Business Analytics Basics: A Beginner’s Guide [ Excel Cheat Sheet]

Business analytics (BA) is the practice of iterative, methodical exploration of an organization's data with an emphasis on statistical analysis. It involves using data, statistical analysis, and predictive modeling to identify patterns, trends, and relationships that can inform business decisions and strategies. BA helps organizations to make data-driven decisions to improve efficiency, increase revenue, and gain a competitive advantage. 

Whether it's a small business or a large corporation, its success depends on providing customers with what they need. Understanding what consumers want is even more important in today's business environment, and relying on assumptions is a recipe for failure. In recent years, the popularity of business analytics is growing rapidly around the world because business analytics helps organizations extract meaningful information from data that enables them to better serve their customers.

To benefit from data, companies must process it, and this is where the role of business analytics comes in. Business analytics enables organizations to implement effective strategies, make the right decisions, measure performance, and gear up for changes. These days, more and more businesses are recognizing the importance of processing big data, and they realize that failing to do so carries the risk of falling behind the competition. Hence, the demand for business analysts is growing exponentially, and they are increasingly becoming the most sought-after professionals in the IT domain. 

To benefit from data, companies must process it, and this is where the role of business analytics comes in. Business analytics enables organizations to implement effective strategies, make the right decisions, measure performance, and gear up for changes. These days, more and more businesses are recognizing the importance of processing big data, and they realize that failing to do so carries the risk of falling behind the competition. Hence, the demand for business analysts is growing exponentially, and they are increasingly becoming the most sought-after professionals in the IT domain. 

• Data Collection: Gathering data from various sources such as internal databases, surveys, social media, and external databases.
• Data Management: Storing, organizing, and maintaining data so that it can be easily accessed and analyzed.
• Data Analysis: Using statistical and quantitative methods to analyze the data. This includes techniques like regression analysis, clustering, and classification.
• Data Visualization: Presenting data in graphical or pictorial format to make the information easy to understand and actionable. Tools like dashboards and reports are commonly used.