Business Analytics vs Data Analytics
People often use business analytics and data analytics interchangeably, but the fact of the matter is, they’re very different. In this post, we’ll dive into what each of them are as well as how they interact.
What is Business Analytics?
Business analytics involves technical support for a business in order to help the business improve and gain clientele. It has a focus on the future. A business analyst has the skills to analyze business needs, data trends and recognize necessary changes.
A business analyst’s job responsibilities include:
- Data analysis
- Business reporting
- Project management and/or coordination
- Financial analysis and interpretation
Job responsibilities as a business analyst are going to vary depending on the type of business. For example, a business analyst for a social media company is going to have very different job duties compared to a business analyst for banking and finance.
According to the U.S. Bureau of Labor Statistics (BLS), employment in business and financial occupations, which includes analysts, is expected to grow 7 percent through 2031, and the median annual wage for this group was $76,570 in May 2021.
Industries that you can find business analysts in include:
- Non-Profit Sector
- Higher Education
- Banking and Finance
What is Data Analytics?
Data analytics is used to discover, collect, analyze and interpret data. A business thrives on data analytics to optimize business operations, increase efficiency, and allocate resources.
Job responsibilities for a data analyst include:
- Compiling the data
- Preparing the data
- Predictive analytics
- Reporting on the data
- Ensuring the integrity of the data
The BLS reports that data scientists’, the umbrella group for data analysts, annual median wage in May 2021 was $100,910.
Industries that data analysts tend to work in include:
- Social Media
- Government sector
- Scientific Research and Development
There is a high demand for data analysts because businesses need individuals who can make sense of their data and report on their data in an easy to understand and visually appealing way. Data isn’t useful unless you can make sense of it, and that’s where data analysts come into play. As technology advances, there is an ever-growing need for data analysts.
How Business Analytics and Data Analytics Intermingle
There is a high demand for both skill sets in business and data analytics due to the use of data to drive business making decisions. These two fields overlap because of the shared goal of applying technology and data to solve complex problems and improve efficiency. A lot of the skills needed are similar as well including data mining and visualization, analytical problem solving, and even the use of some statistical analysis and methods.
Montclair State University’s MS in Business Analytics
Montclair State University’s 100% online Master of Science in Business Analytics program prepares professionals with the skills and knowledge to collect, analyze, and interpret business data efficiently.
Specific skills you’ll gain from completing Montclair State University’s MS in Business Analytics program include:
- Data visualization
- Decision models and forecasting
- Identify trends using key performance indicators (KPIs)
Our MS in Business Analytics coursework includes:
- Data Visualization
- Data Wrangling and Analysis
- Big Data Managed & Analytics
- Advanced Data Mining for Businesses
A Master of Science in Business Analytics prepares you for a fulfilling career in any industry, in which you’ll know your gained skills allow for effective and efficient business decisions. If this sounds like something that could benefit you and your professional career, text or call our student recruitment manager at (973)435-8070 with any questions you may have!
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