WHAT IS BUSINESS ANALYTICS?
Business analytics refers to a practice of repetitive, systematic evaluation of an organization’s data, with emphasis on statistical techniques and tools associated with analytics such as SAS, R, Python, Hadoop etc. Business analytics has become the lifeblood of every organization. It has now been adopted by organizations that practice data-driven decision making, whether by human beings or machines that make fully automated decisions.
Business analytics is used by skilled professionals to extract useful insights from the enormous amount of data generated on a day-to-day basis. This data is treated as an asset by big corporations as it can help them to gain a competitive edge over others. It helps to identify the sources of problems, the reasons for them and gives you information on future trends regarding these issues. It can also help to predict and influence outcomes in customer behavior. With the advent of computers, storing and interpreting large volumes of data has become easier.
Skilled professionals serve as an aid in this endeavor, as they have the expertise and skills to infer meaningful information out of raw facts and figures.
SPECIFIC AREAS COVERED BY BUSINESS ANALYTICS
Two specific areas are covered by business analytics:
1) Business Intelligence
2) Statistical Techniques
BUSINESS INTELLIGENCE: If the organization has to predict future performance, it is vital to collect and interpret historical data relating to the various departments and members of the organization. Business Intelligence involves examining historical data associated with the performance of the departments and the team members working in the organization.
STATISTICAL TECHNIQUES: This area involves the use of statistical tools like descriptive analysis, predictive analysis and prescriptive analysis.
a) Descriptive Analysis involves understanding the current position of the organization by tracking key performance indicators.
b) Predictive Analysis involves assessing the likelihood of future outcomes by analyzing the trend data.
c) Prescriptive Analysis involves using historical data generated in the area of business intelligence and using it to produce suggestions on how to deal with parallel circumstances in the near future.
IMPORTANCE OF BUSINESS ANALYTICS TRAINING
The growing demand for talent in the field of analytics can be fulfilled by becoming proficient in the relevant skills and gaining the knowledge required for performing business analytics. This can be achieved by acquiring business analytics training. This training is essential to succeed in today’s highly data-driven and tech-driven world.
1) Training enables smart decision making
Business training will help you to access good and valid data. It inculcates the skills and expertise required for collecting, organizing, analyzing and interpreting data generated on a daily basis. These skills and knowledge bases can assist you to take smart, logical, and strategic decisions.
2) Training shifts your career to a promising field
Business Training helps existing employees as well as newcomers to advance their career and to reach greater heights. The job of a business analyst is now regarded as one that commands the industry’s best salary. The unparalleled demand for skilled professionals i.e. business analysts, has led to an upward trend in their pay packages and laid the foundation for a fulfilling, rewarding and exciting career.