Postgraduate Certificate In Business Analytics

What is a Business Analytics course?

Business analytics is a set of skills, technologies, and methodologies — such as data mining and statistical analysis. These are used to analyze a company’s data and performances to foresee future trends and after-effects in pursuance of making data-driven decisions.

The subjects of management, business, and computer science are all combined in the business analytics course. The analytical facet of this course entails the awareness of data and statistics. Thanks to the amalgamation of these two disciplines, that enables business analysts to bridge the gap between management and technology.

The purpose of business analytics is to determine the valuable datasets by using predictive analytics to anticipate the impact of proposed solutions that can boost revenue, productivity, and efficiency.

What are the Components of Business Analytics Course? 

Many different components go into business analytics to draw insights from data. Business analytics tools not only handle the processing of data and gaining insights through reports and visualizations but also includes the process of getting the required data. The main components of business analytics include data aggregation, data mining, text mining, forecasting, and data visualization.

• Data Aggregation - Data aggregation is the process of accumulation and collection of data, which is subsequently given in a summarized format. The data can be obtained from a variety of sources in pursuance of compiling it into a single summary for the analysis. This is a critical stage since the amount and quality of data have a significant impact on the authenticity of the results-driven by data analysis. Enrol in a business analytics course to get more insights into the critical process of data aggregation.
   
• Data Mining - Data mining is the process of analyzing enormous datasets using statistical techniques and machine learning to identify trends and relationships. This is an important aspect of business analytics since it enables a speedy and more accurate decision-making process. Regression, clustering, and outlier detection are just a few of the data mining techniques that are used in business analytics. Sales and marketing, product development, healthcare, and education are all sectors where data mining is applied. Data mining also helps you establish successful marketing strategies, understand more about clients, boost revenue generation, and reduce cost deductions.
   
• Text Mining - Text mining is the process of retrieving high-quality data from the text available on applications and the internet. Text mining uncovers facts, connections, and statements that would otherwise be lost and gone in the ocean of textual big data. After being retrieved, this data is then translated into a structured format so as to be further examined or displayed in a variety of ways including HTML tables, charts, and mind maps, to name a few. Text mining is used by businesses to gather textual data from social media platforms and call centre scripts as well. The information is then utilized to improve customer service,  create new products, and evaluate the accomplishments of the company’s competition.
   
• Forecasting - Forecasting is a strategy of making well-informed predictions regarding future trends by using historical data. Businesses use forecasting to figure out how to distribute their budgets and plan for future spendings. Business analytics courses help you learn data analytics in order to forecast actual results.
   
• Data Visualization - The graphical depiction of information and data is known as data visualization. Data visualization tools make it easy to examine and comprehend trends and patterns in data by employing visual components like charts, graphs, and maps. The use of correct data visualization tools is required for analyzing huge volumes of data to track business requirements and KPIs, and making data-driven decisions.

What are the 4 Types of Business Analytics?

There are mainly 4 types of data analytics — descriptive analytics, diagnostic analytics, predictive analytics, prescriptive analytics. They enable you to clean, dissect, and consume data in a way that allows you to come up with solutions for any difficulties your business may be facing. All these types are taught in our business analytics course. Modules are created very carefully so that all four types of business analytics are covered. Now, let’s discuss each of these in detail below:

1. Descriptive Analytics - Data aggregation and mining techniques are used in descriptive analytics, which is the simplest way of analytics. It summarizes an organization’s existing data to get insights into the happenings of the past and what the circumstances are now. Many businesses employ descriptive analytics to gain a better understanding of client behavior and how to aim marketing campaigns to those clients.

1. Diagnostic Analytics - This type of analytics assists in refocusing from past performance to present events and determining which elements are impacting trends. To determine the cause of individual events, drill-down, data discovery, data mining, correlation analysis are used. After this is done, techniques for classification and regression are applied.

1. Predictive Analytics - With the use of statistical models and machine learning approaches, predictive analytics helps to predict the prospect of a future event. The results of descriptive analytics are frequently used to develop models that predict the probability of specific outcomes. Machine Learning experts are used to conduct this form of analytics. They can attain a higher level of precision that can be achieved solely through business analytics. Those who enroll in our business analytics course get to know how to use predictive analytics to make data-driven decisions.

Sales and marketing teams frequently employ predictive analytics to evaluate client views using social media data. Sentiment analysis is one of the most popular applications used to conduct this process. Existing social media data is utilized to get a deep understanding of the user's perspective.

1. Prescriptive Analytics - Prescriptive analytics recommend suggestions for dealing with a relevant situation that has come up in the past based on prior performance data. Prescriptive analytics may not only predict consequences but also the particular actions that must be taken to get the most appropriate outcome. It is primarily based on two factors: a strong feedback system and continuous iterative analysis. It establishes the connection between the measures taken and their consequences.

To get deep insights and a better understanding of business analytics, join our business analytics course and learn to use the analytics tools to make better business decisions.
 

Best Reasons Why Business Analytics is Important for an Organization in 2022

In today's corporate world, every company is on the lookout for ways to make their decision-making process more efficient and effective, and this is how business analytics comes into the picture. As the competition is growing rapidly and customers’ desires have increased, it creates pressure on the firms to do something new. This makes it crucial for businesses to make appropriate decisions as soon as possible against the market forces. There are multiple reasons why a business should adopt business analytics, however, the five main reasons are to improve efficiency, make informed decisions, minimize the risk, reduce employee turnover, and manage problems effectively.

Given below is a brief of each reason why business analytics is important for an organization:

1.  Improved Efficiency - The responsibility of improving productivity and efficiency lies not only with the employees but the company also has a major role to play. This is to make sure that employees give their best under any given circumstances. To do so, it is important to evaluate the performance of employees. Business analytics includes collecting and organizing data in such a format that it makes the evaluation process easy. It helps businesses track and analyze the data that involves numerous components in pursuance of figuring out the most effective ways to increase efficiency and cut down on added expenses.
    
2. Make Informed Decisions - Companies must adapt to the current trends of the business world to improve their business performance. To do so, business analytics provides companies with a clear picture and insights into how they may improve their efficiency, allowing them to streamline and automate procedures. Companies can evaluate the newest trends and make predictions by analyzing data using business analytics tools to evaluate if incorporating certain trends in business plans will help them outperform their competitors.
    
3. Minimize the Risk - Risks can be minimized with the use of business analytics. It helps businesses in reducing short and long-term risks by assisting them in making the best decisions possible in regards to the accessible data such as client preferences, trends, among many others. This makes business analytics the most sought-after industry skill. To start your career as a business analyst and/or hone your skills, enroll in our certificate in business analytics.
    
4. Reduce Employee Turnover -  Employee onboarding and attrition is the reason that businesses incur significant costs each year. HR professionals can use business analytics tools to track the performance of employees and analyze if employees’ goals are in line with the company’s goals along with other important aspects to save time and money. It will be easier to identify employees who will stay for a longer period in the organization and reduce employee costs.
    
5. Manage Problems Effectively - If there is an emergence of new issues in the company, the existing operations are frequently paused, resulting in a significant loss. Business analysts assist organizations to avoid such scenarios by providing the required details that might help recognize potential risks and prevent damage. Business analysts use raw data to carry out this process and spot the problem so as to assist business owners in resolving the issue effectively and as soon as possible.

There are two ways available to pursue the business analytics course - online and offline. Since the Covid-19 pandemic has come to pass, numerous renowned institutions are now providing online coaching for various courses. One such leading institution, XLRI Jamshedpur is offering a Postgraduate Certificate in Business Analytics for you to excel in the fast-paced business world.

Postgraduate Certificate in Business Analytics

The purpose of the Postgraduate Certificate in Business Analytics from XLRI Jamshedpur is to assist young analysts and professionals use analytics to propel a company’s sales, HR operations, and value chain among others.

This course is designed to teach you especially about how to make strategic decisions using data and apply analytics in real-world business situations. It will also provide you with a deep understanding of the most useful and effective analytical, statistical, and programming tools like R and Python.

Professionals who enroll in the Postgraduate Certificate in Business Analytics course from XLRI Jamshedpur gain insights into how to explicate data and apply analytical techniques to resolve challenging issues of the business world.

This certificate in business analytics is most suited for IT professionals, executives with an analytical aptitude who want to hone their analytical skills and grow, business leaders, functional managers, also young analysts who want to build their career in business analytics, etc.
 

Why Should You Pursue an Online Business Analytics Course from Talentedge? 

In this digital era, where almost everything is available on the internet, the demand for online learning is also growing expeditiously. There are multiple benefits of taking this business analytics online, such as:

1. Strengthening your analytical skills
2. Exploring in-demand analytical tools
3. Gaining knowledge of how these tools can be used to improve data-driven decision-making
4. Working professionals can attend classes and learn while keeping their current jobs
5. No additional installation makes it easy for you to attend classes from anywhere using a laptop or desktop
6. Pursuing an online certification course shows that you are committed to your professional desire to enhance your skills for career advancement

Talentedge has collaborated with some of the world’s most prominent institutions to provide a wide range of online certification courses. The certificates from these renowned institutes are highly recognized and can help you advance in your career. Some of the added advantages of these online certification courses are:

• Since the classes are on weekends it will benefit the working professionals to maintain a work-life balance
• Live and interactive digital learning provides a real classroom experience
• Practical learning of the tools help apply these techniques in current companies
• One-on-one doubt clearing sessions
• A dedicated student and tech support
• Chance to earn a certificate from XLRI Jamshedpur on successfully completing the course

Frequently Asked Questions- Post Graduate Certificate in Business Analytics

Q. What is a business analytics course? 

Ans. Business analytics is the process of applying new technologies to refine historical and current business data. It assists business owners to consider all situations on the cards to make an informed and well-researched decision.

Q. Who all can apply for the Postgraduate Certificate in Business Analytics? 

Ans. This course is designed for young analysts who want to make their career in business analytics and executives with an analytical aptitude who want to hone their analytical skills and grow.

Q. What are the components of this business analytics? 

Ans.  The main components of business analytics entail data aggregation, data mining, text mining, forecasting, and data visualization.

Q. What is the difference between descriptive and diagnostic analytics? 

Ans. Descriptive analytics includes analyzing the historical data of the organization to understand the trends and patterns. However, diagnostic analytics focuses on the reason why something happened. Hence, it is also known as ‘root cause analysis.’

Q. What is the difference between predictive and prescriptive analytics?

Ans. Predictive analytics gives you the raw data required to forecast the future circumstances and make well-formed decisions beforehand whereas prescriptive analytics offers you a data-driven selection of choices and measures you can take.

Q. What is the duration of the Post Graduate Certificate in Business Analytics from Talentedge? 

Ans. This online business analytics course from Talentedge is a 12-months programme.

Q. What is the importance of business analytics?

Ans. Business analytics integrates accessible data with a variety of well-thought-out models before converting the information into useful insights. This data is then delivered to the decision-makers of the organization, allowing them to make informed and well-researched decisions. As a result, business analytics give organizations a competitive advantage and help them increase profitability.
 

Q. What is a capstone project available in this business analytics course? 

Ans. The capstone project provides a once-in-a-lifetime opportunity to conduct an autonomous group study in order to develop a novel solution to a real-world problem. A project of this size and scope might be difficult, but it can also be extremely gratifying. The capstone project is the final assignment and, because of its practical applications and capacity to help participants improve their professional knowledge and skills, it serves an important role in preparing them for the workplace.

Q. What are the eligibility criteria to apply for the Post Graduate Certificate in Business Analytics?

Ans. Given below is the eligibility criteria to apply for the XLRI’s Postgraduate Certificate in Business Analytics –

• For Indian applicants, it is mandatory to have a graduation degree (10+2+3) or a diploma (10+2+3) from a recognized university (UGC/AICTE/DEC/AIU/State Government) in any discipline.
• For international applicants, graduation or equivalent degree from a recognized university or institution in their respective country is necessary.
• It is a prerequisite to have a score of at least 50% for mathematics or statistics as a subject in class XII.
• Knowledge of at least one programming language.
• Minimum one year of work experience as of 01 July 2021 and submission of a Statement of Purpose (SOP).

Q. Will, I get the alumni status of XLRI Jamshedpur after completion of the course?

Ans. You have the best opportunity to receive a certificate of completion in business analytics and the alumni status of XLRI Jamshedpur after successfully completing the online business analytics course.

Q. What are the types of business analytics?

Ans. Business analytics is categorized into 4 types -

1. Descriptive analytics
2. Diagnostic analytics
3. Predictive analytics
4. Prescriptive analytics

Q. Why should I do a Postgraduate Certificate in Business Analytics course from Talentedge?

 Ans.  There are multiple reasons to pursue Postgraduate Certificate in Business Analytics from Talentedge:

•  Lectures are held on the weekend
• Live and interactive classes
• One-on-one doubt clearing sessions
• Dedicated tech and student support

Q. What is the difference between business intelligence and business analytics?

Ans. Business intelligence is concerned with present and historical occurrences that are recorded in data. Whereas, the focus of business analytics is on the possibilities of happening that can occur in the future. Although, the data that is employed is the same in both approaches, the timescale for implementing the outcomes differ.

Q. What are the advantages of pursuing XLRI’s Postgraduate Certificate in Business Analytics offered by Talentedge? 

Ans. There are multiple benefits of enrolling in the business analytics course from XLRI Jamshedpur such as you will learn statistics of data sciences, regression techniques, data mining, artificial intelligence, and machine learning, forecasting to make well-informed data-driven decisions. This course also teaches you the most useful and effective analytical, statistical, and programming tools like R and Python. In addition to these advantages, you also get the benefit of learning from renowned experts and being a part of the XLRI alumni.