The volume of data that is created and consumed globally is growing exponentially and companies rely on experts in business analytics to make informed decisions. As the demand for business analysts increases, an https://adiuventa.de/2019/09/28/business-analytics-online online degree can prepare graduates to meet the growing demand in the various industries.
In addition to improving the efficiency of current operations, a company can use its data to find new growth opportunities. For instance, by identifying which areas a certain population spends their money the most often, a business could create products or services that be appealing to these areas and strengthen the brand-consumer relationship. Business analysts also gather data about consumer trends and use this information to assist businesses in improving their marketing strategies.
Predicting changes in performance over time, whether seasonal or annual, on a larger-scale is another key aspect of business analytics. With the proper data, companies can plan for these changes and anticipate the need for more resources, for example, new marketing campaigns or more staffing during peak seasons. Business analysts can also predict how much inventory the company will require from its suppliers. This helps minimize waste and maximize sales.
Business analytics professionals use a variety of software tools to analyze and report. Many of these tools are available for free, including the most popular applications like Microsoft Excel, which is utilized by nearly all BAs for tracking requirements management as well as data storage and manipulation. Balsamiq Axure Tableau, PowerBI and Bokeh are all well-known tools for wireframes.