The management and the stakeholders are a group of people who make the decisions related to the company's performance and decide its future direction. The execution of these targets and goals lies on the employees or the teams.
This interpretation of data is executed by a Business Analyst.
Business analytics (BA) is building analysis models and simulations to create situations, understand the actualities and predict future trends. Business analytics includes data mining, predictive analytics, applied analytics, and statistics.
Collecting and processing historical data
Analysing the data to identify patterns, trends or predict future outcomes
Represent the data in a visually appealing format that makes it easy to derive
insights and take decisions.
The techniques can be divided into 4 categories -
Descriptive analytics - It involves decoding past data to identify trends or patterns.
Predictive analytics - It uses data to predict future outcomes
Diagnostic analytics - This includes analyzing the data to understand the pain areas
Prescriptive analytics - It is the application of tools and techniques to derive potential scenarios in different situations.
According to a survey, 94% of companies around the world state that analytics and data-driven decision-making are important to their growth and digital transformation.
This indicates the importance of data analytics and signifies the correlation between data analytics and decision-making.
Analyzing large data and extracting useful information from it requires skilled professionals. The skills required to be a successful business analyst are -
Problem-solving skills
Interpersonal skills
Business intelligence and statistical tools
Understanding of databases and networks
Stakeholder analysis
Predictive analytics
Cost-benefit analysis
Data visualization techniques
Basics of programming languages
Understanding of business functions & processes
Analytics is utilized for deriving meaningful insights for various business functions and processes such as marketing, sales, HR, finance, etc. This opens avenues for freshers and experienced professionals alike in the field of business analytics. A few potential careers in this domain are -
1. Data Scientist - Data Scientist breaks down large chunks of raw data to scoop out
actionable insights.
2. Research analyst - Using diagnostic techniques, a research analyst prepares an investigative report that helps companies make investment decisions in assets or securities.
3. Financial Analyst - A financial analyst guides businesses through their financial decisions such as investments, buy/sell decisions, or pricing decisions. He also analyzes the performance of the financial assets of the company.
4. Marketing Analyst - The main job of a market analyst is to identify trends or patterns and predict future sales, gauge market movement, and explore potential markets.
5. Data Architect - A data architect builds a database that can be accessed by the employees of the company from time to time.
Synthesizing the data requires skill and offers numerous market opportunities for a skilled Business Analyst. The average salary of a BA ranges between Rs. 4 LPA to Rs. 15 LPA.
Companies all over the world, big or small use data to transform their operations, understand the potential, take corrective actions, and plan their future strategies. However, to thrive in the world of data analytics, one must possess the necessary skill set.
MIT School of Distance Education (MITSDE) understands the current skills gap in the market and strives hard to reduce it. Hence, MITSDE brings you PG Certificate in Business Analytics (PGCM Business Analytics).
The course covers data mining techniques, data interpretation & data visualization methods, and predictive modeling techniques. It also focuses on the application of analytics in various domains such as HR, Finance, Marketing & Supply chain.
No comments:
Post a Comment