Top Industries Harnessing the Power of Business Analysis for Success
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Business analysis is a field that is becoming increasingly important in many different industries. As businesses become more data-driven, the need for skilled analysts who can help them make sense of this data is growing.
Employing business analysis professionals is absolutely essential for any organization seeking to improve its performance and achieve its goals. These professionals possess a unique skill set that enables them to analyze complex business problems, identify opportunities for improvement, and develop effective solutions. By leveraging business analysis expertise, organizations can make informed decisions, optimize their operations, and drive innovation. Business analysis professionals can also help companies navigate change, whether it's implementing new technologies, restructuring their organization, or entering new markets.
Jobs related to Business Analysis are projected to increase by 14% from 2018 to 2028. That is 9% higher than the average growth rate for all occupations. Here are some of the top industries that need business analysis professionals:
|Finance: The finance industry relies heavily on data analysis to make informed decisions. Business analysts play a key role in analyzing financial data and helping companies to make strategic decisions about investments, risk management, and more.
According to IIBA’s Global State of Business Analysis (GSBA), banking, finance and insurance are among the top industries that employ business analysis professionals, with 24% of professionals reporting working in those industries.
|Information Technology: The technology industry is perhaps the most obvious industry that needs business analysts. As technology companies become more complex, the need for skilled analysts who can help to make sense of data and identify opportunities for growth is growing.
GSBA respondents report 20% of business analysis professionals are working in IT, making it a key industry to consider for business analysts seeking new employment opportunities.
|Government: The government is also an industry that needs business analysis professionals. Business analysts can help government organizations to analyze data on everything from tax revenue to public safety to identify areas for improvement and make informed decisions.
An interesting take away 2022’s GSBA report shows that 8% of business analysis professionals report working in government. Also, business analysis professionals working in Government report an average salary of $85,998 (salary reported in USD).
|Healthcare: The healthcare industry is also becoming more data-driven, with an increasing focus on using data to improve patient outcomes and reduce costs. Business analysts can help healthcare organizations to analyze patient data and identify areas for improvement.
Another 2022 GSBA report insight is 6% of business analysis professionals are working in Healthcare or Pharmaceutical industries. Making it a key industry where business analysts are making measurable impacts.
|Retail: The retail industry is another industry that is becoming increasingly data-driven. Business analysts can help retailers to analyze sales data, customer behaviour, and other factors to identify trends and make informed decisions about inventory, pricing, and marketing.
Business analysis professionals working in the retail and hospitality industries report an average salary of $84,937.
Ultimately, the ability to effectively analyze and understand business data is crucial for success in today's fast-paced and competitive marketplace, and employing skilled business analysis professionals can be a key factor in achieving that success.
In conclusion, business analysis is a field that is becoming increasingly important in many different industries. As businesses become more data-driven, the need for skilled analysts who can help them make sense of this data is growing. Whether you are interested in finance, healthcare, retail, technology, or government, there are opportunities for business analysis professionals to make a difference and have a meaningful impact on the success of these industries.
Want to learn more about the industries, salary, and best practices from the latest Global State of Business Analysis Report? Click here to read the full report.
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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!