Choose Business Analytics for Kickstarting your Career!
The field of Data and Business Analytics has undoubtedly emerged as one of the most promising career fields. It is among the most recommended career paths and the most sought-after skill set today. With the promise of a huge salary slip and lucrative perks, many are either choosing analytics as a career path or switching to analytics from other domains. The demand for analytics professionals is at an all-time high, with the right set of skills you are guaranteed to secure a high-paying and stable job for yourself.
However, before you venture out and seek business analytics course details, it is important to understand the field and how it helps not only businesses but also organizations from all walks of life!
For any business enterprise, it is very important to gather business intelligence to make business strategies and make smart decisions. Gone are the days of manual market surveys and traditional methods of acquiring business intelligence are no longer valid.
In recent times digitization has gained much prominence and companies must look for digital solutions in every aspect of business making.
Data has emerged as a key resource for companies in the digital space today as there is an urgent need of extracting valuable business insights from data. And with the advances in the field of digital technology, huge data sets can be captured, stored, and analyzed. As of 2022, it is the task of business analysts to harness the data sets of a company and add value to the business.
Take for example Amazon
Established in 1994, the company is today the market leader in E-commerce on a global scale. The owner Jeff Bezos is one of the richest persons and the company has undoubtedly surpassed all expectations when it came to growth and consistency.
How Business Analytics have driven its success?
A sharp focus on customer satisfaction, logistics, and ease-of-use based on technology. Through the years of accumulated business data, both external and internal, amazon has leveraged it to understand some key aspects of the e-commerce business. For instance, Amazon can always predict what you would like to buy next and its recommendation engine can recommend such products easily whenever you visit the e-comm giant’s app or website.
For customer satisfaction, Amazon has invested a lot in building an exceptional customer service team that is working twenty-four hours a day, seven days a week to take feedback from customers about products and help customers over a live call or chat on a real-time basis. Diving deep you will also know that business analytics has enabled Amazon to maintain the customer service workforce in such a way that the company can predict exactly when the volume of contacts might increase so that no call or chat goes unanswered. Currently, Amazon is using business analytics to improve the overall quality of customer service by introducing ML-driven self-service bots that are capable to answer customer queries in a fast and efficient way while also mining customer service call recordings to continuously find what can be done to drive customer satisfaction. This has enabled Amazon to maintain a good volume of loyal customers who vouch for the company and buy everything from A to Z from Amazon.
Logistics is another area where Amazon and other e-commerce giants are heavily utilizing business analytics. Amazon employees trained in simple easy-to-use business analytics software platforms can predict which warehouse might need restocking and where there might be an increased demand for a particular type of product. Calibrating the supply chain with insights from business analytics helps Amazon and other e-commerce platforms to run a smooth supply operation with minimum or no hiccups.
Interesting Market trends in Business Analytics
- The global market of business analytics is expected to reach $34.3 Billion within 2022 according to Market Research Future
- IDC claims that globally $260Billion worth of revenue will be generated from big data and business analytics by the end of 2022.
- Even multiple governments have developed strategies to benefit from data analytics. For instance, the Indian government recently announced that it would take the help of NIC to use data analytics to better serve the citizens of India.
- Mordor Intelligence reports that the global business analytics market will expand at a compound annual growth rate of 7.3%, with the BFSI industry taking the maximum share.
- There is an enormous increase in demand for Mobile BI and all other portable forms of Business Analytics Software Suits.
Business Analytics also helps small businesses to gain an edge over competitors and secure growth. For instance, a new company willing to secure a good market share for itself must investigate and research the target audience before launching any product and services. If the company deploys business analytics to gather relevant data and analyze the same for deep actionable insights, in no time such a company will have crucial information to act upon.
For instance, popular e-commerce brand Purplle correctly identified the lack of supply of trustable and good beauty products in the Indian market and quickly took decisions to take advantage of the demand by offering trustable beauty brands at reasonable prices.
The result is that despite the existence of big e-commerce players like Amazon and Flipkart, Purplle was able to secure a substantial market share to support its continuous growth.
In the BFSI sector the story of BharatPe who were able to recognize a market opportunity of financing small and medium-sized enterprises. The list of success stories owing to business analytics is enormous and continuously growing!
If you are already working in the IT sector of India, whatever your role might be, you can upskill with business analytics to kickstart a career full of growth and opportunities. Hence, you must review the business analytics course details and select the best course for you and start your journey today. By doing so you not only get a chance to grow in your existing organization but also land job opportunities offered by leading firms in India and abroad!