In an era where data drives decisions business analysts allow businesses to improve, automate and analyze their processes to achieve the most effective results. Utilizing tools for business analytics, companies can improve their decision-making processes and boost profits.
A common example of a tool for business analytics is Google Analytics, a free online analytics software program that allows users to track and monitor the performance of websites in real-time. It is a powerful tool for data visualization and reporting that provides metrics, key performance indicators (KPIs) and historical business reports.
The field of business analytics applies statistical analysis and data visualization to implement organizational changes based on information that is available. This advanced form can help predict outcomes, identify patterns and trends in existing data, and devise a strategic approach to problem solving and decision making.
This can include identifying and addressing recurring issues in workflows that prevent companies from running as efficiently as they should and analyzing trends in the market to create more targeted strategies to reach customers and increasing sales. It can also aid businesses in gaining a competitive edge by providing the information necessary to make changes to their products and services to better match consumer demands.
To become a data-driven leader it is crucial to have a solid understanding of the analytics tools and technologies that are changing the business environment. Students who are enrolled in the Master of Science in Business Analytics Online receive training in technical areas and also discuss case studies. They also take part in weekly programming assignments in order to develop the skills required to comprehend the new tools and technology.