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Types of Sampling Methods & Techniques in Business Analytics [With Examples]

Types of Sampling Methods & Techniques in Business Analytics [With Examples]

Updated on 24 April, 2024

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Keerthi Shivakumar

Types of Sampling Methods & Techniques in Business Analytics

Table of Contents

Introduction
What is Sampling?
Types of Sampling: Sampling Methods
Population vs Sample
Probability Sampling Methods
Uses of Probability Sampling
Non-probability Sampling Methods
Uses of Non-probability Sampling
How do you Decide on the Type of Sampling to Use?
Difference Between Probability Sampling and Non-probability Sampling Methods
Conclusion

Introduction

Dealing with enormous amounts of data is one of the main challenges in data analytics. It would be unnecessary and even impossible to analyze the entire population whenever you undertake research on a specific group. So how can we solve this issue? Is it possible to select a portion of the data to serve as a representative sample of the complete dataset? It appears that there is. Without looking at the complete dataset, you can do research using a variety of sampling strategies used in data analytics. In this article, we’ll learn about what sampling is, how it functions, different types of sampling techniques, and how to decide on the type of sampling to use. Dive deep into the world of sampling and similar concepts by pursuing an Executive PG Program in Business Analytics from LIBA.

What is Sampling?

Sampling is a technique for choosing certain individuals or a small portion of the population in order to draw conclusions about the population as a whole and determine its characteristics. Researchers frequently utilize various sampling techniques in market research so they do not have to study the full community in order to gather useful information.

Consider the case where we would like to know the proportion of bike users in a particular city. Calling everyone in the city and asking what kind of mode of transport they use is one method to go about this. The alternative would be to ask the same question of a smaller subgroup of people and then use the results to estimate the size of the entire population.

But this procedure is more complicated than it seems. Your sample size ought to be perfect whenever you use this procedure; it shouldn’t be either too big or too tiny. Once the size of your sample has been determined, you must then gather a sample from the population using the appropriate sampling techniques. Every sampling method ultimately falls into one of two basic categories: Probability sampling and Non-probability sampling.

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Types of Sampling: Sampling Methods

There are two types of sampling methods used in market action research: probability sampling and non-probability sampling. Let’s examine these two sampling techniques in more detail.

Probability sampling: In this sampling strategy, a researcher chooses a few criteria and randomly selects individuals from a population. With the use of this selection option, each member has an equal chance of taking part in the sample.
Non-probability sampling: In non-probability sampling, participants are chosen at random for the study. This type of sampling is not a set or predetermined selection procedure. This makes it challenging for every component of the population to have an equal chance of being included in a sample.

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Examples

Probability Sampling Methods:

Selecting a random sample of 50 employees from a company’s employee database.
Dividing a population of students into strata based on their grade levels and then randomly selecting a sample from each stratum.
Dividing a city into different neighborhoods, randomly selecting a few neighborhoods, and then surveying all households within the selected neighborhoods.

Non-probability Sampling Methods:

Conducting on-the-spot interviews with people passing by in a shopping mall.
Selecting specific individuals who possess the desired characteristics for a study, such as selecting expert witnesses for a legal case.
Starting with a few initial participants and asking them to refer other potential participants for a study on a sensitive topic like illegal drug use.

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Population vs Sample

Every researcher needs to be able to understand the difference between the population and the sample. It is simple to figure out the distinction between a population and a sample. One essential rule of statistics that you must always keep in mind is that a sample is always a smaller group (subset) inside the population.

Every study in market research and statistics has a central question in mind. The outcome of this investigation is determined by observation and experiment with a population sample size. Insights that explain a phenomenon throughout the population are gained through this process.

Population

We are all aware of what the term “population” means. It is often employed to refer to the total number of people residing in a particular region of our nation or state. In research, a population is a complete set of components connected by a common parameter.

It’s not necessary for the ‘population’ in the study to be human. Any data parameter that contains a common characteristic qualifies.

Sample

A sample is a more limited representation of the population as a whole. It is an accurate representation of the study’s population. The population members who are asked to do the survey constitute the representative sample while surveys are being conducted. As a result, a sample is a subset or subgroup of the population. This sample can be examined to learn more about the traits or actions of the total population.

Numerous research techniques, including probability sampling and non-probability sampling, are used to create data samples. Depending on the type of study and the needed level of information, several sampling techniques are used.

Sampling frame

The objects in your population are listed in a sampling frame. It is an exhaustive list of all the people or things you want to study. A population and a sampling frame differ in that a population is more general and a frame is more particular. However, you can’t just use any list you find. To ensure that your sampling period meets your demands, caution must be used. Because of this, a sampling frame needs to:

Include everyone who belongs to the target population.
Include no one who is not a member of the target population.
Contains precise data that can be utilized to get in touch with particular people.

Sample Size

The phrase “sample size” in market research refers to the total population of participants in the study. Based on factors such as age, gender, and geographic area, researchers select their sample. It may be general or precise.

For instance, you might be interested in learning what consumers between the ages of 30-45 think about your product. Also providing you with a wide population range is the option of merely requiring that your sample reside in India. The sample size is the total number of people included in a sample. Learn more about these methods and terms via Professional Certificate Program in Data Science and Business Analytics.

Probability Sampling Methods

One of the important categories of sampling techniques is probability sampling. Every member of the population has a chance to be chosen via probability sampling. , it is typically used when you wish to obtain results that are representative of the entire population

Simple Random Sampling

In simple random sampling, every observation in the population has an equal likelihood of being chosen, and any potential sample of a given size also has an equal chance of being chosen. One way to choose a simple random sample is to sequentially number each unit on the sampling frame and make the selections using random numbers generated by a random number generator.

Simple random sampling allows for the selection of the units with or without replacement. In contrast to sampling without replacement, which only allows for a single selection of a unit, replacement sampling permits numerous selections of the units. The most popular technique, absent replacement, is sampling.

Example: Depending on the size of your firm, the researcher gives each member of a database of companies a number between 1 and 1000 before using a random number generator to choose 100 individuals.

Systematic Random Sampling

The first object from the population is randomly chosen by the researcher as part of systematic random sampling. The researcher will then pick the nth object from the list for each choice. Systematic random sampling is a fairly simple process that can be carried out manually. Unless specific demographic traits are reproduced for every nth object, the results are representative of the population.

Example: Every individual in the company database is given a number by the researcher. Instead of creating numbers at random, a random beginning point (let’s say 10), is chosen. The researcher then chooses, say, every tenth individual on the list (20, 30, 40, and so on) until the sample is collected.

Stratified Random Sampling

In stratified random sampling, the total population is separated into several distinct, homogenous groups (strata), and final participants are randomly selected from the strata for study. To ensure that every group member has an equal chance of being chosen using basic probability, the members of each group should be different.

Example: The researcher wants to make sure that the sample accurately reflects gender in a company that has 200 female employees and 600 male employees. So, based on gender, the population is split into two sections.

Cluster Sampling

Cluster sampling divides the population into smaller groups, yet each group shares traits with the entire sample. You choose an entire subgroup at random as opposed to choosing a sample from every subgroup. When working with sizable and diverse populations, this approach is useful.

Example: A fast-food chain has more than a hundred locations in 10 cities throughout the globe, with nearly the same number of staff members working in comparable positions. Then, two or three offices are chosen at random by the researcher and used as the sample.

Uses of Probability Sampling

Probability sampling has several applications, including:

Reduce Sample Bias: When using the probability sampling approach, the sample that is drawn from a population has little to no research bias. The sample choice primarily reflects the researcher’s comprehension and conclusions. Data gathering through probability sampling results in higher-quality data since the sample accurately represents the population.
Population Diversity: It’s crucial to have enough representation in large, diverse populations to prevent statistics from being biased towards one demographic.
Create an Accurate Sample: Probability sampling assists in the planning and production of an accurate sample by the researchers. This makes it easier to get precise data.

Non-probability Sampling Methods

Non-probability sampling limits the possibility that each person will be selected for the sample. Although easier and less expensive, this sampling technique carries a significant risk of bias. It is frequently employed in qualitative and exploratory research with the goal of gaining a basic understanding of the community.

Convenience Sampling

The simplest sampling technique is convenience sampling, where participants are chosen based on their availability and desire to take part in the survey. The sample could not be representative of the population as a whole, hence the results are subject to severe bias.

Example: The surveys that are done on YouTube or Facebook. People who are interested in participating in the survey or poll will show up, but the outcomes may not be reliable because they are highly biased.

Voluntary Response Sampling

Similar to convenience sampling, voluntary response sampling depends only on participants’ willingness to participate. However, people volunteer themselves rather than being selected by the researcher.

Example: The researcher offers the option for participation in a survey that is sent to every employee of a company.

Purposive Sampling Technique

In the Purposive sampling technique, a researcher uses discretion in selecting individuals from the population to take part in the study. Researchers frequently think they can use good judgment to gather a representative sample while also saving time and money

There is a likelihood that the results will be extremely accurate with a small margin of error because the researcher’s knowledge is required to generate a sample in this sampling technique.

Ex: A television network wishes to investigate one of its programmes. The target audience is known to the researcher, who can then select participants from the target audience for the study.

Snowball Sampling Technique

This sampling strategy involves primary data sources suggesting other potential primary data sources that could be used in the investigation. The snowball sampling strategy depends on recommendations from the initial participants to generate more subjects. As a result, sample group members are selected using this sampling technique via chain referral.

In the social sciences, this sampling technique is widely used for studying hard-to-reach groups. The sample expands like a snowball when more candidates who are known to the existing candidates are nominated.

Example: Finding people with uncommon disorders who are willing to participate in research could be challenging for a pharmaceutical business. By asking them to refer participants from their contacts, the pharma manufacturer can recruit a small number of people to take part in the clinical study.

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Uses of Non-probability Sampling

Non-probability sampling has several applications, including:

Creating hypothesis: When there is little to no prior knowledge available, researchers employ the non-probability sampling method to make an assumption. This technique aids in the quick return of data and creates a foundation for additional study.
Exploratory research: When performing exploratory research, pilot studies, or qualitative research, researchers frequently employ this sample strategy.
Budget and time restrictions: The non-probability technique is used when these factors are present and preliminary data must be gathered. It is simpler to choose respondents at random and have them complete the survey or questionnaire because the survey design is flexible.

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How do you Decide on the Type of Sampling to Use?

To achieve your research objectives, it is crucial to select a sampling technique carefully. Your sampling’s effectiveness will depend on a number of variables. Here are several procedures used by professionals to select the most appropriate sampling strategy.

Note the objectives of the study. Typically, it has to be a combination of cost, accuracy, and precision.
Determine the efficient sampling strategies that could possibly meet the research objectives.
Test each of these strategies to see if they assist you in achieving your objective.
Pick the approach that suits the research the best.

Difference Between Probability Sampling and Non-probability Sampling Methods

Basis	Probability Sampling Technique	Non-Probability Sampling Technique
Definition	In this technique, samples from a larger population are selected using a process based on the theory of probability.	In this technique, samples are chosen by the researcher based on their own judgment rather than by random selection.
Nature	The research conducted is definitive.	The research conducted is exploratory.
Sample	The sample is selected using a procedure, so the demographics of the population are clearly represented.	The depiction of the population’s demographics tends to be biased because the sampling methodology is random.
Time	Takes longer to complete since the selection criteria are defined by the research design before the market research study starts.	Since neither the sample nor its selection criteria are ambiguous, this kind of sampling technique is quick.
Hypothesis	Prior to the study’s start, there is a guiding hypothesis in probability sampling, and this approach seeks to substantiate it.	In non-probability sampling, the hypothesis is created after the research study has been completed.
Result	The results of this kind of sampling are conclusive since it is completely unbiased.	Because of the complete bias of this form of sampling, the findings are also biased, making the research questionable.

Conclusion

The entire subject of probability and non-probability sampling procedures is covered in this article. Prior to beginning any form of research, it is crucial to select the appropriate sample methods. The sample you select will have a significant impact on the success of your study. There are many more sampling procedures from which to choose in order to hone your study; these are simply the top ones.

It’s very important to be certain of the appropriate sampling technique to utilize and at what times you want to succeed as a business analyst. If you want to learn more about business analytics, you may check out Job-ready Program in Business Analytics, which is offered by upGrad. It offers a variety of learning resources, including live faculty engagement, interactive discussion boards, quizzes, and assignments, career counseling, interview preparation, and much more. Get started with this course right away to launch a successful business analytics career.

Frequently Asked Questions (FAQs)

1. What is sampling?

A sample is a smaller group of individuals/objects drawn from a larger population. Sampling is the process of deciding which group you will use to gather data for your study. You may interview a sample of 100 students, for instance, if you were investigating the viewpoints of students at your university.

2. Why do samples get used in studies?

Using samples, one can draw conclusions about populations. Since samples are useful, affordable, practical, and manageable, it is simpler to gather data from them.

3. What is bias in sampling?

When certain members of a population are systematically more likely to be chosen in a sample than others, this is known as sampling bias.

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Keerthi Shivakumar

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Modern customers are all about products/services that are customized to suit their specific needs and preferences. Business analytics can help you understand the purchasing behavior, tastes, requirements, etc., of your buyer personas. Equipped with this data, you can extend highly-targeted offers/discounts, campaigns, and products to your target customers, winning their loyalty time and again. In the long run, the efforts you put into creating a unique customer experience boost the customer satisfaction factor significantly. Also check out: Job-ready Program in Business Analytics from upGrad Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully 3. It Improves Operational Efficiency Business analytics is one of the most vital tools for increasing operational efficiency. By analyzing the performance of your business processes, campaigns, marketing strategies, and business decisions, you can optimize the results. In other words, analytics helps paint a clear picture of what is working for your business and what is not. This allows you to fine-tune business operations and processes for enhanced performance and higher returns. 4. It Increases ROI Since business analytics enhances operational efficiency and improves decision-making, it inevitably creates new opportunities to increase the financial gains of businesses. According to McKinsey research, companies that use big data analytics witnessed a 6% increase in profits which can escalate to 9% provided steady investments are made in a five-year term. upGrad’s Exclusive Business Analytics Webinar for you – How upGrad helps for your Business Analytics Career? document.createElement('video'); https://cdn.upgrad.com/blog/vivek-and-ayush.mp4 5. It Helps Identify New Business Opportunities The potential of business analytics is not limited to identifying opportunities to boost decision-making and operational efficiency. Companies can use analytics to conduct market and competitor research to find out untapped opportunities such as new markets, new customer segments, new product ideas, etc. As new doors open, the potential to grow and earn more profits increases manifold. 6. It Doubles As An HR Tool While AI and ML have already revolutionized the hiring process across the industry, today, many companies are using business analytics in HR management. Data analytic can evaluate employee performance and assess their job satisfaction and willingness to upskill/take on additional responsibilities, and so on. This makes it easier for HR managers to determine the professional development of employees, make promotion decisions, and offer fair performance evaluations. 7. It Minimizes Risks By enabling business owners to make informed decisions based on concrete data including performance, customer behavior, and market trends, business analytics minimizes risks to a great extent. This, in turn, not only establishes a company as a leader in the market, but it also saves it from incurring financial losses. Our learners also read: Learn Business Analytics Free Why Study Business Analytics? As an increasing number of organizations realize the potential of data backed by different Data Science technologies, the demand for skilled professionals is also rising. Any business failing to take the data-driven approach is going to fall behind in the race. However, be it AI, or ML, or business analytics tools, these will not deliver tangible results if a company lacks the right talent. The global business analytics market continues to grow steadily as we speak, indicating that there’s a rapidly growing demand for certified business analytics experts. In fact, business analysis ranked as one of the most in-demand skills. Unfortunately, the demand far exceeds their supply, and while this is bad news for companies, it is great for aspirants who’re looking to build a career in Data Science. The proven pathway to entering the business analytics domain is by opting for a certification course or training program. For instance, the Global Master Certificate in Business Analytics is an excellent choice to broaden your domain knowledge and take your career to the next level. Taught by expert instructors of the Michigan State University, this 6-month course will teach you how to use data insights to improve business performance, enhance decision making, and craft long-term development plans. This course takes a holistic approach to business analytics by integrating business management, data engineering, and the natural sciences in the curriculum. Apart from mastering the fundamentals of data analytics, you will learn how to use various analytical and statistical tools like Tableau, R, and Microsoft Access. You can also Check out certification in business analytics from IIT Delhi. IIT Delhi is one of the top institutes in India and also one of the oldest IIT’s and is always excelled in giving highly industry-relevant courses, Now IIT Delhi has partnered with upGrad to get these top IIT Delhi courses online. They have a variety of other programs like Machine Learning, Executive Management Programme in Strategic Innovation, Digital Marketing and Business Analytics etc Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance.

by Rohit Sharma

30 Dec'20

5.54K+

8 Business Analytics Tips: Which Helps to Run Business Successfully

Business analytics is the process of extracting information and insights through statistical analysis of market trends, customer reactions, and past performance to drive better decision-making practices and help businesses achieve goals. In any industry, data analytics, intelligence and insights play a key role in driving a business’s success. There are tools and technologies to conduct iterative research and extract valuable information that can result in strategic planning and actionable decision-making. This doesn’t just influence the financial aspects of a business and streamline customer experience but also brings management professionals to effectively contribute to an organization’s success. In this article, we will explore the role of business analytics in business decision-making to gain an advantage in the competitive market. How Does Business Analytics Impact Business Success? Business analytics and insights aren’t just limited to implementing initiatives that maximize the efficiency of external factors impacting a business. It is also targeted at enhancing internal performance and quality by gaining a comprehensive understanding of the management system. This ensures timely availability of resources, better coordination, risk assessment and management, and improved customer experience. Must read: Business analytics free course! Here is how business analytics helps businesses become more strategic and achieve goals: 1. Visualize Long-Term Business Goals Statistical facts based on the evaluation of a company’s past performance, industry trends and future projections can help a business visualize long-term goals for the company. This is essential to ensure growth and retain a competitive edge in the market. When company CFOs, managers, executives and sales teams have direct access to business intelligence and “one view of the truth”, it accelerates the process of decision-making. Explore our Business Analytics Programs from World's Top Universities Business Analytics Certification Programme Busines Analytics EPGP - LIBA Professional Certificate Program in Data Science and Business Analytics Master of Science in Business Analytics Global Master Certificate in Business Analytics Busines Analytics Certification - upGrad 2. Enhance Business Performance With streamlined data analytics in place, businesses have a comprehensive view of the human side of the equation that deals with how people process information and use it to implement a given task. Through this, companies can allocate their resources in a better fashion as per the skills, strengths and weaknesses of employees, and work on aspects that require improvement, so as to maximize internal performance. By staying on top of employee operations, companies can recognize inconsistencies in management, and work to streamline them and enhance productivity. It would also impact recruitments and reduce the cost of hiring. 3. Improve Risk Management Business analytics in business decision making help forecast aspects of management that can go awry in time. This allows businesses to implement practices to prepare for potential structured and unstructured issues by streamlining communication between departments and configuring improved risk management models. Based on this, businesses can then forecast risks with even more accuracy in future and eradicate potential crises by deploying necessary tools. 4. Identify Sales Opportunities Through data analytics, companies can conduct iterative studies on customer behaviour, their purchasing habits and favourable reactions, to identify sales opportunities. They can discover the most effective cross-sell and up-sell opportunities and use them to improve their sales decisions. Data analytics also provide comprehensive insight into the type of customers a business should be targeting. This can help sales teams recalibrate their sales strategies and tailor their acquisition and conversion plans accordingly. Also check out: Job-ready Program in Business Analytics from upGrad Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully 5. Identify New Business Opportunities Business professionals may recognize short-term trends, but the sustainability of a business depends on identifying new business opportunities and strategizing accordingly to ensure longevity. Business analytics gives a clear insight into the shifts in markets and allow businesses to determine which products must be updated. Such intelligence-based decisions result in profitable outcomes and enhance the growth potential of a company. They also help predict risks down the road, so key areas of concern can be improved to increase a business’s chance of success. upGrad’s Exclusive Business Analytics Webinar for you – How upGrad helps for your Business Analytics Career? document.createElement('video'); https://cdn.upgrad.com/blog/vivek-and-ayush.mp4 6. Improve Marketing Strategies By monitoring customer’s reactions towards promotions and marketing campaigns, a business can determine which campaigns to prioritize and devise strategies to capitalize on the most successful products and services. As per a study by McKinsey & Company, data insights and analytics positively impact marketing decisions and help drive productivity by 15-20%. Take Target’s “pregnancy prediction score” for instance, that analyzes the purchasing habits of a customer to ascertain how likely they are to be pregnant. Based on this, retailers decide the promotional coupons and discounts that will be sent to the customer. Predictive analytics is a common practice by companies to drive customer experience and foster reliability and loyalty with respect to their brands in a customer’s mind. This requires conducting investigative research in real-time, monitoring purchase habits, internet searches, and deducing fact-based conclusions to fine-tune marketing decisions. Based on these insights, sales teams can also collaborate with marketing departments to make quick and effective decisions. 7. Streamline Customer Service Data insights have a key role to play in decisions that directly impact the customer experience. By identifying patterns in customer reactions and studying the interactions between your employees and customers, a business can align their marketing strategies to drive profitable outcomes. These data simulations can help both marketing teams and the IT department to restructure budgets and devise campaigns that improve customer interaction as well as drive business goals. 8. Improve Financial Status When companies have a thorough insight into their profit margins and losses, incoming and outgoing transactions and finance sheets, they are well-positioned to evaluate the potential of their products and services. This helps eliminate cost concerns and identify revenue streams to improve the financial status of the company. Inconsistencies in inventory management also affect the profit margins of a company. An exhaustive view of ordering patterns, quantities, and prices can help reduce inventory costs and gain a stronghold on the finances of the company. Our learners also read: Learn Business Analytics Free Business Analytics in Business Decisions Business analytics puts companies in a position to streamline internal processes, be it HR, marketing/sales or supply chain, and help improve the relevance of their product offerings. It allows them to employ strategic decision-making at all levels to influence business operations. Businesses all around the world rely on data analytics and intelligence to retain a competitive advantage in the market. It is the need of the hour for companies to invest in data mining practices to stay relevant and in-demand. The good news is there are online courses on business analytics that anyone can take up and upgrade their skill set in a way that they become indispensable to an organization. Conclusion upGrad’s Global Master Certificate in Business Analytics from Michigan State University with separate courses on “Data Mining and Management Strategies” and “Applying Business Analytics” can help you enhance your business performance and drive growth. Since the course is conducted 100% online, it doesn’t require you to compromise focus on business operations. So, book your seat now and avail the benefit of learning from world-class faculty and industry experts for the next six months! Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance.

by Rohit Sharma

16 Feb'21

11.67K+

Scope & Future of Business Analytics in India: What Should You Do?

Even though businesses worldwide were increasingly adopting business analytics, artificial intelligence and agile delivery methods in their business practices before COVID-19 struck, the process has surprisingly accelerated post the pandemic. Business analytics, widely known for its diagnostic, predictive and prescriptive prowess, has gained tremendous traction in the last year as governments and healthcare institutions embraced this progressive approach to overcome organisational obstacles and provide long-lasting solutions. As per Mckinsey, business analytical capabilities are projected to create $9.5 trillion to $15.4 trillion annual economic impacts across nineteen industries worldwide, of which 40% can be credited to AI implementation. This article will analyse the scope of business analytics in India and shine a light on how business leaders have updated their approach towards business decision-making. Let’s first understand business analytics and look at the questions analytical techniques seek to answer. Also Read: What is business analytics – Career scope, Salary & Job Roles. What is Business Analytics (BI)? Business Analytics is the iterative and systematic analysis of a company’s statistical data to gain insights into the past performance records, ongoing business operations, and industry trends to foster strategic planning and data-driven decision-making capabilities and drive the growth of a company. Business Analytics is an investigative approach that seeks to answer the what, why, when and how of business operations. 1. Descriptive Analysis: Uses historical data to recognise trends, inconsistencies, or patterns used to profit an organisation. 2. Diagnostic Analysis: It is the analysis of an observed event to understand why it took place. It usually involves conducting test hypotheses to draw fact-oriented conclusions. 3. Predictive Analysis: It is the interpretation of information to forecast potential outcomes and improve risk assessment and management. 4. Prescriptive Analysis: It usually involves testing and comparing outcomes to determine which has the potential for success. Businesses employ business analytics as navigational tools to solve potential problems, streamline existing operations and invest in solutions that are most likely to assist in scalability and progress. Explore our Business Analytics Programs from World's Top Universities Business Analytics Certification Programme Busines Analytics EPGP - LIBA Professional Certificate Program in Data Science and Business Analytics Master of Science in Business Analytics Global Master Certificate in Business Analytics Busines Analytics Certification - upGrad Our learners also read: Business analyst course free! Scope of Business Analytics As small to medium and large size businesses tap into the problem-solving prowess of business analytics, some business operations sections stand to benefit more than others. Forecasting demands, risk assessment, identifying potential disruptions in the supply chain, and providing support in crisis times are just a few scenarios where business analytics has proven to be a boon in India. Read: Business analyst career path and professional roles. To that end, we estimate the scope of business analytics is poised to tremendously impact the following business scenarios: 1. Customer Experience: Quality consumer experience is key to ensuring smooth business operations. By gaining a deep understanding of what type of customers frequent your business and what their purchase habits are like and studying their behaviours, companies can tailor their services to achieve customer gratification and ensure their loyalty to the brand. Business analytics provides businesses with this possibility and allows them to personalise their products and services to cater to customers. 2. Inventory Management: businesses can streamline supply chain processes and reduce overhead costs. Business analytics provides an understanding of the frequency and timing of orders, which products are in demand and how poised a company is to serve those demands, strategically planning their supply chain operations. It also provides businesses with the capability to scale their services sustainably. 3. Sales and Marketing: Companies can study customers’ reactions towards their marketing campaigns and product offerings to create targeted campaigns and identify the most effective cross-sell and up-sell opportunities. It involves investigating the age demographic a consumer falls into, their average income, what motivates them to make purchases to predict patterns, and trends in their purchasing behaviour. This helps businesses focus their product messages and launch timings to suit their customers’ requirements. 4. Hiring and Recruitment: Companies are keen on associating with HR officials with a background in data analytics and business intelligence. This ensures that HR specialists can analyse data to onboard skilled and professional employees who contribute to a company’s growth. It also helps save companies hiring and training costs. 5. Finance: Big data and business analytics allow companies to handle their finances more effectively. Insights on marketing spend, and a comprehensive view of incoming and outgoing transactions can help businesses improve their business decision-making abilities, so they allocate their resources more efficiently. McKinsey & Company’s study showed that an integrated analytics approach towards marketing expenditure could free up to $200 billion worldwide. Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully upGrad’s Exclusive Business Analytics Webinar for you – How upGrad helps for your Business Analytics Career? document.createElement('video'); https://cdn.upgrad.com/blog/alumni-talk-by-monalisha-dash.mp4 Also, check out: Job-ready Program in Business Analytics from upGrad Future of Business Analytics A business-focused approach to analytics has allowed companies to update the relevance of their product offerings, helping them maximise reach, discover business opportunities and tap into new revenue streams. It has also helped businesses provide optimised solutions to consumers, thereby enhancing customer experience. Take Walmart’s search engine for example, that at one point during the launch of NBC’s latest House season was witnessing a significant number of “house” related searches. Since the results displayed were based on Walmart’s internal data, including household items, doghouses, etc., customers who came to buy CD/DVD sets of House would abandon the check-out process without completing the purchase. Walmart noticed this increase in the ‘shopping-cart abandonment’ rate and successfully employed business analytics tools to reduce it by 10% to 15%. which was done with the help of external data from other search engines, including Twitter and Facebook. This is a common trend all over the world. Tech giants like IBM, Cognizant, and KPMG invest in analytical technologies and tools to yield ground-breaking results and drive unparalleled performance. This favourable attitude towards business analytics is one of the key developments in India, and businesses of all sizes are looking to connect big data to business intelligence to attain distinction in their respective industries. To that end, here are the changes we can expect to see in future: AI, Machine Learning and Big Data implementation will play a huge role in providing quality services and ensuring business progress. Data quality management is poised to become a crucial digital trend. As consumers become more conscious of privacy and receptive to personalised services, business analytics will pave the way for better and secure customer experience. Predictive and prescriptive analytical approaches will force companies to rethink traditional models favouring unconventional technologies that increase sustainability and chances of success. Business analytics is expected to significantly impact marketing, sales, customer experience, finance, risk management, HR, and social media practices, among others. Business professionals with an in-depth understanding of business analytics are better positioned to be industry leaders. They will have an edge in addressing short-term challenges and fulfilling long-term goals by constantly updating their descriptive and predictive analytical models to eliminate uncertainties and tap into new business opportunities. Certifications in business analytics courses will help business professionals attract favour from top companies in India and bolster their success chances. Equally valuable will be degrees in Data Science, and Machine Learning and Artificial Intelligence. Now you can also get certifications in business analytics from IIT Delhi. IIT Delhi is one of the top institutes in India and also one of the oldest IIT’s and is always excelled in giving highly industry-relevant courses, Now IIT Delhi has partnered with upGrad to get these top IIT Delhi courses online. They have a variety of other programs like Machine Learning, Executive Management Programme in Strategic Innovation, Digital Marketing and Business Analytics etc Our learners also read: Business Analytics Free Online Courses Adopting a Data-Oriented Mindset The COVID-19 pandemic has demonstrated that expeditious changes are both necessary and possible for a business’s sustainability. Companies that rely on fact-based insights to develop a vision for the future and are quick to adapt to evolving technological standards have the potential to be industry leaders. Conclusion To survive and thrive in a competitive environment, business professionals must invest in proven solutions and constantly upgrade their skills to stay ahead in the race. They must be able to analyse data and deduce profitable conclusions from it to strategise effective business plans. And a Master’s Degree in Business Analytics from a reputed university can bring you a lot closer to these goals. If you are looking to incorporate business analytics and intelligence into your skills set, upGrad x Michigan State University’s online Business Analytics program can help you. With uninterrupted access to world-class faculty and advanced technologies for six months, you stand to gain an undeniable competitive advantage that will benefit both your company and your career. Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance.

by Rohit Sharma

16 Feb'21

5.77K+

Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics

Businesses are always on the lookout for new things and technologies that can enhance their productivity or help them get greater results. One such domain is analytics. Analytics helps businesses in creating, implementing, and testing new strategies for various sections including customer acquisition, customer experience, business growth, financial management, and much more. However, because analytics is such a broad field, its subdivisions can get quite confusing especially when it comes to business analytics vs data analytics. Even though they are different from each other, people use these terms interchangeably. That’s why we’ll discuss the difference between business analytics and data analytics today. We’ll explore the distinctions between these two fields and understand why they are different from each other: Check out our business analytics courses to upskill yourself. Business Analytics vs Data Analytics: Definition The first difference between business analytics and data analytics is in their definitions. Both of them use data to help a business make better-informed decisions but they cover different sections of an enterprise. What is Business Analytics? Business analytics refers to the iterative exploration of an enterprise’s data while using statistical analysis techniques to get insights so they can make smart decisions with them. It is a subcategory of business intelligence that focuses on using financial analysis and reporting tools, data mining tools, and data visualization tools to figure out how to use data properly. The aim is to simplify data application for businesses to identify weaknesses, enhance value, and optimize costs for the current operations. Business analytics helps a business in solving its unique problems and so, is usually at the front of the pipeline. This is a huge distinction because data analytics focuses more on the backend of the business’s data use. In simple terms, business analytics uses data to help the business make smart decisions about its various aspects. It can help in nearly every section of a business including sales, finance, human resources, product development, customer service, etc. Must read: Business analyst course free! Explore our Business Analytics Programs from World's Top Universities Business Analytics Certification Programme Busines Analytics EPGP - LIBA Professional Certificate Program in Data Science and Business Analytics Master of Science in Business Analytics Global Master Certificate in Business Analytics Busines Analytics Certification - upGrad What is Data Analytics? Data analytics focuses on collecting and using large amounts of raw data to draw conclusions about it and gain valuable insights. Data analytics consists of analysis and categorising of data including sorting, cleansing, storing the data while identifying patterns in the same. One of the most popular aspects of data analytics is machine learning. Machine learning allows you to process huge amounts of data and find patterns that allow you to make accurate predictions about that field. It also helps you generate insights that solve complex business problems for your enterprise. Data analytics is vital for businesses as it helps them become more efficient and devise new strategies through making predictions. Business Analytics vs Data Analytics: Salary When we look at the average pay for both of these roles, we find that there’s a little difference between business analytics and data analytics. The average pay of a data analyst in India is INR 4.3 lakh per annum. Experience matters a lot in this field as an entry-level data analyst with less than a year’s experience gets INR 3.44 lakh per year including the average bonus, overtime pay, and additional benefits. A data analyst with one to four years of experience gets around INR 4.15 lakh per annum while a professional in this field with five to nine years of experience gets INR 6.73 lakh per annum on average. On the other hand, an experienced data analyst with more than 10 years of experience can get more than INR 10 lakh per annum on average. The average pay of a business analyst in India is INR 6 lakh per annum. A fresher in this sector makes around INR 3.5 lakh per annum while a business analyst with one to four years of experience gets INR 5.28 lakh per annum on average. Like most sectors, experience matters a lot in this field as professionals with five to nine years of experience get INR 8.3 lakh per annum. However, a business analyst with more than 10 years of experience gets INR 10 lakh per annum while a business analyst with more than 20 years of experience gets INR 20 lakh per annum. upGrad’s Exclusive Business Analytics Webinar for you – How upGrad helps for your Business Analytics Career? document.createElement('video'); https://cdn.upgrad.com/blog/vivek-and-ayush.mp4 As you can see, the pay range for these fields is quite similar but business analytics has a higher upper limit in comparison to data analytics. Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance. Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully Business Analytics vs Data Analytics: How to Enter Business analytics and data analytics require you to develop different industry skills and so, you’ll need different certifications to enter these industries. Data analysis professions such as data analyst, product analyst, and data scientist require you to be familiar with various data science subjects including predictive analysis, statistics, data visualization, and big data analytics. On the other hand, business analytics requires you to be familiar with business acumen (the keenness of solving business problems), data fundamentals, statistical and modelling tools, ability to track latest industry trends and make decisions accordingly. Courses for Data Analytics At upGrad, we offer multiple data analytics courses. You can enroll in our Master of Science in Data Science program. We have launched this program in partnership with Liverpool John Moores University. It lasts for 20 months and is completely online. Apart from that program, you can enroll in our PG Certification in Data Science program. We offer this program with IIIT-B and lasts for seven months. If you want a more detailed learning experience from IIIT-B, you can enrol in the PG Diploma in Data Science program. It’s India’s first NASSCOM certified PG diploma program in data science. Business Analytics Courses If you prefer to pursue a career in business analytics, you can enroll in our Business Analytics Certification Program. It lasts for three months only and is completely online. There’s also our Job-ready Program in Business Analytics. This program lasts for 5.5 months and offers more than 70 hours of live sessions and 5+ case studies and assignments. Another excellent short-term course is Global Master Certificate in Business Analytics which lasts for six months and gives you a certification from Michigan State University, the #32 ranking public university in the US. You can also check out IIT Delhi Business Analytics Course. IIT Delhi is one of the top institutes in India and also one of the oldest IIT’s and is always excelled in giving highly industry-relevant courses, Now IIT Delhi has partnered with upGrad to get these top IIT Delhi courses online. They have a variety of other programs like Machine Learning, Executive Management Programme in Strategic Innovation, Digital Marketing and Business Analytics etc. Our learners also read: Learn Business Analytics Free Final Thoughts Figuring out the difference between business analytics and data analytics can be challenging. However, we’re certain that the above points illustrated the notable distinctions between these two sectors. Business analytics will be helpful to you if you want to pursue a career in management as it focuses on gathering insights for decision-making. Having this skill will make your job as a business leader much easier. On the other hand, data analytics will be useful for you if you want to pursue a career in the tech sector. It focuses on analyzing and interpreting data to get insights. Usually, data analytics professionals deal with a huge quantity of data so they use advanced tools such as machine learning.

by Rohit Sharma

17 Feb'21

6.97K+

Business Analytics Eligibility or Requirement

To pursue a career in business analytics, you’ll need to be proficient in its concepts and have the necessary qualifications. Companies prefer candidates that have the latest skills, and a qualification shows proof of their knowledge. If you’re looking for a business analytics course and want to know if you’re eligible for one or not, you’ve come to the right place. This article will talk about the business analytics requirement for our course. You’ll learn about the minimum eligibility requirements for our Certified Program in Business Analytics course we offer with IIT Bombay. When you know the business analytics eligibility criteria, you can plan your career accordingly. Now, without further ado, let’s dive right in! Business Analytics eligibility for our course Our Certified Program in Business Analytics is a 7-month program and is made for current and aspiring business analytics, business intelligence, and data analytics professionals. You must be a graduate (10+2+3) or a diploma holder (10+2+3) from a recognized university (State Government / AIU / AICTE / DEC / UGC / recognized international universities) in any field with at least one year of professional experience after graduation or diploma. This program also requires you to be familiar with programming concepts, including variable assignment, loops, function, and data types. You must be proficient in graduate-level mathematical concepts, including matrices (matrix operations and representation), functions, and calculus (partial derivatives and differentiation). Must read: Business analytics free online courses! Explore our Business Analytics Programs from World's Top Universities Business Analytics Certification Programme Busines Analytics EPGP - LIBA Professional Certificate Program in Data Science and Business Analytics Master of Science in Business Analytics Global Master Certificate in Business Analytics Busines Analytics Certification - upGrad That’s all. If you meet these eligibility criteria, you can apply for this course right away and take the first step towards having a career in business analytics. It is also suitable for business analytics professionals who want to enhance their skill set, professionals in strategy, marketing, and operations who wish to use analytics in their field and improve their performance. This is also a suitable course for entrepreneurs, business owners, and business heads in different verticals who want to make data-driven decisions. Business analytics has many applications in the various aspects of an organisation, including management, finance, marketing, and human resources. The Application Process Just as this course’s business analytics eligibility criteria, the application process is also straightforward and easy. It has three steps: Application Submission In the first step, you will have to submit an application form and copies of your credentials through the upGrad portal. Shortlisting After you have submitted your application, you will be shortlisted based on your eligibility and supporting documents. Offer Letter In the final step, you will receive an offer letter from IIT Bombay. Our learners also read: Business Analytics Free Online Courses More About our Business Analytics Course Our Certificate Program in Business Analytics offers a personalised learning experience from industry experts through videos, live sessions, Projects and assignments in partnership with IIT Bombay. The program makes you familiar with the fundamental and advanced business analytics concepts so you can start a career in this field right away. Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully Our business analytics course offers you more than 81 hours of learning, including videos and live lectures. During the program, you’ll receive weekly live classes every Sunday where you can resolve doubts and interact with your instructors. You will learn about all the necessary technologies for business analytics, including Python, Tableau, and SQL. The course will also teach you the following concepts: Descriptive Statistics Exploratory Data Analysis Statistical Inferencing Linear and Nonlinear Regression Tree Models Text Mining Business Problem Solving Marketing Analytics HR Analytics Financial Analytics There are plenty of other subjects available in the course. Moreover, the project has three projects that allow you to test your business analytics knowledge and apply what you have learned. The first project will be on Statistics and Exploratory Data Analysis, and the second one is on Regression. The final project is on Predictive Analysis. As the course covers so many advanced programming and data analytics concepts, it’s vital to go through this course’s business analytics requirements before you apply. upGrad’s Exclusive Business Analytics Webinar for you – How upGrad helps for your Business Analytics Career? document.createElement('video'); https://cdn.upgrad.com/blog/alumni-talk-by-monalisha-dash.mp4 Also, check out: Job-ready Program in Business Analytics from upGrad The upGrad Advantage As it’s an upGrad course, you will get additional benefits when you enroll. At upGrad, we strive to help our students kickstart their careers and pursue their dream jobs. When you join this course, you will get unparalleled guidance from industry mentors and teaching assistants. They will offer one-on-one and personalized feedback on your submissions to help you improve and become a skilled professional. Apart from industry experts, you will also get a Student Success Mentor who will ensure you make consistent progress and will be there to resolve any queries that you may have. You will get access to a dedicated Q&A forum and personalized feedback on your case studies and assignments. The course also offers you access to group discussions where you’ll interact with your peers. All of these features ensure that you learn all subjects efficiently and smoothly. Why Pursue a Career in Business Analytics? Business analytics is one of the hottest tech fields right now. The pay for a business analyst in India can go up to INR 10 lakh per annum, which shows how lucrative this field is. There’s a lot of demand for business analytics professionals, but there isn’t sufficient supply. Companies are constantly looking for skilled business analytics professionals to fulfill their analytics roles. Apart from business analyst, some other prominent careers in this field are: Supply Chain Analyst Analyses data related to a business’s supply chain and helps in optimising supply chain management. Pay for this role goes up to INR 10 lakh per year. HR Analyst Gathers insights on the employees of an organisation and helps in enhancing the performance of the same. The pay goes as high as INR 8 lakh per year. Financial Analyst Analyses investments and helps an organisation mitigate financial risk. The highest pay for this role is INR 10 lakh per year. Our learners also read: Business Analytics Free Online Courses Start your Business Analytics Journey Today! Now that you know the business analytics eligibility criteria for our course, you can plan your career accordingly and start your journey right away. Companies across both IT and e-commerce sectors pay excellent compensation to deserving candidates who can add value to their organization. Apart from the regular educational qualifications and work experience, having upGrad’s Certificate in Business Analytics from IITB on “Applying Business Analytics” can help you enhance your business performance and drive growth. Since the course is conducted 100% online, it doesn’t require you to compromise focus on business operations. So, book your seat now and avail the benefit of learning from world-class faculty and industry experts for the next seven months! also helps in bagging jobs that offer high-level salaries. Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance.

by Sandeep Pereira

01 Apr'21

9.97K+

Business Analytics Course Syllabus

What do you study in a business analytics course? What is a business analytics course syllabus? If you’re looking for an answer to these questions, you’ve come to the right place. This article will throw light on our business analytics syllabus, and you’ll find out what you can expect to learn from the same. We offer the Certified Program in Business Analytics with IIT Bombay, and this article will discuss the syllabus of that course. This program teaches you the necessary skills for becoming business analytics professional. IIT Bombay is a recognised Institute of Eminence (IoE) and, according to (QS) World University Rankings 2020, it is ranked 1st in India. Also check: Business analyst career path and professional roles. Our Business Analytics Course Syllabus Our business analytics course teaches you the foundational skills you need to become a professional in this industry. You will learn about all the technologies and subjects professionals use in this sector through videos and live lectures. Our course offers weekly live lectures every Sunday where you can resolve doubts and interact with instructors. Even though our business analytics syllabus is highly detailed, the course lasts for 7-months only. Moreover, it is completely online, allowing you to pursue the program from anywhere in the world. You don’t have to interrupt your professional life to learn business analytics as you can learn from the comfort of your home or any other place you like. Some of the top skills you will learn in this program are SQL, Tableau and Python. After completing our Certificate Program in Business Analytics, you’ll receive a completion certificate from IIT Bombay CE and QIP (Continuing Education & Quality Improvement Programmes). Our learners also read: Business analyst course free! Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully We have shared a glimpse of our business analytics course syllabus below so you can understand what to expect from this program: Introduction The first section of our business analytics gives you an overview of the course with interesting examples from the field of business analytics. You will learn about the different modules available in the program and understand the opportunities available in this industry. Read: What is business analytics – Its Career scope, Salary & Job Roles. Python Python is among the world’s most popular programming languages. It is a highly versatile language with applications in data science, machine learning, and business analytics. The reason behind Python’s high popularity is its various libraries. In this section of our course, you will get familiar with Python and learn how to manipulate data sets in this language by using Pandas. Pandas is an open-source and the most robust library for data preparation and analysis. Descriptive Statistics This section will throw light on descriptive statistics, the process of analyzing a summary statistic that quantitatively describes or summarises features from a group of information. This module will also throw light on some of the concepts from the next section of our course, Prelim Stats Concepts. Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully upGrad’s Exclusive Business Analytics Webinar for you – How upGrad helps for your Business Analytics Career? document.createElement('video'); https://cdn.upgrad.com/blog/alumni-talk-by-monalisha-dash.mp4 Prelim Stats Concepts This section will further explain descriptive statistics and several other foundational concepts, including conditional probability, random variables, and distributions. Learning about these concepts will help you move onto more advanced subjects in the latter half of the program. Exploratory Data Analysis After you’ve studied the basics, the course will cover exploratory data analysis, which we use to find and analyze patterns in the data to generate actionable insights. Exploratory data analysis is also an essential skill for data professionals, and it primarily uses statistical graphics and other data visualization techniques. Statistical Inferencing This section of our Certificate Program in Business Analytics will make you familiar with statistical inferencing. You will find out how to infer insights for a vast population using a small sample. It is also the first module that lasts for two weeks. ANOVA and Sampling You will learn more about levering statistical concepts and your generated insights to solve problems in this module. The course will teach you how to formulate and validate hypotheses for a population to solve business problems. Time Series This is another 2-week module where you will learn how to analyse and forecast a series that varies with time. A time series refers to a sequence of data points recorded in time order taken at successive equally spaced points in time. It can be annual, monthly, weekly, or even by the minute. Also, check out: Job-ready Program in Business Analytics from upGrad PCA You will understand crucial concepts related to dimensionality reduction, PCA fundamentals, and how you can use them on supervised and unsupervised problems. K-Means and K-NN K-means is among the most popular and powerful classification algorithms in machine learning. This section will make you familiar with K-means clustering and how you can use it to classify data. We use K-means clustering to classify data into different clusters when we don’t have any predefined labels. Neural Networks Neural networks are computer systems focused on resembling the functions of a human brain. They are an advanced branch of artificial intelligence and machine learning. This module will teach you the fundamentals of artificial neural networks (also known as ANNs) and how we use them in business analytics. Optimisation This section of our business analytics course will teach you the fundamentals of linear and non-linear optimisation to reach an optimal solution under different decision constraints. Simulation Here, you will learn about how you can run simulations to understand decision-making under uncertain circumstances. Applications of Business Analysis Part I By now, you would have learned all the fundamental and advanced concepts of business analytics. Hence, we’ll cover how you can apply business analytics in different avenues of an organization. This section will cover business analytics applications in Big Data, Business Problem Solving and Marketing Analytics. Applications of Business Analysis Part II Like the last section of our business analytics syllabus, this one would teach you how you can approach open-ended problems through data to generate valuable insights. Some areas we’ll cover in this module are Financial Analytics, HR Analytics, and Operational Analytics. Our learners also read: Business Analytics Free Online Courses Start learning today! We hope you found this article on our business analytics course syllabus useful. If you’re interested in learning more about our business analytics course, you can directly check out the course page: Certificate Program in Business Analytics. upGrad’s Certificate in Business Analytics from IITB on “Applying Business Analytics” can help you enhance your business performance and drive growth. Since the course is conducted 100% online, it doesn’t require you to compromise focus on business operations. So, book your seat now and avail the benefit of learning from world-class faculty and industry experts for the next seven months! You can also check out IIT Delhi Executive Management Program in Business Analytics. IIT Delhi is one of the top institutes in India and also one of the oldest IIT’s and is always excelled in giving highly industry-relevant courses, Now IIT Delhi has partnered with upGrad to get these top IIT Delhi courses online. They have a variety of other programs like Machine Learning, Executive Management Programme in Strategic Innovation, Digital Marketing and Business Analytics etc. Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance.

by Sandeep Pereira

01 Apr'21

5.85K+

Future Scope of Business Analytics

Are you considering a career in business analytics but don’t know how the scope of business analytics in India is? Then you’ve come to the right place because this article will share some facts about the future of business analytics and help you figure out why you should pursue a career in business analytics. Scope of Business Analytics The scope of business analytics is quite bright in India. Here are some primary points backing this fact: Enhanced CRM Customer relationship management is vital for any business’s growth. Business analytics helps them find patterns of customer behavior to optimize their CRM implementations and strategies. With better CRM, they can retain customers and keep customer satisfaction levels high. Business analytics ensures they make data-driven decisions and avoid errors in CRM. It also allows them to prioritize customers and understand their requirements better. Explore our Business Analytics Programs from World's Top Universities Business Analytics Certification Programme Busines Analytics EPGP - LIBA Professional Certificate Program in Data Science and Business Analytics Master of Science in Business Analytics Global Master Certificate in Business Analytics Busines Analytics Certification - upGrad Use in HR HR analytics is a vast branch of business analytics. Human resources companies use business analytics to find eligible candidates and maintain a good employee satisfaction rate. Apart from human resource companies, the HR departments of various organisations also use business analytics to enhance employee performance. HR analytics allows companies to track and analyse employee performance and figure out how they can improve work productivity. It can help them predict which employees are the most likely to leave them and which employees need training. Must read: Learn business analytics free! It allows them to use their employee-related data and gain valuable insights from it, which can aid them in HR-related decision-making. Human resources directors and talent acquisition specialists rely on HR analysts to conduct business analytics and provide them with the requisite insights. Growth in Data Usage The amount of data a company generates increases substantially with time. Moreover, companies realise how they can use this data to enhance their operations. As the quantity of data increases, the demand for business analytics increases accordingly. Using business analytics, companies can easily find their weak areas, create better better strategies, and enhance their efficiency. They can use business analytics in marketing, HR, SCM, management, finance, and many other operations areas. This is a huge reason why the future of business analytics is very bright in India. Business Analytics and Finance Business analytics has become an integral part of the finance sector. Finance companies and institutes use business analytics to help them make better investments and related decisions. Technical analysis is a prominent branch of investing and is a sub-branch of data analytics. Investors analyse the financial data of a company, industry or market to determine where they should invest. The finance industry is probably the biggest user of business analytics. Credit card companies use business analytics to detect fraud by identifying fraudulent patterns in customers. Similarly, banks use business analytics to determine if they should give loans to particular individuals or organizations. It helps them make better-informed decisions and avoid non-performing assets. Read our Other Articles Related to Business Analytics What is Business Analytics? Career, Salary & Job Roles Top 7 Career Options in Business Analytics Business Analytics Free Online Course with Certification Business Analytics Vs Data Analytics: Difference Between Business Analytics and Data Analytics Top 7 Best Business Analytics Tools Recommended for every Business Analyst Top 11 Industry Applications of Business Analytics Future Scope of Business Analytics Business Analytics Eligibility or Requirement 8 Business Analytics Tips: Which Helps to Run Business Successfully The finance sector holds immense scope and potential for business analytics. Our learners also read: Learn Business Analytics Free upGrad’s Exclusive Business Analytics Webinar for you – How upGrad helps for your Business Analytics Career? document.createElement('video'); https://cdn.upgrad.com/blog/vivek-and-ayush.mp4 How to Enter Business Analytics? If you’re looking for a field that offers high pay and a bright scope, then business analytics is the way to go. As we have established already, the future of business analytics is very bright, and the demand for business analytics professionals will only increase with time. It’s a relatively new field and is among the most sought-after professions in the tech sector at the moment. When a company is looking for business analytics professionals, they look for skilled and qualified professionals. That’s why the best way to enter the business analytics sector is by taking a business analytics course. Taking a course in this field will help you learn the necessary skills and become eligible for diverse business analytics roles in the industry. At upGrad, we offer a business analytics course with IIT Bombay. Our Certified Program in Business Analytics is designed to teach you foundational skills and give you a conceptual understanding of analytics to generate valuable business insights. IIT Bombay is among the most prestigious institutes in India. During the course, you will interact with leading IIT Bombay faculty and experts. By the end of the course, you will get a completion certificate from IIT Bombay CE and QIP (Continuing Education and Quality Improvement Programs). Also check out: Job-ready Program in Business Analytics from upGrad What you’ll Study in the Program? In our Certified Program in Business Analytics, you’ll study the fundamental and advanced business analytics concepts. The course offers more than 81 hours of learning and three projects you can work on to test your knowledge and apply what you’ve learnt. Some of the concepts you’ll learn in this program are: Python Descriptive Statistics Logistic Regression Statistical Inferencing Tree Models Exploratory Data Analysis Neural Networks Business Problem Solving SQL Tableau The concepts we shared here are just the tip of the iceberg. There are plenty of other skills and technologies you will learn during this program. The course lasts only for seven months and offers an online live lecture every Sunday, allowing you to learn efficiently and quickly. Minimum Eligibility You must be a graduate (10+2+3) or a diploma holder (only 10+2+3) from a recognized university (UGC/AICTE/DEC/AIU/State Government/recognized international universities) in any discipline with a minimum of one year of work experience (after diploma or graduation). Also, you must have a graduate-level understanding of calculus, matrices, and functions and familiarity with programming concepts such as data types, if statements, and variable assignment. Apart from these requirements, learners must also be: Well-versed in fundamental programming concepts (data types, variable assignment, if statements, loops, function, etc.) in their high school or graduation, along with an in-depth understanding of graduate-level mathematical concepts in calculus (differentiation, partial derivatives), matrices (representation, matrix operations) and functions. Additional Benefits Apart from teaching you the necessary skills to become a business analytics professional, our course also offers you access to our Student Success Corner. There, you get personalized resume feedback, doubt resolution sessions, a dedicated student success mentor, and networking opportunities. Conclusion Now you know how bright the scope of business analytics is. It is a fast-growing sector, and its demand will only increase with time. upGrad’s Certificate in Business Analytics from IIT Delhi on “Applying Business Analytics” can help you enhance your business performance and drive growth. Since the course is conducted 100% online, it doesn’t require you to compromise focus on business operations. So, book your seat now and avail the benefit of learning from world-class faculty and industry experts for the next seven months! Learn Job-ready Program in Business Analytics from upGrad to become a certified Business Analyst professional. Fast-track your professional career after graduation with this Business analytics course with placement assistance.

by Sandeep Pereira

01 Apr'21