As businesses use big data and extract insights, a new field of study has emerged: Business analytics. Known by its acronym BA, this discipline employs mathematical models and data management techniques to improve businesses’ decision-making abilities and increase profits – an ideal option for students interested in mathematics and technology who seek careers that demand high demands of them.
BA is more than just about processing large volumes of data; its applications extend into helping companies make strategic decisions for the future, often called prescriptive analytics. Decision makers use prescriptive analytics data to make predictions about possible outcomes or events; common types include descriptive, predictive and prescriptive analytics as well as other forms of gathering, interpreting and presenting it for decision making purposes.
ERPs, CRMs and SCMs contain large amounts of data that can be analyzed for various purposes. For instance, information collected by its POS system could show exactly which products have been sold to which customers and through which channels. Business analysis tools can also help uncover hidden trends or performance gaps which might otherwise go undetected by decision makers.
Information gathered through such measures helps companies optimize processes and create more efficient workflows across both internal and external functions of their company, while meeting key metrics such as ROI or cost per acquisition more easily, so as to meet goals more successfully.
Not to be confused with data analysis, which consists of turning raw information into usable forms. Business analysts possess a more expansive view of their company’s operations and can make more informed business decisions as a result of their research and findings.
Are You Looking to Gain Experience Working with Big Data and Expanding Your Skillset in This Expanding Field? Consider enrolling in an Online MBA Program like Hult’s MSc in Business Analytics which can give your analytical abilities and business leadership a significant boost.
Benefits of Business Analytics Careers in business analytics can provide exciting and rewarding experiences for those with the necessary qualifications. However, before venturing into this ever-evolving field it is important to keep some things in mind such as: