"Business Analytics is the use of tools and techniques, such as data mining, pattern matching, data visualization and predictive modeling, for the continuous methodological exploration of past business data to develop new insights about the business performance and facilitate business planning. The exponential growth of data owing to the use of digital technologies, of skilled analysts to derive value from this data, and the dire need of businesses to sustain competitive advantage have contributed to the growing popularity of Business Analytics.
The use of Business Analytics is widespread across all industries and functions, including Information Technology, Web/E-commerce, Healthcare, Law Enforcement, Banking and Insurance, Biotechnology, Human Resource Management. Some of the application areas include critical product analysis, target marketing, customer lifecycle management, customer service, social media behavior and link analysis, fraud detection, genetic research, inventory management, etc. "
Who is it for
Indicative analytics areas
Exponential growth of data: The recent years have seen explosive growth of digital data stored in computer databases. . With continued innovation revolving around digital technologies, the Internet and mobile computing, the amount of data continues to grow exponentially.
Shortage of skilled people: At this rate, there will soon be a shortage of talented analysts who can help organizations work with this much big data. McKinsey Global Institute’s Big data: The next frontier for innovation, competition, and productivity estimates that by 2018, “the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.”
Sustainable competitive advantage: Business Analytics also known as Business Intelligence (BI) has become strategically important for every organization to keep competitive advantage by extracting meaningful information from the flood of digital data collected by businesses, government, and scientific agencies.
Critical business impact: Some specific applications of Business Analytics, which allow for many novel avenues of opportunity for businesses to optimise and adapt their business model, are: critical product analysis; improved customer service; up-selling opportunities; simplified inventory management; and competitive price insights.
Increase ROI:Return on Investment = [Value achieved through the solution] – [Cost of the solution]
As business analysts, one can impact both of these variables. One can increase the value achieved through the solution to the business problem and our activities actively reduce the cost to implement the solution.
Individual growth: As an individual it will help to move up the Data –Information – Knowledge – Insight value chain. This will enable to you to apply the techniques of BA to have a positive impact at your work and consequently succeed in your career aspirations.
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