Question 1

What is business analysis, and why is it important to learn about?

Accepted Answer

Like the rest of us, businesses today are practically drowning in data - and business analysis encompasses all of the ways in which companies are harnessing this data to inform decision-making, grow market share, and increase profitability. In today’s highly competitive business environment, using business analytics is more than important - it’s essential.

For example, customer analytics are enabling businesses to understand their market and tailor their products to meet consumer needs more closely. Predictive analytics can forecast demand as well as input requirements and costs more accurately, allowing businesses to minimize waste with “just-in-time” business models. Data on how a company’s own employees work can also provide an edge through improved performance management.

Data-driven decision-making requires more than just data. Extracting useful insights requires data analysis techniques such as linear regression analysis, statistical hypothesis testing, and mathematical optimization algorithms. Analysts must also be skilled at presenting these insights clearly, using strong communications skills and data visualization (DataViz) techniques to convey key findings to both internal and external audiences.

Question 2

What kinds of career opportunities can I pursue with skills in business analysis?

Accepted Answer

Because of the growing explanatory and predictive power of data-driven analytics, a basic level of familiarity with business analysis techniques is needed for a growing number of roles. In particular, most management-level positions today must use a variety of analytics in their internal goal-setting and reporting, and C-suite executives must be able to understand and leverage this data effectively as part of their decision-making process.

Business analytics may play an even more central role in some jobs. For example, market research analysts study trends, analyze data on consumers as well as competitors, and evaluate the likely effectiveness of different marketing strategies. Owing to the explosion of data as well as the proliferation of techniques to harness it, this is an incredibly fast-growing career; the Bureau of Labor Statistics projects that market research analyst jobs will increase by 20% from 2018 to 2028, much faster than the economy-wide average.

Question 3

Can I learn about business analysis through online courses on Coursera?

Accepted Answer

Yes, Coursera offers courses and Specializations across a wide range of business as well as data science topics, and business analysis sits squarely at the intersection of these two fields. Thus, there are a wealth of opportunities to learn about business analysis at a high level as well as develop more specific skills in areas like statistics, data visualization and presentation, and the use of programs like Microsoft Excel and MySQL.

Coursera also ensures you don’t have to sacrifice the quality of your education by learning online, with courses available from leading companies like IBM and PwC as well as top-ranked educational institutions like the University of Pennsylvania, Rice University, and the University of Illinois at Urbana-Champaign.

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