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We Understand Business Analytics: Key Aspects and Examples

In this post, we continue to share with you useful information about the world of data analytics, in particular about business analytics. If you haven't read our previous post about using Power BI to optimize business processes, we recommend that you take a look.😉

Let's start with what distinguishes business analytics from business analysis. These terms are often confused, but each of them has its own unique tasks and goals. Let's take a closer look at them.👇

Business analysis: This is a comprehensive study of the company, covering aspects such as strategic planning, business processes and information systems. 

The main purpose of business analysis is to develop changes that are necessary to achieve the main goals of the company. Here, the emphasis is on understanding the current state of the company and determining the directions of development.

Business analytics: Unlike business analysis, business analytics focuses on the collection, processing and analysis of data in order to support management decisions. 

The main purpose of business analytics is to provide relevant and objective data for managing organizational changes. Here, the focus is on using data to make decisions and optimize business processes.

Business analytics is necessary for all companies wishing to make informed management decisions. It helps not only to collect data, but also to prepare it for future use. Here are some examples of business intelligence applications:

  • Trend analysis to optimize the strategy of selling seasonal goods.
  • Forecasting the demand for services or goods, taking into account various external and internal factors.
  • Evaluating the effectiveness of marketing campaigns based on conversion data and ROI (ROI ratio, which helps to calculate the return on investment in the project).

A business analyst is a key figure within a company, guiding its development. Its purpose is to help businesses identify areas for improvement and efficiency

Responsibilities of a business analyst:

  1. Understanding the needs and expectations of stakeholders. This includes an analysis of personnel requirements, company structure, and business processes.
  2. Identification of problems and opportunities. A business analyst analyzes the data and identifies key problem situations and prospects for improvement.
  3. Development of solutions. Based on the analysis, the business analyst offers specific strategies and recommendations to overcome problems and unlock opportunities.
  4. Preparation and presentation of the results. A business analyst creates graphs, reports, and arguments to justify his decisions to the company's management.
  5. Implementation of changes. He organizes the process of implementing the proposed solutions in the life of the company.
  6. Evaluation of effectiveness. A business analyst analyzes the results of implementing changes to determine whether they have produced the expected results.

The process of a business analyst's work:

  1. Data collection. A business analyst formulates requests for data from various departments of the company.
  2. Data analysis and preparation of reports. Using tools such as Microsoft Power BI, a business analyst analyzes data and generates reports for company management.
  3. Transmitting the results. The results obtained are transmitted to the management, which allows them to make informed management decisions.

In conclusion, business analytics plays an important role in modern business, providing companies with the necessary information to make strategic decisions. Without data analysis, managers may miss key points and trends that affect the success of the company.

By analyzing trends, forecasting demand and evaluating the effectiveness of marketing campaigns, business analysts help companies not only adapt to the dynamic market environment, but also actively shape their development, achieving their goals.🎯

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