Comprehensive guide to business analytics- all you need to know about analytics and business analyst
Do you know how one can achieve a successful business? How do you eliminate threats and identify business opportunities?
Well, business analytics plays a major role in running the business. Any business with the help of business analytics can have a sound functioning in the long run.
Business analytics is identifying,collecting,sorting and processing business data. With the help of different statistical models, any information can be transformed to meaningful data for business structure and process. This data can then be utilized to find resources, new markets, and predict future outcomes. It allows the business to find a pathway for the desired goal. Business analytics is a subset of Business Intelligence( BI ).
How is business analytics different from business intelligence?
While business intelligence gives answers to the questions about what happened in the past and present, business analytics performs research on what happened in the past and predicts the future. Business intelligence is reporting while business analytics is evaluating and predicting.
So now you know the difference between BA AND BI, let’s understand the types of business analytics. Since the end of the big data revolution, different types and methods of analytics have been found. In this globalised era, different methods and types of analytics are used to survive in today’s market competition.
Here are the 3 main types of business analytics. Let’s study with an example.
Rohan runs an ice-cream manufacturing company called “ RORO Ice-creams”. He then hires a business analyst to help him grow his business at an international scale. What the business analyst does is he collects relevant data about the market, its patterns and structure. Then he compares it with the data of the company's past history on resources used, sales, marketing strategy etc.. and prepares a report which helps rohan to put the first step in the new market. This is called “descriptive analysis”.
Now once rohan has started selling his ice-creams internationally, the business analyst uses different techniques like the machine learning (ML) Algorithms predicts the probability of achieving the next goal, this is called “Predictive analysis”
Now using a predictive analysis report, the business analyst does a prescriptive analysis to give Rohan the best possible course of action to achieve the predicted outcome.
DIFFERENT COMPONENTS OF BUSINESS ANALYTICS:-
Like any other field, business analysts need to be familiar with the different components of analysis. Every component serves a bigger purpose in achieving a desired result. Let’s understand the different components of business analytics.
1. Identifying the problem and collecting relevant data
Every analysis starts with the idea of identifying the problem( what, how, where, when ) and collecting relevant data to study it. Aggregating the data is the first step of business analysis.
2. Studying the patterns of error and classification
Business analysts need to trace the previous steps of business to study the data of error. This will help them in predicting the best possible outcome to correct the mistakes/ to help grow in a market.
Once the data is acquired, then the BA needs to classify it in accordance with the requirements since data found is raw and cannot be used without filtering it.
3. Selecting the type of analysis
In order to make a report for analysis and predicting a path, one must know what type of analysis and how to use it at a particular time and situation.
You can refer to the information mentioned above for different types of analysis
4. Evaluation and forecasting
Once the report is out, The business analyst can now evaluate the previous and current action performed by the business and forecast the probability of outcome desired. For this, predictive analysis turns out to be a very reliable source for analysis.
5. Optimization and data visualization
Following the best possible way to achieve a desired goal with the help of analysis is called optimization. In order to understand the analysis, it is important to make the report in a simple and understandable way. This report can be further used to make different predictions as well as retrace the steps of errors.
DIFFERENT TOOLS USED FOR ANALYSIS:-
ZEPPELIN BY APACHE - https://zeppelin.apache.org/
METABSE - https://www.metabase.com/
AXURE - https://www.axure.com/
BPMN - http://www.bpmn.org/
Are you wondering, how can one make money with the knowledge of business analysis. Want to make a career using this intensive technique?
Many business organisations need a business analyst to help them grow in the market.
Here is the simple and comprehensive guide to become a business analyst.
If you are a college graduate
If you are a graduate having expertise in the area of information technology, accounting and finance, human capital management. Next, You can pursue a certified business analyst program to gain specific skills and experience like IIBA- CBDA, ECBA etc. or you can opt for MBA in Business analytics.
Different online institutions provide BA programs like upgrad, coursera etc..
Any graduate can opt for BA degree
Entrance tests for MBA
MBA DEGREE IN BUSINESS ANALYTICS.
One can even pursue a specialised certification program provided by different ONLINE institutions like UPGRAD, COURSERA, UDEMY, etc.
MBA in Business Analytics- around 2 years
Postgraduate Programme in Business Analytics- around 1 year
Executive Programme in Business Analytics (EPBA) -6 to 12 months
Certificate in Business Analytics- 1 month
Mba in business analytics :- 5 Lakhs - 15 Lakhs /- PA
Online business analysis course - 5,000/- INR - 12,000/- INR
INSTITUTION NAME AND OVERALL SCORE:-
MIT (Sloan) Master of Business Analytics 91.4
Imperial College Business School MSc Business Analytics 83.3
Texas (McCombs) Master of Science in Business Analytics 82
Online institutions providing certificate in business analytics:-
CAREER OPTIONS IN BUSINESS ANALYTICS:-
1. Management Analyst/Consultant
He/she looks after the overview and managing the efficiency of business operations.
2. Data Analyst/Scientist
Data analyst and scientists identify, collect, organize and process the data into report for business. It helps to trace the course of action and predict future.
3. Business Intelligence Analyst
Business intelligence analyst evaluate and analyse the analysis to suggest the best possible outcome in accordance to business’s goal.
4. Market Research Analyst
Market research analyst are same as data scientist except they collect and evaluate specific data for marketing for their organization. It helps to identify customers, price of the product and market prices etc.
For any queries, feel free to contact us. At Credit Fair, we provide the best of opportunities and counselling to students to achieve their dream career.