There is a very strong alternative notion that humans invented maths. Chemistry is the study of chemicals, Physics is the study of processes and laws of the universe and biology is the study of life. Math doesn’t study anything, it reveals solutions and connects the dots of understanding for any subject matter. Math establishes relations and finds out the rhythms of cosmos. Businesses nowadays are leaning more towards maths and statistics before commitment. The modern business strategies have very little to do with emotions and faith. Maths and statistics add the certainty factor to businesses.
After the second world war, Countries gradually opened up their economies. Which only made the prediction process more complicated. And the demand for more efficient business infrastructure is even higher now thanks to digitization. Today’s businesses need someone adept in both data science and commerce. Capable to bridge the gap between electronic and humane aspects of the business. Where exactly business analytics can help? And what difference a capable BA can make, will be the subject of discussion for this article.
Finances of business
Businesses in the 21st century have a lesser tolerance for financial blunders. It is possible now to avoid them, and not exploring the possibility, leads to disaster. The use of financial data is used in budget planning, pricing of products and even in deciding the salaries of employees. A Business analyst with sharp skills of statistics can visualize the patterns and trends of past financial years and help strategise for the year ahead. The scheming can sometimes involve predictions of future failures as well, allowing businesses to ride the tide with more ease.
Marketing of products
This “locked down” period of our lives demands more dexterity in targeted marketing. As soon as it is revealed what the target customers are looking for, work can proceed with realising a product. After the launch, if more finetuning is required, Use of customer feedback data can sort it out as well. Past consumer data can reveal the potential consumer base for an already existing product. But the ethical dilemma involved in accessing personal-preference data remains a major obstruction.
Business analysts can figure out how much to produce, based on data of available resource and existing goals. Things like inventory data, for example, can be used to determine the production volume. Imagine adding production performance data, sales data and customer relations data into the action. It will definitely complicate things for the analyst but after the analysis is done planning production will become smooth as a piece of cake.
A production manager needs data of the machinery for an example. A business analyst will produce data. The list of considerations is, however, long. For an overview of performance past data of several years plus the maintenance, data can be used. Additionally, the expenses relating the production can be reduced by farsighted planning undertaken with a pinch of statistics.
Choosing the right person for the right job has never been this easy! Nowadays, primary investigations regarding a candidate can be done elaborately before in-person interaction. The records and contributions of candidates speak for themselves. A business analyst also decides who to hire and at what cost.
Doing justice to the skill and talent of an employee is essential for individual growth. Businesses are poised to extract the best of their employees for rapid progress. Business analytics gives a clue regarding the right rewards. Additionally, businesses use big data extensively to keep the customers and employees both happy and take up the task of bridging two happy ends.
Business analytics can be Descriptive, predictive and predictive. Mostly all these three aspects work in synchrony and intricately linked with each other. In India, Business analytics is mainstream in high-tech cities and industrial hubs. Places where big businesses are located. For learning business analytics the best way possible at work experiences at big businesses is important. For example, Business analytics training in Bangalore can allow for a high-end learning experience. The business environment of Bangalore urges for rapid skill development. And the accompanying tech industry can provide the right kind of training for gaining this experience.
A business analyst is expected to know the ins and outs of management as well. Bridging the gap between commerce and data science requires equal proficiency in both fields. A decision of a business analyst can indeed make a difference. And the training and experiences of a business analyst determine whether a decision will cost a fortune or simply bring back a fortune.