Why Study Business Analytics Online?

  • AUTHOR: moodsports
  • May 24, 2024
Why Study Business Analytics Online?

The amount of data generated and consumed across the globe is growing exponentially, and businesses depend on business analytics professionals to make data-driven choices. As the need for business analysts grows online degrees can prepare graduates for this growing demand in industries across the economy.

A business can utilize its data to find growth opportunities, in addition to increasing the efficiency of its existing operations. For instance by determining which areas a certain population spends their money the most often, companies can develop products or services to target those areas and enhance the brand-consumer connection. Business analysts also collect information on trends in the consumer market and use this information to assist businesses in improving their marketing strategies.

Predicting the performance changes over time, whether seasonal or annual on a larger scale is another crucial 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 staff during peak seasons. Business analysts can also predict how much inventory the company will require from its suppliers. This helps minimize loss and boost sales.

Business analytics professionals utilize a variety of software tools to analyze and report. Many of these tools are free to use, including popular programs such as Microsoft Excel, which is widely used by BAs for requirements management tracking as well business studies as data storage and manipulation. Other tools that are popular include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts for data visualization.

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