Data analytics is a process through which data is cleaned, analysed and modelled using tools. This data is then used to derive insights. The insights are then used for business-related decision-making purposes. There are many techniques that data analysts use in different fields of work. In the world of business, Data analytics is used for making strategies to get the desired business results. Today, data analytics has become a big career option in India. As a result, big data analytics courses are in huge demand.

Businesses have realised the importance of utilising big data analytics to maximize their profits. They know that it is vital for their growth and for the future health of their business. Today, major business decisions are taken by utilising the insights derived from data related to the organization or industry-related data. As competition increases and customers are flooded with choices, it has become important to move faster in the market and that too with accuracy.

Data analytics provides both speed and accuracy to business decisions. It provides accuracy as it is based on statistical models and hi-tech tools that help fine-tuning and analysing the data. This field also provides answers to present business problems as well as give a view of future trends. It is preparing the companies to make products for the future and aspire to connect with the customers of tomorrow.

As data analytics also allows to improve business processes and maximise conversion rates, it helps the organizations in cutting unnecessary costs and reduce the cost of running the company. With all its obvious benefits, it is quite natural to say that data analytics is going to become important in a big economy like India.

India is a popular destination for a lot of companies who outsource their work to other countries. This is due to the lower cost of operations and manpower in India. This is further aided by the skilled and English-speaking youth of India. Data analytics is one such field where outsourced opportunities are available in India. As a country teeming with young people and tremendous outsourced work coming in, the scope for this sector is big in India.

Today, as advancements in the field of data analytics are being made, the process is getting automated. Machines are analysing big chunks of data in an automated process. With more and smarter machines entering our daily lives, more and more data is getting created every hour. All this data can be used and analysed for understanding customer behaviour or predicting future trends. With the help of machines, data analysts are finding it possible to make sense of the data in a quicker and easier way.

This is true of India as well. Data around us is growing at a very fast rate. This is because of the changes that the country is going through. The smartphones and data plans are getting cheaper, data speeds are getting faster, and social media is becoming a trendy way of connecting with friends or voicing one’s opinions. All these changes are generating a lot of data around us and organizations realise that all this data can be cleaned and analysed to find useful information. For example, Google uses the data it gets from our smartphones to understand the movement of traffic on our streets. The information helps in providing its user’s information about the distance and time taken to reach their destination in real-time through the Google Maps app.

With newer technologies on the horizon, words like Blockchain, Internet of Things, machine learning, Artificial Intelligence etc have been the most popular lexicons among business corridors. The most interesting thing about all the modern technology is that they are all based on data.

Because of the bright future of data analytics, many professionals and students are interested in a career in data analytics. Any person who likes to work on numbers has logical thinking, can understand figures and can turn them into actionable insights, and has a good future in this field. Proper training of the tools of data analytics would be required to begin with. Since it is a course that requires effort to learn and get certified, there is always a dearth of qualified professionals. Being a relatively new field also, the demand for such professionals is more than the current supply. Higher demand also means higher salaries.

Data analytics is the differentiator that provides companies with a competitive edge over others. It is a fast-growing branch of study which has a bright future in India. Organizations have realised their importance and investing in data analytics tools and technologies. Professionals and students are keen for a career in data analytics owing to the career opportunities they might get. We can be sure that data analytics has a good future in India for years to come.

But before knowing about what the future holds in terms of analytics, it is very important to know the different terminologies and how they are different from each other, but still go hand-in-hand. For instance, let us take a look at Big Data and Business Analytics.

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.