What is business analysis? | Fortune Education

It is also often believed that the best big decisions are those that have evidence and support in the form of data. But how does data go from raw information like surveys and click-through rates to sometimes being part of world-changing decisions? Business analytics is how.

The emphasis on data-driven decision-making is nothing new. In fact, companies have known its importance for years. Ten years ago, Deloitte said in a 2013 study that a focus on big data and analytics would become the “new normal” to sustain growth. “In addition to developing capabilities for rapid experimentation and trial-and-error, enterprises must focus on increasing their analytical maturity. To cope with this 'new normal,' they must remain agile. states that it is essential.

So, with hundreds of thousands of workers today calling themselves business analysts (not to mention there's an entire international organization dedicated to this field, IIBA), what exactly is business analytics? An important question remains. luck Are you covered?

What is business analysis?

In its simplest terms, business analytics is the process of using data and analysis to drive decision-making, says Anindya Ghose, director of the Master of Science in Business Analytics program at New York University's Stern School of Business. Or ability. Stern School is home to number one. Based on the 9 Best MBA Programs luckThis is the ranking.

Business analytics is a field that is constantly evolving as technology develops. A few decades ago, business analysis was a much simpler area of ​​typical business technology. They could store information in spreadsheets, identify trends using basic formulas, and visualize data to teams of decision makers.

But today, business analytics is being used in every sector, including technology, healthcare, education, retail, and media.

“Right now, what we think about business analytics is just a little bit of everyone's thing,” says Devanshu Mehrotra, a curriculum developer and lead lecturer at General Assembly, who has a background in the world of analytics. says.

Business analytics is more of an art of data transformation, says Mehrotra.

“The idea is that data is becoming democratized, so certain organizations should own it and be responsible for it, and in that case, having data transformers is important,” he added. Ta.

What skills are required for business analysis?

The exact skills you need to excel in business analysis will vary by industry, company, and experience level, but there are some important fundamentals:

• Domain expertise: Business fundamentals and related industry knowledge
• Technical know-how: Programming, data analysis, data visualization
• Storytelling: Translate data trends into business needs

That last point in particular was highlighted by both Mehrotra and Ghose as an area where great business analysts set themselves apart from other fields.

Additionally, as Mehrotra points out, knowledge of both high-code and low-code tools is an important technical aspect of jobs such as:

Mehrotra says it's important to be tool agnostic, as there are many data-related tools available and different companies may use different tools.

“You should have multiple tools in your repertoire, choosing tools based on the problem, rather than trying to shoehorn every problem into the two tools you know,” he says. “That’s why I always think: Before you understand the how, you have to understand the why.”

Ghose added that to be successful in business analysis, it is very important to have training in two areas:

• econometrics (Advanced Statistics and Modeling)
• experimental design (Creating and understanding tests and behavior)

It would also be remiss not to mention the importance of AI in space. As in other fields, this technology is streamlining some of the day-to-day operations of business analysis.

How can I learn business analysis?

Those who want to work in business analysis are in luck, as there are many ways to learn in-demand skills.

Looking at traditional degree pathways, many universities offer undergraduate and graduate degrees with a specific focus on business analytics. (luck Ranking the Best Online Master's Degrees in Business Analytics). And even if you don't have a program directly labeled as business analytics, you can still benefit from combining your business and data science efforts.

If a longer degree program isn't for you, checking out bootcamps and business analysis courses may offer faster, cheaper, and more flexible opportunities.

A few years ago, Mehrotra explained, he might have recommended going down the traditional degree path, but the world of analytics is always changing, so getting the latest skills from instructors with recent experience is key. A shorter program may be a better way to get . Industry experience.

“For me, I don't think long-term education, especially in these areas, is very impactful and doesn't have a good return on investment,” Mehrotra says. “I think it's important to create your own journey in a short form, so to speak. And I think some sort of short-form educational program is a very important part of that.”

Either way, Mehrotra points out that the key to surviving in the competitive employment ecosystem is getting hands-on projects, building a portfolio, and learning from instructors with real-world experience. Masu.

Studying business analytics doesn't necessarily make you a business analyst. Other roles may include data scientist, data analyst, market researcher, chief digital officer, chief data officer, head of product, intelligence analyst, and more.

“Making decisions without the help of computers, algorithms, and data is becoming increasingly difficult, if not impossible, to imagine,” Ghose says. “So you're almost certainly going to get a lot of benefit from that. That's the way the world is today, and I think it's going to continue to become even more ubiquitous as we move forward. So jump in and join the party. Please join us.”