The amount of data produced and consumed across the globe is growing exponentially and companies rely on business analytics professionals to make data-driven decisions. As the demand for business analysts increases an online degree will prepare students to meet the increasing demand in all industries.
In addition to increasing the efficiency of operations, a business can make use of its data to find new opportunities for growth. For example, by identifying the areas where a specific consumer spends their money often, companies can create products or services to appeal to those areas and improve the brand-consumer relationship. Business analysts collect data on consumer behavior and apply this information to improve marketing strategies.
Predicting changes in performance over time, whether seasonal or annual, at a greater scale is a crucial aspect of business analytics. With the right information companies can plan for these changes and anticipate the need for additional resources, like new marketing her response campaigns or more staffing levels during peak season. Business analysts can also forecast how much inventory a company will require from suppliers, which allows to reduce the amount of waste in warehouses and maximize sales.
Business analysts use a variety of software tools to analyze and report. Many of these tools are free to use, including well-known programs like Microsoft Excel, which is utilized by nearly all BAs for tracking requirements management as well as data storage and manipulation. Other popular tools include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts to display data.