What Is Business Analytics?

Business Analytics is a combination of Data Analytics, Business Intelligence and Computer

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.

Business Analytics Process

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 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 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 Business Analytics, 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 taking necessary measures for the same.

Prescriptive Analytics: This branch of Analytics, makes use of optimization and simulation algorithms to
find answer to the question, “What should we do?”. Prescriptive Analysis is used to give advices 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
 1. Accessible Artificial Intelligence –There is a widespread adoption of Intelligence into all business
systems and decision-making applications.

2. The Rise of Predictive Analytics – These solutions produce better decisions, more accurate
business predictions and measurable analysis.

3. Open Source Solutions – (Smart Apps) This trend includes the use of digital assistants and
virtual services.

4. Rapidly Growing IoT Networks – The Internet of Things like smarter versions of regular gadgets
and equipment to make our lives easy.

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NOT FROM IT FIELD? DON’T WORRY. YOU CAN STILL MAKE IT BIG IN BUSINESS ANALYTICS

HOW TO CHOOSE THE BEST BUSINESS ANALYTICS CERTIFICATION IN INDIA?

WHAT IS ANALYTICS CONSULTING AND HOW TO GET THERE?

Career Prospects

Companies recruiting Business Analytics Professionals?

ROLES WITHIN ANALYTICS TEAM

Designation Description

Data Scientist Using machine learning to build better predictive algorithms

Data Architect Applying feature transformations for machine learning models

Data Administrator Integrating external or new datasets

Business Analyst Creating visualizations ,Building APIs for data consumption

BUSINESS ANALYTICS SALARIES

 The average salary in India for the year 2017 is INR 12.7 Lakhs across all experience level 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 receive salary in 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 analytics 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 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 Certification from NSE Academy.
Highlights:

 12 weeks training program on Business Analytics only on weekends.

 Entire training program taught by expert faculty with real world expertise.

 24 hrs access to online study materials and videos

 Additional 20+ hours of training on Analytics with Python. (Included only with Business Analytics
Plus program)

 Also available in classroom/online virtual classroom formats

 Course Fee: INR 45,000 (All Inclusive)