Who cares about business analysis?
The global business analytics market size reached US$ 82.8 Billion in 2022. Looking forward, it is expected that the market will reach US$ 132.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8% during 2023-2028.
Did you know that organizations that use business analysis techniques are 50% more likely to have projects that meet their goals and objectives? As a project manager, you know the importance of delivering projects on time, within budget, and to the satisfaction of your stakeholders. And that's where business analysis comes in.
What is Business Analysis?
Business analysis is the process of understanding the needs and requirements of a business to identify solutions that will enable the organization to achieve its goals. Business analysts use a range of techniques and tools to gather, analyze, and document requirements, as well as to identify areas for improvement and opportunities for innovation.
Why Project Managers Need Business Analysis
There are tons of statistics that point to poor requirement gathering and management as the key contributor to project failures. For instance, 47% of unsuccessful projects fail to meet original goals due to poor requirements management. Standish Group report also shows that 83.9% of IT projects partially or completely fail. Yet, in another PMI 2017 Pulse Report: Success Rates Rise—Transforming the High Cost of Low Performance, 39% of failed projects identify inaccurate requirements gathering as a primary cause of project failure.
Amongst other competencies, requirement management is a key component of business analysis. In fact, 67% of high-performing organizations value the collaboration between project managers and business analysts or whatever role is responsible for requirements-related activities. Adequate elicitation of stakeholder needs and requirement is essential to project success.
So what do you get out of it?
- It provides a structured approach to requirements gathering and documentation
- It helps you identify and manage stakeholder needs and expectations
- It enables you to identify and manage project risks and issues
- It facilitates effective communication and collaboration across teams and departments
- It supports the development of a project scope and work breakdown structure
In short, business analysis helps project managers to deliver projects that meet the needs of their organization and stakeholders, while also managing risks and resources effectively.
Leveraging Business Analysis with IIBA Certification
One way to take your business analysis skills to the next level is to pursue certification through the International Institute of Business Analysis (IIBA). IIBA certification prepares and equips business analysis professionals with expertise and key competencies that are in high demand in today's job market. Certification not only improves your marketability and employability, but also your earning potential.
IIBA certification is recognized globally as the standard for business analysis professionals. It offers two levels of certification: the Entry Certificate in Business Analysis (ECBA) and the Certified Business Analysis Professional (CBAP). The ECBA is ideal for professionals who are new to business analysis, while the CBAP is designed for those with significant experience in the field.
You must fulfil the requirements for IIBA certification and pass a demanding exam that assesses your expertise in a variety of business analysis topics. Once certified, you'll be a part of a global community of over 30,000 professionals dedicated to developing the field of business analysis. For project managers who wish to execute effective projects, business analysis is a crucial procedure. Project managers may identify and manage stakeholder needs, risks, and resources while also fostering efficient communication and collaboration by applying business analysis tools. Additionally, you can advance your career in this fascinating subject and improve your business analysis skills with IIBA certification.