Key takeaways:

• Massive amounts of data are analysed in order to derive new information and make predictions using data analytics

• Business data analytics is applied to the context of gaining business insight through the use of pre-built business content and tools

• Analytics can help in obtaining and analysing data from the past

• It can also find patterns and trends in the data, as well as the underlying causes

• It helps deliver insights to use by making data-driven business decisions

Business analytics is one of the hottest trends in business today. By leveraging the potential of data, businesses can gain insights into their consumers, operations, and even the competition. Several business analytics tools and techniques are available, but some of the most popular ones include data mining, predictive modelling, and statistical analysis.

Regardless of your business analytics tools and techniques, the goal is always to help you make better decisions to improve your or your organisation’s business.

If you are looking to get started with business analytics or want to learn more about what it can do for your business, check out this blog post. We’ll give you an overview of the future of business analytics.

READ MORE: What is Business Analytics: An overview

Top 15 trends of business analytics

Here are the top  trends of business analytics to watch out for in 2022 that will determine the future of business analytics.

1. Data governance and quality management will become more prominent

Data governance is an important part of any company’s success—but it’s especially crucial when it comes to business analytics. Businesses need to be able to trust their data before they can use it for decision-making purposes, so they need a system in place that ensures their data is accurate, reliable, and consistent. 

This means implementing policies and procedures for managing data quality throughout the entire organisation—from IT departments who manage servers and storage systems all the way through to customer service representatives who are tasked with handling customer requests or complaints.

Business analytics also affects these roles because it puts more emphasis on using evidence-based decision making techniques instead of intuition alone.

2. Data management, security, and scalability

Business analytics is the use of data science and statistical methods to turn data into actionable insights. It has an impact on data management, security, and scalability.

• Data Management

Business analytics requires the ability to store large volumes of data. This might be because you are tracking customer activity across multiple channels or because you are looking for patterns in customer behaviour that suggest a new product line. Whatever the reason for storing large amounts of information about your customers and their purchases, it’s important to have options for managing this volume of data in a way that makes it easy to access and use at any time.

• Security

Security is another area where business analytics has an impact on data management. For example, if you are using machine learning algorithms to analyse customer purchasing patterns, you need to ensure that the information they generate isn’t accessible by unauthorised parties who could potentially misuse it. This means implementing strong encryption protocols and keeping up-to-date with any new security standards that emerge as technology evolves over time—such as GDPR compliance requirements in Europe recently passed by Parliament earlier this year!

3. Citizen data scientists

It’s simple: business analytics affects citizen data scientists because it helps to make their work more efficient.

In order to understand how, let’s take a closer look at what business analytics actually is. Business analytics is the process of collecting, analysing, and interpreting data to make better decisions about business performance. It’s often used by companies to make sure they are operating as efficiently as possible by tracking metrics like sales volume and customer retention rates over time.

Because it helps companies get an idea of how they are doing compared to their competitors, it also helps them stay ahead of the game—which means that when you are considering using business analytics in your own life as a citizen data scientist, you can use it to make sure you are using your resources wisely too!

4. Digital privacy — Need of the hour!

A business analytics program collects data on user behaviour, location, and more. It means that businesses can build up extensive profiles of you without your knowledge—or permission! And since businesses are able to collect so much data about their customers, they are able to create incredibly detailed profiles of individuals’ habits, preferences, hobbies… basically anything that could affect their ability to sell you something. A company might know where you shop for clothes (and what kind), how often you buy new shoes or purses for yourself or others, how much money you make (and spend) on food every month… all because of the information they’ve collected from their business analytics software.

5. Augmented analytics to take centre stage

Augmented Analytics refers to the use of artificial intelligence (AI) techniques in order to make sense of data from multiple sources – including structured data from databases, unstructured data from documents and emails, sensor data from IoT devices, video feeds from cameras or drones – so that it can be used for optimised decision making.

The combination of business analytics and augmented analytics provides enterprises with an opportunity to gain real-time insights into their business operations by combining historical data with real-time IoT data streams. These insights help them make faster decisions based on reliable information rather than intuition alone.

6. Predictive and prescriptive analytics

Predictive analytics involves using historical data to predict future outcomes. You might use predictive analytics to figure out which customers will stop buying your product in the next two months based on their purchase history. It helps you find specific solutions for problems by using historical data as well as information about potential future events. 

In addition to helping businesses make better decisions about their operations and finances, business analytics also helps companies understand their customers better and improve products or services based on consumer needs and wants.

7. Automation and artificial intelligence enhancing the consumer experience

If you are running a business, you’ve probably heard of automation and artificial intelligence. You may have even thought about how those concepts could be used in your industry. But have you considered how they could be used together?

In recent years, business analytics has been combined with automation and artificial intelligence to create an enhanced customer experience that can help your organisation stand out from the crowd.

For example, if you sell clothing online, you might use automated systems like chatbots or virtual assistants as part of an analytics-based approach that helps shoppers find what they are looking for quickly and easily. This will not only improve customer satisfaction but also make sure that they don’t leave your website before making a purchase!

8. Embedded analytics

Embedded analytics is the process of analysing data and presenting it in a way that is easily digestible for business users. It allows organisations to make better decisions by providing insights that are easy to understand and actionable.

It can help improve decision-making, increase operational efficiency, and drive revenue growth. Additionally, it can help you better understand your customers and make more informed decisions about your product or service offerings.

If you want to get started with embedded analytics, you should keep a few things in mind:

• Choose suitable data sources
• Select the right tools and technologies
• Get the right team to make the most of embedded analytics

9. Demand for search-based discovery tools will rise

The demand for search-based discovery tools has been growing rapidly over the years because they provide a quick way for businesses to find relevant information on the internet. This has led to the rise of search-based discovery tools such as Google Analytics and Tableau, which help businesses gain insight into trends and patterns in their data. However, business analytics is not just about using existing tools—it’s also about creating new ones that will help you analyse your data better. 

The increasing popularity of social media websites such as Facebook and Twitter has also helped to drive this need for search-based discovery tools because users can now share information about their preferences and interests with each other via these platforms.

10. AI and machine learning: Not going anywhere

While AI and ML are not new technologies, they are still in their infancy and have a long way to go before they can truly replace human beings in the workplace. However, they do complement each other quite well. Business analytics helps AI and ML by providing them with a set of data points that they can use to develop algorithms that will allow them to perform specific tasks better than humans can.

For example, if you want an AI algorithm to be able to recognize different voices in an audio clip, you’ll need it to be trained on thousands of different clips from different people talking about different things. This requires a lot of time and effort if done manually by humans. But if this task is given over to business analytics professionals, then all you need is one person with knowledge about voice recognition software who has access to millions or even billions of sound files that have already been labelled as belonging to different speakers or subjects. 

11. Tools for predictive analytics 

One of the most important aspects of predictive analytics is data collection. Data is the fuel that powers predictive analytics; it’s what gives you the ability to predict future events based on past trends. To do this well, you need to have accurate and complete data sets available so that your algorithms can learn from them and accurately predict what will happen next.

Another important aspect of predictive analytics is understanding how your algorithm works and how it makes predictions based on historical data. This means understanding how your algorithms work internally as well as understanding what information they are using when making their predictions.

12. Cloud usage will increase because of the increase in SMB demand

The cloud is a big topic, and it’s something that everyone is talking about these days. Whether you are an SMB owner or an enterprise company, the cloud can help you improve your business and make it more efficient.

Cloud technology makes it easier for businesses to expand their operations and grow their customer base. Cloud computing allows companies to manage their data in real-time so they don’t have to worry about storage space or backups—all they need is an internet connection! This means that they can focus on growing their business instead of worrying about technology issues.

By taking advantage of the cloud, businesses can increase their productivity by up to 40%. They can also offer better customer service and provide better products/services at lower prices because they won’t have as much overhead costs (which means there will be more profits left over after expenses).

13. Increase in self-service insights generated by BI tools

Business analytics helps them to improve their business processes by ensuring that the right data is gathered, analysed and interpreted. This is done with the help of Business Intelligence (BI) tools. These BI tools are used in many different ways but one of their most common uses is to generate insights about the organisation’s business performance.

However, as a business grows, it becomes more difficult for employees to gather information from various departments and put it all together in one place so that they can start analysing it and reach conclusions about how well their company is doing. This is where self-service BI tools come into play. 

These tools allow employees to gather information directly from multiple sources without having to go through anyone else or wait on them for answers. 

Self-service BI tools also allow companies to save money because they don’t have to hire someone who specialises in data analytics anymore – all they need now is someone with basic computer skills who knows how these tools work! 

14.  Speech analytics tools will aid in the generation of insights

Speech analytics tools will aid in the generation of insights by providing data on what employees are saying about their organisation and its products/services. The insights generated from the data will help organisations improve their communication with customers, clients and employees. 

15. Decision-making will be aided with AI-enabled Bl tools

The problem is that most businesses don’t have access to all the data they need to make informed decisions. They might be able to see customer purchase history, but they don’t have access to information regarding customer sentiment or other important factors that could influence their buying decisions.

Business analytics tools can help increase the amount of data available for analysis by collecting data from multiple sources and storing it in one place. However, this information isn’t always accurate or reliable because it comes from different sources with varying degrees of accuracy.

Algorithms can be used to normalise this information so that it’s more consistent across multiple sources and less prone to error or bias. Algorithms can also be used as part of an automated workflow that automatically performs certain actions based on predetermined rules or conditions set by users (e.g., send an email when certain conditions are met). 

Final word

Is the future of business analytics as bright as some believe or bleak? We believe it is bright enough to dispel any remaining doubts or melancholy. Because of the incorporation of customisation, AI, and data quality control, the field and scope of business analytics feel more lively and intense than ever before. As organisations continue to open the floodgates of customer data, we may expect a greater emphasis on security and privacy in our debates about trends in business analytics.
If you would like to start a career in business analytics, you can enrol in the online master’s or postgraduate certificate programme in business analytics offered by the prestigious Manipal Academy of Higher Education (MAHE) through Online Manipal.

Business analytics implies turning data into insights that help businesses make better decisions. It is a crucial part of data science, and it is becoming increasingly important as companies collect more and more data.

Business analytics can help businesses understand their customers, make better marketing decisions, optimise their operations, and much more. In short, it is a powerful tool that can improve just about any aspect of a business.

If you are interested in business analytics careers, you should know a few things. First, you must have strong maths and programming skills. Second, you must be able to effectively communicate your findings to non-technical people. And third, you must be able to work with large data sets.

A business analytics career can be very rewarding if you have the skills and the interest. You’ll get to help businesses make better decisions and have the opportunity to work with some of the latest technologies.

What is business analytics?

To get a job in the business world, you need to understand the basics of business analytics. It is not just about using spreadsheets and Excel. It is about understanding how data can be used to make decisions and improve your company’s bottom line. As a business owner or manager, you’re always looking for ways to enhance the efficiency of your operations—and that includes using data-driven strategies to ensure things run smoothly.

Business analytics can help you do this by providing information about how customers interact with your product or service, their problems with it, and how satisfied they are with it. By understanding these things, you can start making informed decisions based on factual data instead of guessing what will work best for your company.

The term “business analytics” has been around for a while, but it is gaining popularity as more companies realise the advantages of using data to make decisions. Businesses now have access to a wealth of information that was once only available through expensive and time-consuming surveys or focus groups. 

The business analytics role is more than just tracking the number of customers you have. It is about understanding your company’s and customers’ needs so that you can make smarter decisions about how to serve them. To do this, you need to understand trends in your data, track the performance of key metrics over time, and look at how different factors affect those metrics. You can even use this information to improve customer satisfaction and increase loyalty by understanding what people like about your product or service.

READ MORE: What is Business Analytics: An overview

What are the main components of business analytics?

Business analytics is also the practice of using data to make informed decisions in business. It is a critical component of any company that needs to be successful, and it is essential for those businesses that operate in the digital age.

The four main components of business analytics are:

• Data collection: This includes gathering information from various sources, including people who work for the company and customers who have interacted with it on social media.

• Data analysis: This involves looking at the collected data and making sense of it, which can include looking at trends over time or comparing different sets of data from various sources.

• Business intelligence: This involves creating visualisations that make sense from all this information and help you understand what’s happening inside your company or organisation.

• Reporting: Reporting allows you to communicate what you’ve learned about your business through visualisations, text reports that others can read, and presentations.

Business analytics is often used to improve customer satisfaction and increase revenue. Analytics can also be used to help companies reduce costs and increase efficiency.

Analytics involves collecting data from multiple sources, analysing it, and then making decisions based on that analysis. The most common data types are quantitative (such as sales figures) and qualitative (such as customer feedback).

Scope of business analytics careers

The business analytics career scope is wide and varied. Business analysts can work in various industries, including government, healthcare, retail, and manufacturing. They are also able to work for both small and large companies, as well as mid-sized businesses. The business analyst job description will help set up the process and ensure it works according to plan. A business analyst role can be applied in any field, but it is widespread in finance and marketing.

There are many different kinds of business analyst jobs that you can choose from if you want to get into this field. For instance, software developers are becoming less common in the workplace because they require specialised skills only certain people have. The same goes for data analysts who use statistical models to predict trends in data sets. To have a business analyst career, you won’t need any special training — you just need at least an undergraduate degree or equivalent experience in your field.

You might think that being a business analyst means sitting at a desk all day analysing data and writing reports. But don’t worry—it doesn’t have to be like that! You may find yourself doing some of these things in your job:

• Reviewing financial reports and other documents
• Analysing data sets for patterns or trends
• Creating models that explain relationships between variables

A business analyst’s job description helps companies make decisions about their products, services, and processes. They’ll work with various departments and stakeholders to determine what their customers want, how they want it delivered, and how much it will cost them.

They often collaborate with other professionals within their company, including marketing or sales teams, product managers, and developers. Business analysts can also collaborate with external vendors or suppliers when necessary.

Although many businesses use business analysis as part of their daily operations — from manufacturing to software companies — there aren’t any strict boundaries between the different types. You can find yourself working at any level within an organisation (with or without titles) as you learn more about your industry’s needs along the way!

A business analytics career might start as an entry-level analyst, working as part of a team that gathers and analyses data within their company. As they gain experience, they may move on to become a more specialised analyst who focuses on one aspect of the company’s operations.

Those interested in having a business analyst’s career should consider whether their interests align with the industry in which they work.

What jobs can you get with a Masters in business analytics?

A Master’s in business analytics opens several business analyst job opportunities for you.

1. Business analyst

Business analysts are in charge of making sure that the products and services you offer as a company are going to be useful, useful enough that people will want to use them. They translate the needs of all these different groups into something that’s actually useful for users. The goal is always to make sure your company is producing products and services that are well-received by your target audience.

2. Data scientist

Data scientists are the people who make sense of data and turn it into useful information. They’re in charge of analysing large amounts of data and turning it into information that can be used to make better decisions.

Data scientists often work with machine learning algorithms and statistical tools, as well as programming languages like Python and R. They also have to know how to use databases like SQL (Structured Query Language). A lot of the time, they’ll have to take a very technical approach to their work—working with code, programming languages, and other tools that make up the foundation of any software system.

3. Business intelligence analyst

Business intelligence analysts are the people who design, create and maintain the data that powers your business. They work with a variety of data sources to pull together information such as sales numbers, customer data and market trends. These professionals help business owners make important decisions about how to run their company.

4. Business systems analyst

Business systems analysts are responsible for identifying, developing, and implementing business systems to help a company run more efficiently. They work in many different industries, but they all share the same goal: to help companies with their day-to-day operations. This can mean anything from making sure that the company’s internal systems are working correctly to creating new software that allows them to better manage their employees or customers.

5. Reporting analysts

Reporting Analysts are responsible for analysing data, identifying trends and patterns, and translating that information into meaningful reports. They typically need to be able to perform complex calculations and manipulate data in order to produce accurate reports, so they must be proficient in statistical software such as Excel.

6. Operations analyst

An operation analyst typically works with the company’s IT department to ensure that all systems are operating smoothly. This means that they must be able to identify any issues or problems within the system and then come up with solutions on how to fix them. The role also involves working closely with other departments within the company, such as sales, marketing and human resources (HR).

Skills required for business analyst

Business analysis is a profession that requires you to understand how different businesses work and how they could function better. This requires you to see the big picture and understand the processes that companies use, even if those processes are not always easy for you to understand on your own.

The best way to train yourself for this kind of work is through experience. There’s no better way than actually doing it — so make sure you have some! You can learn from books and videos, but there’s nothing like hands-on practice.

But what do these people do exactly? Let’s start with their day-to-day tasks:

• Collecting data about the company and its customers
• Analysing that data
• Using that analysis to create recommendations for improving operations or products
• Communicating those recommendations with other parts of the organisation so they can be acted upon

Business analysts use their skills to create, build and maintain a company’s business models. They analyse the data the business operates and help make it more efficient. The skills required to make a business analyst include:

• Analytical skills 

Business analysts need to collect information from different sources and analyse it to make informed decisions about what should change or improve at a company. This can involve reading through documents or talking with people who work for the company itself.

• Interpersonal skills 

Business analysts need to know how to work with other people on projects, which means being able to adjust their approach based on what they hear from them. They also need good listening skills, so they can pick up on cues that indicate when someone else has something important to say or needs help solving a problem.

• Problem-solving skills 

This is essential to analyse anything — whether it is a problem with your business or a challenge at work or home. If a solution works well enough, it becomes part of your toolkit for solving problems in the future! In particular, problem-solving involves diagnosing the problem, coming up with solutions, and testing them out until they work.

• Communication — both written and verbal

Business analysts need to be able to write clearly about their findings and explain how those findings relate to other things they have done or are working on now. They also need to communicate effectively with other team members so everyone understands what needs to be done next — and why! Business analysts need to understand how their customers think, so they can speak their language. They must express themselves clearly and concisely, in person or via email.

READ MORE: 15 key skills and tools business analysts needs to succeed

Future of business analytics

Business analysts’ job descriptions state many opportunities and professionals report high job satisfaction and work-life balance, making it a good career choice. One of the benefits of working in business analysis is that the opportunities are nearly infinite. Because they can work in a variety of teams and industries, their career paths can be very different. The task itself will determine whether or not you are a good fit for the position.  

Business Analysts are employed by a wide range of enterprises, as well as non-profit and government organisations. In other words, there are virtually no limitations to what you may do as a business analyst in terms of employment opportunities. 
It may be challenging to track the best training in business analysis. With so many alternatives, it is hard to know where to begin. Online Manipal has compiled a collection of business analysis courses offered to help you get started. Beginner to expert business analysis courses are all available from the prestigious Manipal Academy of Higher Education (MAHE).