The rapid pace, at which the world is evolving, has pushed Business Analytics at the centre stage. But what is Business Analytics?
Business Analytics is a professional discipline that allows businesses to utilize computer programming, statistical methods and data analytics to analyze data to gain insights and make data-driven strategic decisions. The objective being, running of the organization efficiently by making informed decisions, optimizing operations, increasing revenues, productivity and improving customer relationships along with introduction of new technology.
The role of Business Analyst is dynamic and keeps on evolving basis the way businesses are run. It involves analyzing problems, suggesting solutions and helping organizations in not only setting objectives but also meeting them besides devising optimization techniques for enhanced business performance.
Skills required:
- He must knowledge as well as experience in use of tools like SQL, Excel, Python/R, Metabase and Tableau etc. needed to conduct analysis.
- He must be capable of building financial models, so as to link products to business results.
- He must be open to perform multiple roles-customer facing roles, marketing, support sales and Business Development
- He must be excellent in business metrics including setting up objectives, key performance Indicators & benchmarks.
- Excellent in communication, networking and presentation skills
Scope of Business analytics program:
- The market value of analytics industry touched USD 1 billion, displaying a considerable hike of 34.5% on a year on year basis in 2022.
- Analytics industry, by 2027, is expected to grow at a CAGR of 26.9% and touch $201.0
- US contribution in India’s total share for outsourced analytics market is 7% in the year 2022.
Besides this, Business Analytics is essential across functions and can be showcased as follows:
- Customer/Client Relationship Management: For a business operation to succeed, quality consumer experience and service is the one of the main as well as most essential factor. Business analytics program facilitates accurate monitoring as well as quantifying of factors that contribute in customer gratification as well as their satisfaction. Organizations gain insights into consumer purchasing patterns including their likes and dislikes and then accordingly personalize their product and services so as to ensure retention as well as their loyalty.
- Inventory Management: Business Intelligence tools can help organisations in optimizing supply chain processes to efficiently manage inventory, thereby reducing overheads. Analytics will assist businesses in gaining insights about purchasing patterns including an understanding of kind of products that are in demand, seasonality of demand along with the frequency of purchase. This understanding will then allow organizations to strategically and efficiently plan supply chain operations, rationalize production, optimize inventory, and reduce cost, while increasing revenue & profits.
- Marketing & Sales: Understanding of consumers, their psychographics, demographics, motivations, income levels, buying behaviour, market conditions, demand trends and reactions to campaigns etc. along with identifying of ways to utilize such information is made possible with Business analytics program. The insights gained will facilitate in classifying cross-sell and up-sell opportunities, designing of targeted campaigns along with timing for launch of such campaigns.
- HR: HR utilizes Business Analytics program to analyze the candidate, his background, his skills, functioning, contribution to the company objectives & growth etc., thereby hire only skilled professionals and save on training along with hiring costs.
- Finance:Business Analytics Program is a boon when it comes to finance department, for it facilitate businesses to rationalize their spends, allocate funds and manage their finances efficiently. This will allow better and informed decision making capabilities.
