Business Analysis vs Business Analytics
Analysis and analytics, though it sounds similar in pronouncing, there’s an important difference between Business analysis and Business analytics. Business Analysis is defined as the discipline of recognizing business needs and determining solutions to certain business problems; While Business Analytics focus more on the collection of tools, techniques and skills which aid the investigation of past business performance. Analysis is the separation of a whole into its component parts, and analytics is the method of logical analysis. If you think in terms of past and future, analysis looks backwards over time and provides historical view of what has happened, on the other hand analytics looks forward to model the future or to predict the result. Business analytics are broadly divided into domains like Data architecture, information architecture, and technology architecture. The main focus is for data and reporting.
On the other hand business analysis is more related to functions and processes. India is a Country where there are so many Business Analyst aspirants than the actual BA. The reason is obvious; the BA positions are still evolving. There are lots of BA’s still onsite (in foreign countries) and hence there are limited roles in India. However, it is now getting realized the BA positions work well with the upcoming country in IT i.e. India. Business analysis has its own architecture domain such as Process architecture and enterprise architecture. It basically assists to improve performance by standardizing various processes. Companies often accomplished this by introducing new technology.
Business Analysis is a research discipline of identifying business needs and determining solutions to business problems. BA techniques include common business tools like SWOT and PESTLE analysis. SWOT is a simple test which helps find out business strengths, weaknesses, opportunities and threats. These include both internal and externals factors associated with business. PESTLE, on the other hand, focuses on external factors. It is an acronym for 5 macro-environmental factors which affect business. The factors are political, economic, social, technological, environmental and legal. Other techniques that business analysts use are MOST, CATWOE and FIVE WHYs.
Most of the people use ‘waterfall’ or SDLC type methodologies for Business Analysis projects. Requirements are often fulfilled by the way activities are organized. The technology supporting the business operations are also configured to meet requirements
While analytics is the method needed to better predict customer behaviors, analysis is the process required to answer key strategic questions, and both are important. But what makes analysis valuable is the ability to slice and dice the answers in several ways. This provides multiple micro views to reveal deeper customer insight. BA helps customers to understand how the solution or problems are impacting customer metrics into deeper level.