By Deakin University
The digital revolution has changed the practice of business. Businesses have access to massive volumes of data and the widespread adoption of digital technology makes information a key business asset. Skilled experts are required to, as Deakin Master of Business Analytics graduate Zain Ali says, ‘turn seemingly meaningless data into recommendations to help a company improve its product, services, or experiences.’ If you find yourself overwhelmed by data, studying business analytics can provide you the skills you need to use that data to effectively drive strategy in your business and further your career.
What Is The Difference Between A Business Analyst And Data Analyst?
We are all familiar with the term big data, the increasingly large data sets relating to human behaviour used to address business problems. A recent estimate is that businesses generate 2.5 quintillion bytes of data daily! And that number is constantly increasing.
Data analysts gather and interpret this data to predict patterns and trends. Business analysts take it to the next level, extracting usable insights from the data. According to Dr Kristijan Mirkovski, who teaches in the Master of Business Analytics at Deakin University in Australia, ‘business analysts are more embedded in the systems than data analysts. They understand what the company is about, what the strategy is and where the company is going in order to link insights from the data with the strategy and provide recommendations.’
Why Should I Become A Business Analyst?
With the increased reliance on data, business analytics is a growth area. As the number of data collection and analysis tools grows, the volume of data increases and the type of questions that can be asked and answered also increases. Companies need business analysts with critical thinking skills to use cutting-edge data-mining tools to build predictive models that help the company improve business performance and balance risks.
An analyst’s skills are transferable across industries and can set you on a new and exciting career path. ‘There are business analysts that I know of who started working in the energy industry, then moved to transport and now they’re working in construction,’ Dr Mirkovski says. ‘They can start anywhere, in any industry that they like, and then build up their career and climb up the corporate ladder.’ Many business analysts go on to start their own consultancy firm.
Why Study Business Analytics At Deakin?
Deakin University’s Master of Business Analytics has been developed in partnership with the biggest names in business analytics such as IBM, Microsoft, Altis Consulting, Deloitte, Ernst & Young, and PwC. Designed for business professionals, the program blends theory with practical experience working on an authentic large-scale business problem from concept to solution under the guidance and direction of a specialised team of industry practitioners. The program is accredited by the Australian Computer Society (ACS) and graduates are eligible for professional membership in the society.
Deakin University, Australia, is ranked in the top 1% of universities worldwide (ShanghaiRankings) and is among the top 50 young universities in the world (QS). We have four modern, fully equipped campuses and an innovative online learning environment (Cloud Campus). As we move into an increasingly digital future, Deakin has invested in the latest technology, state-of-the-art learning tools and facilities to ensure our students are equipped with the skills and knowledge required for the jobs of tomorrow.
