usiness and technology trends are impacting the capabilities that organizations will need to generate better business outcomes and the discipline of business analysis is evolving to meet the requirements of organizations in our changing world. Globally, many CEOs believe the next 3 years will be more critical than the last 50 years in their industry and most of them expect to be running significantly transformed companies in 3 years’ time. To accelerate this shift, organizations are looking at different models and skill sets to drive more value-driven analysis.
As more organizations move towards data-driven decision making, they need trained professionals to help them not only gather data, but also to formulate strategies for acting upon that information in order to accomplish organization goals.
Business analytics is the process of collating, sorting, processing, and studying business data, and using statistical models and iterative methodologies to transform data into business insights. The goal of business analytics is to determine which data sets are useful and how they can be leveraged to solve problems and increase efficiency, productivity, and revenue.
Sophisticated data, quantitative analysis, and mathematical models are all employed by business analysts to engineer solutions for data-driven issues. They can utilize statistics, information systems, computer science, and operations research to expand their understanding of complex data sets, and artificial intelligence, deep learning, and neural networks to micro-segment available data and identify patterns. This information can then be leveraged to accurately predict future events related to consumer action or market trends and to recommend steps that can drive consumers toward a desired goal.