“No company hires Reporting Squirrels. Everyone hires what they believe are Analysis Ninjas. Reporting Squirrels spend 75% or more of their time in data production activities. Analysis Ninjas spend 75% or more of their time in the analysis that delivers actionable insights.”
Author of Web Analytics 2.0
So, the quote tells you how crucial business analysis has become, thereby increasing the demand for skilled and trained business analysts in current times and for the future.
Data-centric companies are adopting business analysis and business intelligence techniques so that they can make sense of the increasing volumes of business data. According to the latest business analysis trends in 2020, the leading trend predicts that the related job market is growing up to 2.72 million jobs by the end of the year.
Business Analysis is the practice that enables change in an organization, by identifying the requirements and suggesting solutions that deliver value to business partners and stakeholders.
Business Analysis Defined
Business Analysis, no longer related to IT companies only, is being adopted by various domains to gain a competitive edge in their related marketplace.
The business analysis serves as the agent of change. It is a disciplined approach for bringing out a change in an organization that involves introducing and managing that change. The organization may be profit, non-profit, government, or businesses.
Business analysis is used to articulate the need for change in how organizations function, and to facilitate that change. Simply put, business analysis involves viewing every aspect of the business and other factors that affect the functioning of the business.
The candidates who are involved in the process are referred to as Business Analyst. As a business analyst, you are required to identify and define the solutions that enable an organization to deliver maximum value to its stakeholders. You need to work across all the levels of an organization and may need to define strategies, create enterprise architecture, or take-up a leadership role.
Top Trends in Business Analysis
Digitization has brought about revolutionary changes to the masses, and data is fuelling every industry that utilizes cutting-edge techniques to operate. The intensity of data is so high, that it may take years to gain useful insights by traditional methods. Business Analysis comes into action at this point which saves time, effort, and investment being cost-effective at the same time.
Let’s look at some major trends in business analysis.
Data Quality Management
The most important business analysis trend, as reported by the Business Application Research Center, is the Data Quality Management. With the quantity of data, it is equally important to monitor the quality and context in which data is used. But it is not always well known that the data might be useful in the future, so every form is stored. Analyzing such a huge chunk of data may sometimes be difficult and not produce the desired results, that’s why data quality is paramount.
The majority of companies insist on DQM as they understand the impact of data quality on analysis and decision-making processes so they try to implement DQM policies or techniques. A Gartner report states that poor data quality is estimated to cost around USD 15 million of losses every year. That’s huge!!
Also Read: Top 10 Tips to protect your data
DQM comprises gathering the data, applying advanced data processes, effective distribution of data, and managing oversight data. Clearly, good quality data gives desired results in less time and effort, while poor quality data demands proper attention and investment.
One of the major trends reported by Gartner in their 2020 Strategic Technology Trends report is Artificial Intelligence. In the digital era, we are surrounded by AI so much and that too without realizing its presence. The science that aims at making machines execute what is done by complex human intelligence is referred to as Artificial Intelligence.
The tedious and iterative tasks are easily done by machines with negligible chances of errors, in a cost-effective manner. Today AI is serving every sector regardless of its size or type such as healthcare, finance, manufacturing, and many others.
Business Analysts leverage AI to acquire improved data insights. AI adds value to the insights by automatically analyzing huge chunks of data to provide you with contextual insights.
Now when we generate petabytes of data every hour, the demand for data has created innovative technical solutions to the problems that need to regulate and govern the usage of data is crucial. Recent times have shown exponentially increasing cybercrimes that vary from identity theft to financial losses.
There is a strong need to preserve the privacy of the people who might be at risk of losing personal information, eventually prioritizing the governance of data. Many companies have established guidelines for the usage of data and allow limited access and that too to only a few members of the organization.
Augmented properties have entered the analytics world and are connected with the trend in the creation of data-driven culture to enable in making better decisions. This makes augmented analytics reach on the top of the list for data analytics trends, according to Gartner.
Automating the information extracted and optimizing decision making is definitely going to impact businesses irrespective of their sizes. The augmented analytics market is expected to reach USD 13 billion by 2023 with a surprising CAGR of 24%.
Mobile Business Intelligence
The market of Mobile BI reached USD 6.18 billion and is expected to grow at a CAGR of 22.43% by 2024. Apart from the challenges such as limited screen size and design of the interface to confirm easy usability, mobile is surely going to be there as one of the top trends to be considered by companies in 2020.
Other trends in the business analysis include
- Predictive and Prescriptive analysis
- Embedded Analytics
- Data-Driven Culture
- Data Automation
- Data Discovery/Visualization.
Become a Business Analyst
Whether it is an established company or a small startup, you need business analysis to thrive in the digital world. The top trends show that business analysis is crucial for every industry regardless of its type or size.
The average salary of a business analyst in the USA is around $ 796,210, according to Indeed.
If you are someone who wants to build a career in business analysis, then you will need the required skills and training to become a successful one. The best way to do that is by enrolling yourself in a certification program and upskill yourself.
There are a lot of online certification offerings from various universities across the globe currently. Simplilearn in association with Purdue University is offering a PG program in Business Analysis Certification that you can enroll in. Get ahead and take charge of your career now!