Business Analytics is Not Rocket Science
Last Updated on June 17, 2022 by Editorial Team
Author(s): Rijul Singh Malik
Originally published on Towards AI the World’s Leading AI and Technology News and Media Company. If you are building an AI-related product or service, we invite you to consider becoming an AI sponsor. At Towards AI, we help scale AI and technology startups. Let us help you unleash your technology to the masses.
A Blog about how to get started in business analytics
Analytics usually starts with a problem
Analytics is a difficult subject to talk about and it’s not obvious what you need to do to improve your site. If you’re using your analytics report to track the performance of your campaigns and sales, you are probably trying to look at the data you have in a different way. In this case, the question you want to ask is: “How can I use what I know to solve a business problem?” This can be as simple as getting more traffic to your site or knowing how your customers behave. However, there are also more complex business problems you can solve if you have the right data. Data analysis is a very broad subject, but if you have a set of data that you want to analyze, you have to start with the question you want to answer.
Analytics isn’t Rocket Science
Business analytics is not rocket science. You know, I was having lunch with a friend the other day and he was telling me about how his company went through a major change. So, they hired an agency to help design a new identity and they had a group of consultants come in to help them with the process. They had to focus on branding because that was the most important thing. Then they had to work on their website because that was the biggest money maker. After that was the mobile app because that was the future. And then came social media because that was the best way to expand their reach. And then there was SEO, which is just a part of the overall strategy. It was quite a long list of items and I couldn’t help but ask him, “What about analytics?” He looked at me and said, “I don’t know what that is.” And I’ll tell you, he’s not the only one.
With the advent of the internet and social media, the world has become a global village. With the help of these technologies, businesses can reach their target audience in one place. Nowadays, there are a number of businesses that are using the internet to promote their products and services. They are making use of a number of social media channels to reach their target audience. For a business, it is very important to analyze the various aspects of its marketing strategy. This can help in increasing the conversion rates and increasing the number of clients.
I have heard this statement said many times. The statement is being said by people who either don’t know anything about analytics or by people who don’t want to learn about analytics. I have even heard this statement said by people who are supposed to be in the information technology industry. Analytics is not Rocket Science. Analytics is the process of taking raw data and looking at it to gain insight. Analytics is like solving a mystery. You look at your data to see if there is a pattern if the pattern has happened before, and what you should do in the future. Having access to data is not the same as doing analytics. Every website that has a web traffic counter has access to raw data. The real work that analytics takes is to figure out what you should do about the data. Analytics is not about knowing the answer, it is about asking the right questions. Analytics is about using facts and figures to get to the truth. Analytics is about looking at your data to see if the numbers support what you are doing or if the numbers are telling you to change your strategy.
Tools to get started with Business Analytics
Data is the lifeblood of business. Every decision and reaction to the market is based on data, and therefore, the collection, analysis, and dissemination of this data are paramount. The more information you have at your disposal, the better informed your business decisions will be. This is where Business Analytics comes into play. Business Analytics (BA) is the collection and analysis of data for the purpose of making business decisions. Some of the most common techniques used in BA are Data Mining, Data Analysis, and Data Visualization, but there are many more. The primary goal of BA is to provide accurate and unbiased information that allows you to understand your business, your customers, and your competition.
Business analytics is a big buzzword that’s thrown around a lot. But what does it really mean? What does it have to do with business or your website? Most people don’t realize how much their website can affect their lives outside of the website, but outstanding business analytics (BA) can often lead to conversions. Business analytics is the science behind making data-driven decisions. Imagine if you could instantly improve the way businesses work or make decisions by changing the color of your website or even the way your business’s employees work? Yeah, you’re probably thinking: “these people are crazy!” But the fact is, businesses are quite capable of influencing each other by just thinking about it — something the “crazy” BA designers know a lot about. It’s not just a buzzword though — business analytics can be found in everything from how e-commerce stores offer free shipping to how chatbots talk to customers.
The main idea of Business Analytics is to observe data, identify patterns, and draw conclusions and insights. The key difference between Business Analytics and Business Intelligence is that the former involves more advanced statistical and predictive modeling. Business Analytics is often confused with Business Intelligence, but it’s important to understand the difference between the two. Business Analytics is the next step in Business Intelligence, involving the use of advanced statistical and predictive modeling. In the simplest terms, Business Analytics is the application of data analysis; the process of deriving meaningful insights from raw data. Business Intelligence is the ability to take structured data and turn it into valuable information; it’s the ability to extract meaning from data.
Analytics is not a destination but a journey, and it is a journey you can start to embark on right now.
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Published via Towards AI