The amount of data generated and consumed globally is growing exponentially, and businesses depend on business analysts to make informed decisions. Online degrees can assist in preparing graduates to fill the growing demand for business analysts in all industries.
In addition to increasing the efficiency of processes, businesses can leverage its data to find new growth opportunities. By identifying the regions where people of a certain demographic spend money the most businesses can develop products or services that are appealing to these areas and improve their relationship with consumers. Business analysts gather data on consumer habits and use it to improve marketing strategies.
Predicting changes in performance over time, whether seasonal or annual, on a larger scale, is another important aspect of business analytics. With the right data businesses can plan ahead and anticipate the need for additional resources, including more staff or new marketing campaigns during peak times. Business analysts can also forecast how much inventory a company will need to order from suppliers, which helps to reduce waste in warehouses and maximize sales.
Business analytics professionals utilize a variety software tools for analysis, reporting and data collection. Many of these tools can be used for free, including Microsoft Excel, which nearly all BAs use to record requirements, keep track of data, and manipulate data. Other tools that are popular include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts for data visualization.
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