Data volume is increasing exponentially around the world. Companies depend on experts in business analytics to make a data-driven decisions. Online degrees can prepare graduates to fill the growing demand for business analysts across every industry.
A business can use its data to spot growth opportunities, while improving the efficiency of current operations. For instance by determining where a preferred demographic spends their money most often, companies can develop services or products to attract those regions and strengthen the brand-consumer relationship. Business analysts also collect information on trends in the consumer market and use this information to help businesses improve their marketing strategies.
Predicting changes in performance over time regardless of whether it’s seasonal or on a larger scale is a different aspect of business analytics. With the right information companies can plan ahead and anticipate the need for additional resources, including more personnel or new marketing campaigns during peak seasons. Business analysts can also forecast the amount of inventory that a company will require from suppliers, which can help to reduce the amount of waste in warehouses and maximize sales.
Business analysts use various software tools for analysis and reporting. Many of these tools are free to use, including popular programs such as Microsoft Excel, which is used by nearly all BAs to track requirements management, data storage and data manipulation. Other popular tools include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts for data visualization.