In the words of Michael Benner and Alan Barnett, “Business analytics refers to the skills, technologies, and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning.”
Business analytics has evolved significantly in the last decade, and it is now in its third stage of development, according to industry analysts. Business analytics has become the backbone of competitive firms, allowing them to make informed, data-driven strategic decisions by combining the power of AI, predictive analytics, real-time analytics, and big data. This new stage, often referred to as augmented analytics, uses machine learning and data science to enable business leaders to focus on analytics rather than data wrangling and infrastructure.
Today’s businesses recognise that knowledge is power, and using data to make informed decisions is preferable rather than depending on gut instinct. Organizations can use business analytics to monitor cross-functional daily insights and establish prediction patterns by leveraging the capability of contemporary computer systems. This allows them to improve their operations, change their client interaction strategies, and create accurate projections in order to increase their profits.
Business analysts help organisations stay competitive in today’s fast-paced world. They do so by increasing operational efficiencies, optimising processes, assisting in business process automation, providing accurate forecasting models, monitoring and evaluating performance and operations through metrics and KPIs, and much more. Business analysts are essential for the sustainability of any business in the long run.
Business analytics uses the same data used by business intelligence to create predictive models and answer the question “what will probably happen next?”. Today, analytics helps businesses create new research models and design simulators that further help organisations leverage data for forecasting and predict future outcomes more accurately than ever before. Business analytics, in its current sense, truly took off around 2010.
Analytics, data science, AI and big data are in demand more than ever and are considered essential tools to build a competitive business. Organizations of all sizes use business analytics to help them make informed, data-driven business decisions. In fact, even micro-businesses such as monetised blogs use Google Analytics to reap the benefits of metrics such as audience demographics, bounce rate, click-throughs and much more. This means that today, no business can be successful without the power of business analytics and data on its side.
HOW TO START A CAREER IN BUSINESS ANALYTICS?
A good starting point is a degree in business analytics, such as those from Chitkara University. Offered in partnership with Ernst and Young, these industry-relevant courses help you become a part of the $2.1 billion industry growing at an outstanding CAGR of over 33%. The business analytics industry is slated to breach the $20 billion mark by 2025. Ernst & Young is a global leader in assurance, tax, transaction and advisory services. The insights and quality services they deliver help build trust and confidence in the capital markets and economies the world over.
Courses such as a BBA in Business Analytics help students build a solid foundation for data analytics by learning advanced industry-relevant topics such as marketing research, organisational behaviour, advanced Excel, and business statistics. Chitkara University’s students gain an advantage by adding digital marketing and customer analytics to their business analytics arsenal.
Students build cross-functional expertise in business analytics with the help of Deep Dive courses powered by Ernst & Young. These expert-level courses include applied business statistics, blockchain technology, data warehousing in the cloud, predictive modelling using Python, and data visualisation. Students can use these deep-dive courses to create their final project for an industry vertical of their choice and improve their employability potential manifold.
Business analysts are in high demand the world over. Organizations of all sizes and from every industry vertical require business analysts to build and nurture competitive businesses. Business analytics helps organisations make informed decisions faster, reduce costs, provide better services to customers and find new opportunities by leveraging the power of artificial intelligence, real-time analytics, predictive analytics and big data. The era of business analytics has dawned and is creating value in the data economy like never before. As technology grows by leaps and bounds, businesses must keep up to find new ways of deciding and managing, making business analytics an indispensable part of their business growth strategy.
About Chitkara University
Chitkara University, situated near Chandigarh (India) has emerged as the most vibrant and high-ranking university in North India which has been ranked A+ by the NAAC. With state-of-the-art infrastructure, scientifically driven pedagogy, strong industry collaborations, and 120+ working associations from schools across the world, Chitkara University not only attracts the finest students from across the nation but with its seamless placement support, it is also able to help them carve high growth careers.
For more information, visit: Chitkara University