Meaning of BA
Business Analytics (BA) is a study of data to solve business problems through statistical and operational analysis aligned with a set of disciplines, technologies, and applications to derive meaningful insights. It involves a methodological exploration of data within an organization to drive critical decision-making by focusing on statistical analysis.
Data-driven businesses aggressively seek out ways to use their data as a competitive advantage and treat it as a valuable asset. Business analytics success relies on different aspects like data quality, skilled data analysts who understand the industry and technologies, and a commitment to leveraging data to uncover insights to make smarter business decisions.
Common Challenges of Business Analytics
There is an increasingly huge spectrum of internet-connected sources generating massive data volumes. Most often, these sources generate different types of data that must be incorporated into an analytics strategy. However, the more complex a data set, the more challenging it becomes to use it as a part of an analytics framework.
Lack of expertise & skills: The need for employees with the required data analytics skills to process business analytics data has significantly evolved. Some businesses, especially small and medium-sized businesses (SMBs), may find it challenging to find and hire candidates with the right BA expertise and skills.
Data Storage restrictions: A company must choose a storage location for its data before deciding how to process it. For instance, a data lake can be utilized to capture large data(unstructured) volumes.
Business Analytics Tools
Tableau, Qlikview, Sisense, Dundas BI, and Knime Analytics platform are a few Business Analytics tools that can automate advanced data analytics functions and help you in prioritizing mission-critical tasks.
Key Business Benefits of Business Analytics
Keep track of Business Metrics: Your business’s values must be measured and conveyed in such a manner that they drive more profits for your organization. Keeping track of business metrics helps you improve your analytical process because it provides a definite goal to follow. When your company keeps a major focus on KPIs that impact your business, you will be able to track business progress easily and achieve the defined goals.
Encourages data-driven decision-making: When crucial business data is easily accessible, you can make accurate decisions that drive better results. Business analytics provides your organization with meaningful and real-time data, fostering better, data-backed decisions. Additionally, business analytics makes it simpler for you to communicate your insights and plan the future with your stakeholders and employees. As a result, it encourages cooperation among all parties involved in your business, enabling you to achieve your objectives more quickly and effectively.
Provides clear insights through data visualization: Data visualization makes it easier for you to gain clear insights and make your decision-making process much more efficient. With visualized data, you can share your insights with a non-technical audience easily as their input can prove beneficial in reducing the chances of errors.