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The importance of continued business analytics education

Across the business landscape, companies are increasingly dependent on new digital technologies, especially data-driven solutions. Data is the key to business success, whether used for marketing, R&D or financial management.

However, data is only a business asset if companies can derive value from it. This is where business analytics come into play. Business analytics and BI solutions are critical tools that companies must use if they want to succeed in their industry.

The importance of business analytics to success is why modern business professionals should consider participating in continuous business analytics learning opportunities.

The growing role of business analytics

There is no denying that good decision making is the foundation of business success. It is also common knowledge that making the right decisions can be challenging. Today’s business environment is fast-paced, fiercely competitive and unforgiving. One wrong decision can have a lasting negative impact on a company and its reputation.

Business leaders and professionals are always trying to improve their decision-making abilities. So it’s not surprising that more companies are investing in advanced business analytics and information solutions.

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Business analysis is a set of disciplines and technology that companies use to solve complex problems. A business analytics solution uses data analytics processes, statistical models, and other quantitative methods to guide business owners.

There are many data-driven solutions available today to help companies and their executives improve their decision-making processes. Gone are the days when CEOs rely solely on their intuition to navigate common pain points.

Executives and even lower-level employees can take advantage of business analytics solutions, giving them greater insight into how the business works. According to a 2021 Allied Market Research report, the global business analytics market is on track to reach $684.12 billion.

Key Benefits of Business Analytics Skills

Professionals in virtually every industry agree that continuing education is an important part of professional development, no matter where they are in their career path. Some occupations even require employees to complete post-secondary education, training programs, or career development courses.

The same goes for business people and business analytics. Professionals, especially those in leadership roles, should consider learning business analysis skills because of the following benefits.

Every business professional should understand that implementing some strategies requires trial and error. Not every business strategy turns out to be successful.

Experiment with new strategies to predict results

The business world moves quickly, so leaders must formulate new strategies and accurately predict the possible outcomes of those strategies. Every business professional should understand that implementing some strategies requires trial and error.

Not every business strategy turns out to be successful. However, executives can use business analytics to determine the effectiveness of each possible approach and make a more informed decision.

Discover links between actions and results

Learning business analysis skills also helps professionals improve their ability to find connections between actions and outcomes. Managers need to be able to analyze their decisions, compare them with their forecasts and impacts, and determine the next best step.

Build team trust

Companies that rely on hard data to make decisions often cite increases in employee morale, improvements in collaborative efforts, and benefits of a positive work environment.

For example, consider a leader in an organization who makes decisions and supports them with measurable data. The supervisor can use data visualization techniques to support their decision. In this case, the other employees of the organization can have confidence in their decision-making power. Building trust between employees is an integral part of doing business.

Improve job marketability

A business professional with experience in business analytics also has the upper hand in the job market. Business analysts are in high demand, which means that any professional with strong analytical knowledge would seem more attractive to a potential employer.

Resources and Online Courses

If someone wants to learn more about business analytics but doesn’t know where to start, consider checking out these online resources and training courses.

1. Coursera

Coursera offers numerous continuing education courses for professionals in all sectors. Google, University of Pennsylvania, and University of Colorado Boulder are some of the organizations that offer business analytics courses on Coursera.

2. IIBA

The International Institute of Business Analysis (IIBA) has several professional resources on its website, offers business analysis courses, and even has opportunities for professionals to earn certifications in business analysis.

3. Udemy

Udemy is another well-known organization that can support continuing education in business analytics. One advantage of Udemy is that it has courses for different knowledge levels. Whether someone knows a lot about business analytics or little, there is a course on Udemy that is suitable for everyone.

4. PMI

Finally, the Project Management Institute (PMI) is a highly regarded organization known to many companies. Any company that hires a project manager needs business analytics as its core competency. Any professional can still benefit from PMI’s business analytics program, even if they are not a project manager.

Business analytics is becoming increasingly important in today’s modern business environment. To differentiate yourself from other qualified candidates in the job market, consider refining a set of business analysis skills.

The field of analytics is expected to grow rapidly in the coming years, so now is the time to take the opportunity to expand knowledge in the field and further develop career opportunities.

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