 3 216 3 260 3 298 3 334 3 374 3 407 1 328 1 392 1 389 1 401 1 415 1 433 1 450 1 476 1 500 1 523 1 543 1 565 1 586 1 605 1 622 1 641 1 658 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 8 058 8 198 8 334 8 459 8 570 8 692 8 811 8 914 9 012 9 119 9 2097 9637 8597 7857 7177 7347 380Total Source: Euromonitor Toys Food Fashion Market size In milions of EUR
  90. 90. 90 Market size In millions of EUR 3 247 3 480 3 473 3 503 3 537 3 583 3 626 3 689 3 750 3 806 3 857 3 911 3 965 4 011 4 055 4 104 4 144 2 804 2 862 2 855 2 880 2 908 2 946 2 981 3 033 3 084 3 130 3 171 3 216 3 260 3 298 3 334 3 374 3 407 1 328 1 392 1 389 1 401 1 415 1 433 1 450 1 476 1 500 1 523 1 543 1 565 1 586 1 605 1 622 1 641 1 658 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 8 058 8 198 8 334 8 459 8 570 8 692 8 811 8 914 9 012 9 119 9 2097 9637 8597 7857 7177 7347 380 Total Source: Euromonitor Toys Food Fashion ▪ The kids market will develop in will be slowly growing as a result of GDP growth
  91. 91. 91 Market size In millions of EUR 3 247 3 480 3 473 3 503 3 537 3 583 3 626 3 689 3 750 3 806 3 857 3 911 3 965 4 011 4 055 4 104 4 144 2 804 2 862 2 855 2 880 2 908 2 946 2 981 3 033 3 084 3 130 3 171 3 216 3 260 3 298 3 334 3 374 3 407 1 328 1 392 1 389 1 401 1 415 1 433 1 450 1 476 1 500 1 523 1 543 1 565 1 586 1 605 1 622 1 641 1 658 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 8 058 8 198 8 334 8 459 8 570 8 692 8 811 8 914 9 012 9 119 9 2097 9637 8597 7857 7177 7347 380 Total Source: Euromonitor Toys Food Fashion ▪ The kids market will develop in will be slowly growing as a result of GDP growth The kids market will develop in will be slowly growing as a result of GDP growth
  92. 92. 92 Check for more details my presentation that will show you how to create a great consulting presentation How to create management consulting presentations? A practical guide presentation
  93. 93. 93 If you want to learn more on being business analyst go to my on-line course Click to check my course How to become world class Business Analyst? Cases in Excel $90 $15
  94. 94. 94 Check my presentation that will help you get into consulting How to get into consulting Practical guide how to pass the case part presentation
  95. 95. 95 Subscribe to our channels: www
  96. 96. 96 Check my presentation on on-line models to understand them properly Market research Practical guide for startups and entrepreneurs presentation
  97. 97. 97 You can also find useful some tips on Excel Essential Excel for Business Analysts and Consultants A practical guide presentation
  98. 98. 98 Check my presentation on on-line models to understand them properly Business models Practical guide for startups and entrepreneurs presentation
  99. 99. 99 Check my presentation on on-line models to understand them properly How to become world class analyst A practical guide presentation
  100. 100. 100 Check my presentation on on-line models to understand them properly How to open a successful restaurant A practical guide presentation
  101. 101. 101 Check my extensive presentation on productivity hacks to see how you can me 10x more productive Management consultant productivity hacks How to be lazy and still get things done presentation
  102. 102. 102 Check my presentation that will help you get into consulting How to get into consulting Practical guide how to pass the case part presentation

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