Nowadays, Business Analytics is a powerful way to make business growth decisions and form business strategies and plans. As different industries gather lots of data, the necessity for skilled professionals who are able to understand and assess this data has increased significantly. A study by MicroStrategy reveals that worldwide companies are utilizing Business Analytics to bolster efficiency (64%) and decision-making (56%), and realize better financial performance (51%). Additionally, the research demonstrates that nearly two-thirds of global organizations are expecting to expand analytics spending.Gaining an in-depth understanding of Business Analytics can open the door to career advancement and better decision-making in the workplace. Suppose, a discussion is going on at your workplace or college and few people have their ideas, but you have the data to support your ideas or opinions then it will be considered as on priority. So, before we dive into the benefits and advantages of Business Analytics, let's try to figure out what "Business Analytics" basically means.
Business Analytics: A Brief Overview
Business Analytics is the use of quantitative methods to gain insights from data to inform business decisions. It involves four primary techniques:
Descriptive: This analysis looks at past data to identify trends and patterns.
Diagnostic: Through this technique, we can use the same data to examine why certain events occurred.
Predictive: This uses statistics to predict future outcomes.
Prescriptive: It applies techniques to determine the best outcome for a given situation.
These four methodologies can be employed either separately or together to evaluate past operations and improve future business results.
Difference Between Business Analytics & Data Science
Before we uncover more insights on the Business Analytics Certification Program, it's important to differentiate it from data science because people often think that both of these terms are common - but it's not. So, Let's figure eachout!Business Analytics and Data Science are two distinct, yet complementary approaches to working with data to solve business problems. Business Analytics typically involves examining data to reveal insights and facilitate decision-making, while Data Science applies algorithms and statistical models to uncover patterns and uncover previously unknown connections within raw data.Both processes help organizations gain useful business insights for improving performance. With Business Analytics, companies can identify key trends, analyze customer behavior, and develop strategies to increase profits. Meanwhile, Data Science offers deeper insights, from uncovering new opportunities to improving cost savings. By taking advantage of the different approaches, companies can maximize their data-driven capabilities and drive meaningful change.
Advantages of Business Analytics
- Smooth Decision-MakingBusiness Analytics can provide a valuable resource for making informed decisions. An example of this can be seen with ride-hailing company Uber, who in early 2018 improved their Customer Obsession Ticket Assistant (COTA) with machine learning and natural language processing to help agents with speed and accuracy. To determine the effectiveness of the new version, Uber used prescriptive analytics and A/B testing which revealed that the updated product led to faster service, better resolution recommendations, and higher customer satisfaction scores. As a result, Uber saved millions of dollars, demonstrating the potential benefits of Business Analytics.- Increased ProfitabilityBusiness Analytics can provide powerful benefits, such as an increase in revenue and savings in costs. A McKinsey study found that organizations that invest in data and analytics can realistically expect an average six percent increase in profits over the course of five years. Similarly, a research from BARC indicated that businesses leveraging analytics saw an average 8% percent boost in revenue, along with a 10% decrease in costs.- Increased Operational EfficiencyThe use of business analytics offers significant advantages, including improved operational efficiency. According to a KPMG report on the latest infrastructure trends, many companies are relying on predictive analytics to spot potential maintenance and operational problems before they worsen. An example of this is a mobile network operator that leveraged data to forecast outages seven days in advance. This allows the firm to minimize operational costs, as well as improve asset performance, by optimizing their maintenance processes.
Importance of Studying Business Analytics
Studying Business Analytics can be immensely beneficial when looking to take a data-driven approach to business. According to LinkedIn, Business Analysis is one of the top skills that companies need most in 2020. The Bureau of Labor Statistics also predicts an increase of 23 percent in operations research analyst jobs from 2020 to 2031, which is faster than the average for occupations. By studying Business Analytics, professionals can learn how to interpret data findings in relation to their business-related processes.Some people may be good at crunching numbers, but it's those who can interpret the data in the context of the business that will thrive in our ever-changing world.
Certification Program in Business Analytics by upGrad Campus
Employing data is essential for keeping up with the competition; failure to do so will result in you lagging behind in your career. People with the right abilities and knowledge of business operations will be the ones who have the most influence and deliver the greatest outcomes.If you’re interested in capitalizing on the need for data-minded professionals, taking an online Certification in business analyst course is one way to broaden your analytical skill set and take your career to the next level.Identify patterns, develop hypotheses and draw conclusions from population data to create an analytical structure that can be used to support everyday decision-making and enhance the success of your organization.
Key Highlights of the Business Analyst Course
- 4.5 Month Duration - Live and Recorded Sessions- 300+ Hiring Partners- Guaranteed Certification
Harness the potential of data within your organization to maximize success.Discover our 18-week Online Course in Business Analytics to gain insight into how data analysis can be used to address business challenges.