WHAT IS BUSINESS ANALYSIS?
Business analysis refers to a practice of repeated, systematic evaluation of an organization’s data, with emphasis on statistical techniques and tools associated with analytics such as SAS, R, Python, Hadoop, etc. Business analysis has become the lifeblood of any organization. It has now been adopted by organizations that practice data-driven decision making, whether by humans or machines, making fully automated decisions.
Business analytics is used by skilled professionals to extract useful insights from the huge amount of data generated daily. This data is treated as an asset by large companies as it can help them gain a competitive advantage over others. It helps identify the sources of problems, the causes of them and gives you information about future trends regarding these problems. It can also help predict and influence results in customer behavior. With the advent of computers, it has become easier to store and interpret large amounts of data.
Skilled professionals serve as an aid in this endeavor as they have the expertise and skills to derive meaningful information from raw facts and figures.
SPECIFIC AREAS Covered by business analytics
Two specific areas are covered by business analysis:
1) Business Intelligence
2) Statistical techniques
BUSINESS INTELLIGENCE: In order for the organization to predict future results, it is important to collect and interpret historical data regarding the various departments and members of the organization. Business Intelligence involves examining historical data associated with the performance of the departments and team members working in the organization.
STATISTICAL TECHNIQUES: This area involves the use of statistical tools such as descriptive analysis, predictive analysis and prescription analysis.
a) Descriptive analysis involves understanding the current position of the organization by tracking key performance indicators.
b) Predictive analysis involves assessing the probability of future results by analyzing the trend data.
c) Prescriptive analysis involves using historical data generated within business intelligence and using them to produce suggestions on how to deal with parallel circumstances in the near future.
The importance of business analytics education
The growing demand for talent in analytics can be met by becoming skilled at the relevant skills and gaining the knowledge required to perform business analytics. This can be achieved by acquiring business analysis training. This training is important to succeed in today’s highly data-driven and technology-driven world.
1) Training enables smart decision making
Company education helps you access good and valid data. It incorporates the skills and expertise required for collecting, organizing, analyzing and interpreting data generated on a daily basis. These skills and knowledge bases can help you make smart, logical and strategic decisions.
2) Training moves your career to a promising field
Business Training helps both existing and new employees advance their careers and reach greater heights. The job of a business analyst is now considered as one that describes the industry’s best salary. The unique demand for qualified professionals, ie. Business analysts have led an upward trend in their pay packages and laid the foundations for a fulfilling, rewarding and exciting career.