3 Reasons Why Business Data Analytics is Here to Stay
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As we look back at 2020, we know it’s the year everything changed. The COVID-19 pandemic hit, and data was everywhere. More than ever, organizations began heavily relying on data analytics to make informed evidence-based decisions. According to a survey from Sisense, 49 percent of companies are using data analytics “more or much more” than before the pandemic. And of that, 45 percent say they are using it to predict business outcomes.1
"Data-driven decision making has been a business goal for many years," said Harry Glaser, the Chief Business Officer of Sisense, "but there is nothing like a global financial crisis to spur decisive, agile, and insightful insights to keep your business afloat. History has shown that times of crisis, whether financial, geo-political, or weather-related, advance the use of and reliance upon data and analytics."
IIBA’s Guide to Business Data Analytics explains Business Data Analytics as a practice by which a specific set of techniques, competencies, and procedures are applied to perform the continuous exploration, iteration, and investigation of past and current business data to obtain insights about a business that can lead to improved decision-making.
With the use of Business Data Analytics, companies can better understand past behaviours and predict future actions based on available data. The most recent IIBA Global Business Analysis Salary Survey shares 64 percent of Business Analysis professions said their organization has a data strategy framework in place.2
Here, three CBDA certified professionals break down, in their own words, the top reasons why Business Data Analytics is essential in today’s businesses, and how applying these concepts and their certification helps in their roles.
#1 Data is Everywhere
Jamie Champagne, Owner Champagne Collaborations
Jamie states “Data is Everywhere. It’s not just in technology, but in conversations, social media and news, influence, and even impact on businesses. If those who practice analysis are to help businesses and organizations make smart decisions, then we need to be #datainformed. This certification (CBDA) had me dive deeper into this content area and learn new perspectives and techniques to approach change-based work in the discussion of data. The biggest personal impact for me was gaining insight and ideas to use when presenting and communicating about data or data results.”
#2 There’s Power in Statistical Analysis
Brian Williams, Principal Data Scientist – Finance, Infineum USA
Brian reveals “As a chemical engineer by training, I quickly discovered early in my career the power of statistical analysis to address first manufacturing issues and later business problems that were sorely needed by our organization. In the last few years, I have increased my focus on the application of statistical analysis as our organization is moving towards data analytics and predictive modelling. I see the parallels for business processes and data reporting. The amount of data available in the business world, versus a plant manufacturing environment, is exponentially greater and offers many more opportunities for quick improvements. Approaching these improvements with a BA mindset and skills will also be key to our ultimate success.”
#3 Business Data Analytics Creates Synergy
Jack Hsieh, Owner of a Consulting Firm
Jack shares “As a consultant and corporate executive, CBDA distinguishes me from my competitors. Most of my clients are from local and Mainland China. Business data analytics creates synergy with business analysis and product development and management.”
Organization’s Key Reasons for Investing in Business Data Analytics
Besides the recent global pandemic, companies have many reasons to invest include in a data strategy framework. In fact, by 2022, 85% of companies will have adopted big data analytics.3 IIBA’s 2020 Salary Survey outlines the top reasons for adopting business data analytics as:
- Helps deliver on strategic imperatives
- Drives innovation
- To gain a competitive advantage
- Improve efficiencies
- Enhance customer experience
- Increase revenues
- Targeting investments towards delivering customer-centric products
The use of Business Data Analytics will continue to be instrumental in the decision-making process in future workplaces. When performed well, Business Data Analytics will help to create new strategies and advantages for organizations that lead to better business outcomes.
Eager to learn how Business Data Analytics can help future-proof your career?
Explore IIBA’s Guide to Business Data Analytics for a deeper understanding of data analytics concepts and take advantage of a special discounted exam fee on the Certification in Business Data Analytics (IIBA®- CBDA), only available for a limited time!*
*Terms & Conditions:
The discounted exam fee offer is applicable when you purchase the IIBA®-CBDA exam between March 25 to May 31, 2021, and is applicable to the IIBA®-CBDA exam and exam rewrite fees. Note: the exam can not be taken the same day as the exam fee purchase.
About The Author:
Tiffani Iacolino is a Product Marketing Manager at IIBA® and has 15+ years of marketing experience across the legal, technology, telecommunications, publishing, media, and professional services industries. She’s passionate about delivering meaningful products and solutions to the business analysis community, including IIBA’s latest offering the Cybersecurity Analysis Learning and Certification Program. Hailing from the Greater Toronto Area, she enjoys an amazing cup of coffee, running, and yoga -- between chasing her two adorable children!