Private: Business Analysis Course: How Data-Driven Decisions Boost ROI

In today’s business landscape, the importance of business analysis can’t be overstated. Making informed decisions has become crucial if businesses want to remain competitive and relevant.

In today’s business landscape, the importance of business analysis can’t be overstated. Making informed decisions has become crucial if businesses want to remain competitive and relevant. This is where business analysts become exceptionally useful to companies. Not only can a business analyst help your company make better decisions, but they can also help you avoid costly mistakes and respond to market changes quickly.

MANCOSA offers an Advanced Diploma in Business Analysis that equips your staff members with crucial business analytics skills so they can help drive high returns on investments for your company. This article will discuss the importance of data analysis and building a data-driven business model. We’ll also give you a list of top business analytics tools and how your business analyst professionals can use these tools for your company’s benefit.

The importance of Business Analysis

Business analysis is the process of using data to make more informed and strategic business decisions. In the past, business decisions were often made by gut feeling, experience, and intuition. While these methods sometimes resulted in favourable outcomes, the chance of making the wrong call and failing was just as great. However, today, businesses can access data and information to help guide their decisions. They can use data to understand their customers, business processes, and market dynamics.

For example, the well-known video streaming service Netflix succeeded primarily due to its shift to a data-centric approach. While in the past, the company relied heavily on intuition to recommend shows to its viewers and often struggled to understand preferences, everything changed once the company shifted to data. As the company embraced data analytics, it started to compile information, including viewer preferences, content performance, and viewing habits.

As a result, it developed an algorithm that could effectively recommend shows to its users — leading to the company becoming one of the top video streaming services in the world. This resulted in a massive return on investment for Netflix.

Benefits of Data and Business Analytics

Here are some of the main benefits of business analytics.

  • Improves accuracy and precision: Data analytics help businesses make more informed decisions backed by numbers and evidence. This often results in better outcomes for your organisation.
  • Minimises guesswork: With data analytics, you no longer have to guess and hope for the best. You can be more strategic with your approaches and lower the risk of costly mistakes.
  • Reduces the risk of human error: Human biases can influence their decisions. Thus, data-centric approaches are more objective and more likely to succeed.
  • Gives you a competitive advantage: Companies that rely on data to make decisions gain an edge over their competitors. With the help of data and numbers, you can identify market changes quickly and adapt your strategies accordingly.

Enrolling your employees in a business analysis course will help you enjoy these benefits since you’ll have workers who can help you analyse and interpret your business data and customers.

Building a Data-driven Business Model

Facilitating a data-centric model for business involves two essential steps: Investing in infrastructure and proper training with qualified practitioners.

1. Investing in infrastructure. This includes investing in storage, integration, quality control, and analytics tools. You need to ensure that the tools you choose are scalable and secure.

2. Investing in proper training with qualified practitioners. This involves sending your employees for training in data analysis. Enrolling them in a programme such as MANCOSA’s Advanced Diploma in Data Analysis will help your employees gain the knowledge and skills to collect, analyse, and summarise data effectively so you can make better business decisions and remain competitive. While making these initial investments may be difficult, having these analytic tools and skilled staff members to help your company be more strategic will undoubtedly give you a massive return on investment in the long term.

Business Analytics Tools and Technologies

Here are some technologies and tools used for different parts of business analytics that can be used by those who complete a Business Analyst Course.

  • Big data analytics tools are used to process and analyse huge amounts of structured and unstructured data. This allows you to gain insights quickly from extensive data to help make decisions. These include software such as Hadoop and Apache Flink.
  • Predictive analytics tools help businesses predict future trends, customer habits, and behaviour by looking at historical data. These include tools such as RapidMinr, SAS, and more.
  • AI and machine learning frameworks, such as PyTorch and TensorFlow, help businesses build automated decision-making processes so many of their operations are seamless.
  • Business intelligence (BI) tools allow businesses to turn data into interactive reports and dashboards to make it easier to interpret and understand. These include tools such as Power BI and QlikView.
  • Cloud computing and data storage tools provide affordable and scalable data storage, crucial for managing large amounts of data. These include tools such as Google Cloud and Azure.
  • Security tools protect sensitive information and data against cyber attacks. These include tools such as Nmap and Firewall

What does a Certified Business Analyst professional do?

After completing a business analysis course, a business analyst has the skills and knowledge to look closely at company needs and identify aspects of the company that can be improved. They collect and analyse data to assess processes, determine requirements, and deliver recommendations and reports to business decision-makers.

Some of their daily tasks include:

  • Gathering, analysing, and interpreting data
  • Document their findings
  • Offering data-backed solutions and recommendations to help businesses make better decisions that’ll drive their companies forward
  • Continue to look at new data and improve current processes

Register for a Business Analysis course with MANCOSA

If you want to make data-driven business decisions that’ll help boost your ROI, why not consider sending your staff for training? MANCOSA offers corporate training solutions to help upskill your staff members to enjoy better and more productive work environments.

Consider enrolling your employees in the Advanced Diploma in Business Analysis course. This programme was designed to help working professionals enhance their business analytics skills to help your business grow.