The volume of data is growing exponentially around the world. Companies rely on professionals in business analytics to take data-driven decisions. Online degrees can help prepare graduates to meet the growing need for business analysts in all fields.

A business can make use of its data to spot growth opportunities, as well as increasing the efficiency of its existing operations. For instance by determining where a preferred demographic spends their money most often, a company could develop products or services to appeal to those areas and improve the brand-consumer relationship. Business analysts collect data about the habits of consumers and use it to improve marketing strategies.

Predicting how performance changes change over time, whether seasonal or annual, on a larger-scale is another key aspect of business analytics. With the right data, companies can plan ahead and anticipate the need for additional resources, such as more staff or new marketing campaigns in peak seasons. Business analysts can also forecast how much inventory a company will need to order from suppliers, which aids to reduce the amount of waste in warehouses and maximize sales.

Business analytics professionals use various software tools to perform analysis reports, data collection, and reporting. A lot of these tools can be utilized at no cost, including Microsoft Excel, which nearly all BAs use to keep track of requirements, store data and manipulate data. Balsamiq, Axure, Tableau, PowerBI and Bokeh are all popular tools to create wireframes.