How a Business Analyst can add value to your organization

Business Analytics (BA) is the statistical study of business data. With the advancement in technology, computer science and internet, Business Analytics has become crucial for any organization. It is not a new concept and has been used ever since the late 19th century, yet we see many small organizations functioning without Business Analysts as a part of their team. However, when a company starts to expand and grow, the company requires Business Analysts who can help the organization to make feasible changes, improve and achieve the company’s goals. The role of a Business Analysts is to make substantial use of statistical analysis, which includes fact-based management, predictive and explanatory modeling that will help to drive decision making. A Business Analyst should be able to understand business performance that is based on data and statistics. A Business Analyst is responsible for introducing, managing and promoting the necessary changes to your business model that will help implement cost-efficient solutions.

With the use of analytics, a Business Analyst can guarantee for successful projects that will benefit the organization. Having a Business Analyst in your team will help the Project Manager make sound decisions, ensuring to keep the project on the right track without the chance of failure. A Business Analyst, with the help of data analysis will be able to recognize which projects are better for the organization in terms of meeting the criteria and objectives of the organization and have least chances of being unsuccessful.

Another primary function of a Business Analyst is that they help to reduce the company’s costs by lowering the costs of the future projects. They can ensure that the company doesn’t misspend any unwanted finance on projects that can be done within a reasonable budget. With the help of Business Analytics, the company will have least number of project reworks, thereby saving the company from making financial losses. This will also save the company from wasting time and energy, which will assist the company to focus on projects that have more significance and can deliver better outcome.

Business Analysts are the people who are the prime link between the project teams and the stakeholders. They provide and communicate information between the two parties, which will make the work go smoothly without any miscommunications and delays. A Business Analyst will also ensure that complete and apt business requirements are fulfilled by the analysis of data during the initial phase of the project, which will help decide what steps are suitable and can be implemented appropriately throughout the entire process of the project. This will again ensure fewer chances of reworks and unnecessary spending on projects can be dodged.

One of the key components of a Business Analyst’s job is to ensure that Return On Investment (ROI) of the organization is met. ROI is the ratio between actual worth of the investment made by the organization and the profit that is gained from the money that is invested. With the help of data analysis, a Business Analyst will work on increasing the benefit that can be resulted by the investment and at the same time will work on decreasing the cost to implement it. A Business Analyst will find better ways to implement cost-efficient solutions by making necessary changes according to the company’s needs. This will ultimately increase the ROI of the organization.

The technology is improvising each day and organizations are opting to hire employees who specialize in the area of Business Analytics among others. Because of this, people are now looking for courses and programs that can train them in these skills. If you’re looking for a renowned business school that provides excellent courses on Business Analytics and other Leadership & Management Development Programs, one such business school is WeSchool, Bangalore. Prin. L.N. Welingkar Institute of Management Development & Research, popularly known as WeSchool, Bangalore is one of the best business schools in India that caters to 10 months (long term) and 3 days (short term) course in Business Analytics, which trains business executives, managers, corporate leaders, research scholars and entrepreneurs on how to use analytical tools & techniques in various business scenarios. WeSchool, Bangalore delivers the best PGDM, leadership courses and data analytics courses in India. They also provide Design Thinking & Innovation Program, Corporate Training Programs and part time MBA for working professionals in Bangalore. To know more about the Business Analytics course details, please log on to the WeSchool website
https://www.welingkarexedp.com/business-analytics-longterm/

Basics of Business Analytics

Business Analytics (BA) is not a new concept and has been used ever since the management exercises were started by Frederick Winslow Taylor in the late 19th century. In the simplest sense, Business Analytics is the statistical study of business data. Statistics is a collection of methods for planning experiments and obtaining data. After that comes the task to organize, summarize, present, analyze, interpret and draw conclusions to understand hidden trends. Business Analytics is related to management science. The prime goal of Business Analytic is to understand business performance that is based on data and statistics. Business Analytics makes substantial use of statistical analysis, which includes fact-based management, predictive and explanatory modeling that helps to drive decision making.

Though Business Analytics has many practical applications, the top four industries that apply the concept of Business Analytics are Finance, Technology, CRM/Marketing and Retail. Online retail giants like Amazon use Business Analytics to access a vast amount of data on its customers such as names, addresses, payments and search histories which are all filed away in the data bank. This, in turn allows Amazon to give quick and efficient customer service experience. Another big company is the fast-food giant McDonald’s, that relies on Business Analytics to customize services to diverse populations internationally. Even the farmers are opting what is termed as ‘smart farming’ in which they make use of Analytics to monitor the impact of sun, water and fertilizers on the crops and learn how they can make the harvest better. Business Analytics has also predicted the effectiveness of converting manpower to robots. Unlike Data Science, Business Analytics does not involve much coding and is more statistics oriented. As we can witness the major developments in recent times, with the use of Business Analytics, businesses can expect a drastic change in the way data is analyzed. Business Analytics offer employees a huge scope to learn and improvise themselves.

Whether it’s determining the food choices for popular food chains or helping farmers supply food for human consumption, Business Analytics is a cutting edge concept that helps major corporations plan for the consumer. Business analysts apply their knowledge and understanding of statistical analysis on a huge variety of subjects like education, public health, biology, economics, engineering, medicine, psychology and marketing. What the business analyst primarily does is, help businesses implement technology solutions in a practical and profitable way.

Business Analytics is predicted to grow its influence in the coming years in the field of technology. Business Analytics is an exciting field and a good career choice for those who are interested in shaping the direction of consumer choices. The profession is in a growing need of people who have the enthusiasm and knowledge in this field. There is a huge demand for Analysts who can make sense of data and steer the business into a constructive direction. Business analysts are high in demand as there’s a global talent shortage. The technology is improvising each day and organizations are opting to hire employees who specialize in the area of Business Analytics among others. Because of this, people are now looking for courses and programs that can train them in these skills.

One such renowned business school that provides excellent courses on Business Analytics is WeSchool, Bangalore. Welingkar Institute of Management Development & Research, popularly known as WeSchool, is one of the best business schools in India that caters to 10 months (long term) and 3 days (short term) course in Business Analytics, which trains business executives, managers, corporate leaders, research scholars and entrepreneurs on how to use analytical tools & techniques in various business scenarios. WeSchool, Bangalore delivers the best PGDM, leadership courses and data analytics courses in India. To know more about the Business Analytics course details, please log on to the WeSchool website https://www.welingkarexedp.com/business-analytics-longterm/

Upcoming Business Analytics trends for 2018

Business Analytics has become imperative in the last decade or so with the rise in technology, internet and computer science. Business Analytics (BA) is the practice of continuous investigation and exploration of an organization’s past data and past business performance to attain insights and steer the business planning of an organization accordingly. Business Analytics combines information technology, data and statistical analysis into one. Although Business Analytics has been in existence for a long time, it has recently evolved and improved with the rise of technology. Business Analytics not only helps recognize business opportunities through analyzing data but also helps in targeting customers better.

Each year we see how technology transforms and evolves and how Business Analytics trends changes alongside. 2018 is the year for clean, secure and high tech data that is combined with simple yet powerful presentation. Business Intelligence is bound to be highly customized this year. Artificial Intelligence, along with Multi-Cloud Strategies will boom. Here are some of the top Business Analytics trends to look out for in 2018.

Artificial Intelligence

Artificial Intelligence is a simple concept of machines being able to carry out tasks in a smart and in a way similar to humans. AI mimics cognitive functions such as learning and problem solving, that humans relate with other human minds. AI is a supporting tool for humans that will help us to work efficiently and productively. As AI is proficient at processing and analyzing data far more quickly than a human brain can, AI can be used to help understand possible consequences of each action and make the decision-making process fast and effortless. Machine Learning and Deep Learning, that are divisions of AI, have been implemented by a number of apps and corporations.

Natural Language Processing

Natural Language Processing (NLP) is one of the most important technologies of the information era. NPL is an area of Artificial Intelligence and computer science that concerns with the collaboration between computers and human languages or natural languages. NPL is particularly in terms of how to program computers to process and analyze large amounts of natural language data. The most prominent NLP application is machine translation which helps to overcome language barriers. NLP methods allow the non-programmers to communicate with the computing systems and gain vital information from it. Some of the common applications of NLP are text classification, spam filtering, voice recognition and speech to text among many others.

Data Governance

Data governance is the ability that enables an organization to be sure if high data quality is maintained throughout the whole lifecycle of the data. The main focus of data governance is usability, availability, data integrity, consistency and data security. It includes building processes, ensuring constructive data management throughout the enterprise. Data Governance also is accountable for the bad effects of poor data quality and also ensures if the data which an enterprise has can be used by the entire organization.

The Multi-Cloud Strategy

Multi-cloud is the use of multiple cloud computing and storage services in a single diverse structure. The Multi-Cloud Strategy is the use of numerous cloud computing services. The Multi-Cloud is a way to prevent data loss caused by a localized component failure in the cloud. Some organizations also use Multi-Cloud Strategies for data independence reasons. With the help of Multi-Cloud Strategy there is now the ability to avoid vendor lock-in, and the scope to find the optimal cloud service for a particular business or technical need.

Business Intelligence

Business Intelligence is a technology that gives past, present and future views of business operations. Business Analytics incorporates the strategies that are used by enterprises for data analysis of business information. Business Intelligence is used by organizations to support a huge range of business decisions, from operational to strategy. The potential use for Business Analytics extends beyond the usual business performance of better sales and decreased costs.

Business Analytics is predicted to grow its influence in the coming years in the field of technology. Since the technology is improvising each day and organizations are opting to hire employees who specialize in the area of Business Analytics among others, there is a dire need to fill the slots with people who can use their talents and knowledge in this subject. People are now looking for courses and programs that can train them in these skills. One such business school that provides excellent courses on Business Analytics is WeSchool, Bangalore. WeSchool (Welingkar Education) is one of the best business schools in India that cater a 10-weeks course in Business Analytics and much more, to graduates in any discipline. WeSchool provides the best data analytics courses in Bangalore. The program trains students how to use analytical tools & techniques in various business scenarios. To know more about the course details, please log on to the WeSchool website https://www.welingkarexedp.com/business-analytics-longterm/

The importance of Business Analytics

Business Analytics is a discipline wherein unstructured business data is assimilated and organized before being precisely analyzed through a wide variety of statistical methods. Business analytics combines the study of information sciences and statistics to ensure that business decisions are made through a data driven approach. Today, organizations consider data as a prized asset and leverage the power of data and insights obtained from the data to their competitive advantage. While, the data used for analysis can be derived from a wide variety of sources, the challenge is to ensure how the data is used to formulate strategies for business success.

To understand the importance of the business analytics, it is also important to understand the scope of business analytics in terms its applications and usage. Business analytics as a discipline can be used to arrive at an analysis which may either one of the three viz. descriptive analysis, predictive analysis and prescriptive analysis. A descriptive analysis can help a company assess its market position which has resulted in decision made and implemented in the past. Thus, a descriptive analysis provides an insight into the past and present situation of a company. A predictive analysis helps a company assess past data and to draw a pattern which helps to identify risks and opportunities using the relationship of the data and various parameters. A prescriptive or decision analysis provides a data driven decision which also includes the possible outcome of the decision being taken.

With the understanding that business analytics helps decision makers in an organization to make an informed decision, the following points are the reasons why business analytics as a discipline is gaining so much importance.

  1. Cost Consciousness:

Insights received from business analytics related statistical analytics can provide a good overview of the financial position of the organization in terms of base working capital, cash flows and the like. While the concept of fail fast, fail cheap is well known, business analytics can quantify for an organization the definition of fast and cheap.

  1. Efficient decision making:

The data driven decision making ability provided by business analytics enables an organization to make decisions rationally and swiftly. Critical business operations of an organization can be monitored using the factual insights, thereby ensuring strategic and timely decision making.

  1. Customer Centricity:

Business Analytics insights allow organizations to use customer analytics to identify target customers, quantify customer acquisition cost and customer conversion costs, customer likes and dislikes, and many such customer driven parameters. This allow organizations to drive decision relating to providing hyper personalized products based on customer preferences.

  1. Competition Insights:

There is a high possibility that a highly personalized product may fail if an organization has ignored insights on the competition in the market. The data driven approach of business analytics helps organizations to identify and categorize competitors based on their strengths and weakness and further define risks and opportunities.

In today’s age of the digital and data driven economy, the importance of Business Analytics cannot be stressed enough. Business Analytics as a discipline is driving change in a large number of organization around the globe and changing decision making in an organization with a view on the inside as well as on the outside.

Weschool, Bangalore (Welingkar Insittute of Management) conducts a highly popular program on Business Analytics. To know about the details of the Business Analytics courses at Weschool – the best PGDM Institute in India, you can visit the website: https://www.welingkarexedp.com/business-analytics-longterm/

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