Guide Better Business Decisions from Data: Statistical Analysis for Professional Success

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Click on Eversion Tab. Online portal for Journals of DPD. T he technological advances of the last decades have impacted our world, and the business world in particular, in fundamental ways. Massive amounts of data are being gathered and stored, from individual medical records to every single truck movement via GPS for large logistics providers.

Consequent to decades of information technology deployment, organizations today have more information at hand than ever before. But in many cases the information is not being utilized to out- think the rivals. Thus, organizations are missing out on a potent competitive tool. Moreover, ever faster computers and optimization methods have become available to transform this data into information for better decision-making. Data driven decisions based on the principles of management science and operations research have always been popular in large, professionally managed corporates but have become far more pervasive with the emergence of data science and business analytics.

Data science grew out an exponential growth in the availability of data that is automatically generated through digital transactions like phone calls, card swipes, electronic fund transfers, e-Commerce, social media and finally, from smart sensors that are a part of the "Internet of Things". The ancient science of statistics has found a new life and relevance because of the availability of software tools and techniques that allow oceans of data to be churned at ease to yield the valuable butter of managerial insight that allows us to address real life situations faced by managers in areas like retail, telecom, banking, finance, insurance and operations as well as Politics also.

This is the genesis of the Business Analytics. Business analysis is the discipline of identifying business needs and determining solutions to business problems. The person who performs this role of identification and determination is called a Business Analyst or BA. This role has emerged with evolution of software engineering and raise of Rational Unified Process-RUP to mitigate risk in project management. Clients do not have the time to make the technical team understand how business. This position of a BA actually fills this gap, to make the project successful.

Business Analytics is about quantitative analysis and predictive modeling towards data-driven competitive strategies. Exemplars of analytics are using tools to identify their most profitable customers; offer the right price; accelerate product innovation; optimize supply chains; identifying the true drivers of financial performance etc. Competence in analytics along with the ability to handle big-data has become a critical skill for managers of the new age business world.

The backbone of analytics is the theory of statistics in general and machine learning in particular and these two key areas are offered as two different areas. The role of a Business Analyst involves researching and extracting valuable information from data sources to explain business performance present and future.

Why Do Companies Need Business Analytics?

A Business Analyst also determines the right approach to improve the business. Business Analysts come with domain expertise but limited statistical abilities. This gap is filled by Data Scientists who are advanced statisticians. A Data Scientist develops and deploys algorithms using statistical programming that support the Business Analyst's plans. A Data Scientist automates the Data Analyst's plans and models to help the business enhance output and performance.

Business problems need solutions based on data, not intuition. Yet most organizations struggle to translate the abundance of data they have today into meaningful business insights. Now more than ever, data analytics, approached with a business management mindset, is an essential function for successful decision making in every industry.

A well trained and an experienced Business Analyst is an indispensable asset to an organization. He can help frame problems, create comparisons, forecast outcomes, and make predictions. And the people who can make meaning from data in a way that stakeholders and executives can easily understand often become some of the most valued people in a company. There has been extensive popular interest in Business Analyst over the past few years, including popular business press books like "Competing on Analytics and Predictive Analytics. Employment forecasts predict a huge growth for managers who understand analytics to lead big data initiatives in the business world over the next decade.

The demand for Business analytics is huge in both domestic and international job markets.

There has never been a better time to make a career into Business Analytics. This course will assist prospect interns in preparing for a career in the field of data analytics by providing you end-to-end career support, right from skill-based business analytics training to job assistance.

Data Analytics vs. Business Analytics

According to research conducted by McKinsey Global Institute - by the business universe will experience a shortage of , skilled data scientists, and 1. With an estimated 40, exabytes of data being collected by - up from exabytes in - the implications of this shortage become apparent. Business Analysis is one of the most robust and in demand skill compared to the other skills, Following are the points, which make Business Analysis unique, and most sought skill among professionals.

Business Analytics will empower learners with the skills, insights and understanding to improve business performance using data, statistical and quantitative analysis, and explanatory and predictive modeling to help make actionable decisions. The use of business analytics has grown exponentially in all areas, including healthcare, government, retail, e-commerce, media, manufacturing, and the service industry. The result is an increased need for employees with an analytical approach to management who can utilize data, understand statistical and quantitative models, and are able to make better data-driven business decisions.

How Google Analytics Help Small Business Owners to Make Better Business Decisions

Career prospects include business analyst, business intelligence analyst, business development manager, market research analyst, marketing intelligence analyst, digital marketing manager, chief operating officer, strategist, and chief marketing officer. The remuneration in this industry depends upon the organization, nature of work and the area where you work.

The average starting salary of a Business Analytics in the data industry is Rs per month. Depending on various posts, the salary range varies Rs. The special packages, bonus, incentives offered are part of this career. The remuneration outside India also varies depending upon many factors such as organization, type of analysis and places. As opted this, interns will chart a path to analytics excellence for themself, for division and for the organization.

They know how to use business analytics as a strategic advantage. Our top 12 best books on business intelligence explore a wide range of subjects that extend far beyond the rudiment of the field, offering a level of insight that will take your business intelligence skills and confidence to a whole new level. Information is what you need to do business.

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According to this book, less than 0. Do you spend a great deal of time using spreadsheets, or wondering which graph displays data in top-to-bottom fashion? Then this, most excellent of BI books, is the one for you. Clear, concise, and easy to read, this most brilliant of books on business analytics will teach you the fundamentals of how to create professional graphics that showcase invaluable data-driven insights. The book shares what really matters when creating charts rather than focusing on making them flashy — drilling down into how to make your visualizations clear, effective, and meaningful.

Statistics For Data Science - Data Science Tutorial - Simplilearn

Author Dona Wong shows us that there are best colors and fonts to choose for certain types of data while offering a wide range of subtle yet useful examples of how to display data. Certain readers might find some of information too basic; nonetheless, Wong delivers a mix of priceless rudimentary insights as well as the golden rules you should follow every time you prepare a chart.

The more data sources you have access to, the better. A business that relies on one gauge is no match for one with an array of intelligent, data analytics tools. One of the most intelligently crafted BI books on our list. One of the perfect BI books to help you forge a data-driven business culture, this offering from Wayne Eckerson summarizes everything related to business dashboards. Wayne offers an overview of how to install and maintain the effectiveness of a real-world business dashboard.

He understands the technical and social impact of launching BI software across a company. Wayne goes as far as to dodge office politics around self service BI tools and focus on the useful knowledge. Many aspects of his book go beyond the scope of what datapine provides.

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It does a great job at pointing the business habits necessary to maintaining an effective dashboard culture in your company. This comprehensive business analytics book introduces the fundamental principles of data science and walks you through the analytical process necessary for extracting useful knowledge and business value from the data you collect. This position includes success stories of model use of data science by leading companies and illustrates how data science solutions helped them deal with big business challenges.

Top 30 Best Business Analytics Books You Should Read

With a wide spectrum of subjects covered, ranging from predictive modelling, identifying informative attributes, and segmenting data by progressive attribute selection to estimating costs and benefits and calculating expected profit — this best-selling book on business intelligence will take you on a real data science journey. Moreover, you will gain a clear-cut insight into how data science fits in with your organization and how you can use it for competitive advantage. The book will also show you how to approach business problems data-analytically, using the data-mining process to gather good data in the most appropriate way, opening your eyes to multiple data science applications, for example in recruitment process.

That said, rather than outlining analytic methods, this business intelligence book explains how big data works in a way that is clear, accessible, and completely practical. Here, you will learn why big data is a such big deal and why it is necessary for organizations to learn how to leverage big data as part of their daily operations.

Phil Simon interlards jargon-free, expert advice complete with big data examples in real-life case studies, and analyzes the thoughts of word-leading big data practitioners while placing the big trend into a practical real-world context that will help accelerate your learning.