What is Business Analytics?

Business analytics is a subset of business intelligence. This management solution relies on methodologies like statistical analysis, data mining, and predictive analytics to analyze data so that important trends and patterns can be spotted. These data insights are then communicated to decision-makers within an organization so they can use this information to make better data-driven business decisions. This popular field originated in the nineteenth century for gathering information on business competitors. In more recent history, it has grown in popularity and has become an effective way for organizations to use data to gather useful insights. In this overview, you’ll learn more about what business analytics is, what it can do, who uses it, and how to learn it so you can determine how to add this skill to your professional toolbox.

What Can You Do with Business Analytics?

Business analytics is one of the most versatile skill sets you can bring to the professional arena. All businesses, from small startups to multinational companies, seek those with a background in business analytics who can work with data to solve complicated problems, devise useful business strategies, and clearly communicate with stakeholders. Most Business Analysts have a background working with technology and programming languages like C++ and Java, as well as various databases and testing methods. These individuals typically possess technical and business skills, making them high-demand among recruiters and employers. 

Business Analysts are typically good problem solvers. They can analyze problems and apply critical thinking to propose innovative solutions that consider variables such as market trends. These individuals also tend to have an analytical mindset, which allows them to apply statistical models to analyze large datasets. Their analytic skills help Business Analysts perform tasks like understanding consumer buying decisions and behaviors and using this information to formulate a marketing strategy.

Business Analysts are usually expert communicators. They can clearly communicate their data findings and present these insights to different teams on both the business and technical sides. This often requires adapting their communication style to best reach different audiences. These individuals also possess time-management skills to balance multiple project deadlines and perform under pressure.

How Do You Acquire Business Analytics Tools? How Much do They Cost?

Business Analysts rely on a variety of programming languages, spreadsheet tools, software, and applications, to help them efficiently and effectively perform their job. These tools aid with tasks like tracking requirements, creating decision models, and managing different projects. The following are just some of the most popular tools for business analytics:

• Microsoft Officeis a suite of applications and tools commonly used for business analytics. Apps like Excel, Word, PowerPoint, and Outlook are the most popular Office tools for Business Analysts. In particular, Excel, the industry-standard spreadsheet application, helps mid-sized organizations manage tracking information and other vital data. For those who want to download Office, it’s available for different price points: Business Basic costs $6/user/month; Microsoft 365 Apps for Business is $8.25/user/month; Business Standard is available for $12.50/user/month; Business Premium can be downloaded for $22/user/month. A free Microsoft 365 trial is also available for those who want to try out this app before purchasing it.

• SQL, short for structured query language, is a domain-specific programming language used to maintain data from relational database management systems. Testers and Developers who want to use it only for non-production purposes can download this language for free. In addition, Microsoft has a free trial of SQL Server 2022 public preview. 

• Tableauis the most popular business intelligence platform on the market. This visual analytics tool is used to help Business Analysts manage and navigate data, as well as to extract and share insights. This end-to-end analytics platform is offered for different prices: Tableau Public is offered as a free download; Tableau Viewer is available for $15/user/month; Tableau Explorer is $42/user/month; Tableau Creator costs $70/user/month. A free Tableau trial is also available for Business Analysts who want to explore this product before committing to purchase.

What Are the Benefits of Learning Business Analytics?

A background in business analytics is currently one of the most in-demand skills employers seek in candidates. Because the digital world continues to evolve and grow, more professional opportunities are available for those with business analytics training to make sense of it all. Each engagement and customer transaction that occurs in cyberspace leaves behind a trail of information that can be profitable for those with a background in analytics. 

Virtual transactions and engagement records consist of data streams of objective facts about customers. These offer insights into customer activities, purchases, and interests. Companies that understand the value of this data rely on Business Analysts to find and analyze this information, as well as to propose ways the organization can profit from this knowledge. In addition to the valuable information it provides about customer patterns, business analysis can also offer insights into whether a business may be in a position to expand, as well as how effective its internal procedures are for product launches.

Even though business analytics is a relatively new field, the process of using mathematics to analyze measurements to make business improvements has been used since at least the nineteenth century, when Henry Ford used it to monitor the time employees needed to build each component of his cars. Currently, business analytics is used by many in the tech sector. As more data becomes available to businesses every day, this field is expected to continue its rapid growth.

Read more about why you should learn business analytics.

Business Analytics Careers

If you’re considering pursuing a career in business analytics, the good news is that the skills needed to do so have applications in various industries and professions. Various business analytics careers are currently available for those at different points in their career. Senior Data Analysts are involved with collecting and sorting data, then communicating insights to business partners. Project Managers who specialize in data analysis are involved with overseeing a project from start to finish. This process involves ensuring all team members are progressing at a pace to meet deadlines and that deliverables will be completed as expected. Principle Data Analysts also work with business analytics skills, such as designing intricate data systems, gathering information about their organization’s business needs, and working with their organization to reach its goals.

Another career path for those with a business analytics background is Operations Research Analyst. These professionals work with complex analytical and mathematical methods to solve organizational issues. Computer Systems Analysts also apply business analytics skills, though they do so in the context of computer systems. These individuals review an organization’s computer system to spot areas where its efficiency and effectiveness can be improved. These individuals can expect a yearly salary of $99,000. Analytics Managers are the ones who set the standard for their teams’ data collection strategies. They also monitor risk potential, performance metrics, and other components of data collection. Analytics Managers also apply statistical analysis to datasets and create reports designed to clearly communicate their data findings.

How to Learn Business Analytics

A variety of learning options are available in both the in-person and online formats for those interested in studying business analytics. In-person Business Analytics classes provide learners with access to a computer lab with the most up-to-date software and allow them to connect with others in their field. These courses are taught by expert instructors who bring real-world experience to their lessons. Participants in in-person business analytics classes can ask questions as they arise and receive immediate feedback on their work in this engaging, interactive learning environment.

You can search for in-person business analytics classes close to home to locate learning options nearby.

Live online business analytics courses are also offered by Noble Desktop and other educational providers. Just like in-person study, these courses are taught in real-time, which means you can ask questions and receive immediate guidance. Because you can complete all coursework remotely, there’s no need to travel to and from campus for regularly scheduled class meetings or pay to park. Although both in-person and live online business analytics classes may require taking off work to attend regularly scheduled meetings, they provide an engaging, hands-on way to learn more about working with big data.

If you’re new to business analytics and aren’t ready to dive into a full course, self-paced business analytics classes are a great starting point. These courses provide pre-recorded content, which means they can be watched and rewatched as often as you want, as well as paused and rewound to facilitate note-taking. They can be watched at any time of the day, any day of the week, from any location, which makes them a good beginning point in business analytics study for those who have busy work schedules and are trying to balance their studies with other commitments. Since Business Analysts often work with Microsoft Excel for data-related tasks, you may want to explore Noble Desktop’s free Excel class Top 10 Beginner Tricks You Need to Know. This hour-long video provides content on fundamental Excel tasks, such as working with charts, autofill, screenshots, pasting, and data validation. Noble also offers free learning resources on Excel and data analytics. 

Read the full guide on how to learn business analytics.

A Brief History of Business Analytics

Although business analytics has changed in many ways since it was first used in the 1800s, this field remains widely used across professions and industries and continues to provide organizations with useful insights about customers. 

The first known use of business analytics was in 1865. At this time, a banker named Sir Henry Furnese began actively gathering information on his customers before his competitors could do so. In the late nineteenth century, business analytics was introduced to the United States by Fredric Taylor. At this time, he labeled the field “scientific management,” and it was used to evaluate laborers’ body movements and production techniques to pinpoint areas where efficiency could be improved.

In the early 1900s, the manufacturing industry began to adopt the scientific management technique. Henry Ford used it to measure the time it took to build each component of a Motel T on the assembly line. This analytic practice went on to transform the worldwide manufacturing industry.

The first rudimentary computers began to be used during the Second World War. These early computers used tapes or punch cards to store information. Then, in 1956, IBM created the first hard disk drive, allowing users to save vast quantities of data with additional flexibility. This new technology opened the door for much larger-scale data analytics tasks. It wasn’t until later in the twentieth century that the next generation of business intelligence solutions began to appear. These were created by the improved databases and lower cost for storage space. At this time, there was already an accumulation of available data but no central location where it could be stored. Bill Inmon and Ralph Kimball invented data warehouses to mitigate this problem.

In the early 2000s, both medium and large businesses began to see the importance of business intelligence solutions. Companies like SAP, IBM, Oracle, and Microsoft leaped on this opportunity and began offering solutions that would change how many businesses functioned moving forward. In 2005, data was widely used, and companies began to target their efforts on improving the speed at which information could be retrieved. In addition, new tools for business analytics were created that allowed those from non-technical backgrounds to mine data and get data insights. 

As the business world became increasingly interconnected, people began to desire real-time information. Google Analytics provided a free, accessible tool that allowed users to analyze the data contained on a website. Between 2005 and 2020, the internet became available to almost everyone, which led to an even greater increase in the amount of data being created. It also required better solutions for storing and analyzing these numbers. Despite desiring more storage capacity and faster speeds, companies often had to resort to working with several machines simultaneously. This was the onset of cloud computing. In the past decade, nearly every major company has relied on cloud computing and big data to learn more about their customers, increase efficiency, and anticipate roadblocks or hurdles.

Comparable Fields

Those who study business analytics may also be interested in learning more about a closely related field, data analytics. Both business analytics and data analytics involve handling and manipulating data to uncover valuable insights. In addition, those who work as Business Analysts rely on many of the same tools and applications as Data Analysts, such as Tableau, Excel, and SQL. 

One key difference between data analytics and business analytics is that business analytics focuses more on the greater implications of data for an organization and the action needed based on these implications. Business Analysts also work to increase the efficiency of various business functions. Data Analysts are more involved with scouring databases to locate patterns and trends in the data that can be used to offer conclusions on hypotheses and help an organization make better data-driven decisions. Those who work in data analytics use techniques like data cleaning and visualization but tend to work more with the data itself.

Learn Business Analytics with Hands-on Training at Noble Desktop

If you want to study business analytics, Noble Desktop offers several excellent classes to prepare you to work as a Business Analyst. Noble’s Business Analyst Certificate is available in both the in-person and live online format. Participants in this hands-on course learn how to work with tools such as Tableau, SQL, PowerPoint, and Excel to analyze and visualize data. All participants receive live, project-based instruction from industry experts and can retake the course for up to one year to revisit the material.

For those who want to learn more about working with big data, Noble also has an in-person and live online Data Analytics Certificate. All participants receive one-on-one mentoring with tuition. This course is available in the full-time format that spans six weeks, as well as the part-time format of 24 weeks of evening classes. This project-based course covers core data analytics concepts and skills like collecting, wrangling, analyzing, and visualizing data. In addition, participants prepare for a career in business analytics or data analytics by reviewing case studies that incorporate both predictive and prescriptive analytics.

Those interested in comparing learning options can also browse Noble’s in-person and live online data analytics and data science classes to find the perfect class.

Key Insights

• Business analytics involves transforming raw data into insights that are then used by organizations to improve their decision-making process.
• The field of business analytics has changed drastically since it was first recognized in 1865. Initially, this field was created to help business owners understand customer needs and preferences; it then became a popular tool for those working in manufacturing to use to improve employee efficiency on the assembly line.
• If you want to study a field closely related to business analytics, you may consider pursuing data analytics, which uses tools such as Tableau, Excel, and SQL to find patterns in datasets. 
• You can receive comprehensive business analytics training through an in-person or live online course with Noble Desktop.