Many organizations and industries adopt the power of data to reconstruct their present business scenario, where data generated every minute is increasing exponentially.
The raw data generated by the company needs to be modified or transformed into a valuable piece of information, which is also reckoned as big data analytics, so that it can be utilized to get the full benefits towards the company growth. This not only adds value to the cost of companies but also scales-up revenue and boosts the overall performance of the company.
In business analytics, different tools and techniques are available for analyzing, exploring, or investigating business data. These analytics tools and techniques are engaged in progressive business growth.
Nowadays, business analytics is used in various industries for more growth in a short duration of time to gain more profit than usual.
Starting with the basic definition of Business Analytics, “it is the study and exploration of statistical data, the formation of predictive models, deployment of the optimized technique, and communication of obtained output to business partners, customers, and other executives for the different business issues”.
Big data is used up to the maximum extent through qualitative and quantitative techniques to get desired business modeling and decision-making.
The role of a business analyst varies with the variation of business problems.
The first step is to recognize the business problem accurately and restructure it in flexible ways for analysis. Through this process, the massive size of data is used in analytical modeling and logical analysis for approaching business decisions.
With an interpretation of the business issue and becoming familiar with the accessible dataset, the business analyst gives insights into the growth of the business.
Business Analytics Applications
8 Applications of Business Analytics
Any kind of business shows tremendous growth by involving approaches and techniques used in business analytics.
In order to see the progress of business in the vast domain, data-driven results gain special attention in various industries and markets. This is where the role of the business analyst comes into play and is used at a high scale in the industry.
Business analytics applications show tremendous growth in the relevant sector compared to earlier. Analytics comprises of all the valuable data, computer-based models, and statistical analysis.
With Analytics, appropriate decisions are made successfully for the growth of the company in the future, also getting the companies ready to overcome the upcoming challenges. By these techniques, most problems will be solved already before the issue arises.
Here, an index of industry application is taken into account for showing the role of business analyst in different domains.
Agriculture Business Analytics
Customer Relation Management
1. Agricultural Business Analytics
A large part of the Indian economy depends on agriculture. This sector has a major contribution to the economic growth of the country. However, You must know the difference between economic growth with economic development.
Indian agriculture experiences severe and drastic climatic conditions like depletion of ground-level water in rural areas, climate change, the emigration of farmhands from rural areas to urban areas in search of employment, urbanization, etc.
So, agriculture needs a lot of attention to focus on better investment and growth.
A business analyst can assure the availability of crops on time, crop production, quality and quantity of seeds, the effect of climate change, monsoon changes, rainwater storage, crop loss, fertilizer requirements, wind direction, floods, and draughts risk management, etc. can be controlled by predictions of business analysts.
For example, predictions on soil parameters can be analyzed by previous data and implemented on crop yield.
Agriculture Business Analytics
Agriculture lacks organizational attention and support from bank loans and other welfare schemes. A business analyst can also process the bank loan and farmers' welfare scheme for increasing agricultural inputs. It can give opportunities to farmers for individual income and growth. Another advancement is to give insight into irrigation, sowing, harvest, and an area of land for the crop.
2. Stock Marketing
Business analyst improves the performance of the organization in terms of business process and profit by analyzing the variance in the market and updating the changing price or fluctuation in stock trends.
After analyzing the changes taking place in the stock market, he can provide the price list of shares of an item, relevant information regarding shareholder’s tracing of audience related to this market, etc.
The business analyst also makes flexible strategies and plans for future investment and earnings. For example, stocks are continuous trends in the market and change very frequently, so he works on the continuous trend dataset to implement strategies.
Business Analytics is surely a vast field to cover, many business analysts are now using machine learning algorithms and natural language processing techniques in order to predict the growth or shrinking of stocks. Although the accuracy depends upon the quality of data being trained.
3. Manufacturing Industry
Business analysts seek to tackle the best possible items for manufacturing and supplying in the market. They investigate the detailed dataset to analyze and implement in business development.
For example, they describe the status to the supplier and product management team regarding the most manufactured product.
The role of technology like IoT in the manufacturing industry shows the importance of technology and its uses.
A business analyst making use of such technologies can tell the highest number of customers for a specific product or service, the product’s performance, its demand elasticity (quality and quantity-wise), and product advertisement.
The right business analytics practice would do wonders for the manufacturing industry. For example, imagine how good it can be if you can predict when the sales would be high based on the factors such as location, season, and price! Surely, a company would know when to announce a discount offer on the basis of historical data and futuristic predictions.
4. Finance Marketing
Business Analysts utilize various analytical techniques and approaches to improve financially relevant issues such as fraud detection, risk mitigation, product pricing, marketing campaign optimization, financial planning, forecasting, etc.
These issues can be controlled by a business analyst. For example, a business analyst can find out the number of customers who are not making payments on time. Similarly, loan defaulters can be traced through a graphical representation that shows the defaulter’s age, gender, name, customer ID, etc.
5. Medical Methodology
In the medical or healthcare department, the Business analyst makes predictions about the stock of medicine available in the hospital or medical store, the shipment of medicines in the local market, predictions related to disease, impacts of different medicines on same diseases, appointment and availability of doctor, arranging slots for patients, to a medicine available for cure.
For example, allotment of free slots to the patient considering the doctor’s working hours, duties of working staff in the hospital, etc.
Production of medicines can also be optimized by the business analyst. He proposes the strategies regarding production costs of medicines, areas of production and stock available, low cost, and high yield preparation methods.
6. Customer Relation Management
For every individual business, customer relationship management is the most important factor.
Business Analyst takes the required steps for a strong and healthy customer relationship with the organization. He helps to assemble emotional links with customers.
The business analyst helps in increasing productivity according to customer demand and variation in products with consumptions. He utilizes data to maintain the involvement of end to end-user and improves internal and external factors for better customer service and experience.
7. Bond Marketing
The bond market is not much behind the stock market in terms of sellers and buyers using online interfaces to buy and sell bonds. It gives people all the data they want and need to create data-driven trading strategies.
Businesses are solving their liquidity crisis by enabling people to access more information than they used to have before. This helps them make their own reports and ideally make choices on the suitable bond for them.
Business analysts have started to gain almost the same amount of preference and attention given to bond traders.
8. Human Resources
The application of business analytics in human resources can be understood by understanding its role in HR analytics.
The analysis of employees’ behavior has been recognized as HR analytics. Ultimately, business analysis plays a significant role in HR analytics as it provides crucial insights into the performance of a project.
The insights generated can then be utilized by HR to decide on the performance of employees on the project.
The above discussion emphasizes different real-world applications of business analytics on a daily basis. Also in all the applications, the role of a business analyst is described with significant illustrations.
Business analytics works in different domains and offers multiple applications related to the domain such as stock and bond marketing, healthcare and agriculture growth, finance marketing, etc.
Business Analyst seeks business interrogations to avoid regular trends in the market. He uses his skills, knowledge, technologies, and practices in finding business problems, business insights, planning, and performing various functions within a business.
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