We live in a world that is overwhelmed with data. To give it a perspective, we have created 2.5 quintillion data bytes daily in 2020 (Source:Domo). This could be difficult for any of us to imagine as there are 18 zeros in a quintillion itself.
Data is being created as you are reading this sentence. No wonder, it is considered as one of the biggest assets by businesses across the globe. However data by itself is worth nothing unless it is interpreted and analyzed. It holds the power to enable an organization to understand their target audience, customer preferences and anticipate their needs. It is crucial to present the analyzed data effectively for an organization to achieve its goals. It is what Business Analytics makes possible.
What is Business Analytics? – Business Analytics (BA) combines the skills and technologies to analyze an organization’s data for gaining insights and making data-driven decisions in the future. It provides access to quantitative data analysis methods that can be used to make better management decisions. These statistical methods can be applied to a project, process or product across any industry and geography. BA can help evaluate a company’s performance by preparing for the future growth and challenges.
There are four primary methods of business analysis:
- Descriptive: It analyzes historical data to identify trends and patterns.
- Diagnostic: It helps to diagnose what factors from historical data influence specific trends.
- Predictive: It makes use of statistics and machine learning techniques to predict future outcomes.
- Prescriptive: It prescribes recommendations to achieve best results through deep learning and complex neural networks.
What makes Business Analytics a career demanded by the future?
Few of the factors include:
- Data-driven decisions – BA helps organizations with critical insights on how to increase efficiency, profits and automate their processes. Data driven companies use these to gain a competitive edge by exploring more successful business processes and predicting specific results.
- Quick decision-making – Businesses look for solutions that can help them make the right decisions, proactively. BA automates the decision-making process to ensure real-time responses, on-demand.
- Minimize risk – BA helps to collect and study a huge volume of data on a timely basis. Decisions are made on the basis of facts like customer behavior, preferences and trends. This fact based knowledge minimizes the business risk.
- Inspires innovation – It allows an organization to innovate on its service or product offerings, marketing campaigns, sales pitch & operational processes by understanding its audiences and demographics better. Also read https://educeum.org/2021/06/02/how-to-set-google-adwords-step-by-step/
If you love working with numbers and statistical methodologies then Business Analytics is the right fit for you. It can open a plethora of career paths as a Data Scientist, Business Intelligence Analyst, Big Data Analytics Specialist, Management Analyst, Consultant, Marketing Manager, Operations Research Analyst, Market Research Analyst to name a few.
The Business Analytics course at Educeum will expand your ability to analyze, synthesize and solve complex unstructured business problems critically. You will learn how to recognize and critically solve decision problems in different scenarios, by interpreting results and identifying the appropriate course of action. With a number of jobs demanding business analytical skills, this course is a must for all candidates looking at upgrading their employability in diverse industries.