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The word Business Analytics has been the buzz word in the business-world, and has helped shift focus from short term immediate plans to long term goals and actions. Every industry is generating a massive amount of data whose analysis can be used to drive the growth of a business. Professionals who interpret and analyze this data are the need of the hour, and are now more valued than in the past.
The increasing use of data mining, artificial intelligence, and predictive analysis has made analytics the driver of strategic change in a business. It is safe to say that Business Analytics has become oxygen to drive business and strategies to get outstanding results. In fact it is the area that has helped streamline the strategies by using data as the main element of focus.
A study by MicroStrategy says that data is being used to boost process and cost efficiency, drive strategy and change, observe and improve financial performance. Keeping in mind the surging significance of data and its interpretation, the knowledge of business analytics has become one of the primary sources of strengthening a business. An in-depth understanding of business analytics can be a major boost for a professional as well as a company.
Data has been known to give businesses a competitive advantage as it can unravel consumption patterns, risk management, and customer retention and growth. Enterprises all over the world are using business analytics to know how the products are being used and then basing future strategies on these insights.
Business analytics was a “good-to-have” tool, but in these competitive times has become a “must-have”. It is getting in the mainstream market due to its value and ability to turn raw data that companies store into a treasure chest of insights and information that can be used to overthrow competition.
1. Information: Analytics has become a weapon where data is turned into information and hence can lead to informed decision making. Predictive modeling, forecasting, design of experiments, or mathematical optimization are some methods that will define the future of informed decision making.
2. Increased Revenue: Getting insights helps companies to take informed risks which are often known to cause higher returns. There has been a research study by McKinsey which has explicated that big data yielded a six percent average increase in profits and that the greater the span of investments, the greater the returns. This illustrates the financial benefit of investing in big data and other analytics and is a significant reason for the growth of analytics.
3. Efficiency in operations: Other than these benefits, business analytics can be used to focus on business operations and make them more efficient. Many businesses are using predictive analytics to forecast maintenance and operational issues and the predictions can be used to improve processes and nip the problems in the bud.
Analytics is a field whose demand keeps growing as companies realize its value and new benefits keep coming up. The possession of all facets of analytics and data is something that will help enterprises gain a superior competitive advantage. If the management lacks the skills, the company will be at risk and will lose out compared to its adversaries who are utilizing the power of analytics. Analytics is the next new instrument that will give firms an edge and make them compete efficiently in the market.
Worldwide, a large percentage of enterprises are predicting investment in data and analytics and hence, the requirement of professionals in the field is also advancing. Companies require professionals who can interpret data and help them use these results for the development of their business. Be the game changer of your organization and study Business Analytics. Explore the certificate course called Executive Programme on Business Analytics (EPBA) from the esteemed IIM Calcutta. The course will make professionals competent in Big Data, Cloud Computing, Data Collection, Data Visualization, and Financial Analytics. During the 12-month course, you will be trained to structure, decode, and interpret big data to deliver crucial insights for business. The course will open a plethora of job opportunities in the emerging field of analytics.
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