Data volume is increasing exponentially all over the world. Companies rely on professionals in business analytics to take data-driven decisions. As the demand for business analysts increases online degrees can prepare graduates for the increasing demand in industries across the economy.
In addition to improving efficiency of existing operations, a business can make use of its data to discover new growth next page opportunities. For example, by identifying the areas where a particular demographic spends their money most often, a business could create products or services that attract those regions and improve the relationship between the brand and consumer. Business analysts collect data on consumer behavior and apply it to improve marketing strategies.
Predicting changes in performance over time regardless of whether it’s seasonal or on a larger scale, is another crucial aspect of business analytics. With the right data companies can plan for these changes and anticipate the need for more resources, for example, new marketing campaigns or more personnel during peak times. Business analysts can also forecast how much inventory a company will require from its suppliers. This reduces the amount of waste and increase sales.
Business analytics professionals utilize various software tools for analysis reports, data collection, and reporting. A majority of these tools are available for free, including popular programs like Microsoft Excel, which is extensively used by BAs to track requirements management as well as data storage and manipulation. Other popular tools include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts for data visualization.
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