Business analytics is the measurement of business-related data to derive business-related insights. IT is performed using a range of techniques and skills to determine the course of action that a company wants to take. With increasing amount of data that can give companies immense knowledge about their business planning, it has become important for employees of different business verticals to have a business analytics knowledge. Many professionals realise this today and are taking up courses in business analytics to enhance their future prospects.
The organizations of today realise that there are many options available for their customers. As customers are spoilt for choice, competition in the market increases. In this clutter and chaos, only those companies survive who know what customers want and can deliver them at the right time and place. This is where business analytics comes in. Companies go through customer and industry data and find out purchase trends and behaviour patterns to plan their future actions such as product development as per customer needs, marketing campaigns targeting correct set of customers and financial planning to keep budgets for their future requirements.
Needless to say, business analysis is an important skill to have on your resume. Business analytics can help you get a better job. It can even help you in negotiating a better salary as demand for analytics professionals is on the rise. Companies are willing to pay well to analytics professionals as there is a demand that surpasses current supply. India has already proved the mettle of its skilled talent pool and many multinational corporations look to hire Indians as they have the right technical skills and can speak in English.
The role of business analytics is critical in any job role that you might have in your organization. For example, if you are a marketing professional, you will need to know analytics for insight mining from customer data. This will help you develop better marketing campaigns that will improve the company’s sales figures. If you are an HR professional, analytics may help you find out the employee satisfaction levels in your company. For a finance analyst, business analytics is critical because they need to analyze expenditures as well as the returns on business investments thoroughly. Even as a salesperson, sales analytics will assist you in determining your performance in lead closure compared to your peers.
As more and smarter devices come into existence, the amount of data around us will increase further. It will require specialist business analytics professionals who can study this data and develop strategies on the basis of the insights mined from it. There is no doubt that business analytics is a key skill to have in current times.