Business Analysis Competencies: Mirror, Mirror: A Self-Assessment by Banks and Insurers
Business analysis, the identification, communication, and management of business requirements, is a critical skill set in any company pursuing significant change.
In order to determine the state of the business analysis function in the financial services industry, Celent teamed with the International Institute of Business Analysis (IIBA) to survey banks and insurance firms to take a snapshot of performance in key business analysis skill areas. The survey was designed to hold a mirror up to the industry and reflect its perception of its performance.
The report, Business Analysis Competencies: Mirror, Mirror: A Self-Assessment by Banks and Insurers, finds that, in many organizations, business analysis skills are insufficient and will not result in sustained performance at sufficient levels. Among the conclusions:
- There is much work to be done to improve business analysis skills. Very few companies rate their performance in any business analysis area as a strength.
- In terms of importance, across all industries, requirements analysis ranked highest; enterprise analysis ranked lowest.
- There were significant differences between banks and insurers in the relative importance of analysis skills. Banks stressed requirements management and communication, while insurers placed more emphasis on elicitation and requirements analysis.
“The innovation and renewal of business processes are the key focus areas for many companies, and the quality of business analysis is a key success factor in these transitions,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance group and author of the report. “This study shows that gains are being made in some important areas, but the overall message is that focused development must continue to sustain results.”