Namandeep Singh Dua
In today’s fast-growing world, technology is our backbone. Unlike past when businesses were based on assumptions and presumptions, Programmable Logic Controllers (PLCs) have revolutionized industrial automation by providing a reliable and efficient way to control complex manufacturing processes and also allowing for precise control over machinery and equipment, leading to improved efficiency, reduced waste, and increased productivity. Introduction of this technology into the business has become a game changer for companies wherein business analysts are playing a major role.
Business Analytics is processing, wrangling, visualizing and interpreting an organization’s data into the understandable and simplified format based on which decisions are taken that improve operational efficiency, identify growth opportunities and increase profitability of the organisation. In this competitive world almost, every organisation today is putting to use business analysis to make their companies profitable and stay ahead of others.
Data scientist, by cleaning and excluding missing values using different software tools like MS Excel, Python, Power BI, IBM SPSS etc., convert data of billions of its customers into readable formats and then analyse the same through charts and models and help companies take better decisions to grow and increase profitability. All types of data including customer data, market data, financial data, and operational data is collected and then analysed to help companies plan their next move.
Today various industries including healthcare, finance, retail and manufacturing besides government organisations are applying business analytics to their operations and are using the data thus analysed for improving their profits, presence, capacities, efficiencies and also reducing losses. Gold is the precious element on the planet Earth but Data is the also like a precious element to an organization. Data is the lifeline of an organization and its improper use, mishandling or wrong analysis can make a company suffer huge losses and even make it bankrupt.
There are mainly two types of data based on which business analysts analyse data:
a) Quantitative
b) Qualitative
Quantitative data is a type of data which includes numeric data for example, age, salary, number of employees, date, temperature, weight, height etc.
Qualitative data is a type of data which includes categorical data or the data into the alphabetical/statements form. For example, questionnaire, name of an employee, month, country etc. Further data gets divided into 4 subtypes: Nominal data (gender, marital status), ordinal data or ordered data (1st, 2nd, 3rd person in competition; economic status), discrete data and finally continuous data.
To manage such different types of data and to reduce its complexity, the role of Data Scientists and Business Analysts comes into play. Visualization and interpretation of such complex billions and trillions of data into simple understandable format requires high level skills and logical brains but once it is done the future of the company or an organization can very well be predicted.
Business Analytics is a very broad and diverse field which includes Big Data technologies, Artificial Intelligence (AI), Machine Learning, Block Chain, Descriptive and Predictive analytics with the help of which companies make market strategies, set target audience, select their geographical regions and economic classes to make profit and to sustain into the market. Statistical methods are the key to analyse big data, take appropriate insights from it so that companies and many other sectors can organize their database.
This is what makes business analytics so powerful. Wherever there is data, requirement for its analysis is a must. Private and many health care sectors have already adopted this and if we think from broader perspective, government should also look deeply for its adoption into government sectors to increase the GDP of our country. In Jammu and Kashmir data analysis can be used primarily into the health care sectors and especially into the institutes like All India Institute of Medical Sciences (AIIMS) which has recently started its operations.
Data driven analysis of patients, ailments, their treatments, facilities available, medical and paramedics, hospital supplies, medicines and all other related data can enable the institute identify patterns and trends that inform treatment decisions, improve patient outcomes, and reduce healthcare costs. Data can also enable institute to know what type of diseases are affecting which areas and how can the same be tackled. Likewise, data thus analysed can enable the institute to know how to cater to the health care needs of people of Jammu and Kashmir and neighbouring states or UTs like Ladakh, Himachal Pradesh and Punjab.
Recruitments in Jammu & Kashmir are done by Jammu and Kashmir Service Selection Board (JKSSB) or by Jammu and Kashmir Public Services Commission (JKPSC). The Lieutenant Governor Manoj Sinha who is ensuring complete transparency into the recruitments must go a step ahead and along with conventional recruitments like that of engineers, doctors, scientists, agriculturists or educationists employ business analysts as well so that data of various government organisations once analysed can enable the government to plug loopholes, save money and also enhance outputs. The hired young and aspiring business analysts can help government keep a balance on spending and outputs besides ensuring that all central schemes are implemented ably.
We don’t need analysts only in private sectors but also in govt. sector to function in proper and organized way. Predictive models can be generated by government for their future trends, and the ministry of finances can perform budget forecasting to make the country economically and financially strong. Government can detect the frauds with the help of business analytics, errors and wrong information into their system. Governments can use analytics to identify and mitigate risks, such as those related to natural disasters, public health emergencies, and cyber security threats.
By analysing data on these risks, governments can develop contingency plans and allocate resources to minimize the impact of these risks. On the whole there are endless possibilities of how business analytics can help administratively controlled sectors. Business analytics has become an integral part of decision-making processes for organizations across industries and the government too is now banking upon it. Over the next decade several new trends will shape the future of business analytics and by using artificial intelligence (AI) and machine learning (ML) in data analysis organizations can analyse their data, identify patterns and trends and make decisions based on insights.
Though Data privacy and security continues to be a major concern for organizations yet every organisation is using data to drive their businesses. There is no denying the fact that with increased data collection and analysis companies will have to prioritize data protection and ensure compliance with data privacy regulations of the country. The Department of Statistics at the University of Jammu very recently organized a one-week Faculty Development Program (FDP) on Data Analytics wherein fifty faculty members from various institutions across the country had participated. Professor Neelu Rohmetra, Director DD&OE University of Jammu and former Director of IIM Sirmour had categorically emphasized the importance of data analytics and its applications in various fields.
Business analytics in future is going to solve complex business problems, improve customer engagement, identify cost-saving opportunities and will optimize supply chain operations. By using data-driven analysis decision-making can improve which ultimately will help organizations reduce risk, make informed investments, and achieve better business outcomes.
(The writer is a Business Analyst)
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