‘Time is money’- The old phrase needs to be redefined in today’s technocratic era. It should be ‘Data is Money’. Database is the requirement for every company today. Whether you are a startup, launching a new product, doing research in a project or looking to attract the customers, you need data. It is the corporate asset which companies turn it into their advantage. Data collections are the first phase of every project – If you are making a project on Machine learning you need data. For working with Artificial Intelligence, you need data.
But the question arises, what kind of data? – The data that can produce useful information for you. The process of extracting the useful information from the database and then analyzing the results using tools is called business analytics. It is a billion-dollar market and the need of the hour for every corporation. Companies need data scientists, managers who can sell the data, engineers who can use the data and make an app out of it. So, let’s discuss this trending field in detail.
Business analytics is of three types: –
1) Descriptive Analytics: – Analyzing those important factors and indicators to describe the present state of business. The data is used to assess the present health of the company like sales, profits, R&D spending etc.
2) Predictive Analytics: – The data is used to predict the further profits and trends like sales in the next year etc. It is used for looking into those avenues where spending more will generate more profits.
3) Prescriptive Analytics:- Analyzing the old data and past performance to give recommendations on future plan of action. The method is perfect to handle similar situations in the future.
There is a common notion that business analytics means data science or business intelligence. That’s truly wrong! Business analytics involves communication skills, managerial skills, technical skills, and negotiation skills. A data scientist can perform the operations on any type of dataset provided to him/ her but a business analyst has to analyze the market for the dataset and then perform the operations. It involves critical thinking and problem-solving skills.
Other than business analytics, the skills acquired during the above course can help you enter different career fields as well. Some of them are: –
• Business Analytics
• Computer Science
• Information Systems
• Data Science
• Information Management
• Health Informatics and Analytics
• Quantitative Management
• Discovery Informatics
• Cyber Security
• Applied Analytics
• Business Intelligence
• Marketing Analytics
Role of lead generation tools
For extracting any sort of information, the most important thing required is a database. The best way to develop an extensive database is using lead generation tools. Using them, you can extract the contact details like email address, phone number, address, from the social media profiles like LinkedIn etc. With the inbuilt features of email extraction, email verifier and bounce rate analysis, it makes it quite easier for performing the most difficult tasks in business analytics.
Salary of a Business Analyst in India
For any fresh graduate, the salary is Rs. 7Lakhs – 12Lakhs ($1,811 – $3,115) per annum. Some of the MNCs hiring them are: –
1) Tata Consultancy Services – Rs. 739,762 ($9,873) /year
2) MU Sigma – Rs. 548,618 ($7,322)/year
3) IBM – Rs. 713,572 ($9,523) /year
4) Infosys – Rs. 801,549 ($10,697) /year
5) Hewlett-Packard – Rs. 964,286 ($12,869) /year
6) American Express – Rs. 1,397,207 ($18,647) /year
Thus, data mining is the emerging trends of 2020 and the coming years. Data collection and carefully analyzing it is the most essential task for any corporation to succeed. There are many online courses and certifications to learn business analytics. The course is slowly and steadily being introduced in the college curriculum as well.