Interactive Data Corporation (IDC) estimates that Data creation will reach 163 zettabytes by 2025. Big Corporations, Governments, Entrepreneurs and almost everyone else is using Data Science to generate insights by unearthing patterns and by decoding this data. These insights are helping to improve efficiency and to offer innovative solutions to business problems. Analytics is also leveraged widely to plan election campaigns and win elections.
Process under Business Analytics
Business Problem Framing
This is the first thing you do before you start your analysis. Even before you begin your analysis, you should understand the purpose of your analysis. Here you try to understand what the business is and what the business is trying to achieve. You formulate the business problem.
Analytics Problem Framing
Here you reformulate the business problem with respect to analytics. You develop a proposed set of factors and its relationship to output. Also, you define a metric of success of your model.
Data
Here you identify and select your data for analysis and its source. You work to clean the data and make it analysis ready. You also find relationships between data and report them.
Methodology Selection and Model Building
Once your data is worked on, you decide which method to use for your analysis. This is decided based on your data and the type of analysis you have to perform. You make multiple models and compare them based on the metrics you decided on.
Deployment
You validate your model to check if your model is giving accurate predictions. Once validated and reported, you deploy your model on the company’s system which then will perform analysis on every new incoming data. When a model is deployed, it has to be constantly monitored for accuracy.
Different types of Analytics
Descriptive Analytics: This branch of the Business Analytics course analyzes and finds answers to the question, “What has happened in the past”. As its name suggests, Descriptive analysis or statistics performs the function of “Describing” or summarizing raw data to make it easily understandable and interpretable by humans.
Predictive Analytics: This branch of the Business Analytics course, uses forecasting techniques and statistical models to find out what is going to happen in future. Predictive analysis helps us in predicting the future course of events and take necessary measures for the same.
Prescriptive Analytics: This branch of the Business Analytics course makes use of optimization and simulation algorithms to find answers to the question, “What should we do?”. Prescriptive Analysis is used to give advice on possible outcomes. This is a relatively new field of analytics that allows users to recommend several different possible solutions to the problem and to guide them about the best possible course of action.
Applications
Industry Trend
- Accessible Artificial Intelligence – There is widespread adoption of Intelligence into all business systems and decision-making applications.
- The Rise of Predictive Analytics – These solutions produce better decisions, more accurate business predictions and measurable analysis.
- Open Source Solutions – (Smart Apps) This trend includes the use of digital assistants and virtual services.
- Rapidly Growing IoT Networks – The Internet of Things like smarter versions of regular gadgets and equipment to make our lives easy.
Career Prospects
Companies recruiting Business Analytics Course Professionals?
Roles within analytics Team
| Designation | Description | Minimum Work ex |
| Data Scientist | Using machine learning to build better predictive algorithms | 2-3 years |
| Data Analyst | Analyzing interesting trends found in the data | 1 year |
| Data Architect | Applying feature transformations for machine learning models | 2-3 year |
| Data Administrator | Integrating external or new datasets | 2-3 year |
| Business Analyst | Creating visualizations ,Building APIs for data consumption | 1 year |
Business Analytics Salaries
- The average salary after pursuing the Business Analytics course in India for the year 2022 is INR 6.9 Lakhs across all experience levels and skill sets.
- Mumbai is the highest-paying city at almost 13.3 Lakhs per annum, followed by Bengaluru at 12.5 Lakhs.
- 78% of analytics professionals who pursue the Business Analytics course receive salaries in the 0-6 Lakhs salary bracket. This is an indication that more entry-level (fresher) professionals entered the analytics workforce this year.
- Telecom industry is the highest salary payer to its Business analytics course professionals at 18.6 Lakhs.
- Python saw the largest year-on-year jump in salaries, with an increase of around 32%. R professionals saw an increase of 30% in their salaries.
- Advanced analytics/ predictive modelling professionals are paid the highest salaries compared to their analytics peers, i.e. 14.5 Lakhs on the median.
Skills Required
The skills required to become a Business Analytics Professional include:
- In-depth knowledge of R
- Python coding
- MS Excel
- Mathematics Expertise
- Business/strategy acumen
Learning Options
IMS Proschool offers Business Analytics Course with joint certification of IMS Proschool and NSDC.
Highlights:
- 15 weeks of training program taught by expert faculty only on weekends.
- Entire training program taught by expert faculty with real world expertise.
- 24 hrs access to online study materials and videos
- Available in Classroom and Online Virtual Classroom format
- Course Fee For Classroom: INR 40,000 (All Inclusive)
- Course Fee For Live Virtual Classroom : INR 32,000 (All Inclusive)
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