Bcom.Business Analytics

Business analytics is the process of transforming data into insights that help in making better business decisions. Analytical tools such as data management, data visualization, predictive modeling, data mining, forecasting, simulation, and optimization are key to Business Analytics. It also makes use of statistical, quantitative, and operational analysis, besides data visualizations to present findings. Thus, a business analyst has to balance technical skills with strong communication skills.

Core Areas of Business Analytics Include:

  • Identifying new patterns and relationships with data mining;
  • Using quantitative and statistical analysis to design business models;
  • Conducting A/B and multi-variable testing based on findings;
  • Forecasting future business needs, performance, and industry trends with predictive modeling;
  • Communicating findings in easy-to-digest reports to colleagues, management, and customers.

Earlier tools like database management and analysis techniques are no longer adequate to process unstructured data such as product reviews and social media posts. Business analytics addresses the new methods for organizing, drawing insights from, and making predictions based on the steadily increasing amount of information and frequently incorporates computer science and other technical knowledge.

Career opportunities:

The widespread use of information technology in the past decades has helped in converting raw data into information, there has been a shortage of well-trained professionals in converting such information into insights. It is estimated that currently, there is a requirement of over 1.5 million managers and analysts with the know-how to use the analysis of Big Data to make effective decisions. Across all industries, opportunities for business analysts have exploded as major organizations have adopted data-driven and technology-focused approaches. This includes healthcare, marketing, logistics, eCommerce, finance, food service and restaurants, entertainment, professional sports, and even casinos.

The estimated demand for analytics professionals across the world in the coming decade is as follows*:

  • Business Analysts, who seek to make organizations more efficient, will see 14% growth.
  • Operations Research Analysts, called upon to solve challenging organizational issues with data, will see 26% more positions available.
  • Market Research Analysts, who examine market conditions to forecast demand for products and services, will see 20% more growth.
  • Financial Analysts, who provide guidance regarding investments and other financial decisions, are expected to see 6% more openings.