The amount of data produced and consumed across the globe is growing exponentially and businesses depend on business analytics professionals to make informed decisions. Online degrees can assist in preparing graduates to meet the growing demand for business analysts in every industry.
A business can make use of its data to spot growth opportunities, as well as improving the efficiency of existing operations. By identifying areas in which the same demographic spends money the most A business can then develop products or services that appeal to these areas and increase their relationship with consumers. Business analysts gather information about consumer behavior and apply this information to improve marketing strategies.
Predicting performance changes over time, whether seasonal or annual, on a bigger scale is another key aspect of business analytics. With the proper data companies can plan for these changes and anticipate the need for additional resources, such as new marketing campaigns or more staffing during peak seasons. Business analysts can also predict how much inventory the company will require from suppliers. This helps reduce waste and boost sales.
Business analytics professionals use various software tools to perform analysis reporting, data collection and reporting. A lot of these tools can be used for free, such as Microsoft Excel, which nearly all BAs use to track requirements, store data and alter data. Other popular tools include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts for data visualization.