How Business Analysts Can Make the Most of Big Data
Big data and business analytics are two areas of business intelligence so business analysts should be making the most of big data. Here we are going to take a look at the links between the two, how they overlap and why this is a big deal for analysts.
Understanding big data
There is no doubt that big data has and still is changing how businesses operate. This is partly because it provides companies with incredible insights into consumers and what they want. Big data helps business analysts to make the most of big data to reach goals.
To remain competitive, business analysts first need to understand big data and how to make the most of it.
Consider this – there are millions of people leaving online data trails. This can be through browsing history, social media messaging, GPS location and so on. If you can analyse this data and quickly process it, it provides unique insights into consumers. The more information you can gather on consumers, the better you can predict what they want and be able to respond to those needs.
Therefore, big data gives business analysts the power to make connections between the behaviour of consumers through predictive algorithms.
How big data impacts the business analyst of today
Being able to understand big data is essential for today’s business analysts. Analysts then have to process that data quickly and go on to apply it in a way that is relevant to the goals of the business. A business analyst who can do this is worth their weight in gold to companies.
Big data is continually growing, and it is changing the way business analysts do their job. Analysts may already have skills in data analytics and have been certified and hold a BCS Data Analysis certificate. Certification provides confirmation of data analytic skills, which increases the professional worth of the analyst.
Thanks to the rise of big data new opportunities are being opened for the business analyst. One of the best reasons business analysts should make the most of big data is that it increases the rate companies can reach their goals. This allows the business to remain on top and even have an edge over its competitors.
Benefits of working with big data in analytics
Now let’s take a look at some of the benefits of working with big data in analytics.
With access to more data predictive modelling is more informed. This is possible by making full use of machine learning. It allows models to automatically correct and then build patterns which are invisible to human analytics.
Deeper insights into what customers want
Deeper insights into what customers want are possible when analysing big data thanks to more accurate results due to collecting more samples. Businesses can process more customer data, faster than ever and link different data points to a single customer.
The playing field is levelled out between big and small businesses
It used to be that big businesses came out on top. However, now, with the analysis of big data small businesses have access to the same large amounts of data the bigger ones have. This means the playing field is levelled out as smaller companies can scrape and use as much data as anyone else.
Big data makes analytics faster
It is all well and good to collect huge amounts of data but if that data cannot be sorted and made to provide usable insights, it is just sitting around doing no good to anyone. As we are talking about such huge amounts of data being pulled in, speed is a priority. With faster speeds, less time and money are wasted turning the data into data that is actionable.
Internal KPIs (key performance indicators) mean much more when they are compared to similar metrics used in competing organisations.
Specifics of big data analytics
Big data analytics is an umbrella term for the processing of large amounts of data. It is typically related to:
- Discovering the market;
- Discovering customer needs;
- Find out the latest social media trends;
- Finding facts and figures for businesses to make informed decisions;
- Transforming data into meaningful information.
In essence, big data is no good without business analysts to ensure the data is verifiable, comes from the correct source and is relevant to the business area concerned. In other words, business analysts use their skills to make sense of the data collected, which otherwise be complex due to information overload.
3 things to look for when implementing a big data analytics system
So, what should be considered by businesses when implementing a big data analytics system? Here are some of the best practices.
Thoroughly analyse business requirements
The first step in the implementation of a big data analytics system is to thoroughly analyse business requirements. While big data and business analysis works well together, they have to be aligned. So, find out the requirements of the business then go ahead and analyse them.
Agile techniques are essential when implementing big data analytics in any organisation. In its most basic form business agility means being able to respond to changes rapidly. During the implementation, it is not unusual to see the organisation’s requirements evolving. Agile techniques offer fast solutions.
Don’t forget about the data you already have
One important thing to bear in mind when implementing a big data analytics system into business is not to forget about the data you already have. Your business will already have an edge if relying on business analytics and data already collected; the addition of using big data going forward is just a big bonus.
Make the most of big data analytics with us
Here at TSG Training, we have more than 20 years of experience in offering business analysis courses and training. We offer courses for all aspects of business analysis, whether you are just starting and need to become certified as a business analyst or you need specific certification for a particular aspect. Give us a call on 08000 199337 and speak to one of our team.