The main components of Business Analytics
The components of business dashboards are similar to mobile dashboards but with some significant differences. Some of the business dashboards components are:
- Data Aggregation- data can be aggregated in different ways such as, from transaction records like sales records, banking records, shipping records, etc and from volunteered data like personal information shared by a consumer or by an authorized third party. It is important to filter data for any duplicate, inaccurate, unusable, and incomplete data before the beginning of the analyzing process.
- Data Mining- it can be used to create models that can identify and reveal unrecognized trends and patterns previously. There are several techniques used in data mining to achieve clarification, this includes classification, regression, and clustering.
- Sequence Identification and Association- this can be used to identify patterns based on consumer’s similar actions. For example, purchasing different items together very frequently like toothpaste and toothbrush or booking a hotel and reserving a car.
- Text Mining- it is used to know more about consumers by collecting textual information from different sources, such as call center scripts, social media sites, blog comments, etc. This information can be used to develop new products and services which are in demand or improve customer services and experience.
- Forecasting- is used to predict future events that can happen during a specific time like retail sales at the time of festivals and holidays.
- Optimization- is used to develop techniques using future predictions based on historical data or events, to improve business.
- Data Visualization- is used to present information and insights of data with the help of interactive graphs. These graphs help companies to improve consumer relations, increase revenue and set new business goals.
What do you need to start your career in Business Analytics?
Well, if you want to become a business analyst then you must need to attain a bachelor’s degree in one of these fields: data science, information management, business analytics, business intelligence, applied analytics, marketing, statistics, or in something related to these fields. A certificate or master’s degree will increase your chances of getting a job and add value to yourself. It would always be a great idea to get your certification from a reputed institute like ExcelR. They provide many great courses including Business Analytics Certifications course. It would e a great kick-starter for your career if you get a certification from ExcelR.