Many businesses rely on statistics and analytics to see what’s working well for them, but finding an expert who can interpret data for you is often tricky. Having the right sort of data analyst on your side can make a massive difference to how your business is run. But how do you choose the right one? Here are some key things to watch out for when selecting the right statistician or analytics expert for your company.
Business analytics is a set of techniques for analyzing business data using statistical methods and technologies to better understand and improve performance by analyzing historical data. Analytics helps managers make more informed decisions by giving them a broader perspective on the company’s performance. It answers questions such as, “Why did we do well or poorly in a particular market segment last year? “ or “How can I get a better idea of how this new product will be received? There are broadly three types of analytics that businesses use to optimize their performance: descriptive analytics, which is used to gain insights into what has already happened; predictive analytics, which is used to discover a pattern in historical data and predict future trends; prescriptive analytics, which is used to prescribe several solutions to a particular problem.
The skills needed by a business analytics expert depending on the position and company. A person with an MBA and computer science background would be able to work as a Data Scientist for a start-up, but they would not be qualified to work as a Data Architect for a more established company. Here are some skills that a great business analytics professional must possess
Business analytics involves using statistics and technology to analyze data and make predictions, essentially using data to solve problems. In such a profession, good problem-solving skills can be of great use.
Data literacy involves having the ability to collect, filter/clean, interact with and interpret data. It is a highly-valuable skill when trying to solve a problem with the use of analytics. It empowers employees with a wide range of skill levels to ask the right questions and form better decisions.
To effectively use a dataset while solving a problem, having analytical skills is imperative to find an optimal solution. Being able to manipulate and interpret data helps draw insights and form intelligent solutions.
A data analytics professional requires a wide range of technologies to perform operations. The tech stack includes a programming language that is either Python or R.Proficiency in SQL and NoSQL databases is essential. Tools such as MATLAB and Microsoft Excel are also used.
The business analyst must effectively communicate the insights drawn from the data to ensure that they result in the best possible solutions. Without solid communication skills, the analysis performed is as good as unrealized gains. This often means interacting with managers and explaining proposed solutions through the means of a presentation or a report.
Data-driven decision making is getting increasingly common amongst businesses when trying to solve a problem. Hiring a business analyst can help a lot, even when trying to make sense of what is happening with the company and the kind of shape the business is in. Business analysts can often help you tap into the unrealized performance that an organization can gain by making a few tweaks, increasing your return on invested capital(ROIC). A business analyst can also help reduce costs while increasing profitability. It also prevents projects from cost overruns.
The worst problem associated with business analytics is bad data, and it is of such prime importance that it can effectively cripple your decisions. The losses can be huge and in terms of lost revenues, high churn rate and lost opportunities. Bad data can be defined as Inaccurate, incomplete. When analysts gain insights from bad data and managers try to make decisions based on those insights, you have yourselves a house of cards on the verge of collapse. Several such decisions stacked on top of each other can spell doom for your business. Thus, data quality and reliability are of paramount importance when analyzing that data. Many data service providers now offer cloudbased, economical bundled packages that include data collection, cleansing, preparation and analytics services. The company must consider all these factors before determining its analytics needs.
A business analytics system can provide a company with a competitive edge in many ways. The system can give a company a deep understanding of the marketplace it serves. The insights from this understanding can help a company formulate strategies for growth and differentiation in the market. Business analysts also help translate business decisions to a language their IT team is capable of understanding. Business analysts make it easier for your organisation not only to adapt to change but drive it.
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