Why Learn Business Analytics?

Business Analytics involves collecting and processing business data, then applying a range of iterative methodologies and statistical models so that these findings can be translated into actionable business insights. Have you ever explored all of the things business analytics can do? This versatile skillset allows organizations to better understand their customers’ needs. It can also help spot inefficiencies in workflow, as well as anticipate and prepare for future business fluctuations. Here, you’ll learn more about the types of careers that benefit from business analytics and how it can enhance your professional life. Regardless of your overall goals, learning business analytics is a valuable and impressive skill to add to your resume. 

What is Business Analytics?

Business Analytics is a group of technologies and disciplines, such as quantitative methods, statistical models, and data analysis, which are used to solve business problems. It relies on iteratively and methodologically exploring an organization’s data using statistical analysis techniques to make better, data-driven decisions. This involves a practical application of statistical analysis geared toward uncovering actionable recommendations.

Many companies view their data as a business asset and continue to explore ways to use it for a competitive advantage. To be successful with business analytics, an organization must have good quality data, as well as Business Analysts who not only understands the business but also the technologies needed to transform its data into insights. Business Analysts seek to draw concrete conclusions about a company by finding answers to questions such as why certain events happened, what is expected to occur in the future, and what actions can be done in the present.

Most business analytics tasks are descriptive, predictive, or prescriptive. Descriptive analytics involves analyzing historical data to discover how an organization could respond to specific variables. Predictive analytics examines historical data to predict the likelihood of specific future outcomes. Prescriptive analytics is a combination of descriptive and predictive analyses; it involves formulating a process with which users can anticipate what is expected to happen, when it will occur, and why it will transpire. Business Analysts rely on tools and skills such as data mining, association and sequence identification, text mining, data aggregation, forecasting, optimization, and data visualization to gather and present these data-driven insights.

Read more about what business analytics is and why you should learn it.

What Can You Do with Business Analytics?

Business analytics is one of the most versatile skill sets you can bring to the professional arena. All businesses, from small startups to multinational companies, seek those with a background in business analytics who can work with data to solve complicated problems, devise useful business strategies, and clearly communicate with stakeholders. Most Business Analysts have a background working with technology and programming languages like C++ and Java, as well as various databases and testing methods. These individuals typically possess technical and business skills, making them high-demand among recruiters and employers. 

Business Analysts are typically good problem solvers. They can analyze problems and apply critical thinking to propose innovative solutions that consider variables such as market trends. These individuals also tend to have an analytical mindset, which allows them to apply statistical models to analyze large datasets. Their analytic skills help Business Analysts perform tasks like understanding consumer buying decisions and behaviors and using this information to formulate a marketing strategy.

Business Analysts are usually expert communicators. They can clearly communicate their data findings and present these insights to different teams on both the business and technical sides. This often requires adapting their communication style to best reach different audiences. These individuals also possess time-management skills to balance multiple project deadlines and perform under pressure.

Common Professional Uses for Business Analytics

If you’re considering pursuing a career in business analytics, the good news is that the skills needed to do so have applications in various industries and professions. Various business analytics careers are currently available for those at different points in their career. Senior Data Analysts are involved with collecting and sorting data, then communicating insights to business partners. Project Managers who specialize in data analysis are involved with overseeing a project from start to finish. This process involves ensuring all team members are progressing at a pace to meet deadlines and that deliverables will be completed as expected. Principle Data Analysts also work with business analytics skills, such as designing intricate data systems, gathering information about their organization’s business needs, and working with their organization to reach its goals.

Another career path for those with a business analytics background is Operations Research Analyst. These professionals work with complex analytical and mathematical methods to solve organizational issues. Computer Systems Analysts also apply business analytics skills, though they do so in the context of computer systems. These individuals review an organization’s computer system to spot areas where its efficiency and effectiveness can be improved. These individuals can expect a yearly salary of $99,000. Analytics Managers are the ones who set the standard for their teams’ data collection strategies. They also monitor risk potential, performance metrics, and other components of data collection. Analytics Managers also apply statistical analysis to datasets and create reports designed to clearly communicate their data findings.

Business Analytics Can Increase an Organization’s Revenue

Organizations that adopt data analytics initiatives tend to benefit financially from these efforts. Companies that invest in gathering insights from big data can see drastic improvements in investment profit, among other measures. In addition, businesses that have quantified the gains they received from data analysis experience a significant reduction in costs accompanying a revenue increase. If you want to learn more about how to apply business analytics techniques to improve your organization’s efficiency, Noble Desktop’s Business Analyst Certificate can provide hands-on training in SQL, Excel, PowerPoint, and Tableau to help you grow professionally.

It Allows Companies to Make an Impact

The data analytics process not only offers an understanding of how a specific business operates, but it also contextualizes this information and provides a larger picture of how this organization performs within its industry. The clarity gained analyzing data can provide valuable insights into where a company stands within an industry, as well as within a particular niche. This helps policymakers devise strategies that will help it perform better in the future. Working with data can also help give an organization an edge over competitors.

It Improves Operational Efficiency

Not only is business analytics helpful for providing insights that can improve an organization’s financial standing, but it also has applications for fine-tuning its daily operations. An increasing number of firms now work with predictive analytics to anticipate operational issues and the need for maintenance before they can escalate into more significant problems. 

One example of using business analytics to anticipate operational issues is the case of a Mobile Network Operator. With the help of business analytics tools, they can leverage available data to anticipate network outages up to a week before they occur. This information is invaluable in that it helps their organization prevent outages by doing a better job of timing maintenance. This reduces operational costs and helps the organization perform smoothly.

Business Analytics Helps with Decision-Making

When approaching an important organizational decision, business analytics is a useful resource. With the help of prescriptive analytics techniques, Uber was able to upgrade its Customer Obsession Ticket Assistant in 2018. This tool uses natural language processing and machine learning to help agents report tickets faster and more accurately. Prescriptive analytics helped Uber decide if the new version would be more effective than the initial product iteration. Uber then applied A/B testing, comparing the outcomes of two separate choices to decide that the updated version was faster, more accurate, and more appreciated by customers than the original. This process saved Uber millions of dollars.

How to Start Learning Business Analytics

A variety of learning options are available in both the in-person and online formats for those interested in studying business analytics. In-person Business Analytics classes provide learners with access to a computer lab with the most up-to-date software and allow them to connect with others in their field. These courses are taught by expert instructors who bring real-world experience to their lessons. Participants in in-person business analytics classes can ask questions as they arise and receive immediate feedback on their work in this engaging, interactive learning environment.

You can search for in-person business analytics classes close to home to locate learning options nearby.

Live online business analytics courses are also offered by Noble Desktop and other educational providers. Just like in-person study, these courses are taught in real-time, which means you can ask questions and receive immediate guidance. Because you can complete all coursework remotely, there’s no need to travel to and from campus for regularly scheduled class meetings or pay to park. Although both in-person and live online business analytics classes may require taking off work to attend regularly scheduled meetings, they provide an engaging, hands-on way to learn more about working with big data.

If you’re new to business analytics and aren’t ready to dive into a full course, self-paced business analytics classes are a great starting point. These courses provide pre-recorded content, which means they can be watched and rewatched as often as you want, as well as paused and rewound to facilitate note-taking. They can be watched at any time of the day, any day of the week, from any location, which makes them a good beginning point in business analytics study for those who have busy work schedules and are trying to balance their studies with other commitments. Since Business Analysts often work with Microsoft Excel for data-related tasks, you may want to explore Noble Desktop’s free Excel class Top 10 Beginner Tricks You Need to Know. This hour-long video provides content on fundamental Excel tasks, such as working with charts, autofill, screenshots, pasting, and data validation. Noble also offers free learning resources on Excel and data analytics. 

Read the full guide on how to learn business analytics.

Learn Business Analytics with Hands-on Training at Noble Desktop

If you want to study business analytics, Noble Desktop offers several excellent classes to prepare you to work as a Business Analyst. Noble’s Business Analyst Certificate is available in both the in-person and live online format. Participants in this hands-on course learn how to work with tools such as Tableau, SQL, PowerPoint, and Excel to analyze and visualize data. All participants receive live, project-based instruction from industry experts and can retake the course for up to one year to revisit the material.

For those who want to learn more about working with big data, Noble also has an in-person and live online Data Analytics Certificate. All participants receive one-on-one mentoring with tuition. This course is available in the full-time format that spans six weeks, as well as the part-time format of 24 weeks of evening classes. This project-based course covers core data analytics concepts and skills like collecting, wrangling, analyzing, and visualizing data. In addition, participants prepare for a career in business analytics or data analytics by reviewing case studies that incorporate both predictive and prescriptive analytics.

Those interested in comparing learning options can also browse Noble’s in-person and live online data analytics and data science classes to find the perfect class.

Key Insights

• Business Analytics is the process of gathering, cleaning, and analyzing business data so that important trends and insights can be uncovered. These findings are then shared with decision-makers so that they can make better financial decisions for their organization.
• Business analytics has a range of uses across industries. It helps organizations make more informed decisions, can improve operational efficiency, and it can help an organization increase revenue.
• Those who want to study business analytics can choose from a variety of learning options, such as in-person study, live online coursework, or self-paced tutorials and videos.
• Comprehensive business analytics training is available through an in-person or live online course with Noble Desktop.