What is Business Analysis and why is it essential?

Have you ever questioned yourself what business analysis is and how can it benefit the firm? Business analysis involves analysis of processes, performance, needs and data of a business in order to discover where improvement is needed. If firms examine their businesses well enough, they will probably recognize areas that need improvement, waste of time and resources that can be eliminated and even some possibilities that they were not aware of before. A good business analysis business methodology will help managers make decisions based on facts and not on assumptions.