Have you ever noticed how businesses like Amazon, Apple, Microsoft, and more are capable of making impactful decisions and market strategies regarding their business operations? Well, this is where professional business analysts come in handy. In layman's language, we can say that business analysts play a vital role in the success of a business. They are responsible for understanding the evolving needs of an organization. Also, they work on identifying business challenges and work on their solutions.
In
this article, we will discuss all the essential aspects of business analytics,
from the overview of business analytics to the types and benefits of business
analytics. Also, we will discuss why you should pursue an MBA (Business Analytics) in association with IBM from
Chandigarh University — India's No.1 Private University. So, without causing
any delay, let's get started;
Business Analytics — Overview
In
today's competitive marketplace, business analytics is a groundbreaking tool
that can be used to make important business decisions and craft essential
business strategies. In today's data-oriented market, almost all organizations
generate vast amounts of data to achieve their desired targets. These efforts
of businesses highlight the rising demand for professionals who are data
literate and know how to interpret and analyze that information.
According
to a MicroStrategy study report, worldwide businesses are using data for the
following reasons -
- Firstly, 64% of firms use data
to improve their business efficiency and productivity.
- Secondly, 56% of corporations
use data to achieve their goals of making more effective decision-making.
- Thirdly, 51% of companies use
data to drive better financial performance.
Furthermore,
the research also demonstrates that 65% of global businesses plan to expand
analytics spending. After reading these market trends, gaining an in-depth
knowledge of business analytics can help you captivate your career and make
better decisions in the workplace. Before analyzing the advantages of business
analytics, it’s important to understand what the term “Business Analytics”
means.
What Is Business Analytics?
In
simple words, business analytics can be defined as the methodology of using
quantitative strategies to emanate meaning from data to make informed business
decisions. The following are the four primary methods of business analysis:
- Descriptive: The understanding of
historical data to determine trends and patterns.
- Diagnostic: The understanding of
historical data to determine why something has happened.
- Predictive: The usage of statistics
to predict future results.
- Prescriptive: The application of
testing and other techniques to examine which outcome will yield the best
result in a given scenario.
Therefore,
you can utilize these business analytics types to examine your past business
efforts. Also, you can use these types to boost the future performance of your
business. Now, let's have a look at the difference between business analytics
and data science.
Difference Between Business Analytics & Data Science | Benefits of
Business Analytics
Before
we enlighten business analytics, do you know how it is different from data
science? Both, business analytics and data science, examine data to crack
business problems.
The
key difference between business analytics and data science lies in the usage of
data in both processes. First of all, if we talk about business analytics, it
is concerned with extracting meaningful insights from and visualizing data to
streamline the decision-making process.
On
the other hand, data science is concentrated on making sense of raw data using
algorithms, statistical models, and computer programming. Apart from this, if
we talk about the benefits of Business Analytics, it helps businesses with more
informed decision-making, greater revenue, and improved operational efficiency.
Masters of Business Administration (Business Analytics) in association
with IBM at Chandigarh University —
Overview & Job Opportunities!
Chandigarh University offers an MBA
(Business Analytics) in association with IBM program — designed to build deep
competency in the skills needed to implement and oversee data-driven business
decisions, including collecting, managing, and describing datasets, forming
inferences and predictions from data, and making optimal and robust decisions.
Apart from this, if we talk about the
future scope of MBA (Business Analytics) in association with IBM program, it
unlocks various job roles, such as Data Scientist, Hadoop Developer, Business
Intelligence Analyst, Cognos Report Developer, Advanced Analytics Analyst,
Business Intelligence Analyst, System Analyst, Cost Analyst, Market Research
Analyst, Big Data Software Architect, Data Visualization Analyst, Information
Security Analyst, and more.
Conclusion
Do
you want to capitalize on the need for data-minded professionals? Enrolling in
the MBA (Business Analytics) in association with the IBM program at Chandigarh
University, India's No.1 Private University, can help you lay the foundation of
a captivating career in this field. Register via CUCET and get up to 100%
scholarship worth ₹170 crore. Admissions Open! Apply Now!
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