The volume of data is growing exponentially throughout the world. Businesses rely on experts in business analytics to make data-driven decision. As the demand for business analysts increases, an online degree can prepare graduates for the growing demand in the various industries.
In addition to increasing the efficiency of existing operations, businesses can make use of its data to find new opportunities for growth. For instance by determining which areas a certain consumer spends their money often, a company could develop services or products to appeal to those areas and strengthen the brand-consumer relationship. Business analysts gather data on consumer behavior and use this information to improve marketing strategies.
Predicting changes in performance over time whether it is seasonal or on a larger scale, is a different aspect of business analytics. With the right data businesses can plan ahead and anticipate the need for additional resources, such as increased staff or new marketing campaigns during peak times. Business analysts can also predict the amount of inventory that a company will require from suppliers, which can help to reduce waste in warehouses and maximize sales.
Business analytics professionals use various software tools to perform analysis, reporting and data collection. A majority of these tools are accessible for free, such as the most popular applications like Microsoft Excel, which is utilized by nearly all BAs for requirements management tracking as well as data storage and manipulation. Balsamiq Axure, Balsamiq, Tableau, PowerBI and Bokeh are all popular tools to create wireframes.
