Introduction to Business Analytics
Business Analytics is a job profile everyone wishes to be associated with. This is the dream career for anyone working in industries that are big data related. Furthermore, big data is everywhere now! All industries, in every field use big data to optimize their working. Therefore, implying that the need for Business Analysts is everywhere.
So, if data interests you Business Analytics is what you should aim for. Let us find out more about Business Analytics!
What is Business Analytics?
It is an amalgamation of a number of skills, technologies, applications and processes. A business analyst explores an organization’s data. Moreover, they help in making data driven decisions.
The two areas of Business Analytics include:
- Business Intelligence
The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of business information. Additionally, the purpose of Business Intelligence is to support better business decision making.
- Statistical Analysis
It’s the science of collecting, exploring and presenting large amounts of data. This data therefore helps discover underlying patterns and trends.
Business Analytics vs. Data Science
Job of a Business Analyst seems to be very similar to Data Scientist. Mostly, these two terms are used interchangeably. Therefore, let us have a look at the differences between the two job profiles to get a clear idea.
Applications of Business Analytics
The need for Business Analysts is in industries pertaining to every field. Here are the examples of a few fields that require Business Analysts:
The requirement of Business Analysts is visible in different aspects of finance. For Example, investment banking, portfolio management, financial planning, budgeting, forecasting, etc.
- Human Resource Professionals
HR professionals can use data to find and analyse information about various candidates. For Example, the educational background, employee attrition rate, number of years of service of employees, age, gender, etc. Correspondingly, this information plays a pivotal role in the selection procedure of a candidate.
Studying consumer behavioural patterns and analysing trends help in identifying the target audience. Consequently helps in employing advertising techniques that appeal the consumers.
If you wish to kick start your career in this field and you should keep yourself updated with the latest news and trends in this field.To enumerate, a few websites where you can get the latest information about Business Analytics are Forbes, KDNuggets, AnalyticsVidhya among others.