Are you a precise person with an ability to elucidate graphs, charts, and algorithms? Are you someone who can provide alternative solutions and has an analytical mind with a capability to work on analytical and statistical tools like, SAS, SPSS, Hadoop, and techniques like correlation, regression, and calculus?
Well, maybe Business Analytics is the right field for you!
Business Analytics is a very powerful tool in today’s marketplace. Across industries, organizations are getting a vast amount of data, which in turn has heightened the need for professionals who know how to elucidate and inspect the information.
As per a recent study by Microstrategy, companies across the world are using data to:
1. Boost process and cost-efficiency. (60%)
2. Drive strategy and change. (57%)
3. Monitor and upgrade financial performance. (52%)
The research also shows that by the next 3 years and even after that, 71% of global corporations predict their investments in analytics will accelerate. An aspect of this trend, gaining an in-depth understanding of business analytics can be a way to proceed with your career and make better decisions in the workplace.
WHAT IS BUSINESS ANALYTICS?
Business Analytics is the process of using quantitative methods to derive the meaning from data to make well-informed business decisions.
There are mainly 3 primary methods for business analysis. They are:-
a) Descriptive:- The evaluation of historical data to recognize trends and patterns.
b) Predictive:- The use of statistics to predict future outcomes.
c) Prescriptive:- The appeal of testing and other techniques to decide which outcome will give the best result in a given scenario.
Deciding which method to imply is completely dependent on the business situation which is aT hand.
BENEFITS OF BUSINESS ANALYTICS
There are various benefits of business analytics. They are as follows:-
- More Informed Decision Making:- Business Analytics can be a precious resource when approaching an important and well-planned decision.
- Greater Responses:- Companies that clasp the data and analytics advances can experience significant financial returns
- Improved Operational Efficiency:- Beyond financial gains, analytics can be used to improve business operations.
WHY STUDY BUSINESS ANALYTICS
Taken a data-driven approach to business can come with an enormous upside, but many companies report that the number of skilled employees in analytics roles is in short supply.
LinkedIn lists business analysis as one of the skilled companies needed the most in 2020, and the Bureau of Labour Statistics projects operations research analyst jobs to grow by 27% through 2026- a rate which is much faster than the average for all occupations.
If you are into capitalizing on the need for data-minded professionals, taking an online business analytics course can be a way to widen your skillset and take your career to the next level.
Through learning how to apprehend trends, test theory, and conclude from population samples, you can build an analytical framework that can be applied in your everyday precision and help your organization flourish.
WHY IS IT BECOMING MORE POPULAR NOW
Business analytics is being used in most of the world’s biggest companies and is particularly very much important in Silicon Valley, where tech inception is interested to destroy any data-driven advantages which will help them in breaking into the mass market. Some larger businesses may not have their own business analysts, but there is also a prominent range of business analytics companies that offer their services on an advisory basis. Because of the rising interest in business analytics in the tech sector, more business schools have started to offer a master’s in business analytics. This rise has widely been driven by American universities and schools, which explains why the majority of institutions in Business Analytics ranking are from the US.