The use of data analytics is increasing at incredible speeds and will only continue to grow with new technological solutions. Business Intelligence, also commonly referred to as BI, is now required in business planning.
A few of the tools you need to know about right now are speech analytics (churns out insights), data security & governance, cloud and DMB demand (more software applications are making their move to the cloud), AI-equipped BI that is involved in decision-making, and self-service BI that is able to generate insights.
Business Analytics Solutions
Data that is generated by digital systems is changing the way we are able to predict our future in technology. Organizations are all on board with adopting data science systems that quickly generate sales by taking on a new process to find better solutions. These are business analytic solutions, which are the methods by which a company can predict the future of sales, possible weaknesses, and possible solutions.
Business analysis is a numerical analysis much like analytic or predictive modeling. They create the best process for enabling business leaders to make big decisions for their companies. The size of advanced data networks will increase at rapid speeds, thus making the consumer data that is being stored even more valuable. Knowing how to use this information to your best advantage in order to create even more services your customer will eventually need is imperative.
Types of Business Analytics
There are different types of business analytics that you should start familiarizing yourself with right now:
Augmented analytics – One of the most popular tools used by governments and corporations. It utilizes machine learning and natural language for its analysis, business intelligence, and data sharing. This simplifies the process of business analytics.
Decision intelligence – Automation for understanding issues within the data. It uses managerial science and social science to aid business decisions and projections. It also helps user experience for business and looks for ways to help one stand out amongst competitors.
Exponential data explosion – The large scale of data that is rapidly generated and stored in computer systems.
Big data automation – Automates large quantities of data.
Embedded analytics – Takes on the role and extra work that your analytics team would typically do.
Predictive Analytics – This can predict what the customer is looking for next by looking at historical data and customer patterns.
Data security – Privacy regulations like the General Data Protection Regulation that protect user information.
Data visualization – The presentation of data using patterns and charts. Makes it easier to see and understand data.
Business analytics software – Computer programs that sort through data and recurring trends.
Edge data & analytics – Is able to make decisions quickly and reduce wait time while increasing the speed of processing.
Upskill in Business Analytics
There is currently a high demand for business and data analysts. Gain foundational data skills applicable to any industry. Collect and analyze data, model business scenarios, and communicate your findings with SQL, Excel, and Tableau with the Business Analytics Nanodegree program.