The volume of data is growing exponentially around the world. Companies rely on professionals in business analytics to take data-driven decisions. As the need for business analysts grows an online degree will prepare students to meet the growing demand in the various industries.
A business can use its data to find growth opportunities, while also improving the efficiency of current operations. By identifying areas in which a particular demographic spends money most frequently businesses can develop products or services that appeal to these areas and increase their relationship with consumers. Business analysts gather data on consumer behavior and use it to improve marketing strategies.
Predicting performance changes over time, be it seasonal or annual, on a larger scale is a crucial aspect of business analytics. With the right information companies can plan ahead and anticipate the need for additional resources, like more personnel or new marketing campaigns in peak seasons. Business analysts can also forecast how much inventory a company will require from suppliers. This helps minimize waste and maximize sales.
Business analytics professionals use a variety software tools for analysis, reporting and data collection. Many of these tools are available for free, including popular programs like Microsoft Excel, which is utilized by nearly all BAs for tracking requirements management, data storage and data manipulation. Balsamiq, Axure, Tableau, PowerBI and Bokeh are all popular tools for wireframes.