Organisations are highly relying on insights that are obtained from historical data to make informed decisions for business growth. Consequently, firms are hiring professionals who are good at data intuition for identifying trends from data and assisting companies in accomplishing business objectives. Business analytics, for long, has been an essential aspect for companies to make data-driven decisions. However, with the increasing volume and diversity of data, it has become imperative for organisations to revolutionise the way they processed data to churn out insights with sophisticated tools.
For decades, business analysts were mostly limited to carrying out descriptive statistics to find mean, median, mode, among others, and come to a conclusion. Based on this, top managements devise strategies for growth and developing new solutions. But, today, due to the availability of robust solutions in the market, business analysts need to learn new skills for delivering goal-oriented information.
Business Analytics Current Scenario
Business analytics landscape has gone through a tectonic shift due to the rise of data science technology. In the past, business analytics professionals mostly relied on Excel and dashboards to load data and visualise to analyse the information. However, advancement in data science-friendly tools such as Python and R has led professionals to move away from dated practices. These new tools empower business analytics professionals to make effectively evaluate data with techniques like inferential statistics, A/B Test, machine learning, among others.
Unlike traditional business analytics, today, professionals must learn programming languages for carrying out an in-depth analysis of data. Since data resides in different sources, it is vital to collect and wrangle information for improving the quality of data. This is where Python and R programming language comes into play. It simplifies the analysis process and enables you to train and evaluate machine learning models for delivering predictive analytics with superior accuracy.
In an uncertain world, the ability to forecast is crucial for organisations to make decisions and capture the market quickly. Therefore, along with descriptive statistics, inferential statistics has become essential as it acts as the foundation for predictive analytics.
Undoubtedly, business analytics professionals have to ensure they do not ignore the importance of dashboards for analysis. Over the years, dashboards have evolved and can handle strenuous analysis processes right from cleaning to applying machine learning models. Besides, big data tools are a new addition in the business analytics landscape to manage a colossal amount of information that organisations collect.
Techniques And Skills Required
Organisations’ demand for business analytics professionals is skyrocketing. Thus, aspirants must hone up their skills to differentiate themselves from the rest and get the desired job offer. To become a business analyst, one needs to be a problem solver, critical thinker, and excellent communicator.
For storing and accessing data, professionals need to learn SQL and Advanced Excel. Then dashboards, big data tools, and programming languages. Tools are just the tip of the iceberg, mastering various techniques is the key to become a successful business analytics professional. Some of the essential methods are regression, clustering, natural language processing, data exploration, data preparation, A/B Testing, creating a hypothesis, among others.
While the aforementioned were the technical skills, aspirants must be apt in understanding business models too. “Ability to convert business challenges into a data science problem is essential to succeed as an analyst,” said Santosh Rai, AI architect and head data scientist at ProVise Consulting.
Advantages Of Business Analytics Courses
As the business analytics space is growing rapidly, aspirants get perplexed while getting started due to numerous tools that are available in the market. Aspirants must opt for a well-devised program to expedite their learning process and land a job by minimising failure. This is where, Jigsaw Academy, in collaboration with IIM Indore, comes to the rescue of aspirants by offering Integrated Program In Business Analytics (IPBA).
In order to assist aspirants in making the next big leap, Jigsaw Academy has devised a 10-month online class program to empower you in carrying out descriptive analytics, diagnostic analytics, predictive analytics, prescriptive analytics, along with machine learning models. The 120 online training is comprehensive enough to master the art of data science. Aspirants will also get a chance to indulge in 30 plus hours of classes, networking, and project presentations, which will be held at the IIM Indore campus.
Since the lessons are taught by industry leaders, IIM faculty, and Jigsaw Academy faculty, it brings diversity along with domain knowledge expertise, thereby making it a complete course for professionals as well as aspirants. Besides, the program helps enrollees in making them recruitment-ready as it includes resume assistance, an analytics question bank, among others.
The facet of the IPBA is the lessons on machine learning techniques that cover tree models, clustering, ensemble methods, and more. While learning is one thing, showcasing expertise is vital in this highly competitive market. Therefore, one requires demonstrating its proficiency by hosting projects on GitHub and participating in Kaggle competition. GitHub profile, in particular, shows the ability to collaborate with teams and work to achieve shared goals. Therefore, IPBA also teaches about using GitHub and Kaggle to build analytics projects.
Business analytics is no more about basic statistics. To make a difference in the organisation, one should have various machine learning skills to obtain in-depth insights into data. Consequently, aspirants should analyse various business analytics programs’ content and structure to learn from the best.
Understanding the requirements of aspirants and the analytics industry, Jigsaw Academic in association with IIM Indore brings a comprehensive business analytics program on the table for aspirants to learn and differentiate themselves from the rest in the ever-changing landscape.