Why Study Business Analytics Online?

The amount of data produced and consumed across the globe is growing exponentially, and businesses rely on experts in business analytics to make informed decisions. As the need for business analysts grows, an online degree can prepare students to meet this rising need in all industries.

A company can utilize its data to discover growth opportunities, in addition to increasing the efficiency of its existing operations. For instance, by identifying which areas a certain group of people spend their money the most often, a business could create products or services to be appealing to these areas and enhance the brand-consumer connection. Business analysts gather information about consumer behavior and apply this information to improve marketing strategies.

Predicting the performance changes over time regardless of whether it’s seasonal or on a larger scale is a different aspect of business analytics. With the right data businesses can business studies in different market sectors plan ahead and anticipate the need for additional resources, such as more personnel or new marketing campaigns during peak seasons. Business analysts can also forecast how much inventory a company will require from suppliers, which allows to minimize waste in warehouses and maximize sales.

Business analytics professionals utilize various software tools to perform analysis of data, reporting and data collection. Many of these tools are available for free, including well-known programs like Microsoft Excel, which is used by nearly all BAs for requirements management tracking as well as data storage and manipulation. Other popular tools include Balsamiq and Axure for wireframes, Visio, Tableau, PowerBI, Bokeh and LucidCharts to display data.