Business Analysis Demystified: Your Guide to Effective Methodology

1. Lean Principles to Achieve Innovation and Faster Time to Market

Companies have to develop innovative and high-quality products faster than their competitors to create temporary monopoly periods with maximum profitability. However, they usually have tight deadlines and limited budgets for new product development projects. To overcome this challenge, high-performance companies apply a “lean” business analysis, design, and development approach that has its origins in the Toyota car production system. Lean mainly focuses on eliminating muda (waste) throughout the product development lifecycle (PDLC) and passing resource savings to innovative projects. Waste elimination can be achieved by injecting the following lean principles into the companies’ DNA:

1. Be Value-Oriented -Focus on producing outcomes (value) rather than outputs (deliverables). -Always prioritize product features; focus on “must-have” rather than “nice-to-have" ones. -Eliminate the waste of low-priority product features that are not essential for customers.

2. Be Customer-Centered

3. Be Iterative

4. Be Simplistic