Why must CIOs invest in business analysts to obtain better project outcomes?

According to that PMI Pulse of the Profession report, Inaccurate requirements due to poor or missing business analysis processes are the second leading cause of project failure (39%), with the number one reason being changes in an organization’s priorities (41%).

There is no question that the quality of the requirement largely determines the quality of the end product. Today’s organizations recognize the value of business analysis more than ever, ensuring that sufficient pre-project analysis is conducted to align project, program and portfolio investments with the organization’s strategy, goals and objectives.

The demand for digital BAs continues to grow

Despite the pandemic, the demand for BAs has no end. Why? For a highly competitive industrial facet, companies need to wake up to reality and review their BA strategy. To be present in the Web 3.0 age, companies should focus on infusing their resources with the latest technologies such as blockchain, AI, virtual reality and others.

Several research studies have proven that most project failures and product failures are due to poor business analysis. Organizations suffer greatly when choosing wrong projects and solutions due to poor business analysis.

Development of business analysis competence in your company

Progressive organizations are very aware of this Need for business analysts and the value they bring to the table. Currently, more than 30,000 business analysts and 600 organizations are members of IIBA, an international institute dedicated to advancing business analysis.

Developing business analysis skills requires careful planning and excellent leadership. The industry is growing at a CAGR of 7.3% and could unlock USD 103.65 billion by 2026. This is a testament to the rapidly changing technological landscape for smarter professionals.

It is advisable for companies to work with an in-house training institution with knowledge of business analysis and related subjects. For example, Adaptive US offers a comprehensive course offering for several business analysis certification programs. They help organizations build their internal training programs and provide professionals with exclusive training based on interest, caliber and expertise.

There are 3 key areas that every CIO needs to focus on to develop business analytics skills in their organization:

Staff Skills: Improve the business analysis skills of your business analysts

Any business analysis initiative relies heavily on technology and people. Competent business analysts support the company in efficiently achieving its goals and always being one step ahead. Therefore, it makes extreme sense to have your business analysts trained in strategy analysis, business analysis planning and monitoring, survey, requirements management, requirements analysis, and solution performance improvement. Equally important is training them in your recommended business analysis practices and business analysis tools.

Process Capabilities: Establish and continuously improve your business analysis practices

A clearly defined process enables all business analysts in your company to do this Conduct business analysis in a consistent, predictable and efficient. It is also important that your business analysis process is benchmarked against the Business Analysis Body of Knowledge (BABOK), a global standard for business analysis practices.

tool functions

About a decade ago, there were very few business analysis tools and most of them were extremely expensive. Fortunately, a large number of high-quality and inexpensive tools have been brought onto the market in recent years. Some of the most popular business analysis tools popular in the market are Atlassian’s Jira, Balsamiq, MS Visio, ScopeMaster (requirements analysis tool) and BizAgi Business Process Modeler.

Build up your BA know-how!

Organizations with mature business analysis processes also experience better strategic alignment with goals and higher performance. This is why it is very important to seek expert assistance on your business analysis journey. As a CIO, improving BA skills in a short amount of time can be overwhelming. The good news is that there are consulting firms that can help you set up business analytics capabilities.

How do you restructure your BA competence? Share it with me in the comments.