Business analytics is an amalgamation of statistical and behavioural methods that helps a business optimize its processes based on historical data and current trends, to increase efficiency and reduce risk. So, you can say that a business analyst’s dashboard is for the business what the prefrontal cortex of the brain is to a person – responsible for planning and cognitive development.
Briefing business analytics
If we try to classify the business analyst’s job in a few steps it will somewhat look like what follows.
This involves collecting data from various databases. It may be structured data from the company’s own databases or unstructured, textual data from the customer reviews or their social media feed.
2. Data mining
This involves cleaning the data to eliminate irrelevant data and then to organize the data in a manner that makes it easier to spot patterns.
3. Descriptive analysis
The data is used to create detailed reports about what has been going on with the company. This allows the management to understand what has or has not worked for the business.
4. Predictive analysis
Analysts can build predictive models which can factor in how previous decisions have worked out and put out a scorecard for possible organizational outcomes.
5. Business process development
Based on the data analysis a business analytics professional can come up with suggestions to improve business processes to drive profit and increase efficiency. This can affect small decisions like where to put the photocopy machine on the office floor to major decisions like how to price a new product.
6. Data visualization
The best way for a business analyst to connect with the stakeholders and the management is through data visualizations. It helps the analyst put his or her points out clearly while also backing those points with solid data.
The impact a business analyst can have on an organization
The business analyst’s contribution to the company is a blend of business intelligence and data analytics. Business analysts drive the business towards its goal by adhering to data-driven insights while constantly affecting its future in a positive way.
A good data analyst works like a bridge between different sections of a business. He can understand the requirements of the stakeholders and convey them to the technical team in a manner which is the most comprehensible for them.
It is a part of the business analytics professionals role to find small discrepancies in the business processes which may be detrimental to the level of efficiency the company is trying to achieve.
Becoming a business analyst
The market is booming with opportunities for personnel with data-related skills. What a good business analyst brings to the table is quite incredible and that is why companies are keen on hiring capable hands. Since business analysis requires a blend of technical and soft skills, people can come in from all directions. The key is to find a good course to get into in order to become ready for the job.
You can always join a business analytics online course, thus saving a lot of time and money. A good course should help you learn the industry-relevant tools like Microsoft Excel, SQL, Tableau, and Google analytics while also pushing you to develop the required soft skills.
Becoming a business analytics professional takes a lot of discipline – your personal discipline will reflect upon your work as you communicate effectively and scrutinize the business processes.
The salaries for business analytics professionals in India range between INR 300k per annum to INR 13L per annum. While a very thin percentage of professionals actually claim a salary of more than INR 10L per annum the number of business analysts with a package worth more than INR 7 lacs per annum is pretty high. The average median salary for business analytics professionals in India is around Rs 430k per annum.
The growth opportunities are myriad and the salary grows with new skills. The job role is quite exciting and the scopes are expanding by leaps and bounds.
Business analytics is among the few fields that have escaped the severe backlash caused by both disruptive technologies as well as the Covid – 19 pandemic. In fact business analytics and its successful implementation has saved a lot of enterprises from bankruptcy during the pandemic. You should read more about reasons to do a business analytics course. The two separate streams of business analytics and data analytics have been blending together for some time now, while retaining some unique features; one additional upside of studying business analytics is the chance to move into data science if that is what you want.