+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

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

Vol. 22, Iss. 4, APRIL 2023

Received: 13 February 2023

Received in revised form: 27 February 2023

Accepted: 7 March 2023

Available online: 27 April 2023


JEL Classification: C55, C81, C83, C88, Q01

Pages: 646–671


Irina V. ZENKINA Financial University under Government of Russian Federation, Moscow, Russian Federation


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.

Keywords: Business Analysis Standard, ESG-Analytics, Business Intelligence, Big Data Analytics, Data Science


  1. Endovitskii D.A., Panina I.V., Pankratova M.V. [Corporate sustainability as a response to civilizational challenges: An analysis of the content]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2017, vol. 16, iss. 6, pp. 1043–1060. (In Russ.) URL: Link
  2. Lyubushin N.P., Babicheva N.E., Lylov A.I., Pulyakhin E.I. [An economic analysis of the impact of "grand challenges" on sustainability and business continuity of economic entities]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2020, vol. 19, iss. 12, pp. 2253–2275. (In Russ.) URL: Link
  3. Babicheva N.E., Semkin S.A. [Integrated reporting as a determinant of changing the targets of economic analysis of sustainable development in the face of challenges]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2021, vol. 20, iss. 12, pp. 2210–2232. (In Russ.) URL: Link
  4. Efimova O.V., Volkov M.A., Koroleva D.A. [The Impact of ESG Factors on Asset Returns: Empirical Research]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2021, vol. 25, no. 4, pp. 82–97. URL: Link (In Russ.)
  5. Zenkina I.V. [Methodological approaches and tools to analyze the sustainable development of a company]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2019, vol. 18, iss. 9, pp. 1667–1686. (In Russ.) URL: Link
  6. Zenkina I.V. [The content and strategic opportunities for supply chain analysis as a tool to ensure sustainable development of organizations]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2022, vol. 21, iss. 1, pp. 35–59. (In Russ.) URL: Link
  7. Magretta J. Why Business Models Matter. Harvard Business Review, 2002, vol. 80, iss. 5, pp. 86–92. URL: Link
  8. Casadesus-Masanell R., Ricart J.E. From Strategy to Business Models and onto Tactics. Long Range Planning, 2010, vol. 43, iss. 2-3, pp. 195–215. URL: Link
  9. Osterwalder A., Pigneur Y. Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers. Hoboken, NJ, John Wiley & Sons, 2010, 288 p.
  10. Süß A., Höse K., Götze U. Sustainability-Oriented Business Model Evaluation: A Literature Review. Sustainability, 2021, vol. 13, iss. 19. URL: Link
  11. Hernández-Chea R., Jain A., Bocken N.M.P., Gurtoo A. The Business Model in Sustainability Transitions: A Conceptualization. Sustainability, 2021, vol. 13, iss. 11. URL: Link
  12. Bhatnagar R., Keskin D., Kirkels A. et al. Design Principles for Sustainability Assessments in the Business Model Innovation Process. Journal of Cleaner Production, 2022, vol. 377, no. 134313. URL: Link
  13. Méndez-León E., Reyes-Carrillo T., Díaz-Pichardo R. Towards a Holistic Framework for Sustainable Value Analysis in Business Models: A Tool for Sustainable Development. Business Strategy and Environment, 2022, vol. 31, iss. 1, pp. 15–31. URL: Link
  14. Mayer-Schönberger V., Cukier K. Bol'shie dannye. Revolyutsiya, kotoraya izmenit to, kak my zhivem, rabotaem i myslim [Big Data: A Revolution That Will Transform How We Live, Work and Think]. Moscow, Mann, Ivanov i Ferber Publ., 2014, 240 p.
  15. Franks B. Revolyutsiya v analitike. Kak v epokhu Big Data uluchshit' vash biznes s pomoshch'yu operatsionnoi analitiki [The Analytics Revolution: How to Improve Your Business by Making Analytics Operational in the Big Data Era]. Moscow, Al'pina Pablisher Publ., 2020, 316 p.
  16. Kogdenko V.G. [Descriptive, predictive, and prescriptive analytics: Data, methods, and algorithms]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2019, vol. 18, iss. 3, pp. 447–461. (In Russ.) URL: Link
  17. Davenport T., Kim J. O chem govoryat tsifry. Kak ponimat' i ispol'zovat' dannye [Keeping Up with the Quants: Your Guide to Understanding and Using Analytics]. Moscow, Mann, Ivanov i Ferber Publ., 2014, 224 p.
  18. Luhn H.P. A Business Intelligence System. IBM Journal of Research and Development, 1958, vol. 2, iss. 4, pp. 314–319. URL: Link

View all articles of issue


ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 23, Iss. 3
March 2024