Business Analytics Examples

Business Analytics Examples

Business analytics refers to the competencies, tools, methods for continuous iterative analysis and review of past company results in order to obtain insight and improve strategic planning.

Data is a valuable tool inside the ever-changing marketplace of today. Knowing how to view and convey data is an important ability for business professionals which can support sound decision-making. This can be managed by the Business Analysts.

According to Finance Minister Nirmala Sitharaman, she has also stressed the value of data, saying "data must have strong credibility" to address the challenges of tracking our increasingly complex economy in real-time. She also says that “Data is the new oil”.

"The opportunity to incorporate data-driven insights into decision-making is incredibly powerful — all the more so considering all the businesses that cannot recruit enough people with such capabilities," says Harvard Business School Professor Jan Hammond, who is teaching the Business Analytics online course. "The world is going the way it is."

BA tools provide many methodologies and open source technologies that can be leveraged to help analysts conduct tasks and produce easy-to-understand reports for laypersons.

Business research is all over the place. Business analysts are now employing advanced technology, quantitative analysis, and mathematical models to devise solutions for technology-driven problems.

They can use statistics, information systems, computer science, and operations analysis to extend their understanding of complex data sets, and artificial intelligence, deep learning, and neural networks to classify available data from the micro-segment and trends.

Business Analytics is a subset of Business Intelligence (BI). Market analytics is typically performed with the goal of finding actionable data. Usually, Business Intelligence is descriptive, focusing on the techniques and methods used to collect, classify and categorize raw data and comment on past or current events.

There are also some other uses of Business intelligence (BI) which are that BI can add value to almost any business process, providing a holistic perspective and enabling teams to evaluate their own data in order to identify efficiencies and make better strategic decisions.

Market analytics is more prescriptive, committed to the approach by which data can be analyzed, trends recognized, and models built to explain past events, establish forecasts for future events, and suggest measures to optimize ideal outcomes. 

Market analytics seeks to decide which datasets are useful and how to exploit them to solve problems and improve performance, profitability, and revenue. These are basically the goals of Business analysts.

We are aware of different branches of MBA which are finance, marketing, healthcare, HR, Supply chain but if we discuss examples of Business Analytics then all of these will be considered as these are the domains where Business Analytics are being used now-a-days. Other than these domains, various other sectors or we can say that mostly every sector finds the use of business analytics and they all are examples of Business Analytics.

Today, the use of Business Analytics is more trending, even in this lockdown situation the analytics field is growing and all of the data of Coronavirus pandemic are being recognized and put in numbers with the help of real time data and these data is managed by analytics only. 

Even the business analytics wiki states that business analytics can also be used to produce contemporary monitoring structures that provide the current key indicators, historical patterns and reference values for patients.

Business Analytics lets us evaluate key performance metrics that further lead to decision-making and strategies to improve customer relationships. Demographics, and data on certain socio-economic variables, purchasing habits, lifestyle, etc., are of utmost importance to the CRM (Customer Relationship Management).

Business Analytics is important to the finance sector. Investment banking, fund management, financial planning, budgeting, forecasting, etc. Data scientists are in high demand. Studying customer behavior patterns, evaluating trends, helping to define target markets, using promotional strategies that can appeal to customers, predicting requirements for supply, etc.

HR professionals may use the data to find information about high-performance candidates' educational history, turnover rate of workers, number of years of employee service, age, gender, etc. This knowledge may play a pivotal role in a candidate's selection process.

Business Analytics can help you in the management of the supply chain, inventory management, monitor goal results, risk reduction strategies, increase product database quality, etc. These can be referred to as Business Analytics applications.

While talking about careers in Business Analytics, Jobs are many based on the relevant skills. If one wants to go for a job in this field, one must attain the skills of Analytical mind, critical thinking and many more. Even previous year, the Government has released jobs for Business Analytics.  

Business Analysts characteristics are they are problem solving, they have ability to deal with problems, analytical mindset, critical thinker, impressive communication and the art of storytelling. These are some of the characteristics of Business Analytics. 

Aside from the above, Business Analytics is helpful in different areas such as identification of fraud, health care, security, sales, etc. Data can be a smart tool for promoting your brand name in the business market. Market analytics helps you to take advantage of the ability to make better business decisions.

Digital transformation is now seen as a crucial strategic strategy and business intelligence tools have developed to help companies make the most of their investment in data. The response is the emergence of modern enterprise intelligence platforms that enable data access, interactivity, research, discovery, sharing, and management.

A career in business analytics typically includes a bachelor's degree in business analysis, data science, information processing, advanced analytics, business intelligence, statistics, marketing or a related area. A master's degree can expand work options, and certifications can offer more authority and help increase value.

BA experts also report directly within their company to the upper management. They may be in their own department but are in close contact with sales, marketing, and operations.

Business analytics has applications in many different fields. In reality, you can find its application in daily activities as well. Harvard Business Review (October 2012 issue by Thomas H. Davenport and D.J. Patil) calls the job work of data scientist the 'Sexiest Career of the 21st Century'.