What Business Analytics is and Why it’s Important

business analytics

We live in the age of information. Most companies make it a priority to invest in powerful data-gathering software. Yet, the data stored in massive databases is useless without an expert trained in analyzing those numbers, looking at trends, and offering insights. This is, in a nutshell, the job of a business analyst. Below is more about the profession and its vital role. 

Business Intelligence vs Business Analytics

Business intelligence refers to collecting information. The information relates to the market, the range of products a company makes, consumer trends, raw materials markets, and emerging trends. 

On the other hand, a business analyst is the person looking at all the data and making sense of it. By analyzing market trends, an expert can predict what sort of improvements consumers demand for a certain product or whether a product will still be needed in five years.

How Can Business Analytics Help a Business Succeed?

A business analyst is a job for the future as organizations realize the need to have professionals looking at data and gathering valuable insights. Here are some of the advantages of using business analytics as a Master of Science in Business Analytics grad.

Understand Where Companies Stand in the Market

A business analyst looks at the market and determines the position a company has on the market and how it can gain an edge over its competitors.

The analytics also shows what the competitors are doing better than another company. Do customers prefer their products or services because they are faster, better quality or cheaper? 

Time is Money

When a company has a business analyst continuously sifting through gigabytes of raw data, the organization can make the necessary course corrections and improve its products and services at the right time. Better yet, do so ahead of time. 

Use Business Analytics to Grow a Company

A professional analysis of information can help business owners to decide where their company should go soon. By looking at market forecasts, a company can seize new business opportunities, enter emerging fields for expansion, and grow their range of products or services. 

Strengthening Relationships with Customers

Marketing is one of the domains that can benefit most from business analytics. There are many marketing areas to talk about, including assessing public opinion of a certain brand and understanding consumer behavior

Analyses can also predict what buyers will want next year. Furthermore, business analytics can help employers keep track of their marketing campaigns and determine their impact. 

Why Choose a Business Analytics Degree?

This degree enables you to enter an emerging field to become a qualified expert amidst growing demand for your skills. There are plenty of business graduates out there, but a master’s degree in business analytics helps you stand out from the crowd with advanced knowledge. 

Also, it is a versatile profession. You can easily switch from one job to another, even if the companies themselves operate in entirely different markets. 

When you know how to look at raw data and what to make of those numbers, it doesn’t matter whether the company you’re working for manufactures shoes or home appliances. What matters the most is that you are satisfied at the end of the workday.

Cover Photo by Lukas from Pexels

Editorial Staff

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