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.
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.