In the new millennium, data has translated into the language of business. Industries across the globe are using data as the foundation for making sound business decisions and setting business goals. With every passing minute, a mind-boggling amount of data is generated around the world. According to the sixth edition of Data Never Sleeps published by Domo.com
This astronomical quantum of data has become critical for business and industry in a highly uncertain time and dynamic world. Information laden in the right data can provide critical insights into the minds of the consumers, to help understand them better, identify target audiences with pinpoint precision, enhance products, set the price of a product, and myriad other insight. In short, data in business can be strategically applied to
So after having read this far, you might be wondering what Business Analytics is all about. The easiest answer would be taking a data set and interpreting it with a specific business purpose. Here is how the Intelligent Enterprise Pioneering Entity MicroStrategy has defined Business Analytics.
“Business analytics is the process of collating, sorting, processing and studying business data, and using statistical models and iterative methodologies to transform data into business insights. The goal of business analytics is to determine which datasets are useful and how they can be leveraged to solve problems and increase efficiency, productivity and revenue.”
On the other hand, the IT Analyst firm Gartner defines Business Analytics as:
“Business analytics is comprised of solutions used to build analysis models and simulations to create scenarios, understand realities, and predict future states.”
In other words, Business Analytics uses software applications and builds statistical models from large data sets to aid business leaders to look into business performance, assess the current scenario, and understand the future outcome.
Does that sound like Business Intelligence? Hold on! There is a slew of differences between the two.
|Business Analytics||Business Intelligence|
|Goal: Identify actionable data||Goal: Develop strategies and tools to analyze business information|
|Emphasis: On why things are happening||Emphasis: On what and how to understand what is working for the business and what isn’t|
|Prescriptive/Predictive: Focuses on future outcomes.
Use data to clarify past performance, predict future events, and recommend actions
|Descriptive: Focuses on past and current events|
|Focus: On methods||Focus: On strategies and tools|
Business Analytics professionals typically address four kinds of questions in business.
As a result of the critical role of data in business, Analytics has emerged as one of the hottest in-demand skills. People who can analyse, interpret, and synthesise data in rapidly competitive and technology-intense business ecology are critical to the success of a business. According to an estimate, by 2022 in the US alone there would be a demand of 2.72 million skilled analytics professionals.
Business leaders now are increasingly viewing Business Analytics as the Greenfield frontier in productivity. If are thinking ‘about embarking on a career in Business Analytics, you need to have a masters or a doctorate. And if you have chosen Canada to be your destination of choice, you have chosen the right path. Canada is a top-notch destination to study Business Analytics. So what are some of the top Schools to study Business Analytics in Canada? Here is a sneak peek at some of the top MS programs in Business Analytics in Canada.
|Name of the School||Program||Intake||Application Deadline||Duration||Eligibility||Career Outlook||Cost for International Students||Any Additional Fees|
|University of Toronto Rotman School of Management||Master of Management Analytics||August/1 intake per year||Mid-November||9 months full time||
||Employment Rate: 98%||Tuition Fees: CA$67,160+Expenses|
|University of British Columbia Sauder School of Business||Master of Business Analytics||August||First Round: End of October
|12 months full time||
||Tuition Fees: CA$55,703+Expenses||
|HEC Montreal||Master of Science (MSc.)-Data Science and Business Analytics (Thesis Stream/Supervised Project Stream||Fall (No admission in Winter and Summer)||Final: Mid-March||16-24 months||
||Employment Rate: Close to 100%||
|McGill University Desautels Faculty of Management||Master of Management in Analytics (MMA)||May||First Round: October 31;
Second Round: December 15;
Final Round: February 15
|12 months full time||
||Employment Rate: 87% within 6 months of graduation||Tuition Fees: CA$45,000+Expenses||Health Insurance: CA$1200|
|York University Schulich School of Business||Master of Business Analytics (MBAN)||May||Round 1: Mid-August
Round 2: Mid-October
Round 3: November 30
Round 4: February 17
As an international student, you should apply in Round 1.
|12 months full time||
||Tuition Fees: CA$25, 395|
|McMaster University DeGroote School of Business||MBA in Business Analytics||January 06
||Tuition: CA$19,868.16||Health Insurance: CA$136
Dental Insurance: CA$126
Besides these top colleges, here are some other institutions that offer master’s programs in Business Analytics.
So, this is the time for you to act. We hope we have been able to bring in some clarity about studying Business Analytics. However, if you are still hesitant on any count, you can always reach out to us at Manya – The Princeton Review for an informative session on all your questions.
For more information, call our Study Abroad Helpline 1800 102 4646Book your Free Counselling Session now!