Career Profile (Salary, Job Titles, Grad School Data)
Business analytics is the practice of using data, statistical and quantitative analysis, and predictive modeling to help organizations make data-driven decisions.
Data management, data visualization, predictive modeling, data mining, forecasting simulation, and optimization are some of the tools used to create insights from data. Yet, while business analytics leans heavily on statistical, quantitative, and operational analysis, developing data visualizations to present your findings and shape business decisions is the end result. For this reason, balancing your technical background with strong communication skills is imperative to do well in this field.
At its core, business analytics involves a combination of the following:
- identifying new patterns and relationships with data mining;
- using quantitative and statistical analysis to design business models;
- conducting A/B and multi-variable testing based on findings;
- forecasting future business needs, performance, and industry trends with predictive modeling; and
- communicating your findings in easy-to-digest reports to colleagues, management, and customers.