Current BA trends.
GDP Growth (annual %)
It is safe to say that almost every business has been somehow impacted due to the pandemic, resulting in many having to adapt and reconsider how they run their businesses. According to UN News, global economic growth declined by an estimated 4.3% in 2020. However, the World Bank expects the global economy to expand by 4% in 2021, so this year could be a real opportunity for companies who thrived during the pandemic to develop further and for those still currently struggling to bounce back. That is why this is a particularly interesting year to look at the current trends in business analysis which could help companies to find exciting new ways to run their businesses. So here are 5 of what we at CBI think are the most compelling business analysis trends, which help us deliver our outstanding services:
1 - Technology in Business and Online Working
Since the pandemic working from home and online meetings has become the new norm for many companies. According to a Gartner CFO Survey, 74% of companies plan to permanently shift some of their employees to remote working. Making it clearer than ever how huge a role technology can play in a business and that keeping up with technological developments can be crucial for a business as the two become more and more intertwined. Business analysis can help to support this by helping a company to understand the best way for them to transition into and work remotely and optimize the advantages of technology.
2 - Social Responsibility
Properly analysing and understanding the risks and opportunities that will come when making a change can be crucial to an organisation. For example, people are becoming increasingly aware of social, environmental and political issues. So it is now important that companies are aware for example of their impact on the environment or their role in promoting social diversity and equality. Business analysis plays an important role in helping a company gain a deeper understanding of their relationships with their consumers as well as their employees and associates.
3 - Demand for data and security analysts
Artificial intelligence and high-level technology have now become common features in many large companies. However, despite all their benefits, these can come with some problems, including the need for improved cybersecurity and how this can be carried out. This has led to an increase in the demand for business analysts to look into the data and security to ensure this area of companies are running smoothly and securely.
4 - Fundamental Business Systems:
Fast and simple processes are an important part of improving a business. It is crucial that the consumer's experience is kept at the forefront of a businesses priorities. Analysing the fundamental systems of a business and changing them so that they are as streamlined as possible is beneficial for both the consumers and the company.
5 - Understanding Customer Journeys
Customers now have higher expectations of businesses which requires companies to be inventive and come up with ways to improve customer satisfaction. Business analysis helps companies determine which journeys will be the most successful in ensuring that the interaction between company and consumer is as positive an experience as possible.
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