Many universities in Germany offer a one- to three-year master’s program in business analytics. This curriculum teaches scientific techniques for examining and improving intricate economic and managerial interactions in various fields, including supply chain management, operations, logistics, etc. Most universities in Germany offer full-time or part-time MS in Business Analytics programs. To apply for this program, you must hold a bachelor’s degree in computer science, business informatics, data science, or a closely related discipline. Depending on the university, the program fee for master’s business analytics courses in Germany ranges from 16,000 to 21,000 EUR.
In Germany, a business analyst can make up to 49,765 EUR annually. So, if you are going to apply for Business Analytics Courses in Germany, this is all you should know about.
What is Business Analytics?
In simple words, the process of turning data into insights to enhance company choices is known as business analytics. Data management, data visualization, predictive modeling, data mining, forecasting simulation, and optimization are a few of the techniques used to glean insights from data.
It comprises a thorough, iterative investigation of the data within an organization with a concentration on statistical analysis to assist in decision-making. A 2020 New Vantage Partners analysis found that 91.5% of Fortune 1000 firms tried to incorporate artificial intelligence (AI)-based technology in some way, and 64.8% had committed at least $50 million in their business analytics efforts.
The other side of the coin is that just 14.6% of the responding organizations deployed these technologies across their operations, even if these numbers seem to show progress. High-quality data-educated analysts who are familiar with the market and technologies, and a commitment to utilizing data to unearth insights that inform business decisions are all necessary for business analytics success.
Business Analytics Specifically Refers to:
- Collecting and processing old business data
- Examining such data to find trends, patterns, and the causes behind them
- Based on those insights and making data-driven business decisions.
In other words, the term “data analytics” refers to the current analytics process more broadly. As the aggregate number of data has expanded, business analytics, which indicates a more focused approach, has functionally become more common and more significant for enterprises all over the world.
Organizations can combine data from many departments, like sales, marketing, HR, and finance, using cloud analytics technologies to create a unified perspective that illustrates how the performance of one department might affect that of the others. In addition, tools like visualization, predictive analytics, and scenario modeling provide a wide range of original insights throughout the entire enterprise.
How Does Business Analytics Work?
The first step in business analytics is data acquisition. However, not all information is gathered and necessary. For the data to be collected and compiled appropriately, the parameters for data collection must first be established. These criteria guarantee that precise information is gathered that will provide insight into a particular business need.
Then, these datasets are processed with the use of analytics tools and software. For reports to make even more sense, intelligent data is used. Modern analytics software and tools are so sophisticated that they can carry out each stage, from data collecting to report creation.
Then, these reports are used to examine future projections, develop corporate strategies based on reliable facts, and control risks and capital losses. Business analytics is a contemporary, technical form of statistics, which is one of the world’s most precise sciences.
Components of Business Analytics
There are numerous parts to business analytics tools, software, and processes. The several parts of business analytics are listed below.
Data is gathered in one central area, from which it may be sorted. Data duplication is detected and eliminated. Volunteered information is one type. This information is derived from consumer-filled electronic and paper forms. This paperwork is obtained either directly or through a third party. Tractional data is the alternative kind of data source. Organizations share this information, which they gather from shipping, sales, and financial records.
To do this, one must develop mining models and sift through a vast amount of data. Different statistical models are applied. Demographics and other similar parameters are employed in one of these models to classify data. You may forecast numerical values using the regression model and historical trends. Clustering is another well-liked technique where classification elements are anticipated so you know what variables to employ.
Association & Sequence Identification
These elements represent a style of customer behavior. People buy products that go together, such as toothpaste and toothbrushes or shampoo and conditioner, when it comes to the association component of their behavior.
The sequence of purchasing is recovered during the sequence identification process just like the sequence of an airline ticket, an airport taxi ride, and a hotel room. It is simpler to comprehend what the consumer will buy next and their purchasing habits and behavior when using this type of analytics component
Consumer writings on blogs and other social media platforms, as well as their contacts with customer service call centers, are all included in the text mining component. This information is essential for enhancing customer service. Excellent customer service is a primary factor influencing brand or product loyalty. Based on the data gathered, text mining aids in developing new goods. Additionally, they support the monitoring of competition and advancements.
History often repeats itself, and this adage is accurate when it comes to the elements of predicting. Consumers have been seen to revert to a particular behavior throughout particular seasons or times. This recurring tendency can be observed and prepared for via forecasting.
Examples of forecasting include buying warm-weather clothing a few weeks or days before the cold season, purchasing athletic goods before the sports season, or increasing the search for a certain keyword depending on current events.
One can use predictive analytics based on the data to generate precise forecasts about specific events. This aspect of analytics enables businesses to anticipate potential future events and helps them plan accordingly. If equipment has been utilized for a specific period or has been subjected to extreme conditions, predictive analytics can help predict when a failure or wear and tear will occur. Additionally, it aids in categorizing clients precisely and informing judgments about future trends.
Business analytics are beneficial for the optimization part. Businesses may greatly benefit from analytics and use it to streamline their processes. They can foresee spikes in demand and adjust production to keep up the supply. When there should be a peak or shortage, they can price their goods affordably. Based on business data, companies can also develop sales, offers, and discounts.
Business analytics are useful, and data visualization is one of the best ways to convey data. Companies can create reports and set new objectives thanks to this visual representation of data. It is much simpler to investigate, model, and analyze the graphic format.
Importance of Business Analytics Courses in Germany
We are sure that by this point you have a basic understanding of what business analytics is, and how it functions. Now let us focus on its importance in today’s Industry. Let’s get going.
Increase Customer Satisfaction
Customers have plenty of options at their disposal, which limits their options. Businesses use analytics to make sure they can keep their customer base. Companies, for instance, might examine how clients engage with their websites and their previous purchasing patterns.
They can analyze patterns in this data and enhance the functionality of their website. This can be as easy as notifying clients via a push notification of the items they have put into their shopping cart. Overall, the consumer experience will improve, and loyalty will follow.
Make Knowledgeable Decisions
To increase their efficiency, businesses frequently outsource some of their processes. They need to know which merchants would bring in the most money when choosing them for such operations. They can assess supplier performance using analytics based on customer feedback, order fulfillment speed, quality, etc. They can choose the one that works best for their company with the use of this data.
Lower Employee Churn
Companies incur high costs each year as a result of staff onboarding and turnover. HR professionals can use analytics tools to assess things like an employee’s likelihood of fitting in with the business culture, their performance, and how satisfied they are in their new roles while saving time and money. Knowing the answers to these questions will make it simpler for you to identify workers who will stay with your business for a long time.
Employees are not the only ones who can be efficient. To understand their performance better, businesses might also analyze additional resources. For example, a grocery shop chain was able to reduce refrigeration costs by checking the temperatures of in-store refrigerators.
Hence, by raising the temperature, costs decreased without compromising the safety of food. These kinds of examples can serve as motivation for business owners to use data to optimize their resource consumption.
Analytics is now being used by financial institutions to lower fraud. They accomplish this, among other things, by analyzing consumer past transactions to identify possible fraudulent purchases. These companies also use predictive analytics to evaluate risk by looking at consumer profiles.
Reduce Production Costs
When it comes to leveraging analytics to cut manufacturing costs, one business has excelled above the rest: Intel. Initially, this tech behemoth would put each chip that was produced through 19,000 tests. Predictive analysis has made it possible for Intel to identify which chips require certain tests before release. It has been able to save over $3 million by utilizing the data gathered from all of that testing.
Employ Your Investment Wisely
In the past, business owners relied on conventional marketing strategies to attract and keep clients. The internet, however, has fundamentally altered this. Currently, the most effective and affordable method for organizations to find leads is search marketing. With the use of business intelligence, marketers may create the ideal campaigns and plans, thereby raising the likelihood of a greater ROI.
Since advertising is expensive, marketers need to understand how to maximize their returns. For this reason, they employ analytical techniques like A/B and C split-testing. All landing pages, pop-ups, and even product descriptions are scrutinized and adjusted when it comes to online advertising to achieve the best possible outcomes. Even the placement of the products on the website is evaluated to determine the optimum spot to increase interaction and sales.
Improved Product Management
For retail businesses, there are over a thousand products available. How then do they choose which ones to release and when? Yes, data analytics are the solution. These companies research the most popular products based on geography and the time of year. Thus, the correct product is targeted at the appropriate time, correct product is thus targeted at the appropriate time, ultimately resulting in increased sales.
When a problem arises, a business typically stops operating its current operations, which causes a large loss. Business analysts offer data that could identify potential hazards and assist the company in preventing any loss from occurring.
Push Forward Despite Uncertainty
Consider the commercial environment today. The business environment is as unsure as it gets because of the worldwide lockdown. Nearly no one knows when things will return to normal and businesses will be able to carry on as usual. Data analytics can be applied in these situations to address problems with the supply chain, implement crisis management techniques, reduce expenses, and more.
Analyze Your Competition
Nowadays, practically every company is aware of its rivals. Understanding what they are doing, their plans, USPs, etc., is a good approach to staying ahead of them. You can get a sneak peek at how your company is doing concerning your competition by obtaining this information through SWOT analysis.
Why Study Business Analytics Courses in Germany?
After understanding the importance of Business Analytics, let’s move forward and understand why Business Analytics Courses in Germany are preferred. According to data provided to Local Germany by Studying-in-Germany.org, the number of international students coming to study in Germany is reportedly rising, with an average of 7% to 8% annual growth over the past eight years. Due to the following factors, students opt to pursue Business Analytics courses in Germany:
- Business analysts can expect to make up to 44,000 EUR per year with less than a year of experience, and up to 60,000 EUR with 10–19 years of expertise.
- International graduates with a German university degree are eligible to apply for a job seeker visa and a residence permit in Germany under the country’s immigration laws.
- Both permits are valid for 18 months, giving students plenty of time to hunt for employment and complete their studies.
- Business analysts are employed in Germany by large corporations such as SAP SE, Shell, Efficio, Microchip Technology, etc.
- The majority of public universities in Germany that offer a master’s degree in business analytics don’t charge any tuition.
Top 7 Business Analytics Courses in Germany
Rank #1. Business Analytics Courses in Germany
1. University of Technology, Chemnitz
Course Offered– MS in Business Intelligence & Business Analytics.
Course Duration– 2 Years
Course Fee– Free
There are 11,600 students enrolled at the public Chemnitz University of Technology. A total of 22% of the university’s students are from outside the United States and come from more than 90 different nations. The campus’s excellent worldwide presence has earned the institution a top ranking among public universities.
The institution provides courses for prospective students at the bachelor’s, master’s, and doctorate levels in more than 100 academic disciplines. Natural sciences, mechanical engineering, electrical engineering, information technology, computer science, and business administration are popular courses at the Chemnitz University of Technology.
The majority of courses at the Chemnitz University of Technology are offered in German, even though some UG and PG courses are taught in English.
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Rank #2. Business Analytics Courses in Germany
2. SRH University, Heidelberg
Course Offered– MS in Big Data and Business Analytics
Course Duration– 2 Years
Course Fee– 18960 Euro
Firms and industries worldwide are interested in recruiting the institution’s graduates because of its reputation for assisting students in developing their capacity to use their knowledge in the real world. In addition to being one of Germany’s economic powerhouses, the Rhein-Neckar region is well recognized for its stunning natural surroundings, where SRH University Heidelberg is situated.
With a variety of international businesses, like BASF, SAP, Heidelberger Druckmaschinen, and Fuchs Petrolub, their graduates have excellent internship and employment opportunities. The region is also known for having the greatest technology cluster in Europe due to the presence of several SMEs and creative start-ups. Many international businesses favor employees with foreign experience and knowledge of Germany.
More than 60 countries send students to SRH. As a result, students have the opportunity to converse with people from many walks of life and gain a deeper understanding of various cultures. They will interact with other international students and attend classes taught by lecturers from other countries.
Rank #3. Business Analytics Courses in Germany
3. Neu-Ulm University of Applied Sciences
Course Offered– MS in Business Intelligence and Business Analytics
Course Duration– 1.5 Years
Course Fee– Free
The Neu-Ulm University of Applied Sciences (HNU), which is situated in the Bavarian part of Swabia in the South of Germany, claims to be the top international business school for the region Neu-Ulm/Ulm and to shape the future through innovation, sustainable entrepreneurship, and digital transformation: Their moto is- We educate future managers and specialists who have international experience, think in terms of results and act responsibly.
Rank #4. Business Analytics Courses in Germany
4. Otto Von Guericke University
Course Offered– MS in Operations Research and Business Analytics
Course Duration– 2 Years
Course Fee– Free
The scientific and educational atmosphere is lively and appealing, thanks to Otto Von Guericke University. Professionals and researchers from all around the world are conducting research and teaching. High-skilled individuals can find interesting employment prospects at the university.
Over 14,000 students enroll in the university’s special multidisciplinary programs. On campus, about 25% of the students are international.dxc. The majority of UG courses at Otto Von Guericke University are offered in German, although PG courses offer a wide range.
The summer and winter semesters are when most new students enter universities. Online applications must be submitted through the university portal or uni-assist to be considered for admission to Otto Von Guericke University. One of the main requirements for entrance to the institution is a solid academic record.
Rank #5. Business Analytics Courses in Germany
5. Stuttgart Media University (Hochschule der Medien)
Course Offered– MS in Data Science and Business Analytics
Course Duration– 2.6 Years
Course Fee– 21,000 Euro
Hochschule der Medien/Stuttgart Media Institution (HdM) is a public university that trains media workers and is supported by the state of Baden-Württemberg. They focus on three faculties and cover a wide range of media knowledge:
- Printing and Media Faculty
- Electronic Media Faculty
- Information and Communication Faculty
This diversity is reflected in the roughly 30 approved Bachelor’s and Master’s degree programs. At the moment, they have more than 5000 students, including a sizable number of international students from around the globe. Instead of learning things through books and the internet, exploring a foreign country may introduce you to its culture, history, language, and perhaps your ancestry.
Rank #6. Business Analytics Courses in Germany
6. Gisma Business School, Berlin
Course Offered– MS in Business Intelligence and Analytics
Course Duration– 1 Year
Course Fee– 21,000 Euro
One of Germany’s six AMBA-accredited business schools, GISMA Business School is renowned across the world for its outstanding teaching and research capabilities. On its five campuses spread across Germany and the UK, the famous university is home to foreign students from more than 40 nations.
GISMA offers entirely English-taught programs, in contrast to other German educational institutions. The GISMA Business School conducts internal admissions, and candidates must submit their online applications either directly to the school or through a representative.
International applicants to the university must submit all supporting documentation, including recommendation letters, a statement of purpose, and results of English language tests like the IELTS and TOEFL. Additionally, candidates for the GISMA MBA program must possess a minimum work experience of 3 years.
The GISMA Business School provides an enticing 25–30% tuition price discount to students from outside the United States. With an average income of 62,000 EUR per year, leading employers hire more than 69% of b-school MBA graduates.
Rank #7. Business Analytics Courses in Germany
7. ESCP Europe Business School, Berlin
Course Offered– MS in Big Data and Business Analytics
Course Duration– 1 Year
Course Fee– 20,000 Euro
A French business school and grande école with campuses in Paris, Berlin, London, Madrid, Turin, and Warsaw, ESCP Business School (French: École Supérieure de Commerce de Paris) was established in Paris. It consistently ranks as one of Europe’s top business schools.
One of the most famous and exclusive grandes écoles in France is ESCP. Along with ESSEC and HEC Paris, it is referred to as one of the “Trois Parisiennes.” It is regarded as the oldest business school in the world and was founded in 1819.
Q1. Are business analytics and business intelligence the same?
Answer- No, they are different concepts. Business analytics may be able to inform business executives what their future customers will be doing while business intelligence may be able to tell them how their existing customers appear. Business analytics is a phrase used by some professionals to refer to a group of prediction techniques used in the context of business intelligence.
Q2. What is a Business Analyst’s salary in Germany?
Answer– In Germany, a business analyst has an average pay of $55,000 per year.
Q3. What is the eligibility to apply for Business Analytics Courses in Germany?
Answer- To learn more about the admissions procedure to German universities, candidates must visit the university’s websites. However, as there are numerous components to the admission process, individuals applying to MS in Business Analytics universities in Germany are urged to apply early. The admissions process includes several requirements, including getting your academic profile ready, credentials in order, funds, scholarships, and English proficiency tests.
Students pursuing Business Analytics Courses in Germany are prepared to work practically anywhere that processes and analyses data related to business trends. This is because all businesses and organizations, whether they are nonprofits or not, require business analysts. Business analysts can easily go from one industry to another. As a result, it offers a lot of career flexibility.
The top companies where business analysts can find employment after graduation are listed below.
- Corporations that use information technologies
- Banks and financial cooperatives are examples of financial/insurance companies.
- Public and government sectors, including government agencies and civil service
- Professional consulting firms for businesses
- Such as hospitals, national health organizations, and those who, provide healthcare and social services.
Germany, one of Europe’s largest cities, has an increasing demand for business analytics due to the growth of new start-ups and cutting-edge technology, particularly in Berlin. Additionally, it is a popular degree for careers in the future in nations where data and business are important. Additionally, a master’s degree in business analytics courses in Germany offers students the chance to go deeper into the fields of management, information technology, data science, and business intelligence.