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Business is something that everyone wants to do these days. No matter what field it is, the basic rules for a startup are the same. You should be able to understand and incorporate the business analytics. Business is basically an economic structure where services or goods are exchanged for money.
Business analytics is a very simple looking term but its meaning is rather complex to understand if you do not pay proper attention.
So, in simple words, business analytics sums up all the technology, skills, revising the past of the business records, practicing various methods for the exploration of better techniques to get a vision of planning the business.
Business analytics is a very reliable means of business insight that is based on the data and statistics of the business performance of the past. It is a great asset to your business. Business analytics will give you an idea of the decision-making process about the model to use for the betterment of your business.
You can call it as the business data science model.
While you can hire some business analyst to do the proper analysis of your business and to light up the right path for you while warning you about the wrong one, you can save a whole lot of expenses if you are well-equipped with the knowledge of business analysis.
If the business is going in the right direction, business analytics help to improve the performance or if it is on the wrong lead, you will always have an option to correct it and move forward. But it is only possible if you are aware that you are doing it right or not and that is what the business analytics is for!
Or, you can make it a career opportunity if you know how to incorporate the previous reports of the business to evaluate whether the business approach is the right one for its future.
In this era 111of intense competition, where everyone wants to be at the top, do you know how much time and money the companies are investing today in business analytics? It has the effect on the day-to-day errands and processes of the company. But the thing is, no matter how easy all these may sound, it is not an easy task to evaluate daily performance and come to the right conclusion. This process needs perfection!
You might be thinking, why is it getting more and more popular these days? Why invest money and time because obviously, it requires some cost investments and its implementation too is not really an easy task so, why is everyone talking about it?
Three simple reasons can answer to every of the above question. Keep reading to find those out:
Yes, there is a costly investment in business analytics but at the same time; the amount of money that you get in return is something that will make it up for all the money invested.
It will lead to a considerable profit in your business.
It happens to help in the risk management and also brings about an improvement in the performance.
Multinational companies and business houses these days operate on so much data and these are scattered everywhere. That is something which makes its handling and management more difficult and tedious.
Amidst the crowd of data, how to sort out which one is used for your company and which one is not? How to filter so much data? Business analytics help you to know which data is relevant to your business and which is not, in order to make the operations of your business much easier and clear.
For a fact, business analytics is not something that is only used by the private limited companies, but it is also used in government companies these days. It is used to bring out the personalized contents from the mass heap of the data. From the state government to the Supreme Court, you will find business analytics everywhere.
These were merely the basics of how business analytics help companies. But how beneficial are they for the company’s operations? Let us find that out.
Keep reading and by the end of the article, you will know about all the benefits of business analytics and also as to why you should study it.
Apart from the very obvious reason that it is responsible for hiking up the effectiveness of your business, one thing that adds to its list of advantages is the number of doors of new opportunities that it opens up for your business. Yes, it adds up to the performance of your business and contributes to expanding your services.
For example, say a company launches a product but it does not reach to a set of customers who can be really beneficial for the sales of the product. But how will this come to your notice? Yes, you guessed it right! Business analytics is the answer!
Customer choice is really unpredictable. You will never be able to find out a certain pattern in the likings or disliking of the customers towards anything. So, how will you make sure that the product that you are investing so much money and time in, is worth it? Well, with business analytics you can identify and acquire knowledge about the customer’s behaviour and feedback towards a product or service, which will help you get a clearer picture, and suggest you as to what should you do with the product— whether it needs improvement or not, whether it is up to the mark to meet everyone’s expectations or not.
What if you launch a service or a product and it is not accepted by the customers the way you expected? How will you know? Of course, you are going to invest money for its advertisements and launch, so all that money along with the time that you invested is going down the drain, right? Well, that is where the business analytics will help the business to avoid that mistake! If the product needs some improvement you will know it before investing so much. Therefore, what it does is lets you know whether the product is effective or not.
Not only just that, a business analyst is answerable to many more questions about what is the problem and the root cause of the discrepancy.
Companies these days are investing so much to run numerous analyses. What are those analyses? You must have filled feedback forms or answered about your experience of a service while you come across one. What are those? Well, these are nothing but the companies trying out to find some pattern in the buying behavior of the customers. These help in the business analytics.
Internet proves to be a very important tool in getting all this information. Companies use a lot of tools to achieve business analytics. These help in improving a customer base as a whole.
Let us take an example— if a customer finds just what he wants at some place, why will he/she go to other sites and products, right?
That is what you need to achieve! You should be able to provide your customers just the thing they want so that they do not turn to someone else. But the problem that then arises is, how to do so?
The answer is with business analysis. You can understand the previous trends and feedbacks of your customers. Not only does it increase the customer base of your company, it also leaves a very positive image of your company or brand.
Thus, now that you know why is it important in the business sector and why it is the need of the hour, now comes the question, what should you study in order to be a business analyst.
This program is offered to working professionals. It’s a long distance course (with a residential component at IIM Ahmedabad). The program is divided in modules which covers areas such as Machine Learning, Statistical Modeling, Marketing Analytics, Human Resources Analytics , Operations Analytics and Financial Analytics.
Hughes Education provides EPBA course which is certified by IIM Calcutta. In this module many topics such as data Mining, Soft Computing, Design of Experiments, Survey Sampling, Statistical Inference, Investment Management, Financial Modeling, and Advanced Marketing Research are covered. Students who have an aggregate of 50% in Science or engineering are eligible for this course. The student must also have a work experience of 2 years in their respective fields to apply for this course.
As the popularity of this sector is increasing in the business world, the demand for a professional analyst is also hiking up. Thus, you need not worry about career opportunities in this field. It is an evolving sector that has the scope to grow even more in the coming time!
Keep yourself updated.