What is business analytics?
The field of business analytics is a future-oriented and promising career path, which is why many people choose to study in this field. In addition, many companies choose to work with an analyst or to use specialised analytical tools. It is, therefore, a significant part of everyday work in IT and other business branches. It helps in the day-to-day running of the company and, in addition, supports entrepreneurs in making serious and long-term decisions. In this text, we will introduce you to business analytics and the benefits that its use brings to companies and projects.
What is business analytics?
Business analytics is a scientific discipline that uses data analysis to improve processes, increase revenues, and chart paths for further company development.
A business analyst carries out the work with data. A business analyst is a person who processes, organises, and interprets data thanks to their knowledge of IT tools and systems.
Their analyses result in visualisations and interactive reports supporting companies' daily work.
A good business analyst has exemplary character traits but also specific skills. Working with IT tools should be fine for them. They should have both a technical sense and creativity developed.
Power BI, or data analysis tools
Power BI, or Microsoft's Business Intelligence tool, is a valuable aid to analytical work in business. It is a real-time tool embedded in the cloud (and beyond), giving you the flexibility to analyse the data you are capturing.
What does the Power BI tool allow for in business?
- To manage data extracted from various sources;
- To organise data, creating intuitive visualisations;
- Processing information and interpreting results;
- Creating reports.
Working with databases is fundamental to running a successful business. You will read more about why this is the case later in the text.
It is worth introducing business analytics into your daily work based on information systems that enable you to manage information.
The Power BI tool is available in several variants:
- Power BI Desktop,
- Power BI Pro,
- Power BI Premium.
Choose the type that best suits your company's working model.
How does business analytics help you work with data sets?
Let's get down to specifics. How does analytics impact the running of a business?
- Working with complex data improves decision-making processes. It eliminates wandering around in the dark, looking for solutions. Instead, well-interpreted data often provide ready answers.
- Tools for working with data allow you to quickly collate different sources and control the profitability of processes and activities.
- Analytics optimises many aspects of companies' work. It allows you to find the best ways forward and focus on what is most beneficial.
- Allows progress to be tracked in implemented processes.
- It provides the opportunity to determine the budget for individual activities better. As a result, it positively impacts the company's overall financial situation.
- It allows new profitable markets to be discovered and the ideal customer's profile to be better defined.
- Analytics identifies new promising courses of action.
- Simplifies and accelerates business decisions by providing data visualisation.
- The benefits to a company of using data management tools are incredibly numerous.
The tools make it possible to evaluate existing activities and their profitability and - thanks to access to information - to carry out practical predictive analyses.
Business analytics as a way to better organise the work of your company
If you are running your company and perceive decision-making or organisational chaos, this is a sign that you need a data analytics system.
Analytics is a process based on data extracted from various sources. It allows you to process and interpret the material, the starting point for identifying trends, patterns, and other data helpful in making business decisions.
Analytics encompasses various activities, from collecting and analysing the data to creating reports and recommendations for managers and other business partners or clients.
Ideally, it is based on specialised tools such as Power BI. They make working on data fast and intuitive and produce helpful information.