Business analysis and business analytics: Development in the context of digitalization

Abstract

Subject. The article addresses the analytical support for change management in conditions of orientation of economic entities to sustainable development and digital transformation of business. Objectives. The purpose is to identify modern features of business analysis, the content of the main types of business analytics, and the impact of digitalization processes on analytical activities development. Methods. The study draws on research methods, like analysis, synthesis, comparison, generalization, abstraction, systemic, strategic, and risk-oriented approaches. Results. The paper reveals the content, areas and tasks of business analysis in accordance with the standard of business analysis adopted by the International Institute of Business Analysis in November 2022. It assesses innovations in the field of regulation of business analysis at the global level; defines the specifics of business analysis and underpins prerequisites for its improvement under new challenges and large-scale digitalization; considers the interrelation of business analysis and business analytics, presents the systematization of the main types of analytics. Conclusions. The analysis of trends in the development of analytical activities of business entities enabled to reflect priority areas of business analytics, and perform their comparative assessment. The paper unveiled the emerging trend of divergence of business analysis and business analytics as separate types of analytical activity, and identified Business Intelligence, Big Data Analytics, and Data Science as the most promising areas of business analytics.