Business analytics is a term that we keep encountering on a daily basis. We come across this phrase while job searching as well as within our organisation. Most of us are aware of the broad definition of the term: "It is the collaborative usage of various skills and technologies for continuous iterative exploration to understand the future trends by looking at past records."
But Business Analysis is an umbrella term and this post is being written to make you understand the intricate nuances of it. Business Analysis has found its usage in almost every industry and it is custom made for individual industrial sectors.
Now for an amateur it might get confusing between the different branches of analysis, namely data analysis and business analysis. They differ in a way that business analysts works with different teams, analyse the available information, asses requirements from business perspective and help to plan or enable the actionsrequired to meet the business objectives. A data analyst on the other hand mostly works with the historical data of an organization (like marketing, sales, customer, finance data etc.) and sometimes competitors’ datamight be also taken into the consideration to provides insights by using data mining, statistical analysis and predictive modelling.
So, before you decide on your career path, you need to be clear on where your interests lies in and one shouldn’t just decide it based on the designation name. If you are looking for career in Advanced Analytics, Data Science or Big Data Analytics then you are essentially looking for a Business Analyst training that trains you for Business Analytics and Data Science job roles.
So, if you are trying to make a career in Business Analytics or switch over, then you should join one of the various courses that are available on this subject and give a flying start to your career. Many renowned institutes and universities have full time as well as part time courses on this subject.
Analytics based Business Analyst course also help candidates who want work in industries and domains, like Banking & Finance, Marketing & Sales, Healthcare & Pharma and Retail. Over last few years all these industries have extensively adopted Business Analytics to stay competitive and grow the business. So, it is important to understand what you want to do in future and pave your path keeping that in mind. Choosing a right Business Analyst course for Business Analytics job, is integral.
Banking is a sector where competition is steep and there is always an attempt to stay ahead of the game. In India, with the recent economic boom, banking industry is a fast growing sector. To stay afloat, banks are making use of data analytics and business analytics to entice potential customers, retain old customers as well as us up-sell and cross sell equities and other products.
Analytics tools give banks an insight into their customers’ profiles, thereby allowing them to cater to them at a personalised level. It also helps bank to minimise chances of money laundering and other forms of financial fraud.
BI solutions like SAS, Blaze Advisor, TRIAD and other tools are used by top multinational and State owned banks.
So, if Banking sector is where you want to make a foray, then choose a Business Analytics tool that specialises in finance.
Marketing is a very dynamic sector and it is also highly competitive and unpredictable. Some of the key points taken into consideration in marketing analysis are: market size, market trends, distribution channels, and industry cost structure and market profitability.
To understand the changing scenarios and keep yourself afloat it is of vital importance to make use of business analysis. In the marketing industry, a business analysts job is highly important and integral for the success of the company.
The pharmaceutical industry provides huge scope for Business Analysts. Strong business analysis skills are required to understand the changing trends in the scientific world and it also helps in the process of patenting new drugs and technologies.
Patient history and prior medication as well as hospitalisation is very integral to be able to give proper medical care. Also, it helps in minimising a lot of unnecessary cost for patients.
So, if you are looking to do something interesting and exciting and make an impact in the day to day working and overall success of your organization, then Business Analysis is the way to go. But choose a Business Analysis course which resonates with your passion and chosen field.