The amount of data produced and consumed globally is growing exponentially and businesses depend on professionals in business analytics to make data-driven decisions. Online degrees can assist in preparing graduates to meet the growing demand for business analysts across all sectors.
A business can make use of its data to discover growth opportunities, as well as improving the efficiency of current operations. By identifying the regions where a particular demographic spends money the most, a business could create products or services that are appealing to these areas and increase the relationship with their customers. Business analysts also gather data on trends in consumer behavior and use this data to help businesses improve their marketing strategies.
Predicting changes in performance over time whether it is seasonal or on a more general scale, is a crucial aspect of business analytics. With the right data companies can plan for these changes and anticipate the need for additional resources, like new marketing campaigns or more staff during peak seasons. Business analysts can also forecast the amount of inventory that a company will need to order from suppliers, which aids to reduce the waste in warehouses while also maximizing sales.
Business analytics professionals use various software tools for analysis and reporting. Many of these tools can be used at no cost, including Microsoft Excel, which nearly all BAs use to track requirements, keep track of data, and manipulate data. Other popular tools include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts for data visualization.
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