- On October 6, 2019
Business Analytics (BA) is the statistical study of business data. With the advancement in technology, computer science and internet, Business Analytics has become crucial for any organization. It is not a new concept and has been used ever since the late 19th century, yet we see many small organizations functioning without Business Analysts as a part of their team. However, when a company starts to expand and grow, the company requires Business Analysts who can help the organization to make feasible changes, improve and achieve the company’s goals. The role of a Business Analysts is to make substantial use of statistical analysis, which includes fact-based management, predictive and explanatory modeling that will help to drive decision making. A Business Analyst should be able to understand business performance that is based on data and statistics. A Business Analyst is responsible for introducing, managing and promoting the necessary changes to your business model that will help implement cost-efficient solutions.
With the use of analytics, a Business Analyst can guarantee for successful projects that will benefit the organization. Having a Business Analyst in your team will help the Project Manager make sound decisions, ensuring to keep the project on the right track without the chance of failure. A Business Analyst, with the help of data analysis will be able to recognize which projects are better for the organization in terms of meeting the criteria and objectives of the organization and have least chances of being unsuccessful.
Another primary function of a Business Analyst is that they help to reduce the company’s costs by lowering the costs of the future projects. They can ensure that the company doesn’t misspend any unwanted finance on projects that can be done within a reasonable budget. With the help of Business Analytics, the company will have least number of project reworks, thereby saving the company from making financial losses. This will also save the company from wasting time and energy, which will assist the company to focus on projects that have more significance and can deliver better outcome.
Business Analysts are the people who are the prime link between the project teams and the stakeholders. They provide and communicate information between the two parties, which will make the work go smoothly without any miscommunications and delays. A Business Analyst will also ensure that complete and apt business requirements are fulfilled by the analysis of data during the initial phase of the project, which will help decide what steps are suitable and can be implemented appropriately throughout the entire process of the project. This will again ensure fewer chances of reworks and unnecessary spending on projects can be dodged.
One of the key components of a Business Analyst’s job is to ensure that Return On Investment (ROI) of the organization is met. ROI is the ratio between actual worth of the investment made by the organization and the profit that is gained from the money that is invested. With the help of data analysis, a Business Analyst will work on increasing the benefit that can be resulted by the investment and at the same time will work on decreasing the cost to implement it. A Business Analyst will find better ways to implement cost-efficient solutions by making necessary changes according to the company’s needs. This will ultimately increase the ROI of the organization.
The technology is improvising each day and organizations are opting to hire employees who specialize in the area of Business Analytics among others. Because of this, people are now looking for courses and programs that can train them in these skills. If you’re looking for a renowned business school that provides excellent courses on Business Analytics and other Leadership & Management Development Programs, one such business school is WeSchool, Bangalore. Prin. L.N. Welingkar Institute of Management Development & Research, popularly known as WeSchool, Bangalore is one of the best business schools in India that caters to 10 months (long term) and 3 days (short term) course in Business Analytics, which trains business executives, managers, corporate leaders, research scholars and entrepreneurs on how to use analytical tools & techniques in various business scenarios. WeSchool, Bangalore delivers the best PGDM, leadership courses and data analytics courses in India. They also provide Design Thinking & Innovation Program, Corporate Training Programs and part time MBA for working professionals in Bangalore. To know more about the Business Analytics course details, please log on to the WeSchool website