What is Business Analytics?
Business Analytics is the process of using statistics and statistical methods and technologies to create data sets and analyse data and then interpreting the data set with a very specific purpose in mind, whether that be to solve a problem for an organization or help informs a company’s future business decisions.
Business analysts work within an organisation, helping to manage, change and plan for the future in line with the goals of the business. This could be for one specific project, or as a permanent feature of the organisation.
A business analyst may also be known as a business architect, a business systems analyst, an enterprise analyst, a management consultant, a process analyst, a product manager, a requirements engineer or a systems analyst.
What 3rd level courses are available?
Universities and colleges in Ireland are offering Business Analytics courses in the following subject areas:
- Master of Science (MSc) Business Analytics – Gain the knowledge, skills and research capability to critically analyse, implement and evaluate big data concepts and techniques in order to generate valuable insights.
- Higher Diploma in Science in Data Analytics for Business – This programme is specifically designed for individuals with evidenced numerate, technical and analytical ability who aspire to work, or are working, in roles that involve data analysis or the interpretation of data to inform business management and decision-making.
- Diploma in Data Analytics for Business – This programme utilises a carefully designed programme schedule with modules focused on data analysis topics.
- Google Analytics for Business – Analytics training that will help you understand the product and how to use it to serve your business goals.
- Statistics Essentials for Analytics – Learn about the essential statistics in data science and data analytics.
- Master of Science (MSc) In Data Analytics – A study of programming, statistics and technology-enabled data analysis using machine learning and artificial intelligence, data visualisation, research and ethical studies pertaining to the field.
- Master of Science (MSc.) in Financial Analytics – A study of the core principles of finance, data analytics, machine learning and visualisation tools and an enhanced understanding of business decision making in an ethical and cyber context.
Studying Actuarial Science in college
There are many Actuarial Science courses that take place over 1 year to 4 years depending on the course and modules selected. There are also part-time courses and night courses available so you can be sure to fit in your studies no matter what your schedule is like.
Courses will cover theory work through lectures, assignments, tutorials and taught modules. Assessments will take place on a continuous basis with written examinations and practical assignments combined in order to achieve a qualification.
You could also consider work experience or voluntary work with small enterprises to help improve a particular function of their organisation. This route might have a charitable focus. You could also contact organisations directly to enquire about work shadowing, showing an enthusiasm for this area of work and for their business sector.
Work Experience will not only give you the opportunity to obtain a deeper knowledge and understanding of the industry, it will also give you a chance to do some essential networking with other industry professionals and gain valuable contacts for the future
Career options
After completing a course in Business Analytics you will be able to get started in a career that uses specific knowledge of business analysis and statistics.
Business analysis exists in almost every sector, from not-for-profit organisations to retail and financial services. The role is largely office-based but will require travel to meet different internal and external stakeholders.
Business analysts are needed in the public and private sector, large multi-national companies and smaller independent enterprises. There is scope to work in this field whatever your sector interest may be.
Working hours will depend on whether you are employed by a company with set business hours or if you are contracted to various facilities or companies. The hours are usually full time, Monday to Friday, or for contract work you may work longer hours during the week and sometimes weekends in order to complete project-based work within a specific timeframe. You will need a flexible approach to working extra hours when the need arises.
Related jobs include:
- Actuarial analyst
- Arbitrator
- Business adviser
- Business analyst
- Business development manager
- Chartered management accountant
- Corporate investment banker
- Data analyst
- Data scientist
- Forensic accountant
- Insurance underwriter
- Management consultant
- Project manager
- Risk manager
- Stockbroker
- Supply chain manager
- Construction manager
- Costs lawyer
- Environmental engineer
- External auditor
- Human resources officer
- Logistics and distribution manager
- Marketing executive
- Mortgage adviser
- Retail manager
- Sales executive
- Systems analyst
- Urban designer
Further study
After completing a course in Business Analytics you may choose to pursue further study in a specialist field to increase your knowledge base and skillset. Postgraduate study can also be used as a means to change career focus or to gain professional qualifications required to practise in certain career areas such as change management, data analytics, communication, information systems or project management.
FAQ
What skills could be helpful for a career in Business Analytics?
Excellent analytical skills, an informed, evidence-based approach and a strong interest in business and business development are very key skills for this field.
Some other important skills for a career in Business Analytics include excellent communication skills, with the ability to talk and present to a range of audiences, sometimes acting as a translator between parties; the capacity to motivate others and lead change, the ability to work under pressure on multiple projects within your project timeframes and a passion for creating solutions with a positive attitude to change.
Are there different types of analytics?
There are three types of analytics that businesses use to drive their decision making; descriptive analytics, which tell us what has already happened; predictive analytics, which shows us what could happen, and finally, prescriptive analytics, which inform us what should happen in the future.
Where can I study Business Analytics?
Explore your options here
Did You Know?
- The red and white Coca-Cola logo is recognized by 94% of the world’s population.
- Samsung accounts for 20% of Korea’s gross domestic product.
- 64% of consumers have made a purchase decision based on social media content.
- 70% of small businesses are owned and operated by a single person.
- The Volkswagen Group owns some of the world’s biggest auto brands. The groups sells passenger cars under these brands namely – Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, and Škoda. It also sells motorcycles under the Ducati brand.
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