Business analytics is a large field with a lot of moving parts. However, like is the case with every other field, business analytics also comprises of certain important topics and components.
It is not as if some handful topics encompass the entire field of business analytics. However, some parts of the field are fundamental to how business analysts work. Just as SEO is fundamental to digital marketing and penetration testing is essential to ethical hacking, there are certain parts of business analytics crucial to the field.
In this article, we will discuss these topics.
Data Mining
Like the name suggests, data mining refers to the re-examination of an existing database. The goal of data mining is to come up with new patterns and information from an old database which helps analysts see the data in a new light.
Data analysis is often a game of spotting recurring patterns and trends. Data mining basically involves the same and helps professionals get a better sense of the data-sets they are analyzing.
Forecasting
Forecasting is the practice of predicting the future of a business based of historical data and current prevailing trends. A business analyst is not just supposed to point out trends and patterns in a given data set. He/she must also be able to chart out the actual result of certain prevailing trends and patterns and provide a real forecast. Thus, forecasting is a core part of business analytics.
Data Aggregation
One of the more basic parts of business analytics, data aggregation is still important and often the first part of a typical data analysis process. In data aggregation, a professional has to collect, centralize, and rid data from any forms of errors and duplications. Data is generally aggregated from two sources – transactional and volunteer data.
In Conclusion
Every field has certain topics of importance. Whether its digital marketing or business analytics, there are some topics that form the core of the field. This article covers some of the basic topics of business analytics that are important to the basic working of professionals in the field. If you feel that you should start learning more about the field, consider taking a demo at the business analytics course in Delhi at Kapil Heera Academy.
About the Author – Rishi Sinha is a blogging guru and business writer currently covering topics ranging from business analytics to marketing. His areas of interest include technology, stock markets, and business.