What is The Meaning of Business Analytics?March 5, 2018
What is the meaning of business analytics? According to the definition of business analytics, it means, “The study of data through the statistical and operations analysis, the formation of optimization techniques and the communication of these results to customers, business partners, and college executives.”
In technical terms, business analytics is supposedly a quantifying mechanism, which works with big data and performs various functions of business modelling and decision making for furthering the business prospects of various companies. Big data basically refers to a huge volume of data, meaning information which could be both in a raw format or a proper structured format. This is also known as unstructured data and structured data in the business analytics jargon.
This information that is available on such a massive scale to companies, is usually used by them by the method of analysing of the same. When firms analyse this information, they are basically making use of business analytics to do so. This way once the process of analysis is done, the companies are able to get the proper insights that are required for them in order to take more effective business decisions and strategize in terms of their future endeavours.
More and more companies have begun to make use of business analytics, in order to make data-driven decisions these days. As the process of business analytics is actually able to mine this data, process it and derive the proper kind of insights, which then help the companies in achieving the much sought after competitive edge over their contemporaries. This is the reason why more and more firms and professionals today are getting attracted to the process of Business Analytics or as it is popularly known BA.
Business Analytics gains importance. It is business analytics that makes it possible for the organisations to connect to their data, and use it effectively to identify new opportunities.
Which further leads to a better business environment, where you can make informed decisions, create an efficient operations environment, gain higher profits, and acquire happy customers.
Companies using Big Data Analytics gain value by…….
Cost Reduction, Cloud-Based Analytics, Hadoop, and similar technologies can not only bring down the cost of storing large amounts of data but at the same time they can bring about more ways of doing business.
Quicker Decision making, with the availability of in-memory analytics, and to add to that the ability to analyse the new sources of data, businesses can analyse real-time data, and make immediate decisions based on what they have learnt.
Segmented Products and Services, the power of analytics is that it can gauge customer needs so that organisations can create product catering to specific needs of the said customers.
The only pitfall that organisations applying big data analytics initiatives need to be alert on, is the lack of internal analytics skills and the high cost of hiring experienced data scientist and data engineers to bridge the gap. If you are a fresher looking at career opportunities, with interest in data analytics, then getting yourself trained in techniques of Big Data Analytics, will be a fantastic career choice.
For companies, in particular, this field offers a host of benefits in terms of conducting various procedures such as data mining, completion of statistical and quantitative analysis in order to discern how results actually are achieved. Business analytics even helps companies by testing all of the previous decisions by using multi-dimensional testing methods as well as predictive modelling and predictive analysis in order to forecast future results.
It is this very field of operations which provides firms with the support that they need in order to make the most proactive and tactical decisions and also to make their decision making processes automated, in order to enable them to support all the real-time responses.
Another concept which is quite similar to business analytics is business intelligence. Here it refers to only and only the process of collection of data from all of the sources that are available and only preparing it for Business Analytics. This includes automating and monitoring of all the sources basically for the main purpose of analysing them and then being able to provide proper results and insights for the same.
Today as the presence of data in our world becomes quite strong enough, there are a number of professionals who actually go get certified in business analytics from many esteemed institutes like Imarticus Learning in order to enter this field.