Business analytics is playing a vital role in making companies more efficient and profitable. The most valuable raw material for this process is available within the organizations themselves. It is the data generated as part of a firm’s functioning and there is no need to search elsewhere. This information can be analyzed to arrive at various findings that will help management to make intelligent decisions for solving both present and future problems.
4 Pillars of Business Analytics
Experts who have attended the XLRI Jamshedpur business analytics course know that there are four pillars in the life cycle of this process. It is worthwhile looking at these four pillars in brief for the benefit of those aspiring to become BA professionals.
One must first collect facts for any analytics procedure. Analysts collect this raw material from various sources. The easiest source is a company database. Corporates generate a lot of data like transactional information, profile details, etc. Other sources of information are the organization’s websites and applications. One can know about user behavior on these platforms. APIs are a good external source for facts. Logs maintained by firms also provide a lot of details for business analytics.
Processing the Collected Information
Though it may not be part of the XLRI selection criteria, anyone interested to study this subject will know that data cannot be used without processing it. Cleansing must be performed first to make information ready for analysis. One must find anomalies and gaps in the collected facts. Analysts subsequently go on to combine related datasets and group them together for analysis. The final part of processing is to apply various analytic and machine learning methods to produce synthetic data to improve predictive power.
Presentation of Data
An XLRI Jamshedpur business analytics course will train students to present the findings of their analysis effectively. These results can be presented using various methods. They could be made available in dashboards or reports. These can give confidence to the stakeholders that things are progressing as scheduled. Insights gained from the analysis are also shared as analysis decks which can be PowerPoint presentations or word documents. Results that must be applied directly to machines can be shared by way of system integration.
Acting on the Findings
This is the final phase of a business analytics lifecycle. An analytics process will be a complete waste if prompt action is not taken on its outcome. The insights gained must end in action if this process must be termed successful. Experts suggest that if BA becomes a part of decision making, then action will automatically follow. It must be the business analytics professional who must initiate action instead of depending on others in their organizations.
Understanding the process of business analytics perfectly is very important for performing it successfully. Studying this subject in a reputed institute will make one an expert in it. It is advisable to check the XLRI selection criteria for this course and make sure that they are eligible for it. New job aspirants and those already in managerial positions can gain a lot by studying this subject.