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.
Business analysts help maximize efficiency and effectiveness in businesses by recommending data-driven decisions. Learn about what business analysts do and the path you can take to become one.