Business Analysis: Key Concepts

Innovation economic development with applying digital technologies requires of the organization’s management system to develop new approaches to its informational and analytical support. In the modern economy, a new direction of analytical work has emerged, viz. business analysis. In Russia this area has not yet been sufficiently studied, there are certain discrepancies regarding the very concept and functions of a business analyst. In this regard, it seems relevant to study this area, its formation and development. The purpose of the study is to estimate advantages and disadvantages of the new direction in comparison with the analysis of the economic activity of an organization; to contrast and compare goals, object, method, tasks, subjects, and tools of business analysis and those of analysis of the economic activity of an organization. The research is based on the study of current scientific and periodical economic literature and information from the websites of the International Institute of Business Analysis and its Russian branch. The results of the study include: the author's interpretation of the term "business analysis"; a comparative assessment of analysis of economic activity and business analysis; revealing advantages of business analysis in comparison with analysis of economic activity; substantiating relevance of business analysis under modern conditions to ensure flexibility of the organization's management system and increase its innovative activity; the conclusion about the relevance of business analysis, oriented toward the interests of not only the organization itself, but also stakeholders and society as a whole.