What gets measured, gets managed: measurement for business analytics
What is Business Analytics?
Business analytics refers to the skills, practice, and technologies which help to measure past business performance and it helps to get insights and drive business planning. Business Analytics helps to understand previous business strategies and helps to grow more.
Rahul loves statistics. He dreams to serve companies by giving new ideas on business strategies, about market requirements. But he is confused about how to do it. Suddenly one day he learns about Business Analytics and Platform Business Model Courses. He takes a course. Now he is enjoying his corporate dream. Choice of right career took him to the highest pick of Career Mountain.
Ways to connect our daily lives with Business Analytics:
- Finance: Business Analytics has become one of the most popular things in the finance sectors. Big data and Data Scientists are on high demand in business management, portfolio making, secure securities, etc.
- Marketing: if you want to become a market analyst, you have to understand what people actually want and what they do not like at all. You have to study the behaviour of the people. A business analyst knows well how to connect people. Various products are being launched every day in the market but only a few can stand among the competition and it is all about the skill of Business Analytics and business analyst.
- Manufacturing: Business Analytics help you to reach certain targets and supply chain management. What if your manager asks about the performance of a machine which is used for the last ten years? Because he has to estimate the cost of using that machine and he has to decide whether they need to buy a new one or not. Manufacturing feature of Business Analytics Courses will help a company estimating the cost of chain and inventory management.
- HR Professionals: HR Professionals can easily use Data Science and Analytics to research about the educational background of high-quality candidates, service years of the employee, etc.
Use of Platform Business Models in Business Analytics:
Platform Business Model creates value by making exchanges easy between two or more independent business groups. In order to do this, the Platform Business Model creates large and scalable networks of users and resources that can be accessed on-demand.
Facebook, Uber, Alibaba do not directly control inventory by the supply chain. Platform businesses don’t control or own means of production, rather they create the means of connection. Those platforms also target reducing transaction costs, enabling innovation, etc. Platform is not a business model; it is a technological tool.
Some popular Business Analytics Tools:
The analytics industry has seen a shift in how and ways in which analytics tools are being used. Here are the most popular tools of business analytics:
- Python: Python for Data Science has always been popular. It has been favourite of programmers for long. It is quite fast and easy to learn. It developed into a powerful analytics tool. It developed analytical and statically libraries like NumPy, SciPy, etc. R: r has become one of the most popular Business Analytics Tools in the industry. Now it can handle large data set much better than it used to do before. the total number of r packages is now over 8000. It can also integrate many Big Data
- APACHE STORM: It is a Big Data tool and choice for moving data. It works on static data. It is ideal for real-time analytics
- PIG and HIVE: Pig and Hive tools are used in the Hadoop ecosystem. It reduces the complexity of map routes. Both languages are like SQL.
Big Data analysis techniques:
The global Big Data market revenues for software and services. That is expected to increase from 42 billion to 103 billion by the year 2027. The world is now driven by data. They are being analysed in a second. Let see what techniques Big Data Scientists use to analyse Big Data. The processes are:
- A/B testing
- Data fusion and data integration
- Data mining
- Machine learning
- Natural language processing
Benefits of Business Analytics:
Statistics for Data Science is overtly claiming that there are huge profits of analyzing big data and it helps the company substantially in the log run. Big Data is everywhere and we need Big Data Analytics Tools to use Big Data according to our own use.
- Business Analytics does faster reporting, analysis and planning
- It makes better business decisions
- It improves data quality
- It improves operational efficiency
- It reduces costs
- It saves headcount
What happened to Macdonald?
Nowadays we are all acquainted with the name of MacDonald. It needs to introduction. It has become a brand with its colourful mascot and happy meal schemes. It is very popular among youngsters. It is an American chain restaurant which has now more than 2000 outlets in china. It has now made a partnership with Alipay.com. It is a third party online payment platform on data technologies. Macdonald wants to know more about china customers, businesses and ecosystems.
Salt, Software and Big Data: The story of Tata group
One of the largest business companies in India, there is no sector of business that Tata group has not waved its magical wand over. From making salt to processing Big Data, from running hotels to manufacturing cars they do everything. The new division called Tata consumer analytics division has been formed to ensure that data plays a central role in decision making. It is all about making businesses grow more, grow better with the help of Business Analytics
With you always: The State Bank of India progression with Big Data
A bank to the common man, the banker to every Indian – the State Bank of India is known for its various catchy lines. It has almost 16,333 branches and now made popular investments in data analysis, data mining, software analysis to understand the behaviour of the customers. Use of Business Analytics has been put to good so far identifying the customers who can leave State Bank of India soon or recognizing a set of valuable customers.
Data Science and Business Analytics Masters’ Programs:
- Master of Business Analytics
- Master of science and analytics
- MS in data science programs
- Master of science and information technology
- Business Analytics track
Some popular Business Analytics books:
Books are for those people who are enthusiastic to know more about a particular field. There are various Business Analytics and Data Science Certification Courses online and offline. Data Science Institutions are there where you can go to learn from experts. Some books are also there to help the beginners who are thinking to take data science and Business Analytics field
- Successful Business Intelligence: Unlock the value of Business Analytics and Big Data by Cindi Howson
- Business Intelligence Guidebook: From Data Integration to Analytics by Rick Sherman
- Business Intelligence for Dummies by Swain Scheps
- Hyper: Changing the way you think about, plan, and execute business intelligence for real results, real fast! By Georgery Steffin
Business Analytics Career:
Those who work in Business Analytics extract information from Big Data and large data sets. Data can be structured and unstructured too. These data help decision-makers to understand the past business of the company, which strategies should be taken, the current position and future performance.it needs right business platform models to present information to business leaders so that they can drive the direction of a company.
The experts need to know more about data management and descriptive statistics analysis. Data visualization is a key component of Business Analytics. This field includes business system analyst, senior data analyst and senior business analyst.
Data Science Career:
Data scientist’s job tends to develop more technical skills in the area of collecting and analyzing data. The design algorithms to collect and analyze data. While a business analyst typically focuses on finding trends in data and developing ways to improve business, data scientists tend to look more at what drives those trends. Data Scientists usually deal more in the areas of mathematics and machine learning.
Jobs in the field of Big Data and Data Science are varied and exciting. These include profiles such as data scientist, research scientist, and senior data analyst, as well as Big Data Analyst. Data Scientist’s Skills are required for the growth of the companies.
Future of Business Analytics:
Business Analytics has the ability to contemplate a huge amount of Big Data. They work on making Platform Business Models. You are required to have skills on quantitative ability, tools to understand available big data, data mining, etc. It is widely used in credit card companies, e-commerce, telecommunication, customer relationship management, inventory management, market analysis, etc. Business analyst’s role offers a lucrative salary and job security. Nowadays every IT sector is experiencing the footsteps of automation. Becoming a business analyst will help you get acquainted more with markets; it needs effective communication skills, domain knowledge, hands-on experience in Business Analytics Tools and techniques and proper communication, etc.
Thus if you think you are going to take this career, you have to know more about the field, whether it will suit you or not and how to go through the practical experience of making real-time solutions for the problems of business analytics.