Many organizations and industries adopt the power of data to reconstruct their present business scenario where generated data is increasing exponentially with time. The data company gets needs to be modified or transformed into a valuable piece of information to get the full benefits towards the company growth, this not only adds value to the cost of companies but also scale-up revenue and boost the overall performance of the company.
In business analytics, different tools and techniques are available for analyzing, exploring or investigating business data. These tools and techniques engaged in progressive business growth. Nowadays, business analytics is used in various industries for more profit in a short duration of time to gain more profit than usual.
Starting with the concept of Business Analytics, “the statistical data is studied and explored, 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 Business Analyst varies with the variation of business problems. The first step is to recognize the business problem accurately and restructured 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 become familiar with the accessible dataset, the business analyst gives insights for the growth of the business.
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.
And hence the act of business analyst comes in picture and used at high scale in the industry. Here, an index of industry application is considered into account for showing the role of business analyst in different domains.
Agriculture Business Analytics
Customer Relation Management
Business analytics applications show tremendous growth in the relevant sector than earlier. Analytics comprised of all the valuable data, computer-based models and statistical analysis. Appropriate decisions are made successfully for the growth of the company in the future, it also makes companies ready to overcome for the upcoming challenges. By these techniques, most problems will be solved already before the issue arises.
Most of the Indian economy depends on agriculture but Indian agriculture experience tons of drastic conditions like depleting of ground-level water in rural areas, climatic changes, the emigration of farmhands from rural areas to urban areas in search of employment, business, etc. So, agriculture needs much attention to focus on better investment and growth using these agriculture analytics approaches.
A business analyst can assure the availability of crops on time, crop production, the impact of seeds, 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 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, sow, harvest, an area of land for the crop.
Business analyst improves the performance of the organization in terms of business process and profit by analyzing the variance in the market and update of changing price or fluctuation in stock trends. After analyzing he can provide the price list of shares of an item, relevant information of shareholders 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 trends dataset to implement strategies.
Business Analyst understands business performance and returns on investment by analyzing trends in the bond market. He provides trends in market and consumer behavior in a detailed plan. Business Analyst has continuous data of each fluctuation in the bond market and give a necessary prediction for future investment and forecast the future of the economy.
In the bond market, analytics is used in providing funding amounts, trends of trades, future marketing campaigns, marketing initiatives, information of investors in private and government sectors.
The business analyst seeks to tackle out the best possible items for manufacturing and supplying in the market. He investigates the detailed dataset to analyze and implement in business development. For example, he describes status to the supplier and product management team regarding the most manufactured product.
A business analyst can tell the highest number of customers for a specific product, services and performance product, product demand (quality and quantity-wise), product advertisement.
Business Analyst utilizes various analytical techniques and approaches to improve the financial relevant issue such as fraud detection, risk mitigation, product pricing, marketing campaign optimization, financial planning, and forecasting, etc.
These issues can be controlled by a business analyst. For example in fraud detection issues, a business analyst can find out the number of customers who are not paying payments on time. Similarly, loan defaulters can be traced through a graphical representation that shows defaulters age, gender, name, customer ID, etc.
In medical or healthcare department, Business analyst gives a prediction about the stock of medicine available in the hospital or medical store, shipment of medicines in the local market, related to disease, impacts of different medicine on same diseases, appointment and availability of doctor, arranging slots for patients to a medicine available to cure.
For example, allotment of free slots to the patient from 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 proposed the strategies regarding production costs of medicines, area of production and stock available, low cost and high yields preparing methods.
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. This 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 improving internal and external factors for better customer service and experience.
The above discussion emphasizes different real-world applications of business analytics on a daily basis in which the role of a Business Analyst is described with significant illustrations. Business analytics works in different domains and gives multiple applications related to the domain such as stock and bond marketing, healthcare and agriculture growth, finance marketing, etc. Business Analyst seeks the business interrogations to avoid regular trends in the market.
The business analyst uses his skills, knowledge, technologies, and practices in finding business problems, business insights, planning and perform various functions within a business. For more blogs in Analytics and new technologies do read Analytics Steps.
What is the OpenAI GPT-3?READ MORE
Introduction to Time Series Analysis: Time-Series Forecasting Machine learning Methods & ModelsREAD MORE
How is Artificial Intelligence (AI) Making TikTok Tick?READ MORE
6 Major Branches of Artificial Intelligence (AI)READ MORE
7 Types of Activation Functions in Neural NetworkREAD MORE
7 types of regression techniques you should know in Machine LearningREAD MORE
Reliance Jio and JioMart: Marketing Strategy, SWOT Analysis, and Working EcosystemREAD MORE
Top 10 Big Data Technologies in 2020READ MORE
Introduction to Logistic Regression - Sigmoid Function, Code ExplanationREAD MORE
What is K-means Clustering in Machine Learning?READ MORE