Ideally, business analytics is a blend of business intelligence and data analytics. The practitioners of business analytics are expected to be equally well versed in both analytical methods and business acumen. It would seem that business analytics professionals belong to a different class of multi talented people altogether. Fret not, it is all in training and practice; everyone has to learn his or her way to becoming a successful business analytics professional. Now, the question is, what does the future hold for the business analysts and the field of business analytics.
This whole process may include data valuation and commercialisation that’ll help understand a brand’s intangible assets and how executives can use these to grow and gain leverage in the chosen market.
Business analytics at a glance
Business analytics is a field of study that specializes in the use of data to optimize business processes. You can say that business analytics is an extension of business intelligence, which is focused on understanding the dimensions of a business based on historical data. Business analytics takes the whole idea of business intelligence a step ahead by inculcating advanced analytical techniques to conduct predictive and prescriptive analytics.
The market
The business analytics market was worth 67.9 billion USD as of 2019. It is predicted to grow at a CAGR of 7.3% to reach 103.65 billion USD by 2025. The growing complexity in data management and increasing focus on heterogeneous data sources have made business analytics way more important for enterprises than it used to be.
The key trends to observe
The Pandemic and the ensuing lockdown has caused a major paradigm shift in businesses. There have been accelerated efforts to digitize assets, adopt cloud computing, integrate AI based solutions, and so on. Data driven business decisions have become an absolute necessity for the survival of businesses.
Focus on dark data
The amount of unused and untapped data lying hidden in networks and machines is huge. This data is referred to as dark data and it is thought to hold immense possibilities for businesses. There is an ever resounding buzz about finding ways to factor in more and more of this dark data to improve business processes.
Better data management techniques
Curating and managing data plays a vital part in business analytics as well as in data analytics. The use of metadata analysis has made it easier to manage data present in various datasets in both structured and unstructured forms.
Analytics of Things
As the number of devices connected to the internet keeps increasing, the analytics of things or AoT becomes more and more important. The modern smart automobiles will generate 350 mb worth of data every second. There are a thousand different devices from digital thermometers to vacuum cleaners, that generate data. Not all of this data is actionable but the continuous efforts to bring more and more data within the grasp of data analytics technologies is nurturing AoT.
Convergence of IT and business
We have already talked about the propensity among businesses to digitize assets, and the rise of analytics of things. These bring us to a point where business and IT no longer exist as two separate fields. You cannot really imagine a business going online without analytical or technological support. We are witnessing a grand convergence where every industry is a function of IT.
Analytic process automation
Consider a smart air conditioning machine; it continuously receives temperature and humidity data and optimizes the air flow or the compression activity to keep the temperature stable and suitable. This is a small example of analytic process automation. The same principle can be applied to large corporations where analytic process automation is used to augment and automate various processes based on various data points.
Career in business analytics
The demand for business analytics professionals is at the peak thanks to the desperate state a lot of businesses are currently in. Undergoing a business analytics online course at this point can add great value to your profile. Business analytics and business intelligence professionals who know how to deal with disruptive technologies while also having a way with people are real assets for companies. If you can create in yourself a perfect balance of technical and interpersonal skills, you are what companies are looking for. The salaries for business analysts in India range between Rs 3.5 L per annum and Rs 8 L per annum. The median salary is Rs 4.35 L per annum.
The rate at which easy to use data prep applications and decision intelligence tools are surfacing, it is hard to say whether the demand for business analysts will last for a very long time. Make your move while the demand is at its peak.
