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What is Business Analytics?
“Business analytics” has become a buzzword in business circles these days. Read on to find out what is meant by business analytics and how a business analytics course can help you in your career.
The goal of a business is to develop business, generate revenues and be successful. It is not enough to just come up with products and services and then market and sell them. It is also important to track and analyse what is going on at each step of the process, and in every aspect of the business, so that we know what we are able to make the right decisions.
Broadly speaking, business analytics is about analysing data to develop business. For example data pertaining to how many sales were closed in particular seasons, or during particular festivals and holidays, or in particular months, or by particular sales people; which product has more sales; which features of a product are being used, and so on and so forth. Insights like these are used to inform and devise product, pricing, sales and marketing strategies for the future, in order to optimize business success.
What Does Business Analytics Involve?
Business Analytics, as we have already seen, involves data, numbers, statistics.
So, the next question is from where do we get the data? How is the data generated?
It is not as though this data is manually collected in excel sheets, and then analysed manually. That is not even possible. There are innumerable data points generated each day, and even a small section of the data would be the size of a haystack over a period of time.
Automation holds the key to data analytics. Business processes are managed using project or business management tools, and these can be either legacy tools or popular tools like Jeera, Asana, Salesforce, etc. These project management tools would also have some data collection and analytical capabilities. Additionally, there are various off-the-shelf tools available for collecting and analysing data. These can be either used directly or they can be agnostically integrated in the business management tools through APIs. These automated tools help you slice and dice data in various ways, and by various parameters. A few popular business intelligence tools include DOMO, Datapine, Clear Analytics, etc.
In short, business analytics involves data, quantitative and analytical methods, and data tools to help us make sense of the data.
What Does A Business Analytics Course Include?
A business analytics course, therefore, would typically involve training in various aspects of data science such as what kind of data to collect, how to analyse the data using statistical models, predictive analytics, machine learning, and perhaps also how to use popular business intelligence tools.
A business analytics course will train you in sorting haystacks of data, spotting the needles in the haystacks, and coming up with statistical and mathematical models to make predictions about the future of the business.
It will help you learn how to present analytics to the decision makers, using data visualization techniques, in order to help them make better business decisions. From decisions like what is the best time to make a Facebook ad live – to which sales rep to recruit in a particular area – to what you need to do to beat your competition and capture more market share.
Who is A Business Analytics Course Suitable For?
With innumerable startups on the horizon, apart from age-old organizations and small and medium businesses, there are a lot of job opportunities these days for which having a formal training in business analytics makes it advantageous for you to stand out among applicants and get selected.
Typically, if you are looking for roles like these, then a business analyst course is for you.
- Data Analyst
- Business Analyst
- Data Scientist
- Statistical Analyst
- Reporting Analyst
What is the Minimum Qualification for a Business Analytics Course?
Strictly speaking, there is no minimum qualification necessary to enroll for a business analytics course. That said, generally professionals from Engineering, Finance, Maths, Statistics, Business Management background take up business analytics, as more often than not, their job profile would need them to have knowledge and skills pertaining to data science and analytics.
Additionally, as mentioned earlier, those who are looking to pursue a career in business analytics may take up a business analytics course, irrespective of what their qualification is, especially if they already have some relevant experience as part of their job profile.