Dec 1, 2019

What is Business Analytics

What is Business Analytics

This post includes the following topics.
  1. What is Business Analytics
  2. What is the Role of Business Analytics 
  3. How to Become a Business Analyst
  4. Tools required to become a Business Analyst
  5. Business Analytics Salary

What is Business Analytics
Business Analytics source- Freepik

Analytics have been introduced in the late 90s this is the time when numerous management exercises are practiced, MR Henry Ford used Analytics to understand the time taken by each component in his assembly line. But analytics become famous in the 1960s because of the introduction of computers and many organizations uses the ERP(Enterprise Resource Planning) system, data warehousing software, and other tools. 
What is Business analytics
What is Business Analytics

Now, this is the time when Business Analytics comes into the picture. The introduction of computers takes Analytics on a whole new level and has brought about endless possibilities.
"Warm Welcome to All of You, the objective of writing this blog is to make you understand All about data science as Business Analytics (BA) an integral part of Data Science"


all the concept here in this blog are written not in heavy textbook type manner, my intention is that you should enjoy when you learn.

1)What is Business Analytics

It is a process of Collecting, Sorting, Analyzing the Organization's quantitative data for better decision making. the objective of the Business Analyst is to understand the depth of data and use it accordingly for the improvement in efficiency, productivity, profit, sells and problem-solving. Business Analytics focuses on developing new insights and understanding of business performance based on data and statistics.

Business Analytics have to answers questions like,
  • Why is this happening?
  • What if these trends continue?
  • What will happen in the future (predictions)?
  • What should be the outcome after using different tricks and techniques?

"in simple language business analyst's goal is to collect the raw data and convert it into useful data and analyze it and take appropriate business decisions."


2) What is the Role of Business Analyst

Lets now understand the Business analyst role in a very simple way,

Assume you have a company which makes mobile phones, You want to understand the future requirements of the customers for your mobile brand? what could be your next move? Which technology will come in the trend? etc.

So, the role of the Business analyst in that company is to gather the raw data from various resources so in which form data can be available? To answer this question we have various answers,

  • Youtube video reviews from YouTubers and comments in those videos will give you the feedback.
  • Social media gives you the number of images and videos which can help you to understand people's preference.
  • Data can be anything image, video, audio, infographics, tables, etc.
As a Business analyst, you have to gather this raw data and convert it into useful insight and by doing this you have to create a model that can help your company to predict the estimated sales results.

You have to perform tasks like
  1. Creating a dashboards
  2. Preliminary data Reports
  3. Reporting with Visuals
  4. Sales forecasting
  5. Data mining
  6. Data gathering from a client
And to performs these tasks, Busines analyst has to use a certain number of tools that are covered in point number 4 of this post.




3) How to Become a Business Analyst or Analytics

To become a business analyst you can opt for a graduate degree in data science, post-graduation in MBA as a specialization in Business Analytics, you can also pursue these courses online from 365 data science which is the best platform according to me right now for starting.

For Experience in IT, it's easy to become a Business Analyst. Most of the MNC's preferred Business analysts with prior experience in the relevant filed.

For a software developer, it is easy to become a Business Analyst in the same company with a sound knowledge of programming and software testing.

4)Tools Required to become BA

Tableau

This is the data visualization tool required in the BA filed, By using this tool you can create an amazing dashboard that helps the non-technical person to understand the insights of data.

If you are a student you can download the Tableau desktop for a year free of cost.

Tableau Dashboard
Tableau dashboard
As you can see from the above image the data shows the population birth Rate 2012 in a very useful Graphical dashboard this is the power of Tableau, Tableau can convert tables into Visuals


 "Tableau can convert tables into Visuals so that everyone can easily understand the insight of the data"


SQL or MySQL


SQL and MySQL are the databases,  it is a must for any BA to know about the DataBase to store the data, manipulate data, scattered the data from the database.

Remember, the database might contain huge data which is termed as Big Data, to efficiently handle that data which consist of millions of row and characters the BA must know how to use Database.


Python Programming language

This is the most popular language for statistical analysis of data hence this is MUST known language for BA, Python has tremendous ability and its on of the easiest programming language to learn we can use python along with SQL and Tableau.

This is also one of the most important Tool for Business Analysts.

Other Tools for Business Analyst are,
  • R Programming Language
  • Microsoft Excel
  • Deep learning
  • Artificial intelligence
  • Machine learning

5) What is Business Analytics Salary

As per the Google trends, you can see the graph of Business Analytics for the past 5 year data of worldwide is going upward, which gives us a clue about the popularity of this topic. this topic is most popular in USA, CA, UK and INDIA.
Google trends Graph for Business Analytics
Google Trend report

Now lets Discuss About the Salary of Business Analyst or Business Analytics Graduate in different countries and geographical regions
  • INDIA - Average is 6.5 Lakhs Rupees
  • The USA  - Average is $78,734  Dollars
  • CAN- Average is $97,795 Canadian Dollars

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