Introduction
Business analytics is the process that involves a blend of business intelligence and data analytics and is aimed to derive effective insights out of data and use it to catalyze the growth of a business. The rate at which data is growing is simply phenomenal in the present time. The value of data is growing much more than the expectation of businesses as well as other stakeholders who mine data and extract critical information from it. Data is not only a critical raw material for developing business strategies but it is also a driver of major business decisions.
Since business analytics is relatively a new domain of study, a large number of students and professionals are enthusiastic to pursue a career in this field. The range of subjects in this domain includes business intelligence, business management, finance, accounting, and marketing. In addition to this, students are also given knowledge of data analytics, data mining, data management, and data visualization.
In simple terms, business analytics entails the knowledge of numerous subjects with the aim of giving a proper orientation to business management. The overall aim is to leverage the power of data in various business processes, operations, and management. The power of predictive business analytics is also utilized for strategizing future business ventures.
Processes in business analytics
- The first important process in business analytics is the identification of the business problem. Before framing the business problem, it is important to conduct holistic research and underline the objectives that need to be achieved in the long run.
- After the objectives have been drafted and the business problem has been identified, the next stage is to reformulate the business problem with the help of analytics. It is at this stage that the business problem is analyzed from a quantitative perspective.
- The next step in the process is the extraction of data and making it ready for the purpose of processing. Various operations are carried out on data with the aim of building an information model that can power strategic business decisions in the next stage.
- A concrete methodology is selected and this methodology is utilized to make the process of analytics much more effective and efficient. A feedback mechanism may also be adopted to improve the overall efficiency and functioning of the model before moving to the deployment stage.
- At the deployment stage, the validity of the model is checked and the output is recorded. Speaking in business terms, it is examined whether the orientation of the business strategy is in accordance with the business plan as well as the business goals.
Career prospects of business analytics
After one completes training in business analytics and acquires full knowledge of this discipline, there are numerous domains that one can chase in his career.
The domain of information technology is the most important field and is craving for business analysts, data scientists, and data architects. These roles are among the highest-paid profiles in the domain of information technology. Business analytics is also becoming a necessity in domains like telecommunication, logistics, and supply chain management.
Business analytics is extremely crucial for the financial domain as a lot of processes in this domain depend upon the power of data analytics. Even the security architecture in this domain is dependent on the analysis of critical data entries in addition to other factors.
Other prospective domains where business analysts can pursue a career include education, healthcare, real estate, automation, energy, shipping, e-commerce, and the like. In one word, data analytics is progressing by leaps and bounds, and different untouched and unaffected sectors and now reaping the benefits of this prospective science.
Roles in business analytics
A career in business analytics is as vast and diverse as it is dynamic. After pursuing a course in business analytics, professionals can apply for numerous roles including business analyst and data analyst.
Modern industries and startups and now looking for business managers who have a background in business analytics. The aim is to ensure sustained growth of their business with the help of data-driven decision-making and business intelligence.
Other essential roles in the domain of business analytics include data architect, data scientist, and data administrator. In simple terms, a large number of career options are available and flexible choices are also offered to business analysts when they are hired by different companies.
Conclusion
The field of business analytics will witness phenomenal growth in the times to come given its relevance to different disciplines. Business management, business intelligence, and business analytics may soon become interconnected in the coming technological age.
