The power of Business Analytics
Know why Business Analytics is becoming popular
One wrong decision is enough to bring a company to its knees. The power of a decision is such that it could make or break a company. To put it simply, Business Analytics uses quantitative methods to interpret and analyze information which in turn helps in driving the growth of a company.
Data is king and data driven decision making capabilities is the need today. What differentiates a mediocre manager from a leader is the power of taking futuristic decisions and that is where the power of Business Analytics comes into play with its predictive and descriptive analytical models to tap new business opportunities.
In the past when companies had a huge task to sift through mountains of data that lay in files but with new-age technologies getting data is not a problem but for informed decisions, a systematic analysis of the statistical data is important. It is here that the role of a Business Analyst comes to the fore.
What are the areas that Business Analytics impacts?
There is hardly any area that the power of Business Analytics does not help. It impacts significantly in areas that include marketing, sales, human resources, social media, finance, risk management, customer experience and strategic planning. Take for instance, marketing analytics which is a major part of business analytics.
In earlier times, people used a product for years on end. There is a true story of a 70-year-old lady who insisted she get Forhans toothpaste and her children had a tough time convincing her that the company closed and they no longer make the product. Today, the customer is king and he easily shifts loyalties from one brand to another. To identify customer behavior, patterns and how customers behave and think is a modern day challenge and marketing analytics helps a great deal.
Take the case of logistics. Supply chain analytics can help companies save millions. Just by tracking routes, reducing shortage at warehouses optimizing the timing of travel based on the power of analytics a company could save lot of money. The power of Business Analytics is so forthcoming that companies whether big or small are harnessing it. As per a NASSCOM study, Big Data analytics sector in India is poised to touch $16 billion by 2025 from the present level of $2billion.
Who fits the role?
If you are a person who loves to play with numbers. Get a kick out of analyzing and collaborating data then this is the job for you. If you were always fascinated by numbers, facts and figures a course in Business Analysis is for you.
