Before we jump right into why just a college degree in computer science not enough to make a career in data analytics and business intelligence, we need to understand the basic difference between the three.
Business intelligence is helping a company put the data it already has to use to foster the company’s efficiency and amplify profits. They skim through a lot of data by querying databases, prepare reports and identify the various trends, business insights. Business intelligence analysts not only need big data and data analysis skills but alsogood business acumen.
Whereas, data analytics is the process of exploring and researching data sets to derive conclusions about the information in the data set, with specialized systems and software. It helps Commercial industries to make more-informed and planned business decisions. This is probably the reason why more and more aspirers are enrolling for online courses by trainers like PST Analytics.
Data analytics is similar to business analytics, another umbrella term for approaches to analysing data, with the difference that the latter is oriented to business uses, while data analytics has a broader focus. The expansive view of the term isn’t universal, though: In some cases, people use data analytics specifically to mean advanced analytics, treating BI as a separate category.
In the age of data, business information and intelligence, if utilized strategically, has the power to propel a business far above their competitors. The BI and analytics industry is expected to soar to a value of $26.50 billion by the end of 2021, asper a market researchbyZion. Moreover, companies that use BI analytics are five times more likely to make swifter, more informed decisions.
Data analytics and business analytics go way beyond just studying the processes that interact with data and that can be represented as data in the form of programs. For a career in data analytics and business intelligence, a degree in computer science will not suffice. A professional will have toadd analytical skills as to understand and study data. In today’s time, work processes need analytical skills and therefore organisations are constantly hiring analysts that can help them in working better.The following points explain how data analysis and business intelligence create an impact:
1. Improve Efficiency
With the advancements in technology, collection and analysis of datahas become very convenient and affordable. This data helps to not only enhance the performance of the employees but also increase business profitability.
2. Market Understanding
With the development of algorithms, huge datasets can be collated and analysed.With the power of Data Analytics, the needs and satisfaction of the customers can be met in a better way. This helps one to make sure that the product/service aligns with the values of the target audience.
3. Cost Reduction
Big data technologies like cloud-based analytics can bring huge cost advantages if it relates to storage of large data. The business not only saves money in terms of infrastructure but also saves on the product development cost.
4. Faster and Better Decision-Making
The high-speed in-memory analytics and Hadoop in combination with the ability for analysing the new data sources, businesses can analyse the information almost instantly. This comes out to be a big time-saver as you can now deliver more efficiently and manage your deadlines with an ease.
5. Industry Knowledge
Industry knowledge can be comprehended and it can show how a business can run in the near future. This, not only opens new avenues for businesses to grow but too, help build a strong ecosystem around the brand.
The above points give us clear understanding as to why data analytics and business intelligence are important. As per IDC’s info brief “The Next Steps in Digital Transformation” 47% of surveyed entrepreneurial companies adopted business analytics or business intelligence software for data analytics in 2017. Whether it is the sports, the business field, or just the day-to-day activities of the human life, data analytics has changed the way people act.