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Business Analytics V/S Data Analytics

Applying for Business Analytics or Data Analytics?

Know how we can increase your Chances by 300%

The entry of Big Data into the business world has brought a big wave of opportunities for data scientists all over the world. Their roles and responsibilities in the business firms’ operations have consistently grown in depths and breadths of the million amounts of data being examined.  Gone were the days when they existed in the market but were lost in the backend rooms, obscured by the server room in the IT departments in the form of technologists, statistic expert or just a random tech guy. They were summoned to identify problems and provide solutions in a wake of seconds and then sent back into the dusty old hotwired rooms.

Now, data analysts are a rage in the business world. According to a known job portal, the growth rate of a data analyst/business analyst has sky rocketed to 4000%. The demand for the individual who possess the talents in depth understandings of advanced data analysis or engineering with a good mix of business awareness, domain expertise has never been higher.

Business Analytics VS Data Analytics intro

However, to delve deeper in tot the technical aspects of data analysis and the career prospects it generates, one has to carefully differentiate between the prospective courses modules to achieve the reputed station of data analyst namely, masters in data analytics and masters in business analytics. 

It is important to read through the similarities and differences between these fields when trying to fix a career in either data analytics or a career in business analytics. Some might be of views that they both share the same objectives of efficiency through data consolidating, but their core difference is a key to understand better. The interests, skills, practical implications and theoretical inputs provided in the course study should be brainstormed before going full time on one of these paths.

Ultimately the ones who earn a degree in business analytics or data analytics are required extensively in the workplace, data experts who wish a feather in their cap by going for an advanced degree can choose from the program that best suits their skill set and career goals. It believed that 40% of advanced data and business analytics job roles require a masters or a PhD. When searching out for higher education plan to polish your professional character, consider your long term goal and how it shall be achieved with the successful completion of a master’s degree in data analytics or business analytics. 

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What is MS in Data Analytics?

Business Analytics VS Data Analytics what is data analytics

In this modern millennia, data reign. Our travel plans, wedding planners, education, gaming info etc all runs through the wide network internet. Hence, an enormous amount of data is generated as a result of our intensive internet activities. 

A data analyst is tasked to collect process and analyze the data at hand and interpret how it can be used to alter or reinvent business efficiency or solve problems.

MS in Data Analytics enables the students to increase your potential and moreover combines the concepts of computing, engineering, mathematics and business to develop the proactive problem solving skill. It also opens the doors of various industries who deal with computing data analytics such as healthcare, banking, government, insurance and management by allowing them to develop and assess strategies.

 It accommodates the students with other inquisitive learners who are interested in the domain of analytics with either of their previous academic background, united by a streak of business related or technical aspect. As this course is comparatively new in many business institutions, opportunities post course study are yet to be assimilated in the minds of the young graduates apart from a glowing career and great salary prospect.

Business analytics is a data management solution and a subset of business intelligence that involves using methodologies like data mining, predictive analytics, and statistical analysis to analyze and transform data into useful information, identify and predict trends and outcomes, and make better, data-driven business decisions. Hence, the work of a business analyst is to analyze and process data to assess and process the company’s past performance and then develop realistic business plans to make concrete decisions. By putting the information gleaned from the processed data to use.
Business analysts are the only people who have practical experience with statistical tools and programming. They can amalgamate diverse backgrounds and topics in their data analysis like business, IT, management, computer science, or related fields.
A business analytics degree allows you to delve further into data science and business intelligence. Its main goal is to transform large amounts of data into actionable insight by employing a quantitative methodology and statistics. In simpler terms, it is designed to mine data for high-quality content for business purposes rather than relying on previous operations; it is primarily concerned with company performance and market forecasting approaches.
Main components of business analytics:

1) Data Mining
2) Data Aggregation
3) Text Mining
4) Forecasting
5) Association and Sequence Identification
6) Data visualization
7) Optimization
8) Predictive Analysis

The fundamentals of business analytics are typically classified as descriptive analytics, which analyses historical data to determine how a unit may respond to a set of variables; predictive analytics, which examines historical data to determine the likelihood of specific future outcomes; or prescriptive analytics, which combines the descriptive analytics process with predictive analytics to determine the likelihood of specific future outcomes.
Business Analytics is used in several industries; for example- An online retailer’s sales increased when the business discovered fluctuating sales and established a sales dashboard. That dashboard indicated that data was not driving sales, prompting the store to rethink its sales approach and change its target-setting mechanism to adapt to data. With this deployment, they were able to increase sales by 24%.

Main components of Data Analytics:

1) Descriptive
2) Diagnostic
3) Predictive
4) Prescriptive

A data analyst’s job includes dealing with data throughout the data analysis process. This entails a variety of data manipulation techniques. Data mining, data management, statistical analysis, and data presentation are the main phases of the data analytics process. The relevance and balance of these phases are determined by the data utilized and the analysis’ objective.

What is MS in Business Analytics?

Business Analytics VS Data Analytics what is business analytics

A business analyst uses data to analyze and process the past performance of the company and further make practical strategies for business operations to make concrete decisions. By applying the insights analyzed from the processed data. Business Analysts singularly have a working expertise in statistical tools and programming.

They have a good capability to amalgamate diverse backgrounds and topics in their data analysis like business, IT, management, computer science or related fields.

Masters in Business Analytics is a degree that branched out of the bigger masters in management discipline courses. It is an interdisciplinary program that allows a student to enter to an amalgamated field of data analytics and business. It clubs the business management’s principles with the technical aspect of data analysis in order to give well rounded insights of business education. As this course is quite new for some business institutions, it is continually being updated and tailored to have a decent batch of data professionals.

A degree in business analytics helps you did deeper into the data sciences and business intelligence. Its major aim to change the heavy data inputs into actionable intelligence using the quantitative approach and statistics. In easier terms, it is made to mine data for quality material for business purpose, instead of harboring on past operations; it is more concerned with the predictive techniques of business performances and its markets.

Business analytics is a data management solution and a subset of business intelligence that involves using methodologies like data mining, predictive analytics, and statistical analysis to analyze and transform data into useful information, identify and predict trends and outcomes, and make better, data-driven business decisions. Hence, the work of a business analyst is to analyze and process data to assess and process the company’s past performance and then develop realistic business plans to make concrete decisions. By putting the information gleaned from the processed data to use.
Business analysts are the only people who have practical experience with statistical tools and programming. They can amalgamate diverse backgrounds and topics in their data analysis like business, IT, management, computer science, or related fields.
A business analytics degree allows you to delve further into data science and business intelligence. Its main goal is to transform large amounts of data into actionable insight by employing a quantitative methodology and statistics. In simpler terms, it is designed to mine data for high-quality content for business purposes rather than relying on previous operations; it is primarily concerned with company performance and market forecasting approaches.
Main components of business analytics:

1) Data Mining
2) Data Aggregation
3) Text Mining
4) Forecasting
5) Association and Sequence Identification
6) Data visualization
7) Optimization
8) Predictive Analysis

The fundamentals of business analytics are typically classified as descriptive analytics, which analyses historical data to determine how a unit may respond to a set of variables; predictive analytics, which examines historical data to determine the likelihood of specific future outcomes; or prescriptive analytics, which combines the descriptive analytics process with predictive analytics to determine the likelihood of specific future outcomes.
Business Analytics is used in several industries; for example- An online retailer’s sales increased when the business discovered fluctuating sales and established a sales dashboard. That dashboard indicated that data was not driving sales, prompting the store to rethink its sales approach and change its target-setting mechanism to adapt to data. With this deployment, they were able to increase sales by 24%.

Difference between Data Analytics and Business Analytics

Business Analytics VS Data Analytics difference between data analytics and business analytics

Data Analytics 

Business Analytics 

1) Data Analytics uses a Statistical approach.

1) Business Analytics uses Business intelligence.

2) Data analytics is the act of classifying data—sorting, storing, cleaning, detecting trends, and interpreting insights.

2) Business Analytics can be utilized to strengthen weak areas in a current method, provide value, reduce costs in a specific business process. 

3) It is used for solving complex challenges and specific business problems.  

3) The various financial tools used here are used to improve sales and marketing. 

4) Advanced Analytical software like Python and Tableau are used.

4) Primarily focused on the backend, and generating solutions, tackling current issues specific to the business. 

5) Data analytics is a tool for organizational, operational efficiency, establishing strategies to take advantage of new business possibilities.

5) Data-derived insights assist decision-making processes and drive functional changes throughout the firm in successful business analytics

Top colleges for MS in Data Analytics

Because this course is relatively new in many business institutions, options for post-course study have yet to be integrated into the thoughts of young graduates, other from a bright future and a good income. Hence, we have compiled a list of the best universities/colleges that offer MS in Data Analytics, and they are as follows:

1) Stanford University
2) Columbia University-New York
3) University of California, Berkley
4) University of Southern California
5) George Town University
6) University of Chicago
7) University of Oxford
8) University of Toronto
9) Imperial College London
10) National University of Singapore

Top Colleges for MS in Business Analytics 

A business analytics degree allows you to delve further into data science and business intelligence. Its main goal is to use a quantitative methodology and statistics to transform large amounts of data into actionable insight. In simpler terms, it is designed to mine data for high-quality content for business purposes rather than focusing on previous activities; it is more concerned with company performance, and market forecasting approaches. To ease your search for the best colleges/universities offering MS in Business Analytics, we have compiled a list of the same. They are:

1) MIT, Sloan
2) UCLA, Anderson Management School
3) Essec Management School
4) ESCP Business School
5) Imperial College Business School
6) Essade Business School
7) Manchester Alliance
8) University of Warwick
9) University of Edinburgh
10) USC (Marshal)

Top hiring firms for each of the courses on International And Domestic levels. 

Data Analytics 

Business Analytics 

Accenture  IBM
Tata consultancy group Tredence
Cognizant technology solutions Genpact 
American express Deloitte 
Google Evalueserve 
Schneider electric Accenture 
Capgemini ZS associates 
Morningstar  TCS
Dell technologies and Flipkart Accenture

Average Salary After completing the degree

Courses  Expected Average Salary (Annually) as per Latest Data.
Data Analytics  $40,000-150,000 ~ approx 
Business Analytics  $60,000-120,000 ~ approx 

Skillset required

Business Analytics VS Data Analytics skills required

Data Analyst Skills

                  Business Analyst Skills

    Understanding of statistical methods Statistical analysis software understanding
      Use of R and/or SAS languages               Programming skills
                Database Design             Effective communication
        Analytic problem solving       Business intelligence and reporting
    Machine learning Technique           Analytic problem solving
Knowledge of chosen industry for data research       Data mining and visualization

Data and business analytics have a common objective of using technology and data to improve an industry’s efficiency and effectiveness. Data analytics is a good fit for those who like digging into codes and data analysis. In contrast, business analytics is a good fit for people who appreciate communicating complex concepts and implementing active, practical solutions.

Conclusion

Data analytics and business analytics share a certain similar goal of applied technologies and data to positively make the business efficient and effective. People who enjoy delving into the codes and data analysis can enjoy a flourishing career in data analytics whereas people who enjoy communication complex topics and applying active practical solutions will make a good fit for a business analytics career.

Both of these careers have bright future in the management world and the industries of today to help improve the business operations and work comprehensively under a dynamic environment. A master’s degree in any of the two will surely add excess of opportunities for any individual.

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