In our ongoing comparison of BABOK V2 and V3, we continue to see a greater emphasis on looking beyond the boundaries of the present organization and ahead in time as a way for business analysts to become more effective and more valuable to their organizations. V3 used the word "overarching" to describe the ideal BA perspective. V3 9.3 - Business Knowledge - corresponds to section 8.3 in V2.
Many of the sections remain the same. Industry knowledge, Organization Knowledge, and Solution Knowledge are still present. Solution Knowledge is the only area with a predominantly backward focus in V3. Organizational Knowledge in V3 vs V2 is also virtually identical. The Industry Knowledge section in V3 goes into somewhat more detail concerning external competitors and factors than V2. It explicitly acknowledges that there may be factors not on the BABOK list that need to be considered.
There are some big differences are seen in comparing V2, Business Principles and Practices, with V3 Business Acumen. V2 references common business functional areas: Human Resources Finance, Information Technology, and Supply Chain Management. V3 adds legal and regulatory requirements, finance, logistics, sales, and marketing, to supply chain management, human resources, and technology. V3 also warns of the need for the business analyst to recognize ongoing changes and opportunities.
A new section in V3 is Methodology Knowledge. The increasing focus in many businesses on business process and project management demand a certain familiarity with methodologies such as Agile, Lean, Waterfall, etc. The modern BA will need to acquire familiarity with both the terms and the concepts of whatever methodology their workplace is using.