Business analytics has a huge range of application and usages. It can be used for descriptive analysis in which data is utilized to evaluate past and present situation. This kind of descriptive analysis is used to asses the current market position of the organization and effectiveness of previous business decision.
It can also be used for predictive analysis, which is used for assessing previous business performance.
Business analytics is also used for prescriptive analysis, wherein information is utilized to formulate optimization techniques for stronger business performance.
For example, business analytics is used to predict pricing of various products in departmental store based on past and present set of information.
Recent advancement in information technology have transformed every facet of human life and revolutionized the world as never before.
The world of computers, telecommunications, televisions, internet and all other audio and visual media are facing rapid and radical changes presently.
Affordable and user friendly business analytics tools are available today so one should start training employees to participate in business analytics initiatives . Companies that adapt the business analytics tools will be able to transform how they manage and consume data and information for decision making. This allows companies and its employees to gain a competitive edge.
The scope of business analytics is equal to the growth of data. The more the data, the more is the adoption of business analytics getting conventional.
However business analytics is something new although it has been prevailing since a long time. Job opportunities in this field will keep booming and this is going to continue as we cannot expect amount of data to decline. If we look for career opportunities in this field after doing the business analytics course, then I must mention that this field is gratifying.
You are required to have skills in logical thinking, big data, business knowledge, managing ability and tools to understand the available data. It is growing at a much faster pace and has a huge scope.
Business analytics provides a competitive advantage to companies. In this digital era , flow of information is almost equal to all players in the market ,it depends on how this information is being analyzed and utilized by different companies which gives them a competitive edge over other companies.
Business analytics combines available data with various well thought models to improve business decisions.
It helps in converting available data into valuable information that can be presented in any required format.
Some examples of using business analytics include finding patterns and relationships between processes and outcomes ,explaining why certain result was achieved and determining if a previous decision was inappropriate or predicting the likelihood of a certain result happening.
This article is contributed by Mr. Ankit Yadav content writer working for past 4 years for Future Wings Media that provides Business Analytics Course In Delhi.