An Overview of the Role of Business Analysts in Modern Business
After the global financial crisis, it is time to renovate in business opportunities. Not just the structural aspects of the day to day operations, but the complex process of policy formulation needs insightful representation of big data. In such crucial moment, a huge demand for capable business analysts and intelligent solution-hunters is witnessing an impedance.
Who is a business analyst?
Commonly called as Data scientist, a business analyst is a person that is capable of deriving actionable insights from the accessible data so that the business organization can make strategically powerful decisions. In particular, a business analyst can
write codes, in programming languages as SQL, Java, R, Hadoop etc.
to facilitate and organize the data storage, query handling,
summarization of big data,
visualize the bigger picture and
fit the conclusions in business contexts
Understand the trends and customer's real-time activities, both online and offline to improve the service standards and meet the customer's expectations
Segmenting the consumer base and then analyzing the demands, pain points, etc, of each distinct array
Foster innovation in terms of technology, customer service, and overall business operations
And in all cases, optimize the sales channel by understanding the data patterns, bringing in all the categorically different variables to an optimized stage.
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An overview of how business analysts work
A method for understanding business analytics is by reviewing its methods and plotting the overall impact it can have on any business process.
RFM Analysis
A proven method to analyze the customer value, analysts aim to describe an RFM Heat Map to expose the customer's behavior in
Recency: The recentness of customer purchase (respective to an agreed point of time)
(A Typical Heat Map for Cohort Analysis, Image source: AnalyzeCore)
Frequency: The number of times a customer purchased during a time-interval
Monetary Value: The total cost of purchase that customer made during the time frame
Life Time Value Analysis (LTV)
Rather than focusing on short-term acquisitions, this segment looks for a long-term success by using the big data to analyze some important questions about the business.
- Is the business investing enough resources to acquire consumers from each marketing channel?
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