The critical role of Business Analysis in becoming a data-driven organization
TORONTO, Jan. 25 (Korea Bizwire) — The International Institute of Business Analysis™ (IIBA®), the global association leading the business analysis community and professional standards, released the findings of its Achieving More with Data research, part of IIBA’s Global Research Program. This research provides insights into how high-performing organizations realize increased ROI with data analytics initiatives by having business analysis professionals lead key business data analytics (BDA) practices.
The five-part Achieving More with Data report answers the questions:
- How do high performing organizations build a data-driven culture?
- How can data analytics projects reduce failure rates?
- How can building analysis capability improve outcomes?
“IIBA is excited to share what we have been learning from our global community, particularly the increasingly critical connection between how organizations deploy business analysis capabilities internally and the success of their data analytics initiatives. We believe this helps all of our understanding around the shift to data-driven cultures and value that is achievable from analytics work in high performing organizations,” said Delvin Fletcher, President and CEO, IIBA.
IIBA’s Global Research team conducted over two dozen interviews with executives involved in business data analytics and commissioned a survey of 300 business leaders to quantify capabilities leading to project success. The research examined the impact of business analysis in driving increased ROI and reduced failure rates across a range of BDA projects. IIBA reviewed these findings with an expert panel representing data science, global thought leaders in data management, and academia to validate the results.
The research found the most successful organizations closely integrate business analysis into a team structure including technology and data science to build a data-driven culture. “No amount of technology or data science will fix asking and answering the wrong business question,” said Keith Ellis, Chief Engagement and Growth Officer, IIBA, “and the business analysis professional knows the processes and nuance of the business and can maintain focus on how value is going to be realized.”
The gap is widening between high performers and industry laggards. Enterprise organizations with mature BDA practices experience three times more ROI than organizations not focused on these key areas. Companies that fail to involve business analysis professionals in leading BDA practices experience 2.8 times higher project failure.
Executives have faced challenges with business data analytics and know the disruptive potential if they get it wrong. IIBA’s findings narrow the problem to specific business analysis practices executives can focus on getting right, and through these practices, lead their companies through the transformation to become data driven.
IIBA’s research found business data analytics is critical for high-performing organizations and business analysis professionals are instrumental in helping these organizations build a data-driven culture.
To preview the key findings on the impact of business analysis, access the Achieving More with Data Summary Report at IIBA.org.
About IIBA
International Institute of Business Analysis™ (IIBA®) is the professional association dedicated to supporting business analysis professionals to deliver better business outcomes. IIBA connects 30,000 Members, 120 Chapters, and 500 training, academic, and enterprise partners around the world. As the global voice of the business analysis community, IIBA supports recognition of the profession, networking and community engagement, standards and resource development, and comprehensive certification programs. For more information, visit IIBA.org
About IIBA Global Research
IIBA Global Research provides a broad view of topical information, insights, demographics, and trends that influence business analysis globally. As part of IIBA’s Global Research, Achieving More with Data analyzes the forces shaping the use of data and analytics at companies and the strategies, including the use of business analysis professionals, for transforming to a data-driven organization.
More details for media coverage can be found in the accompanying research reference guide.
Ann Cain, Director, Events & Communications, IIBA
(289) 275-6847 or (905) 867-4103 – ann.cain@iiba.org
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2dfd0ea1-73fa-4708-93dd-03bfd1cd6bd2
Source: International Institute of Business Analysis via GLOBE NEWSWIRE
