Are you looking to start your analytical journey but stuck at a point where you have to make a concrete decision on choosing the right career ahead?
You might be searching for a while now on what are the differences between business analytics vs data analytics.
Just read the following lines carefully to know the exact difference between these two:
Data analysis is all about analyzing data sets and uncovering the trends to use in making an informed decision in organizations.
On the other hand, business analyst professionals are critical thinkers, problem solvers, and excellent communicators.
These professionals have a detailed knowledge of their organization’s objectives and processes so they can evaluate performance, identify inadequacies, and advise and implement solutions.
- What is Data Analytics? It is a field that identifies critical business problems such as trends and correlations using technology, statistical approaches, and big data.
- What is Business Analytics? Business analytics focuses on determining business decisions and implementing practical changes within an organization using the same big data technologies like data analysis.
- Business analytics vs Data analytics? It is critical to grasp the similarities and distinctions between the two areas.
Data analytics may help a business become more efficient in acquiring information and developing meaningful strategies for existing or new opportunities.
Different data analytics techniques are used to analyse chunks of data at once to provide concrete and strategic future moves for a company.
Business analytics is used to detect flaws in existing systems and to uncover data that can be used to propel a company forward in terms of efficiency and other growth metrics.
Some of the basic business analytics techniques used are as follows:
- SWOT Analysis
- MOST Analysis
- PESTLE Analysis
- System Analysis
- Business Model Analysis
These fields will frequently share the same goal of boosting efficiency through data, but there will be significant variances. Before you go into these industries, think about the talents, interests, and background you’ll need to succeed.
Now, let’s have a look at the differences between data analytics and business analytics when it comes to their responsibilities.
Responsibilities of Data Analysts
The responsibilities of Data Analysts are given below:
1. Statistical methods are used to extract information from data.
2. Database administration.
3. Increasing the efficiency and quality of statistical analysis.
4. Obtaining information from primary and secondary sources.
5. Detecting, analyzing, and comprehending patterns or trends in large data sets.
6. Data filtering, as well as detecting and fixing code errors.
7. Collaborating with management to set business priorities.
Now, let’s have a look at the responsibilities of Business Analysts
Responsibilities of Business Analysts
The responsibilities of Business Analysts are given below:
1. Analyzing large amounts of complex data.
2. Identifying areas that need improvement.
3. Addressing business needs.
4. Working with internal teams and 3rd parties to escalate and resolve issues.
5. Analyzing data to evaluate the emerging trends.
6. Recommending possible solutions.
Now that we know the difference in the roles and responsibilities of these two, let us now have a look at their respective salaries.
Who earns more: Business Analyst or Data Analyst?
Several factors impact the pay of a Business Analyst and a Data Analyst.
Several factors are taken into account, including prior experience, geographic area, tool knowledge, educational background, and so on.
A Data Analyst may earn up to Rs .4,39,471 per year, according to Payscale.
A Business Analyst, on the other hand, may earn up to Rs.6,06,350 per year.
Getting started with Business and Data Analytics
Regardless of the differences between data analytics and business analytics, both occupations have bright prospects.
Right now, they’re both in high demand, Data science is a popular topic for many businesses, and many are hiring and establishing big data teams.
There are measures you must take to prepare yourself for the job, regardless of whatever professional path you finally choose.
Perhaps most essential, you’ll need to obtain the necessary abilities and finish the necessary training for your chosen career.
Advanced understanding of the theoretical underpinnings and practical techniques of analytics may have strong career effects for both business and data analysts.
According to a study by Burning Glass Labor Insight, 25% of businesses that hire data analysts prefer or require candidates to have a graduate degree.
As vital as it is to develop these abilities, finding a program that matches your requirements and puts you on the path to success is as critical.
The Master of Professional Studies in Analytics at Northeastern University, for example, provides students with the tools they need to enter into or advance in the field.
Graduates of this program get a portfolio of work examples showcasing their competence, a valuable tool that will help them stand out in the job market.
Business analysts and data analysts have distinct educational and professional backgrounds.
Business analysts (also known as systems analysts) often hold a bachelor’s degree in a business-related field. They primarily utilize data to improve company processes, and they are familiar with (but not necessarily specialists in) a variety of computer languages.
Now, Data analysts on the other hand, spend their days sifting through enormous data sets to every spot pattern, generate charts, and build visual presentations that the company can use to make choices.
These individuals are often STEM majors with a master’s degree and broad experience in math, science, programming, databases, modeling, and predictive analytics.
Myths about the fields
Myth #1: Data analysts are mathematical geniuses.
This may have been true in the past, but with the introduction of more sophisticated technologies, there are now more chances than ever for those without a math background to learn about analytics.
There are a variety of analytics tools available to assist you in getting started. These technologies can make data acquisition easier for you, enabling you to focus on the hard lifting of data analytics.
There are also several resources available to educate you on the art of data analytics. All of this necessitates a logical mentality rather than mathematical competence.
Myth #2: Analytics is time-consuming.
Most businesses avoid data analytics because they believe it will take too much time and leave them with little time to accomplish the actual task.
However, this is seldom the case. It’s very easy to measure such metrics after you find out what metrics you should be tracking and how to track them in your tools.
You’ll know exactly where to look for them and how to use them to make improvements to your operations.
When you’re trying to answer a new question, though, you may discover that evaluating your data takes longer. It will, however, be far less than you anticipated.
Myth #3: You have to report on every metric.
This, of course, is totally up to you. You can spend all of your time reporting on every measure you can find if you want to. There is an unlimited quantity of data, and if you keep developing metrics for analysis, you’ll find yourself in an unending cycle.
Conclusion: Business Analytics vs Data Analytics
I would like to conclude by highlighting the differences between data analytics and business analytics.
Data Analytics is a field that identifies critical business problems such as trends and correlations using technology, statistical approaches, and big data.
While Business analytics focuses on determining business decisions and implementing practical changes within an organization using the same big data technologies like data analysis.
It is critical to grasp the similarities and distinctions between the two areas.
I hope after reading this article you must have got an idea of the difference between business analytics and data analytics.
ALSO READ: 4 Types of Business Analytics
Frequently Asked Questions
which is better? Business Analytics vs Data Analytics?
Both positions are in high demand and pay handsomely. Your best decision will be determined by your interests, talents, and professional objectives.
A data analyst career could be a good fit for you if you have a strong interest in mathematics and statistics. Consider business analytics if you’re more of a problem solver with a business mindset.
Is it possible for a data analyst to advance to the position of a business analyst?
Yes, data analysts can advance to the position of the business analyst (and vice versa). Many of the abilities are similar.
A data analyst transitioning into business analytics should brush up on their understanding of company architecture and process prototypes.
Business analysts who want to deal with data sets more closely might improve their SQL, statistical programming, and data management skills.
With a business degree, can I work as a data analyst?
Data analysts come from many walks of life and have a variety of educational backgrounds. Arithmetic, statistics, and computer science degrees is typically needed to work as Data Analyst.
A business degree, on the other hand, may help you evaluate company challenges and convey solutions effectively.
Can a data analyst become a business analyst?
Yes, data analysts can become business analysts (and vice versa). Business analysts who would like to work closely with data sets can also build their SQL, statistical programming, and data management skills.