According to studies by Forbes, almost 1.7 MB of new information is produced every second. This only means that we are consuming more data than ever and data is in fact everywhere. All this data right from your photos to the organization’s financials has begun to be analyzed to produce valuable insights to the business.
Business Analytics as a field is buzzing now with great career prospects. Once you get the art of data analysis right with the help of business data analysis courses, it is just a matter of practising those skills to become a pro. However, off late another term “big data” is in the limelight. So, what is big data and how is it different from business analytics? Let’s see:
A Closer Look at Business Analytics
When it comes to business analytics, it encompasses approaches or technologies that are used to access and explore the company’s data. In other words, it measures the financial and operational metrics of the business with a view to producing valuable insights to aid business planning and performance.
Typically it employs statistical analysis and predictive modelling in order to establish trends – figuring out why it happened and making an educated guess about how things will pan out in the future.
What about Big Data?
Big data is high-volume, high-velocity and high-variety information that gets processed and analyzed. It refers to an immense volume of both structured and unstructured data that is aggregated and processed with automated tools or technologies.
To put it simply, Big Data analytics find insights that aid organizations to make better strategic decisions. Big data assimilate all the data it can, for example, thousands of attributes of a single customer and then sets out to figure the behaviour of a customer – what they want, what will they do next time, how much they will spend.
What is the Difference?
Business analytics focuses on one core metric and that is the financial and operational analytics of the business. On the other hand, ‘Big data’ analytics helps to analyze a broader range of data coming in from all sources and helps the company to make better decisions.
Moreover, big data involves automation and business analytics rely on the person looking at the data and drawing inferences from it. In big data, the machine largely takes over the job of analytics.
Let’s take an example to understand better. In business analytics, we can keep track of the number of site visitors and few sales metrics to understand if a specific ad campaign had its intended effect. But in big data, you can gather all the information from several sources about a specific customer to understand their behaviour and thereby enabling the business to undertake strategic directives.
Whether it is Big Data or business analytics this is the time of exploiting data-specific opportunities in the market. Become a data expert with business analyst course online.