Introduction To Business Analytics
Statistics: The fundamental of Analytics:
Data analytics is based on the statistics. In ancient era, Egypt has used statistics to build pyramids. The references are there where Governments worldwide have used statistics based on censuses, for a variety of planning activities, including taxation. In 19th century when computers took over the industry and computing technology took over the decision making process of the company, data analytics achieved dramatic growth.
Business Analytics: Study of Analysis of Data for Business.
Any operations related to data starts with “data gathering” and ends up “with data analysis”. Study of methods of Data analysis is known as Data Analytics. On broad way, when someone wants to use this study of analysis of data for the betterment of their business or company it is called as Business Analytics. It can be also defined as use of Data, different IT components and conceptual use of knowledge of data analysis for resolving various business problems. Traditional Data Analytics techniques faces restrictions in Big Data Analytics. Reason behind the same is unstructured data from the Big Data and size of data. On the other hand research and application of different modelling techniques made result obtained by Big Data Analytics more informative than that of traditional Business Analytics. The extension followed with development of machine learning models in resolution of business problems is called as data science.
“It’s important to leverage data the same way, whether it’s a strategic or tactical issue: Have a vision for what you are trying to do. Use data to validate and help you navigate that vision, and map it down into small enough pieces where you can begin to execute in a data-informed way. Don’t let shallow analysis of data that happens to be cheap/easy/fast to collect nudge you off-course in your entrepreneurial pursuits.”
Andrew Chen, Head of Rider Growth at Uber
Can I be Business Analyst?
Business analytics is applicable in various domains. There is no restriction on who should learn business analytics. Anybody who is passionate about betterment of his own business or looking for the better job opportunities can make fabulous carrier in business analytics. Though analytics itself is complicated in nature, business analytics is not restricted to IT, Commerce or Engineering but open to all who has a passion towards learning it and providing a valuable insights to business and overall company growth.
“Data will talk to you if you are willing to listen.”
Division Vice President, Customer Engagement at BI WORLDWIDE
Nature of work of Business Analyst:
“Data speaks,” the only things which is needed is eyes to identify the patterns in data and ears to hear the information from the patterns. One has gained these skills may change the business scenario as drastically as no single gut feeling of any well –wisher of company can do.
Business analyst is a person who can not only play with data bases but also should be able manage the databases and identify data patterns from it. Gathered valuable information from data patterns is used to provide business insights.
The theory and application of Business Analytics to business came from western countries to India. Most of the western countries take decisions based on analytics. Scenario is different in India. Most of the business decisions are based on gut feelings of the entrepreneur or businessman. This scenarios can be changed by creating an interest in Business Analytics at undergraduate level. Many Engineering, IT colleges and even B-Schools have started grooming their students in the domain of Business Analytics. Sad side of it is most of the universities and colleges are restricted to the designed curriculum. This restriction to the curriculum stops overall grooming of students in this most stable field of Business Analytics.
“Tracking marketing is a cultural thing. Either tracking matters or it doesn’t. You’re in one camp or the other. Either you’re analytical and data-driven, or you go by what you think works. People who go by gut are wrong.”
Stuart McDonald, CMO at Freshbooks,
It’s a time to be a part of change. Many companies are changing their traditional business approach are you skilled enough to shake hand with them?For more updates and details stay tuned and please visit www.skillville.in