Significance of Business Analytics

Significance of Business Analytics

Business Analytics (BA) is the combination of technologies, skills, processes and applications used by the organizations to gain insight into their businesses based on the data and statistics to derive business planning. Business Analytics is used to evaluate organizational operations. Business Analytics can be implemented in any department from product development to sales to customer service. Data-driven companies treat their data as a corporate asset and leverage it for competitive advantage. Successful Business Analytics depends on skilled analysts and quality data. Skilled analysts comprehend the business, complex technologies and organizational commitment to data-driven decision making. There are numerous institutes which provide programs or courses on Business Analytics. Jigsaw Academy, Gits Academy, Analytix Labs, Ivy Professional School, NIVT are few of them.

Examples of Business Analytics are following:

  • Statistical analysis and Quantitative analysis –They explain why a certain result has occurred.
  • Predictive modelling and Predictive analytics – They forecast the future results.
  • A/B testing and Multivariate testing – They experiment to test previous decisions.
  • Data mining – It explores data to find new patterns and relationships.

Business Analytics solutions typically use statistical and fact-baseddata and quantitative analysis to measure the past performance of the organization so that future planning can be done accordingly. Basically, business analytics refers to all the techniques and methods that are used by an organization to measure performance. Business analytics are performed in order to identify weaknesses in existing processes and highlight meaningful data that will help an organization prepare for future growth and challenges.

There are various advantages associated with the Business Analytics. By using BA tools, meaning can be found in data which results in a business improving its business intelligence.BA mostly focuses on creating novel insights and understanding business performance. Business Analytics create an environment which is receptive to innovation. There are specific applications of Business analytics, namely, critical product services, up-selling opportunities, competitive price insights, improved customer service and simplified inventory management.

Gits Academy Bangalore provides training and education in Business analytics. It renders training to the employees of the firms so that they can prove to be assets for the organizations.