Business Analytics is a professional field that is an amalgamation of computer programming, business intelligence along with data analytics. It involves analyzing of data to understand insights that will facilitate in running the business efficiently, including strategizing to implement solutions, improve business and meet growth objectives. The objective is to optimize operations, enhance customer relationship through policy change, introducing new technology and improving processes, all aiming to increase revenues.
Business analytics can be classified into:
- Diagnostic Analytics
- Descriptive Analytics
- Prescriptive Analytics
- Predictive Analytics
Business analytics have a range of applications. It is utilized to gain insights into past and present situations so as to analyze organization’s current market position along with determining the effectiveness of prior business decisions. Furthermore, it is also used to devise optimization techniques for strengthening business performance.
Scope:
- The market value of analytics industry displayed a significant increase of 34.5% on a year on year basis in 2022 to touch USD 61.1 billion.
- By 2027, the Analytics industry is predicted to rise to $201.0 Billion, growing at a CAGR of 26.9%.
- In 2022, the US share in India’s total share for outsourced analytics market is 50.7%
Besides this, Business Analytics plays an important role across functions in the organization as listed below:
Client Relationship Management: The quality consumer experience and service forms the backbone of any business operation. Utilizing business analytics, organizations can gain insights into consumer buying behaviour and they can then not only customize their product and services accordingly, but can also accomplish higher customer gratification and retention in addition to their loyalty.
Inventory Management: Inventory management is essential for it rationalizes supply chain processes, thereby reducing overheads. Business Analytics facilitates understanding of what products are in demand and with what frequency as well as their timing. Thus it helps organizations to strategically plan their production as well as their supply chain operations, thus efficiently optimizing their inventory, reduce cost and enhance profits along with customer delight. Moreover it also facilitates the organizations capability to increase their services sustainably.
Marketing & Sales: Business Analytics help organizations to understand customers, their demographics, income, motivations, purchase patterns & behaviour, market trends as well as their reactions to marketing campaigns. This facilitates businesses in coming up with targeted campaigns, identify cross-sell and up-sell opportunities along with timing the product launch and messaging as per customer requirements.
HR: Business Analytics help HR to analyze data and hire skilled professionals who contributes to organization’s growth, thereby saving on training as well as hiring costs.
Finance: Business Analytics helps companies to manage their finances more efficiently. Insights related to spends, incoming and outgoing transactions and revenues facilitates better resource allocations along with better decision making capabilities.
PG in Business Analytics: You must choose the college that ensures the following:
- The curriculum provides comprehensive knowledge of data warehousing, data mining, predictive & advance analytics, statistics and machine learning.
- The college must equip students with capabilities in data-based decision-making via real life case studies.
- The college must make sure that each student has access to artificial intelligence & machine learning.
Register now for the future is Business Analytics.
