6 Keys to Unlocking Product Success With Analysis

Disclaimer: The views and opinions expressed in this article are those of the author and may not reflect the perspectives of IIBA.

Product success is tightly linked to how well an organization manages its product ownership processes. Product ownership analysis (POA) stands at the intersection of business analysis and product ownership, ensuring that products are developed with precision, insight, and alignment with business goals.

As organizations aim to maximize value and innovation, the role of business analysis professionals in product ownership has become increasingly critical. The 2024 Global State of Business Analysis Report provides insights into the growing importance of POA and the involvement of business analysis professionals. It also explores the essential skills needed to thrive in these roles.

Below, we break down the top six key findings for you.

1. Adoption of a Product Ownership Framework

According to the report, 40% of organizations have implemented a product ownership framework, while 35% have yet to establish one. Meanwhile, 25% of respondents are unsure.

While many companies recognize the value of structured product ownership, some are still early in implementation or lack awareness. A defined product ownership framework is crucial for guiding product development, fostering team collaboration, and ensuring business objectives are met.

2. The Role of Business Analysis in Product Ownership

Business analysis professionals are pivotal in supporting product ownership. According to the report, 24% of respondents currently work in a product ownership role, with another 24% planning to transition into one. There’s a growing interest in business analysts expanding their responsibilities into product ownership, particularly as demand for skilled professionals rises.

Interestingly, 52% of respondents aren’t yet working in a product ownership role. Nevertheless, many business analysis professionals are supporting product owners through their work.

Per the report, 51% of respondents say their work supports a product owner, a 5% increase over the previous year. This suggests that business analysis skills are increasingly valuable in product ownership, even for those without the “Product Owner” title.

Other roles identified include proxy product owners (16%) and those who serve as full-fledged product owners (16%). Proxy product owners act on behalf of product owners, when necessary. That said, the number of respondents identifying in this role has decreased by 7%. This shift may indicate a trend toward more clearly defined product ownership roles or greater direct involvement from product owners.

3. Business Analysis Skills in Product Ownership

Product ownership success hinges on having the right skill set. Fortunately, business analysis professionals bring various skills essential to delivering successful products. Based on findings from the report, the top-ranked skills for product ownership roles include:

• Delivering enough value to allow for feedback: Feedback loops are critical to product development. Business analysis professionals must ensure that products continuously deliver value, allowing for iterative improvements based on stakeholder feedback.
• Cultivating customer intimacy: Understanding customer needs is fundamental to developing products that resonate with the market. Business analysis professionals must connect customer expectations and product development teams, ensuring products are built with a customer-centric approach.
• Creating value continuously: In today’s agile environments, product development is a continuous process. Business analysis professionals must focus on creating value throughout the product lifecycle, from inception to launch and beyond.
• Advancing organizational strategy: Product ownership must align with the organization’s broader strategic goals. Business analysis professionals are well-equipped to connect product decisions with long-term business objectives, ensuring that products contribute to overall success.
• Nurturing creativity, innovation, and team collaboration: A successful product requires creativity and collaboration. Business analysis professionals are key in fostering an innovative environment and bringing teams together to solve problems and create solutions.
• Adapting to feedback: Flexibility is a crucial aspect of product ownership. Business analysis professionals must adapt to changing requirements, market conditions, and stakeholder feedback to ensure relevant and valuable products.
  
  

4. The Value of Certification in Product Ownership Analysis

The value of a formal certification in product ownership analysis can’t be overstated.

The report highlights that professionals holding IIBA’s Certified Product Ownership Analysis credential earn 11% more than their non-certified counterparts. This salary boost reflects the demand for professionals with strong knowledge of product ownership, business analysis expertise, and specialized skills.



Certification boosts career prospects and equips professionals with the tools to deliver outstanding results. As product success hinges on thorough analysis, a structured and disciplined approach to POA sets professionals apart in an increasingly competitive field.

 

5. Product Ownership Analysis Matters

POA isn’t just about managing the development process. It’s also about delivering value that aligns with the organization's strategy and customer needs. Without a proper product ownership framework, organizations risk having misaligned goals, poor communication, and a lack of focus on customer-driven outcomes.

When business analysis professionals are involved in product ownership, every aspect of the product lifecycle is scrutinized, from ideation to post-launch analysis. By combining business analysis skills with product ownership responsibilities, organizations can drive better decision-making, enhance product quality, and achieve continuous improvement.

 

6. A Path Forward

As more organizations recognize the importance of product ownership, the role of business analysis professionals will continue to evolve. With the right skills and a focus on continuous value delivery, business analysts are poised to thrive in product ownership roles. Certification can further boost earning potential and career growth, positioning professionals at the forefront of product success.

For ambitious professionals, the Certificate in Product Ownership Analysis offers a structured way to learn, validate, and enhance POA skills. Investing in certification unlocks new opportunities, provides a competitive edge, and fosters success for professionals and their products.

For a limited time, enjoy 15% off IIBA’s Certificate in Product Ownership Analysis (IIBA-CPOA). Find out more about the offer today. Hurry, this offer’s only available until September 30.

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