Believe it or not, aspiring data analysis experts are searching for Business Analytics Examples. The main reason for their interest to get into business Analytics (BA) is the myriad of opportunities it creates. Any person with an intention to learn more about the course must educate themselves about the basics and important aspects of it. A lack of understanding about the scope for professional and personal growth can create confusion in the minds of potential employees. This is why a brief description and information related to the course are shared below.
What is and Why Business Analytics is Important?
An approach that involves the use of statistical models, data analysis, and related quantitative methods to resolve business problems is referred to as Business Analytics. A range of technologies and disciplines are derived from certain quantitative methods to assist businessmen in fixing problems in their businesses.
You can learn more with the explained Business Analytics Examples. Decision-making determines the success of an entity which is why regular consideration of an organization’s data using statistical analysis is carried out to help employers make and execute appropriate plans for business growth.
Data is an asset for companies solely dependent on information. They try to transform their data into an advantageous property which is why they are in constant search for possible solutions. Though business analytics is widely implemented in several organizations, its success rate is dependent on the skill set and knowledge of the hired analysts.
This is a fact because a lack of understanding of businesses and technologies will result in poor or no results for the entities. After all, commitment to continuous learning and identifying different solutions for fixing problems keeps the business going.
How is Business Analytics Classified?
Business analytics is subdivided into four categories based on their application and purpose. Here is a brief description of all.
● Descriptive Analytics: This kind of business analytics deals with the extraction of data from various sources to share insights into history. In simple words, it will give you an opportunity to realize the impact of your past decisions. These insights can tell the decision maker if something is right or not but without proper evidence.
This is why it is used when combined with other types of BA. Data mining and aggregation are important procedures in descriptive analytics. It can assist the analyst to identify only underlying behavior and doesn’t help in making predictions.
● Diagnostic Analytics: This sort of BA is utilized to find out reasons for the occurrence of an event in the past. It involves the implementation of techniques such as data discovery, drill-down, correlations, and data mining. You can get a glimpse of events and elements that led to a particular result. The analysis is done by the utilization of likelihoods, and probabilities, along with the distribution of results.
● Predictive Analytics: Business analysts can predict future outcomes using predictive analysis. It is an important tool for forecasting because it considers discoveries of diagnostic and descriptive analysis to distinguish exceptional cases and groups and estimate future patterns.
Sentiment analysis is one primary application of predictive analysis. Opinions of online media users are collected to analyze and forecast the views on a particular topic as negative, positive, or neutral. Precise predictions can be obtained as the predictive analysis comprises validating and designing models.
● Prescriptive Analysis: It is a statistical method with the scope to analyze a predefined game plan and recommend favorable outcomes. It will suggest a different course of action to drive a specific result if the existing plan is found to be an ineffective one. A strong feedback system is installed in this method to continuously learn and update the link between outcomes and actions.
Emerging tools and technologies are employed in the analysis method like Deep Learning, Artificial Intelligence algorithms, and Machine Learning. Internal and external data are taken into account to trigger favorable outcomes.
How Does Business Analytics Support Companies in Decision-making?
A number of foundational processes are involved in BA. Below are steps considered by an organization before choosing one method for data analysis.
● Determination of the business goal
● Selection of an analysis methodology
● Collection of business data from a range of sources and systems.
● Separation and integration of data into a data mart or a data warehouse.
Like any task, the process begins with smaller steps; A small sample of data is used for the initial analysis. Analytical tools are used for the same. Some employees use spreadsheets to have statistical functions. Whereas a few pick complex predictive modeling or data mining applications.
Relationships and patterns existing in the chosen data are identified. This step is then followed by raising questions to determine reasons for unmet business goals. This step will be repeated until the business goal is achieved.
Scoring, a statistical process, is used for the deployment of predictive models. The records from the available database are utilized for the effective action of chosen models. Decisions within the business processes and applications are made with the help of scores.
Business Analytics assists enterprises to make tactical decisions against unfortunate events. In most cases, automated artificial intelligence is employed to promote decision-making to assist real-time responses.
How is Business Analytics Applied in Organizations? – Best Business Analytics Examples
The stream of analysis has various purposes in different processes of a company. This is why many companies dwell on this method to achieve increased profits. Most organizations apply business analytics to sales, marketing strategies, predictive analysis, and financial efficiency. The application of this stream can be clearly understood with the help of Business Analytics Examples which is why a few illustrations are shared for your understanding.
● Growing sales
● Developing marketing strategies
● Using predictive analysis
● Improving financial efficiency
● Increasing productivity
Growing sales: An online retail entity witnessed a decrease in its sales and identified that it was not able to level up despite a number of efforts. Then it used some of the tools of BA methodologies and incorporated them into a sales dashboard.
The application of business analytics shed a light on incompetent usage of data to drive sales. This led the retailer to make necessary changes in sales strategy based on the available data and enjoy an increase in sales by 24 percent.
Developing marketing strategies: An owner of a successful clothing store experienced a decline in customer purchases. He then installed a customized retail dashboard as per the demographic information about the target and current clients. The new action led to the identification of areas with strong sales numbers and scope for improvement.
The retailer differentiated the segment buyers based on relevant factors and tailored marketing strategies for each group. The dealer utilized internal data to interpret the purchase decisions of customers and grew his customer base.
Using predictive analysis: This is one of the best Business Analytics Examples to help you understand the impact of BA in a business. A gym team observed an increase in the cancellation of memberships. They implemented the predictive analysis method to find out the reasons for membership cancellations.
They utilized the historical data and added incentives to the membership fees to retain customers. The installed system sent alerts to the staff whenever it predicted cancellations as a reminder to share details about incentives and thereby increase the count of loyal customers.
Improving financial efficiency: One of the successfully running disease diagnostic brands witnessed a low percentage of collections, increased account receivables, and claim denials after a period. The company opted for Business Analytics the determination of possible causes for declining business.
The installed software used for intuitive online reporting helped the entity to use account-based metrics and increase engagement with the targeted audience and found out the reasons for excessive claim denials. Thanks to business analytics as it paved the way for fixing financial problems linked to denial claims.
Increasing productivity: A food company wanted to streamline commercial operations and boost its productivity. The entity availed the dashboard facility to help it identify its customer’s life cycles. This step facilitated the company to produce data to streamline marketing campaigns and sales activities which ultimately resulted in boosting its productivity.
Hope these Business Analytics Examples helped you link types of BA and their applications in the various industries.
How Can an Individual Learn Business Analytics?
This is a brainer; several established institutes offer a range of online courses for the career upliftment of students. The course structure offered by an online company typically includes
● Weekly online live masterclasses
● Interactive doubt-clearing sessions
● Exposure to real-life projects
● Placement opportunity
● Certification of completion
The duration of the business analytics crash course is usually 6 months when availed from an internet-based entity whereas a traditional institute will teach you the basics within 2 years. Institutes offering a 6-month course will also give you exposure to Business Analytics Examples which are nothing but real-life projects along with placement assistance.
Some students back off from availing of coaching due to the display of a high course fee on the college’s website. It is important for such budding analysts to understand that a few training institutes offer discounts to the majority of learners and let them benefit from them.
The fee structure varies from educational entity to entity. You can choose a program as per your career goals. Some prefer executive post-graduate programs, professional certificate programs, Master of science in business Analytics, global master certification in business Analytics, and Business analytics certification programs.
What is Covered Under Business Analyst Certification?
The syllabus includes a range of topics to assist the learner to become proficient in the subject. A seed of fear can get buried in the students’ minds on understanding the shared Business Analytics Examples.
But the delivery of assigned tasks to a fresh business analyst is easy as most institutes cover important required languages and methods in the syllabus; some of the commonly included areas are descriptive statistics, inferential statistics, estimation of hypothesis testing, Regression, playing with data, ANOVA, Component analysis and factor analysis, data mining, classification algorithm-decision trees, Classification algorithm-discriminant Analysis, Neural works, Linear and nonlinear regression, Model comparison and required improvement, Python for data science, Numpy libraries and array, and Pandas libraries and data frame.
Check here for the best Business Analytics Courses in Bangalore
What Are the Career Opportunities for People With a Business Analytics Degree?
As mentioned earlier, degree holders are keen on finding Business Analytics Examples to make the best career decision and learn about the scope of job vacancies. What makes an individual choose a professional field with no growth?
The only reason could be to waste money, time, and effort because a course with no market value is just trash. Business Analytics is that topic that will lay the foundation for human beings with big dreams. Below is a list of positions that serve as Business Analytics Examples for career prospects.
● Business Analyst
● Data Analyst
● HR Analyst
● Financial Analyst
● Data scientist
An entity that is hired for the improvement of a company’s products, processes, systems, and services is a business analyst. They are required to find out areas with the scope for improvement and consider financially and technologically feasible options. Strong research faculties are essential to improve the weak spots.
They should coordinate with many departments which is why strong communication skills are mandatory. business analysts work in unison with financial and IT reporting teams. This role can be fruitful to those who aspire to work in different industries such as education, finance, E-commerce, agriculture, logistics, and banking.
A professional with expertise in business analytics can assist in the acquisition and retention of customers. You can refer to one of the above-explained Business Analytics Examples that speaks about predictive analysis for the retention of customers in a gym.
Companies hire business analysts and pay an annual average of 7.0 LPA. That being said, a fresher may begin their professional life with a package of 3.0 lakhs per annum and eventually gain experience to earn 15.0 lakhs per annum.
An individual with an experience of 1-2 years earns around INR 5.0 lakhs per annum while those with a minimum of 5 years of work experience can make INR 9.2 lakhs per annum. Senior business analysts in a company with more than 11 years of experience earn INR 12.4 lakhs per annum on average.
If you love conducting surveys to collect information, you are the right fit for this opportunity. A data analyst’s roles and responsibilities revolve around information related to certain topics. The professional will be responsible for the presentation of the data in a simple understandable manner.
The hired employees are directed to use technologies like SQL, Microsoft Access, Microsoft Excel, and other kinds of technologies. Reporting, data management, and statistical analysis for the effective completion of the assigned tasks.
A data analyst is expected to perform the below tasks as part of their responsibilities.
● Collection of data
● Analysis of data
● Usage of statistical techniques and methods
● Generation of reports
● Identification of trends or patterns in the provided information
● Database management
Having knowledge about SQL, data management, MATLAB, data cleaning, R, Python, data visualization, Linear Algebra, and Calculus can open doors for more career progress in the industry. All organizations rely on data analysis to attain success.
Employees allocated to deal with data are required to gather information from secondary or primary sources to promote a faster, more accurate, and more efficient decision-making process. You can relate this information to the ‘growing sales’ section mentioned under the category Business Analytics Examples.
A data analyst works with an average annual salary package of 4.3 LPA. The salary ranges from 1.8 lakhs per annum to 11.7 lakhs per annum. However, you must keep a fact in mind i.e., earning capacity of an individual varies from person to person based on their location, upskilling level, skill sets, experience, and other factors.
If you manage to complete a minimum of 4 years in a company as a data analyst, you can make a 5.3 LPA. On the other hand, homo sapiens with an experience of 7-8 years in data analysis enjoy an average salary package of 6 LPA. Similarly, professionals with more than 8 years of experience make more than 6 LPA.
Utilization of techniques and computer applications for the analysis of data linked to human resources is the job of an HR analyst. The presence of them in the organization is to present valuable information to the management post data collection, research, and analysis. Since the designation deals with human assets, the information provided by an HR analyst will assist the company in finding better candidates, motivating existing employees, and fixing problems related to staffing.
The key responsibilities of an HR analyst are:
● Trend analysis
● Statistical analysis
● Attrition identification
● Performance identification
● Relationship management
The recruitment process can be improved with the involvement of HR analysts. Records from the hiring process are considered for making an effective strategy. This department of the workforce promotes employee training, upskilling, and experience.
An HR analyst is perceived to make an annual average of 4.7 LPA. The salary package ranges from 2.3 LPA to 8.3 LPA. This data is based on salary details shared by many professionals working in India. Also, it is crucial to note that your expertise, experience, zeal to learn and other factors determine your CTC.
An employee with less than a year’s experience can grab a package of 2.4 LPA to become an expert in the subject and enjoy a CTC of 7.0 LPA over a period of 8 years.
Also Read: Business Analytics Courses in Kolkata
Profit is the main reason for the existence of any business. Financial analysts are individuals recruited for analyzing financials to increase the profit margin of a company. They deal with macroeconomic and microeconomic factors alongside studying the market trends, and demographics to make appropriate investments.
They must review the company’s allocation of investments and their purposes. Financial analysts devise plans to protect the organization’s wealth in unfavorable conditions and grow the same. You can gain a better understanding of this concept with the help of the above shared Business Analytics Examples that explain the improvement of the finance department in a diagnostic entity.
Better financial decisions can be made by the executive board based on the risks involved in their investment. The basic roles and responsibilities of an analyst handling financial data are
● Predictions based on financial data analysis
● Generation of reports
● Identification of investment opportunities
● Analysis of Profit/Loss
● Financial planning
● Suggestions on transactions
● Portfolio management
● Corporate Development
You can land a high-paying job if you possess the below skills
● Financial skills
● Analytical skills
● Business evaluation
● Financial modeling
● MS Excel
The annual average salary of a financial analyst is 4.0 LPA. The average starting salary is 2.2 lakhs per annum whereas an experienced candidate may reach a CTC of 10.7 lakhs per annum. A financial analyst with a minimum experience of 4 years earns up to 4.8 LPA.
Supply Chain Analyst:
Enhancement of a supply chain through analysis is the work of a supply chain analyst. The employee must engage with other departments in the organization to learn about the effectiveness of the supply chain. For example, an ineffective warehousing system will be improved by the identification and rectification of faults in it.
An analyst dealing with information on the supply chain collects, and analyzes data, trends, and inventory, alongside managing operations. Most supply chain analysts have good quantitative analysis, decision-making, problem-solving, and critical analysis skills.
5.1 LPA is an annual average salary of a supply chain analyst in India. A newbie in the industry may receive an offer letter with a salary package of 2.4 LPA, while the ones with an experience of 9-10 years avail a CTC of 8.5 LPA. This also means the annual average pay scale for a supply chain analyst is higher than for a financial, data, and HR analyst.
A human with an obligation to find valuable insights using the company’s data to help it in the amendment or creation of better plans for the achievement of success is a data scientist. They employ a range of scientific methods, algorithms, and processes to absorb insights from unstructured and structured data.
They use their tech skills, deep learning, and machine learning algorithms to filter the data and analyze it. Expert data scientists have skills like data wrangling, report generation, communication, data analysis, statistical analysis, programming, data visualization, and mathematics. Refer to the ‘developing marketing strategies’ subheading tagged under Business Analytics Examples for a simple explanation.
Believe it or not, a data scientist can tag a higher salary package compared to the above-mentioned positions. The annual average salary is 10.0 LPA. A typical Indian data scientist’s CTC ranges from 4.0 LPA to 25.3 LPA. A new entrant into the stream earns up to 8.5 lakhs per annum whereas an expert with a minimum of 7-8 years earns an average of 13.4 lakhs per annum.
FAQs About Business Analytics Examples
Who is eligible to apply for a business analytics course?
A graduate from any educational background can join the course. The instructors will teach the students the basics. Also, if you have an experience of 2 years or more in the relevant industry, you can learn the course at a faster pace and improve your career graph.
How to apply for admission to an institute?
You can find contact details of the institutes offering the certification for business analytics on their websites. You can use the application form to fill up the details and make the fee payment. Also, there are several colleges ready to brief you on the course when you have an in-person conversation with their faculty.
How can I clear my queries related to the course?
Many educational entities have a live chat option. You can utilize the same and seek answers to your questions from the customer care executives. If you are interested to have verbal communication, you can dial the number presented on your mobile screen and clear your confusion. The majority of the course-offering companies share a detailed description of the curriculum, fees, and benefits of availing admission through email. So you don’t have to worry about queries.
Who can benefit from the course, learning with business analytics examples?
Any person with a graduate degree from any discipline can learn skills, knowledge, and job with the help of the basic course in business analytics. People who choose an advanced course like business analytics for strategic decision-making can become C-suite executives, mid-to senior-level managers, analysts, and business leaders.