An effective business analysis can be done through:

Enterprise analysis or company analysis: Involves the analysis of business requirements of the organisation an plan to meet the strategic goal of the organisation by creating effective business architecture with the help of feasibility studies, identification of new business opportunities, carrying out risk assessment and other tools.

Requirements planning and management: This involves proper planning for requirement management of the resources and defines the priority of the requirements as per the need.

Requirements elicitation: It includes various techniques to gather information of requirements from the stakeholders. The major tools and techniques used for requirement elicitation are: Brainstorming, Document analysis, Focus group, Interface analysis, Interviews, Workshops, Reverse engineering, Surveys, User task analysis and Process mapping.

Requirements analysis and documentation: Defines the requirement details of the project in detail to allow the project team implement them successfully. The requirement analysis and documentation includes Architecture analysis, Business process analysis, Object-oriented analysis, Structured analysis, Data warehouse analysis, storage and databases analysis and can be presented in any form including Textual, Matrix, Diagrams, Wireframe and Models.

Requirements communication: Communicate with the shareholders on regular basis so as to ensure hem that all the requirements of the project are met as per specification.

Solution assessment and validation: Defines the role of business analyst to verify the effectiveness of the proposed solution and how to overcome the shortcomings of the process for the successful implementation of the proposal.

You can get more useful information about business analysis and business analyst on the links below:

What is Business Analysis?

Business analyst job responsibilities in IT sector

Key requirement for business analyst