Business analytics and data analytics are two fields of study that are often mistaken for one another. Smaller organizations might use these two terms interchangeably to describe roles involving data or systems analysis, but larger organizations use both studies to target different verticals and to get different tasks done. This is why it is of utmost importance to understand the difference between the two types of analytics. This article will be a comprehensive guide that covers the discussion of business analytics vs data analytics.
Business analytics focuses on numerous larger business applications of data and on the results that come up from these various applications such as whether a company should develop a new product line or prioritize one project over another. Business analytics comprises an amalgamation of skills, tools and techniques that allow corporations to analyze and optimize key business functions such as marketing, customer service, sales, or IT.
There are four kinds of business analytics – descriptive, predictive, diagnostic and prescriptive. Business analysts use data to decipher patterns and trends and to make key business decisions. Some of the primary skills needed to become a successful business analyst include critical thinking, problem-solving, communication, and process improvement.
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The other side of the discussion of business analytics vs data analytics involves understanding what data analytics truly entails. Data analytics involves studying raw data and then deriving conclusions from it. Data analytics finds its value in its ability to recognize patterns in a dataset that may indicate trends, risks, or opportunities. Data analytics helps businesses understand what to bring to the market, what strategy to use and what consumers truly need from the brand.
Data analysts design and maintain data systems and databases, and also mine and clean data in preparation for data analysis. To be a proficient data analyst, one must possess the technical skills necessary for data mining, hygiene, and analysis, along with strong interpersonal skills to communicate their findings to decision-makers.
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Business Analytics vs Data Analytics
Business analytics and data analytics, albeit sharing the same goal of applying technology and data to improve business performance, do share some differences that set one apart from the rest. Here are some points to help you understand business analytics vs data analytics-
- Business analytics focuses on trends in the organization that can be enhanced to improve overall business performance, while data analytics analyze hordes of data to understand consumer behaviour and to make business decisions.
- Business analytics is more retrospective and descriptive, whereas data analytics are more predictive and prescriptive.
- Business analysts use data to identify problems and solutions, but do not perform a deep technical analysis of the data. Data analysts spend time gathering raw data from various sources, cleaning and transforming it, and applying a range of specialized techniques to extract useful information and develop conclusions.
- Business analysts must have deep knowledge of modelling and requirements gathering, whereas data analysts need strong business intelligence, data mining and machine learning skills.
Business analytics vs data analytics is a discussion that makes you realise that both studies are closely related yet are wildly different from each other. Both have major implications in the corporate world and are career prospects that are widely popular amongst young aspirants. We at Praxis understand what it takes to create a true business professional and towards this are proud to present our PGD in Management. This all-inclusive carefully curated course will help you hone your skills and get all the tools needed to make it large in the corporate world. Our astounding placement records and tie-ups will ensure that choosing us will indeed be the best choice for your future.