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 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 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 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 for the growth of the business.
Business Analytics Application
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.
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
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 experiences tons of drastic conditions like depletion 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 a lot of attention for it to focus on better investment and growth.
A business analyst can assure the availability of crops on time, crop production, the impact, 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.
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 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 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.
The business analyst seeks to tackle 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 the status of 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 or service, the product’s performance, it’s demand (quality and quantity-wise), and product advertisement.
The right business analytics practice would do wonders for the manufacturing industry, For example, consider that 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.
Business Analyst utilizes 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 in fraud detection issues, 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.
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.
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.
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 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. For more blogs in Analytics and new technologies do read Analytics Steps!
Reliance Jio and JioMart: Marketing Strategy, SWOT Analysis, and Working EcosystemREAD MORE
6 Major Branches of Artificial Intelligence (AI)READ MORE
Top 10 Big Data Technologies in 2020READ MORE
What is the OpenAI GPT-3?READ MORE
Introduction to Time Series Analysis: Time-Series Forecasting Machine learning Methods & ModelsREAD MORE
7 types of regression techniques you should know in Machine LearningREAD MORE
8 Most Popular Business Analysis Techniques used by Business AnalystREAD MORE
How Does Linear And Logistic Regression Work In Machine Learning?READ MORE
7 Types of Activation Functions in Neural NetworkREAD MORE
How is Artificial Intelligence (AI) Making TikTok Tick?READ MORE