As technology is rapidly developing and the internet is reaching even the most remote areas, there is a large volume of data being generated each second across the globe. Data analytics enables organizations to make sense of this scattered, raw data by unearthing valuable insights into various aspects, correlations, patterns and trends. This has led to soaring demand for skilled professionals with expertise in various aspects of data analytics to the tune of nearly 2 million. However, there is a huge supply shortage of skilled personnel and which, in turn, has led to a steep rise in remunerative packages for those professionals who possess skills and expertise in data analytics. This has been a major pull-factor for graduate students, freshers and experienced professionals to take up data analytics courses.
There are several courses available in data analytics and here we have put together the things to consider before taking a data analytics course.
What do you want to specialize in data analytics?
As mentioned earlier, there are several courses out there in the field of data analytics. The first consideration before taking a data analytics course is what you want to specialize in such as business analytics, marketing analytics, financial analytics, market research, etc. This will depend on your educational and work background or the field to which you want to make your career shift. In other words, do you want to continue in your current job/ field with the new skills or do you want to switch to another job or sector itself or work as a freelancer/ consultant? The specialization you choose must be relevant in the present and must hold a future scope. So, having clarity about the choice of specialization is crucial. Closely related to this is the choice of the type of course- whether you want to study online or on-campus or take up a MOOC, etc.
Your skillset: The second consideration before taking a data analytics course is your current skill level and skill set. Making a careful assessment of your skill level and skill set will help you to understand where you are and what choice, of course, will best suit your needs.
Do you meet the prerequisites and eligibility criteria for the course?
Ensure that you meet the eligibility criteria of the course and also ensure that you meet all the prerequisites. For instance, some courses may require you to know statistical or mathematical concepts or may require reading through prep material before the course begins.
Does the course provide hands-on-training?
At the end of the course, you want to apply the technology, software and methodology learnt practically in your work. This will be possible only if the course provides hands-on training.
Validity of the certification: Certification at the end of the course will definitely add weight and value to your resume and accordingly improve your career and salary prospects. It is important to ensure that the validity of such certification, if the institute is authorized to provide such certification, etc.
Your budget and time constraints: Last but not least, it is equally important to consider your budgetary and time constraints before taking the course.
Moreover, the difference between different kinds of analytics is also important.
Companies are using big data to improve their decision making. Both small and big firms are realizing the importance of past data and how it can be used for making future decisions. Apart from corporates, government agencies and educational institutions are also using historical information for improving their performance. Analyzing such data, helps them gain a more competitive position in the market. It also helps organizations operate more efficiently.
To use the available data more effectively it is essential for companies to use both business analytics and data analytics. People often confuse one with the other. There are differences between these two and we will see what they are in this article. The course for XLRI PG certificate in business analytics teaches in-depth about both these methods.
Understanding the Fundamental Differences
While both methods use data for improving working efficiency, business analytics deals with the impact of this analysis on an establishment. It also talks about what actions must be taken on the basis of insights gained. Various skills, tools, and applications combine to allow companies to measure their performance and improve the same. This will include core areas like operations, marketing, IT, and customer service among others.
Attending a course for obtaining an XLRI PG certificate in business analytics familiarizes students with data analytics. This includes the study of massive datasets to find out patterns and trends that can lead to conclusions about different hypotheses. This procedure is used to find out the influence of geography or season on customer preferences. It will help to answer questions about the likelihood of a company’s customers migrating to its competitors.
Comparing Business Analytics and Data Analytics
There is a huge demand for XLRI admissions for courses in business analytics because such specialists are needed by all companies. In a corporate environment that is becoming more data-driven, the importance of using available data is very high. While both business and data analytics use information, their procedures and goals are different. Comparing them on various parameters should throw more light on the dissimilarities.
Goal
Business analytics aims at identifying trends to optimize them for better planning and results. This method helps in improving technology and processes regularly. In the case of data analytics, the aim is to recognize patterns and to forecast future events accurately.
Data
In the case of data analytics, the sources of information are not decided in advance. They can be added as relations between datasets. Experts will continue to add new sources if they find that they could be useful. Business analytics experts have their goals well-defined and this makes it easy to decide their information sources when the process begins itself.
Procedure
The method of business analytics is more descriptive. It focuses on defining goals and requirements for various projects and programs. Data analytics uses predictive and prescriptive types of analysis.
Wrapping Up
It is beneficial for those seeking XLRI postgraduate courses in business analytics to have a strong background in corporate management. It is not necessary for these experts to have much technical knowledge, though they must be familiar with statistical tools, common programming languages, databases, and networks.
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