Business Analysts work strategy-oriented. They help organizations improve their efficiency and customer reach. Business Analysts also help speed up the decision-making process of organizations.
This blog gives an overview of how and where to learn Business Analytics:
- Business Analytics Study Guide
- What do you learn in Business Analytics?
- Various Domains of Analytics
- Why learn Business Analytics?
- How to learn Business Analytics?
Business Analytics Study Guide
Business Analytics deals with the science of analyzing data to find helpful patterns from it and in developing business strategies accordingly. Almost every industry, be it social media, finance, marketing, e-commerce, human resource, or sales, finds the usage of Business Analytics within their domains. The following fact emphasizes how important Business Analytics is in enterprise development.
This video tutorial will help you get a brief idea about the fundamentals of Business Analytics:
According to Interactive Data Corporation (IDC), the estimated data generation by 2025 is around 163 zettabytes. Every organization, be it government-authorized or from the private sector, will be able to find meaningful insights solely using Business Analytics. They can further use this data to enhance business efficiency and develop innovative solutions for business issues. Having known the importance of Business Analytics so far, let’s dig deep into the Business Analytics study guide.
What do you learn in Business Analytics?
Business Analytics is a vast subject. It is primarily a combination of Business Intelligence, Data Analytics, and computer programming.
In the Business Analytics process, there are a few crucial stages that one should go through one after the other. To be a successful Business Analyst, you need to be thorough in each of these steps.
Framing the Business Problem
It is the initial step the analysts must perform before starting with the actual analytics. The whole point of this step is to understand the purpose of conducting the analysis and identify what the business goals are. This way, the analysts can formulate a business problem.
Framing the Analytics Problem
During this stage, the business problem is reformulated based on analytics. Business Analysts then develop a set of factors to move the process from here to data cleansing and methodology selection. They later define the metrics to achieve success in this stage.
Business Analysts have to identify and select the appropriate data for analysis. They need to work with clean data and make it analysis-ready. In this stage, one can find the relationships between data.
Once the data is ready, now is the time to check which method is useful for the analysis. This is concluded based on the type of data performance. Before deciding upon metrics, multiple models are made and compared to finalize on the best possible one.
The designed model is here validated to check if it is giving accurate predictions or not. Once validated, the model is deployed within the company systems. After the deployment of the model, it has to be constantly monitored to check for accuracy. Moreover, Business Analysts should perform the analysis of each incoming data.
Various Domains of Analytics
The domains are relatively new to analytics. They provide different possible solutions to a specific problem in Business Analysis.
This part of Business Analysis makes use of the business data to understand various scenarios and analyze it to find an answer to a question. It conducts a summarization of the raw data so that solutions to a variety of business problems can be easily found.
This branch of Business Analytics makes use of statistical and forecasting approaches to foretell future behaviors. In short, the predictive analysis predicts the possible forthcoming issues based on the existing data and provides measures to overcome them. It makes use of the data to assess business performance and identifies any business shortcomings, thereby providing a remedy or strategy to prevent such events from happening again.
This branch of Business Analytics considers simulation algorithms to come up with an answer to the question at hand. It works on the given data and finds the best course of action for the situation. Predictive analytics is related to both the above methods. However, it emphasizes more on actionable insights than focusing on monitoring data. It thereby enhances business productivity and performance and boosts annual returns.
Why learn Business Analytics?
The Business Analytics industry is ever-expanding. It can be confirmed by looking at the Statista 2020 report, which forecasts that the global Big Data and Business Analytics market is expected to grow up to US$274.3 billion by 2022, with an average CAGR of 13.2%. Moreover, according to the Economic Times, in India alone, the demand for Business Analysts has seen a rise of 400% in the past 5 years, whereas the supply grew just by 19%. This clearly explains the shortage of professionals in the industry.
Now is the best time to learn Business Analytics and grab the opportunity of this shooting demand. Moreover, the expected salary is another factor that would encourage candidates to pursue Business Analytics. So, let’s check out the salary statistics next.
Expected Salary of a Business Analyst
As per Indeed, freshers appointed in entry-level positions of Business Analytics make around US$79,000 per annum in the United States, whereas they get an average of ₹250,000 to ₹500,000 per annum in India.
However, as candidates begin to develop their abilities needed the most in the field, the Business Analytics salary also sees a steady rise. According to a recent study conducted by Glassdoor, in the United States, the Business Analyst job role is ranked at the number one position, offering an average base pay of US$110,000 per annum at the managerial level. Whereas, in India, the average salary of a Senior Business Analyst is expected to range from ₹800,000 to ₹900,000 per annum.
How to learn Business Analytics?
Learning Business Analytics involves a certain amount of hard work and referencing adequate course material. In this section, we have compiled a few ways to learn Business Analytics and excel in your career.
Pursue an MBA
Getting a postgraduate degree in MBA is one of the easiest ways to inculcate business management and problem-solving skills in candidates. Moreover, certain universities are incorporating Data Science concepts within the curriculum of MBA, owing to the increasing demand for the analytical and technical skills from the industry. This knowledge acquired right from the college programs will enhance the capability of the candidates to enter the field.
Enroll in an Online Training Course
If pursuing an MBA is not your cup of tea, then it is best to enroll in a Business Analytics online course. Even if you are a working professional, you can easily enroll in such online courses and learn the concepts as they are structured to be flexible to fit in even the working individuals as well.
Online learning experience comes with certain other benefits as well:
- Learning at your own pace
- Opportunity to connect with peers globally
- Deep understanding of the course content by revisiting the modules and lessons
Opt for the Business Analyst Master’s Course by Intellipaat to leverage the best possibilities of the field.
Gain Hands-on Expertise
After acquiring enough knowledge on the concepts of Business Analytics, now it is time to delve deeper. Real learning comes through practice, so it is essential to put the concepts that you learned into implementation. Begin with creating data visualizations and applying statistical models to come up with cost-effective business decisions. Additionally, it is advisable to identify the best contacts in the field and ask for their guidance in the processes.
Expansion of the skill set has no boundaries, so it is up to you how you want to use the potential possibilities to make way for an exciting career ahead.
Business Analytics is everywhere. According to McKinsey, one of the main reasons for the high-performance of organizations is the constant practice of Business Analytics for decision-making. This kind of business environment helps the companies reach their data objectives in a timely manner. Having known of its importance in the business, it is high time to learn Business Analytics and attain the fundamental skill sets to conduct analysis and drive your company to success.
If you are looking out for peer suggestions, Intellipaat’s Business Analytics Community can turn out to be helpful for you.