The Importance of Continuing Education in Business Analytics

In the commercial landscape, businesses are increasingly reliant on new digital technologies, especially data-driven solutions. Data is essential to the success of a business, whether it is used for marketing, R&D or financial management purposes.

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

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

The growing role of business analytics

It is undeniable that informed decision-making is the basis of business success. It is also commonly accepted that making the right decisions can be difficult. Today’s business environment is fast-paced, fiercely competitive and unforgiving. A 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 no surprise to learn that more and more companies are investing in advanced business analytics and intelligence solutions.

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Business analytics is a set of disciplines and technologies used by businesses to solve complex problems. A business analytics solution uses data analysis processes, statistical models, and other quantitative methods to guide business owners.

Many data-driven solutions are available today to help companies and their leaders improve their decision-making processes. Gone are the days of CEOs relying solely on their intuition to navigate common pain points.

Executives and even lower-ranking employees can benefit from business analytics solutions, thereby gaining a better understanding of how the business operates. By 2030, the global business analytics market is expected to reach $684.12 billion, according to a 2021 Allied Market Research report.

Key Benefits of Business Analysis 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 professions even require employees to complete post-secondary education, training programs, or career development courses.

The same goes for businessmen and business analysis. Professionals, especially those in leadership positions, should consider learning business analysis skills for the following benefits.

Every professional should understand that implementing certain strategies requires trial and error. Not all business strategies are successful.

Experiment with new strategies to predict outcomes

The business world is changing rapidly, so leaders must formulate new strategies and accurately predict the potential outcomes of those strategies. Every professional should understand that implementing certain strategies requires trial and error.

Not all business strategies are successful. However, leaders can use business analysis to determine the effectiveness of any potential approach and make a more informed decision going forward.

Discover the links between actions and results

Learning business analysis skills can also help professionals improve their ability to find correlations between actions and results. Managers must be able to analyze their decisions, compare them to their predictions and effects, and determine the best next step.

Building team trust

Companies that rely on hard data to make decisions often cite improved employee morale, improved collaboration efforts, and the benefits of a positive work environment.

For example, consider that a leader of an organization makes decisions and backs them up with measurable data. The executive can use data visualization techniques to support their decision. In this case, the rest of the employees in the organization can be confident in their decision-making abilities. Building trust among employees is an integral part of doing business.

Improve job marketing

A business professional with experience in business analysis also has the upper hand in the job market. Business analysts are in high demand, which means any professional with a strong background in analytics seems 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 trainings.

1. Coursera

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

2. IIBA

The International Institute of Business Analysis (IIBA) offers various professional resources on its website, offers courses in business analysis, and even offers professionals the opportunity to obtain certifications in business analysis.

3.Udemy

Udemy is another well-known organization that can support continuing education in business analytics. One of the advantages of Udemy is that it offers courses for different levels of knowledge. Whether someone knows a ton or little about business analysis, there’s a course on Udemy to suit everyone.

4. GPA

Finally, the Project Management Institute (PMI) is a highly regarded organization that many companies are familiar with. Any company that hires a project manager should make business analysis a core competency. Any professional can still benefit from PMI’s business analysis program, even if they are not a project manager.

Business analytics is becoming increasingly important in today’s modern business environment. To stand out from other qualified candidates in the job market, consider honing a business analysis skill set.

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

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