Explanation
The lead BA should implement key performance measures to identify areas of improvement, as this is the most effective way to assess the current state of the business analysis practices and the value they deliver to the organization. Key performance measures are quantifiable indicators that reflect the critical success factors of a project, process, or activity. They can be used to evaluate the quality, efficiency, and effectiveness of the business analysis deliverables and outcomes, as well as the satisfaction and engagement of the stakeholders.
By measuring and analyzing the key performance indicators, the lead BA can identify the gaps, issues, and opportunities for improvement in the business analysis practices, and propose solutions to enhance them.
The other options are not the best actions to take. A BA time tracking system may help to monitor the effort and duration of the business analysis activities, but it does not provide information on the quality and value of the deliverables and outcomes. Templates for BAs to use may help to standardize and document the business analysis deliverables, but they do not ensure the alignment and agreement of the requirements and the stakeholder needs. Workload plans of the BA may help to manage the resources and priorities of the business analysis activities, but they do not measure the impact and benefits of the business analysis outcomes.
References: The answer can be verified from the following sources:
A Guide to the Business Analysis Body of Knowledge (BABOK Guide) Version 3, Chapter 2:
Business Analysis Planning and Monitoring, p. 40-41, 48-49, 51-52.
Business Analysis for Practitioners: A Practice Guide, Chapter 4: Requirements Life Cycle Management, p. 93-94, 97-98.