Business analysis is a research discipline of identifying business needs and determining solutions to business problems (wiki)
In every organization, some gaps need to be filled and an overlooked factor that affects the profit of the company. That's where a business analysis operates.
Business Analysis is a set of responsibilities, identification of business requirements, needs, and providing solutions to the firm's problems. It works as a connection between stakeholders. These help them understand the organization’s structure, policies, and operations. They can also recommend solutions to help the business reach its goals and increase profits. The procedure of analyzing and improving the organization's strategies vary from industry to industry. Like for IT Industries, it works more on systems development component, but may also consist of process development or organizational change.
All these functions and responsibilities are owned by a business analyst. A business analyst is the one who evaluates the organization from all aspects and discovers the needs and requirements of an organization. He functions in all the divisions of the organization to analyze the problems and makes changes in the structure of the work techniques. He understands the dynamics and the structure of the firm better so as it helps the firm to identify the problematic components and work more efficiently towards the goal.
How does business analysis help a firm?
It enables you to understand the existing problems in the target organization.
It helps you to identify improvement possibilities and recommending solutions.
It helps you to identify and articulate the need for change.
To maximize the value delivered by an organization to its stakeholders.
It helps you to lower your budget by finding cost-efficient methods.
Now to summarize, a business analyst Understands what the business exactly does and how , then it Determines how to improve existing business strategies, identifies the steps to support the implementation of new features, and formulates new features to implement them. Assess the impact of implementing new features and then Implements the new features.