What is Business Analytics?
Businesses today are increasingly going digital and augmenting online presence. This has generated huge volumes of data for them, apart from the more traditional information at their disposal. Businesses use available data and information, use statistical, mathematical and data modelling tools and algorithms to analyze the data and develop new business insights. This data-driven approach is made possible through what is known as business analytics. Business analytics is a combination of both business and technology concepts and tools. It is consolidating its foothold over the business arena and is being adopted by more businesses today for realizing the best outcomes. Accordingly, the demand for business analytics professionals and courses have also soared. These courses teach learners to use business intelligence tools and data analytics tools to engage in predictive analyses and enable businesses to strategize better. Online business analytics certification is most popular among working professionals who want to forge ahead in their careers.
Why use Business Analytics?
Valuable insight: Business analytics provide valuable insights into the organization as a whole. This is especially important for organizations which have department silos, to let them know where they are with respect to the overall objectives and goals.
Quick and better decision making: Through the access to data and analytics tools, organizations can find reasons and root causes to unplanned events and unforeseen circumstances or if things simply do not go as per their plan. Based on the findings, they can make better-informed decisions without delay and strategize effectively in response.
Improved productivity and cost-efficiency: Business analytics helps organizations in better planning, budgeting and financial management. Using the tools available and the past data, businesses can find trends and patterns and analyze areas that are cause for concern financially. Based on this, businesses can strategize for the future and improve their cost-efficiency and overall productivity.
Customer and market analysis: Business analytics helps businesses a great deal in learning about their customers, markets and market position and plan their product design, marketing and sales efforts. The businesses can get deep insights into customer needs, preferences and journey, and thereby, create AHA moments through customized and personalized marketing. They can ensure better lead conversion and higher sales figures. Access to real-time data enables businesses to keep updating and improving their sales and marketing strategies. They can explore newer markets and expand their target audience.
Competitor analysis: Business analytics tools make it easier for businesses to make an analysis of their competitors and assess their own market position and performance in comparison to their competitors and the market in general.
As we have seen above, business analytics helps organizations to consolidate their market position through data-driven planning and strategy. In today’s business world, it is all the more important to use business analytics because there are several competitors providing similar services and there is plenty of information and options available to consumers to choose from. It will indeed be fatal to ignore business analytics.