Business analytics has become a widely discussed term not just in India but all around the globe. Businesses have immensely benefited from incorporating data analysis techniques into their decision-making processes. Data-driven decision-making decreases the probability of bad decisions and allows executives to have better confidence going forward.
Business analytics as a field of study has gained immense popularity among mid-career professionals. It allows them the much-needed upskilling opportunity and the promise of a fruitful career. Keeping in mind the importance of data analysis, it is safe to say that business analytics will be a viable career option for years to come. This article will go over the basics of business analytics, who should opt for online certification for business analytics, and the process of identifying the best business analytics certification courses.
Basics of business analytics
Business analytics is a nuanced form of data analytics where the emphasis is on developing data analysis skill sets oriented toward business applications. Just like any other data analysis process, business analytics can also be divided into four distinct analysis types. These are descriptive analysis, diagnostic analysis, predictive analysis, and prescriptive analysis. Let’s briefly discuss these four types of analysis processes.
Every business, be it small or large uses descriptive analysis to gauge the overall health of the business and get an idea about the general trend of the performance. To take on the descriptive analysis process, business analysts will gather the key performance indicator stats for a specific timeframe.
Just to give an example, suppose the total revenue and net profit of a company for the sep22 quarter stood at 100 Cr. and 10 Cr. respectively. The business analyst will compare the results with previous quarters and find out if the company is moving in a positive direction or not. If the company clocked a revenue of 90 Cr. and a net profit of 9Cr. In the previous quarter, then the analyst can conclude the performance of the company is on a steady rise. Now, there can be many permutations and combinations of various key performance indicators. Sometimes the revenue will rise but the net profit wouldn’t reflect the percentage gains. Other times the net profit might rise and the sales revenue might stay the same.
Diagnostic analysis is the process of identifying why the key performance indicators moved in a certain direction. It is one of the most important analysis processes for any company. Descriptive analysis can help businesses understand which decisions worked in their favor and which worked against them. Certification for business analytics is a great resource for learning the various tools and techniques required for undertaking the diagnostic analysis process.
Predictive analysis is one of the most advanced forms of data analysis. In it, the goal is to find accurate future predictions that directly or indirectly affect the company’s performance. To accurately predict the future, business analysts deploy specifically designed machine learning algorithms that are capable of processing huge amounts of data and predicting the future with reasonable accuracy. Certification for business analytics includes classes on artificial intelligence and programming to teach the tools and techniques required for creating machine learning algorithms.
Prescriptive analysis is one of the most sought-after data analysis methods. Business analysts perform prescriptive analysis to find the answer to one simple yet very necessary question. What should be done next?
Executives are indeed capable of taking quick and effective decisions. This capability can only be achieved through years of experience in their respective industries. Taking the help of data can pave the way for easy and data-driven decision-making while also giving insights that are impossible to identify from human interpretation.
Online certification for business analytics
Online certification for business analytics is specifically aimed at working professionals, and the curriculum is developed with their needs in mind. For most professionals, attending regular courses is an impossible task. Online courses provide them the opportunity to take online classes outside of working hours.
There are primarily two types of online courses: Live courses include live classes, whereas self-paced learning courses offer pre-recorded sessions. It is completely up to the professional, and they can choose the type of course according to their needs and preferences.
Online certification for business analytics is also a little bit cheaper than regular courses. Online courses will generally cost around 30,000 Rs. and the self-paced learning course might cost even lesser.
Identifying the best online certification for business analytics
Finding reputable business analytics courses has become difficult due to the rise in course offerings. Those intending to enroll in a course may experience issues if they enroll without conducting adequate research. Therefore, we have created a list of indicators that will help make sure the certification is a worthy investment.
Before enrolling in a course, one should thoroughly examine the background of the institution delivering the course. The finest institutions typically have some background in the subject. Additionally, they will offer a variety of courses, both online and offline. The most successful ones will also have positive reviews from former students. Finding reviews and speaking with former students will help you weigh its benefits and drawbacks. The most successful learning institutions will be able to point students in the right direction for better career opportunities.
Students can learn the practical skills they’ll need to succeed as business analysts by taking courses with a curriculum that is linked with industry needs. As a result, programs that include both theoretical and practical material in their curriculum are considerably superior to those that exclusively cover the former. This is why it’s important to always search for programs that have an industry-aligned vision and are designed to prepare students with a blend of business knowledge and skills that are directly relevant to what employers want.
An experienced faculty
The top business analytics programs share a number of characteristics. The experienced faculty is one of them. An experienced professor can readily convey the subjects to the pupils and has a better way of instructing. For this reason, when looking for a course, one should keep the value of a qualified faculty in mind.