Business Analytics is a professional field that involves research, analysis and interpretation of data, utilizing computer programming, statistical methods, business intelligence and data analytics so as to gain insights to facilitate data-driven strategic decisions that help in running the business efficiently, implementing solutions, improving business and accomplishing growth objectives. Furthermore, business analytics also assists in optimizing operations, improving customer relationship as well as processes, introducing new technology etc. all with an objective to increase revenues.
Business analytics can be classified as:
- Diagnostic Analytics
- Descriptive Analytics
- Prescriptive Analytics
- Predictive Analytics
Business Analyst has a dynamic role that evolves basis the way businesses are run. It entails analyzing crisis, recommending solutions and assisting organizations to not only set goals but also accomplishing them, besides developing optimization techniques in order to achieve enhanced business performance.
Importance of Business Analytics:
More Informed Decision-Making: Business analytics analyzes the data to not only gain insights into past and present situations, but also to determine the effectiveness of previous business decisions. This knowledge assists in important strategic decisions.
Personalize the customer experience: Businesses accumulate consumer data from varied sources including e-commerce, social media as well as physical retail. Through data analytics, insights are gained into customer behaviour, their psychographics as well as their demographics, which results in creating comprehensive customer profiles. This helps the companies in offering personalized experience to customers. In fact the organizations can further optimize the customer experience by running the behavioral analytics models on customer data. For eg: Basis the predictive model on e-commerce transaction data of a customer, businesses can determine what products can be recommended to him so as to enhance sales. Due to this the customer will have a better experience, resulting in his loyalty.
Streamline operations: Organizations can utilize Analytics to enhance operational efficiency. Analyzing data about the supply chain can not only help in identifying the bottlenecks that lead to production delays but also predict where the problems may arise in future. Timely interventions can help mitigate these problems.
Similarly businesses may optimize their inventory levels basis the analysis of the retail sales during the year including factoring in holidays, seasonality etc. This will reduce wastage and enhance profitability.
Reduce Employee Turnover: Organisations bear extensive cost in training and on boarding an employee. HR Department can utilize Business Analytics to determine whether an employee will align with company’s culture and will be satisfied in the new role. You can hire the ideal candidate and invest in only those candidates who will stick to your company for a long.
PG in Business Analytics: Students must identify that college which offers following:
- The curriculum equips student with comprehensive knowledge about statistics, data warehousing, predictive & advance analytics, data mining and machine learning.
- The college must mentor students so that they are capable in data-based decision-making via real life case studies.
- The college must be well equipped such that each student has access to artificial intelligence & machine learning.
- The curriculum must offer proficiencies to students about techniques & processes so as to enable them in analyzing vast amounts of data.
Check about PG in Business Analytics Program and walk the path of success.