CAREER GUIDE - BUSINESS ANALYTICS

Prologue:

• Big data is revolutionizing and driving decision-making worldwide. Data from a wide range of sources is assisting companies in expanding their reach, boosting sales, operating more effectively, and launching new products or services, from huge enterprises to higher education and government agencies.
• The present size of big data is yottabytes, by 2025 it is estimated that 463 exabytes of data will be created each day globally - that is equivalent of 212, 765, 957 DVDs per day.
•  Businesses must utilize both business analytics and data analytics to make sense of all this data and use it to gain an advantage over competitors. These two sections, which can resemble one another, are frequently unclear.
• This article will completely dispel any misconceptions you may have about business analytics.

Business Analytics Vs. Data Analytics:

• There are overlaps between the jobs of business analysts and data analysts, and some businesses may do so. Both varieties of analysts use data to enhance business decisions, but they go about it in different ways.

What do Data Analysts do?

• To assist in guiding corporate decisions, data analysts collect, purify, analyze, visualize, and present existing data. Effective data analysts use the information they collect to provide information that helps decision-makers determine the best course of action.

·         Typical tasks for a data analyst could be:

1. Defining a problem or business requirement while working with company executives and stakeholders
2. Locating and obtaining data
3. Data cleanup and preparation for analysis
4. Searching for patterns and trends in data
5. Using visualization to make data more understandable
6. Presenting data in a way that makes a captivating narrative out of it

Why are business analysts employed?

·         Business analysts assist their firms in locating issues, chances, and solutions. They achieve this by:

1. Assessing the current operations and IT infrastructure of an organization
2. Examining procedures and speaking with team members to find areas that need improvement
3. Delivering conclusions and suggestions to management and other important stakeholders
4. Making financial and visual representations to assist with company decisions
5.  Teaching and training employees on new systems

Which is a good career, business analysts or data analysts?

• Both positions are well-paid and in demand. The ideal choice for you will be determined by your particular interests, abilities, and professional objectives. 
• A work as a data analyst may be a suitable fit for you if your interests are primarily in mathematics and statistics. Instead, think about using business analytics if you like to approach problems with a business perspective. 

BUSINESS ANLYTICS - GRAND STORY

• Business analytics (BA) is the process of iteratively examining an organization's data with an emphasis on using statistical analytical tools to uncover knowledge that can support innovation and financial performance.
• Business analytics enables analytics-driven firms to get the most value from this wealth of insights by treating big data as a valuable corporate asset that powers business planning and underpins long-term goals.
• Business analysts pinpoint opportunities for improvement in order to boost productivity and solidify business procedures. To share their results and assist with change implementation, they frequently collaborate directly with people at all levels of the organizational structure.

Responsibilities and Tasks may include:

1. Identifying and prioritizing the organization's functional and technical needs and requirements
2. Using query languages and Excel to analyze large data sets
3. Compiling charts, tables, and other elements of data visualization
4. Understanding business strategies, goals, and requirements
5. Planning enterprise architecture (the structure of a business)
6. Forecasting, budgeting, and performing both variance analysis and financial analysis
7. Evaluating a company’s current functions and IT structures
8. Reviewing processes and interviewing team members to identify areas for improvement
9. Presenting findings and recommendations to management and other key stakeholders
10. Creating visuals and financial models to support business decisions
11. Training and coaching staff in new systems
12. Work with individuals across the organization to get the information necessary to drive change.
13. Develop clear, understandable business and project plans, reports, and analyses.
14. Engage and communicate with stakeholders at all levels of the organization.
15. Conveying recommendations clearly and persuasively for a range of audiences.

Process of Business Analytics:

[Source: https://www.analytixlabs.co.in/blog/future-and-evolution-of-business-analytics/]

  Why to choose this field:

• As a business analyst, you'll have the chance to use data-driven insights to support the success of your firm.
• Every day brings new difficulties and opportunities to put your skills to use in this line of work.
• A career as a business analyst can be a good fit for you if you like working independently, assisting others, and asking and answering questions.

Future!

 

[https://www.analytixlabs.co.in/blog/wp-content/uploads/2021/12/Recent-evolution-in-business-analytics-Analytix-Labs-1.jpg]

 

How to become a business analyst?

1. Improve your business analyst Skills

• Get a solid understanding of finance, accounting, and business principles.
• Develop your ability to present your ideas clearly and convincingly both verbally and in writing.
• Having a good grasp of data analysis and visualization tools like Tableau, Excel, and BI Tools can be useful. Also some knowledge about programing languages like SQL and Python will be helpful.
• Be familiar with specific methodologies, like Agile Business Analysis, Six Sigma, or Rational Unified Process.
• Gain industry experience through Internships, Job boards, on campus works and Projects.
• Follow magazines to know the trends in this area like Analytics Insight, Datanami, Dataconomy etc.     

2. Enroll in a course

           Enroll a course based on your focused analytics area:

• Descriptive - MS Excel, Tableau, SQL, Quick View, Power BI
• Diagnostic - SQL, R-Studio, Python, SAS, SPSS
• Predictive -  R-Studio, Python, SAS, SPSS, Alteryx
• Prescriptive - Python, Spark, TensorFlow, Pytorch, Cloud Platforms

3.  Become certified as a business analyst

                Here are some business analysis certifications to consider

• IIBA Entry Certificate in Business Analysis (ECBA)
• IIBA Certified Business Analysis Professional (CBAP)
• IIBA Certification of Capability in Business Analysis (CCBA)
• PMI Professional in Business Analytics (PMI-PBA)

4.  Start with an entry-level position.

• Internships and entry-level positions in accounting, finance, or business settings can build your experience before you advance to a higher-level position.
• look for titles like Junior business analyst or Entry-level business analyst

How to Learn Data Analytics for Free?

1.𝗘𝘅𝗰𝗲𝗹: Start with Excel, Analyzing Data in Excel empowers you to understand data through                 detailed visual summaries, trends, and patterns.

𝗘𝘅𝗰𝗲𝗹 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲: https://lnkd.in/dsa6VGnD

 2.  𝗣𝗿𝗼𝗴𝗿𝗮𝗺𝗺𝗶𝗻𝗴 𝗟𝗮𝗻𝗴𝘂𝗮𝗴𝗲: Choose 'Python' or ' R ', any one language for your journey, Python                             may be the ideal choice if you want to transition to machine learning.

𝗣𝘆𝘁𝗵𝗼𝗻 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲: https://lnkd.in/dKqtkkuC

𝗥 𝗳𝗼𝗿 𝗗𝗮𝘁𝗮 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀: If you're passionate about the statistical computation and data visualization aspects of data analysis, R could be a good fit for you.

'𝗥' 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲: https://lnkd.in/d-3TEk5T

 3.    𝗗𝗮𝘁𝗮𝗯𝗮𝘀𝗲𝘀: Learn both SQL & No SQL databases

MySQL Resources: https://lnkd.in/dTzQC-gf

Mongo DB: https://lnkd.in/dHQ4VC2E

 4.  𝗦𝘁𝗮𝘁𝗶𝘀𝘁𝗶𝗰𝘀 & 𝗣𝗿𝗼𝗯𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Master the concepts of Descriptive Statistics and Inferential Statistics

𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲: https://lnkd.in/dYD_JCP5

 5. 𝗜𝗻𝘁𝗲𝗿𝗮𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗮 𝗩𝗶𝘀𝘂𝗮𝗹𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝗧𝗼𝗼𝗹𝘀: Learn Tableau or Power BI

                         [Power BI] Resource: https://lnkd.in/d6hZvCHz

  [Tableau] Resource: https://lnkd.in/d9UYjaQg

 About the Author

T

halari Sanjeev Kumar is a consultant in Learning – Skills training – Development – Coaching, working at different levels of individual personal and professional development. Having aroung18 years of industry and academic experience, worked at different level of teaching and skills training. A Master graduate in Business Management and also submitted PhD thesis, Master graduate in Psychology, Train the Trainer certified, e-Trainer certified, qualified in UGC National Eligibility Test, Qualified in State level eligibility test of Andhra Pradesh and also a certified soft skills trainer.

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