For decades, businesses have relied on the standard practice of gathering data and crunching it in an attempt to predict the future. But what if they could take a different approach? What if they could analyse past performances, use that to prepare for the future, and make better business decisions? That’s exactly what Business Analytics does.
Business analysts use Business Analytics to make better business decisions. One of the most common tasks for a business analyst is to analyze historical data, draw meaningful insights from that analysis, design predictive models, and use them to make better business decisions.
Business Analytics is not just about quantitative analysis or statistical modeling. It also involves qualitative analysis and interpretation of data, as well as drawing conclusions about what those results mean for your business.
Scope of Business Analytics
The scope of Business Analytics is ever increasing, and its relevance across all verticals cannot be understated.
Business Analytics is not just about processing numerical data. It is also about interpreting that data and understanding how it can be used to benefit the business. Companies need to have personnel who can not only analyze the data, but also interpret and apply the insights to their business strategies. Otherwise, the data is of little value.
Real-time applications of Business Analytics are also becoming increasingly popular. For example, in the finance sector, analytics can be used to identify risk factors, predict investments, and analyze customer behavior. In the HR sector, analytics can be used to measure employee performance and identify areas of improvement. In the marketing field, analytics can be used to understand customer preferences, create targeted campaigns, and measure the effectiveness of marketing efforts.
Let us delve deeper into various verticals.
- Finance: Business Analytics is a valuable tool for financial firms and it has an immense impact on the various divisions of the industry. With the help of analytics, a Financial Analyst can gain valuable insights into their investments and portfolio management strategies, forecast their financial performance, and plan for the future. Analytics also helps banks and other financial institutions make more informed decisions when disbursing loans and can result in reduced bad loans and costs. Business Analytics is an invaluable tool for helping businesses understand their financial situation and plan for the future.
- Human Resource: Analytics play a crucial role in helping HR professionals make the best hiring decisions. By using analytics to collect information about high performing applicants, analyze performance, and track the effectiveness of recruitment processes, the HR Analysts can ensure that they are making the right hiring decisions and that they are finding the most qualified and capable candidates for the job.
- Marketing: Analytics play an important role in product marketing, market research, and forecasting market demand. Businesses need to use analytics to understand their customers and the market, and develop effective strategies to attract and retain customers. By leveraging analytics, businesses can gain valuable insights into the market and its customers, and create strategies that will help them to achieve their desired objectives.
Skills Business Analysts Need
In addition to collecting and cleaning data and using statistical tools to analyze the same, a Business Analyst must possess critical thinking skills to interpret the data. Moreover, strong communication skills are also absolutely necessary in order to elucidate the results to the clients who are not well versed with advanced analytics. Hence an effective Business Analyst should possess requisite technical skills as well as effective soft skills.
PGDM – Business Analytics at Globsyn Business School
When one considers the Business Analytics PG courses in India, the 2 years’ full-time AICTE approved PGDM – Business Analytics programme at Globsyn Business School surely comes up under the top few pick. This programme not only strengthen students’ concepts in advanced analytics, but also help them develop the skills of an effective manager by reinforcing on the essential and core management functions with must have corporate soft skills. The objective of the B-School’s PGDM – Business Analytics is to facilitate in-depth exposure to the students regarding methodologies and practices of Business Analytics and to prepare them for the emerging needs of industry in the various functional domains. Already positioned amongst the best Business Schools in Kolkata, this programme will enable graduates to demonstrate critical thinking, creativity, and innovation to emerge as business leaders and entrepreneurs in the analytical domain.
Research Associate (Knowledge Cell)
Globsyn Business School