Ever wondered how E-commerce platforms like Amazon or OTT platforms like Netflix offer you suggestions based on your view/purchase history? This is due to the collection of data and the study of user behavior which are done by business analysts. Sounds cool, right? And what if we tell you that you can also become a Business Analyst by pursuing a course in Business Analytics? And that too, in the land of the “Ascending Dragon,” i.e., Vietnam? Keep reading to know more about the various business analytics courses in Vietnam.
Table of Contents
- What is Business Analytics?
- The Four Types of Business Analytics
- Industry Applications of Business Analytics
- Use Cases of Business Analytics
- Job roles in Business Analytics
- Best Business Analytics Courses in Vietnam
- Frequently Asked Questions
What is Business Analytics?
Before you get to know about the various kinds of business analytics courses in Vietnam, you must have a basic understanding of business analytics. To put it simply, the process of turning data into insights to enhance business decisions is known as business analytics. The insights are created from the data gathered with the help of tools related to data management, forecasting simulation, data mining, predictive modeling, and optimization.
Although statistical, operational, and quantitative analysis plays a significant role in business analytics, creating data visualizations to explain your results and influence business decisions is the end goal.
To succeed in this sector, it is crucial to possess a solid technical background along with effective communication abilities. Keep reading this article to find out about the various business analytics courses in Vietnam that you can pursue to enhance your career prospects.
The Four Types of Business Analytics
Business analytics is all about gaining insights and improving the strategic decision-making process. Businesses rely on three different forms of analytics to help them make these decisions: Descriptive Analytics, which explains the impact of what had already occurred; Diagnostic Analytics, which explains why that something had occurred; Predictive Analytics, which inform us what might happen; and Prescriptive Analytics, which inform us what ought to occur going forward.
- Descriptive Analytics:
This type of analytics is concerned with representing what happened in the past. It analyses the historical data of a business using two main techniques – data mining and data aggregation. Although descriptive analysis can provide insightful information on its own via visual data representations like pie charts, line charts, and bar charts, it often serves as the groundwork for future analysis.
Any conclusions from descriptive analytics should be clear enough for the general corporate audience to understand because it employs relatively straightforward analysis methodologies.
Hence, in many firms, descriptive analytics are the foundation of everyday reports. Some examples of descriptive analysis are Annual Revenue reports, Google Analytics tool, and Social Media, all of which provide data that can be aggregated easily to give a comprehensive picture of a business’s operations.
- Diagnostic Analytics:
One of the four major types of analytics used to determine the causes of past events is diagnostic analytics. Drill-down, data mining, data discovery, and correlations are some of the strategies that define it. Diagnostic analytics examines data to understand the primary causes of the incidents.
It helps in determining the factors and circumstances that contributed to a particular result. For the analysis, likelihoods, probabilities, and the distribution of outcomes are typically used. It provides thorough insights into a particular problem for which a business must have access to comprehensive data.
- Predictive Analytics:
Predictive Analytics is a more sophisticated form of data analysis that uses probabilities to predict what might happen in the future for a company/business. Prescriptive analytics uses data mining, just like descriptive analytics, but it also employs machine learning techniques and statistical modeling to determine the likelihood of future outcomes based on prior data.
Machine learning algorithms use the data that is already available to make predictions by making the most accurate assumptions to fill in the gaps. The solutions to challenges and growth opportunities of a company can then be found using these projections.
For instance, businesses are using predictive analytics to optimize marketing campaigns by spotting cross-selling opportunities, preventing fraud by looking for behavioral patterns among criminals, and lowering risk by identifying which customers are most likely to fall behind on payments based on past behavior.
Deep learning is a subset of predictive analytics that imitates human decision-making to provide even more accurate predictions. For instance, deep learning is being utilized in the medical industry to classify digital medical pictures like MRI scans and X-rays to produce an automated forecast for doctors to use in making patient diagnoses.
- Prescriptive Analytics:
Prescriptive analytics identifies the optimum course of action for businesses using statistical methods drawn from mathematics and computer science. Despite being closely related to both predictive and descriptive analytics, prescriptive analytics emphasizes practical insights rather than data monitoring.
This is accomplished by compiling information from a variety of predictive and descriptive sources and using it to inform decision-making. Then, algorithms construct and recreate potential choice patterns that might have diverse effects on an organization. Prescriptive analytics can assess the effects of a choice based on several future possibilities and then suggest the best course of action to pursue to meet a company’s objectives.
The use of prescriptive analytics has great business advantages. It enables teams to see the best course of action before making decisions, saving time and money and assuring the best results possible. An example of the usage of this analytics is in healthcare where decision-makers use prescriptive analytics to improve business results by suggesting the best course of action for patients and providers.
Industry Application of Business Analytics
As can be inferred from the above information, business analytics can be applied through various industries for various purposes. For example, Credit card companies can gather data about a user’s purchase history, financial situation, demographics, behavior trends, and lifestyle habits for various purposes such as detecting potential credit risks, personalizing loan packages for each user, preventing identity theft, etc.
CRM systems examine significant performance metrics, including demographics, purchasing trends, socioeconomic data, and lifestyle, to improve customer relations and retain customer loyalty. By poring over data that describes high-performing individuals, such as educational background, attrition rate, the average length of employment, etc., business analysts aid the process of hiring in companies and assist HR by predicting the ideal matches between the firm and candidates using this data.
In some instances, the information can even assist in predicting employment requirements before a position is posted. Furthermore, business analysts use data to explain to stakeholders how certain factors affect the operations of a company. Companies can streamline inventory management, hazards, and supply-chain management to achieve optimum efficiency by identifying factors like equipment downtime, maintenance expenses, and inventory levels.
They also aid with marketing by optimizing advertising campaigns, devising strategies for social media penetration, identifying viewer likes/dislikes, etc by evaluating marketing and advertising indicators, determining consumer behavior and the target demographic, and examining market trends.
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Use Cases of Business Analytics
- Business Analytics help in churn prevention. Churn is a measure of how many subscribers or customers discontinue doing business with a company or their rate of attrition. Low churn rates are essential for profitable businesses, as is the replacement of any lost clients. The cost of acquiring new clients is also higher than the cost of keeping the ones you already have. A business analyst can help detect dissatisfaction of customers and the most likely risks or departures by employing predictive analysis.
- Business Analytics aids in the personalization of e-commerce. To personalize their consumers’ buying experiences, online retailers like Amazon collect, handle, and analyze customer data. Vendors can provide suggestions and boost the possibility of more sales by personalizing the experience.
- Equipment maintenance, both planned and unexpected, is inevitable for businesses. Business analysts use data to build metrics regarding maintenance lifecycles to forecast upcoming maintenance requirements and prevent expensive unplanned downtime.
- Business Analytics helps in detecting insurance fraud. For both businesses and their clients, insurance fraud is expensive. In the US, fraud costs businesses in the medical insurance sector $68 billion a year, which is especially true. Big data processing by business analysts allows investigators to spot and stop any fraudulent behavior by processing billions of billings and claim records.
Job Roles in Business Analytics
Before exploring the best business analytics courses in Vietnam, let us give you a brief overview of the kind of job roles that exist in the field of business analytics. Since the field of business analytics is not yet saturated, you have plenty of options to choose from.
You can become a Data Scientist (who uses software technologies such as Python, SQL, and SAS) to qualitatively interpret data, a data analyst who analyses data to address specific business roadblocks, a or data engineer who creates, upgrades, maintains and assesses the data infrastructure to make sure it can support algorithms developed by the data scientists.
The database administrator oversees the proper use and functioning of enterprise databases and the backup and restoration of essential data, and the data architect is in charge of drafting the blueprints for data management, which enables the centralized, integrated, and safe use of databases.
These are just some of the roles available in the fastest-growing job field of business analytics. To meet the requirements of the job that you are interested in, you need to pick the right course for it. The following section is our top picks for business analytics courses in Vietnam. Go through it carefully and visit the respective websites of the respective institutions to know more and make your decision.
Best Business Analytics Courses in Vietnam
To help you kickstart your career in the field of business analytics, here is a comprehensive list of the Best Business Analytics Courses in Vietnam:
ExcelR is a pioneer training institute that offers 75+ technical and management training courses in more than 40 countries. The Certified Business Analytics course that they offer is in partnership with IBM, an American MNC tech giant.
According to their website, their Business Analytics course can be taken up by professionals/freshers from any field who have good logical and analytical skills, graduates from any field of commerce, science and engineering, accounting and finance professionals, management professionals, and KPO and BPO professionals, as they can consider making a logical move to the field of business analytics to enhance their careers.
The course curriculum of ExcelR is a precise match with the market requirements and it consists of topics like Business Statistics, Power BI, SAS, Excel (Basics to Advanced), MySQL, Tableau, R Basics, Agile, Python Basics, etc. Enrolled students will have a blended mode of learning with access to both live and recorded sessions.
They will have assignments and chances to work on live projects to enhance their learning experience and give them a practical application of their course syllabus.
Apart from this, those who enroll in this course will also get post-training support till they master the concepts and will get end-to-end placement assistance with mock interviews, building resumes, etc and they will receive internship offers through the placement cell of ExcelR. For fee structure and other details related to the business analytics courses in Vietnam that they offer, visit their official website.
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- Business Analytics Courses in Doha
- Business Analytics Courses in Malaysia
- Business Analytics Courses in Melbourne
If you want to do short-term business analytics courses in Vietnam, NobleProg is one of the best choices. NobleProg, a Poland-based training, and consultancy firm with branches all over the world offer some of the best business analytics courses in Vietnam, both onsite or online sessions through remote desktops, and these are led live by qualified instructors.
Their courses are offered at Ly Thai To, Hanoi, Saigon Tower, and Saigon Centre Tower 1, Ho Chi Minh City, and also through Robotic Process Automation (RPA) at Saigon Centre Tower 1.
Their range of courses in Business Analytics includes Adobe Analytics Training Course, MATLAB for Prescriptive Analytics Training course, MATLAB for Predictive Analytics Training Course, From Data to Decision with Big Data and Predictive Analytics Training Course, AWS QuickSight Training Course, and more which will help you to gain a better understanding and hands-on training in the field of business analytics.
To know more about the vast range of courses that they offer for Business Analytics, visit the official website of NobleProg Vietnam.
upGrad is an Indian higher EdTech firm that offers online courses and higher education programs for students across 100+ countries. Accredited by the Institute of Analytics (IOA), this education company has helped over 2 million learners to upskill themselves. The Business Analytics Certification Program offered by UpGrad is considered to be one of India’s best-selling programs with a 4.5 rating.
The course provides 100+ hours of learning with 3+ case studies and projects, a personalized learning platform, and live sessions with experts in the industry. Moreover, they offer an AI-powered Profile builder and an Exclusive Job Opportunities Portal that enables learners to make a smooth career transition into the field of Business Analytics.
Student Support is available 24×7 on all days of the week for timely resolution of the doubts and concerns of the enrolled students. Some of the leading topics covered in this course are Statistics and Optimization, Business Problem Solving, Predictive Analytics and Modelling, Excel, etc. To learn more about UpGrad’s Business Analytics Certificate Course, visit their official website.
Coursera is an American-based open online course portal that offers over 5000 online degrees, courses, and certifications in partnership with leading universities and other relevant organizations. This portal offers several courses in Business Analytics in partnership with top-class global universities.
Some of their courses include Business Analytics Specialization offered by Wharton (University of Pennsylvania), Duke University’s Excel to MySQL: Analytic Techniques for Business Specialization, University of Colorado’s Advanced Business Analytics Specialization, and Strategic Business Analytics Specialization offered by Essec Business School.
Each course is specially designed to serve students based on their expertise level. For more details, visit the official website of Coursera and browse the course of your choice in the field of Business Analytics.
EdX is also an American open online course portal that offers a multitude of online courses in a vast range of disciplines, in partnership with more than 160 top global universities and with over 500,000 global learners. Some of the courses in Business Analytics that they offer include Business Analytics Fundamentals offered by Babson College, Business Analytics Micromasters Certificate Course by Columbia University, and Boston University’s Business Analytics for Data-Driven Decision Making.
Some of these courses even offer you certain credits for master’s programs in the respective course universities (like Columbia University). To enroll in this course, visit the official website of edX.
Now that you have a basic understanding of what is business analytics, the various job roles in the field, and the various business analytics courses, choose the most appropriate course for you and apply now!
Frequently Asked Questions
Q1: Is Business Analytics a good career?
Business analytics is a very good career with great scope. Almost every company and business hire business analysts to improve and optimize their operations and hence this sector witnesses a huge growth in the job market and is an in-demand job. It also acts as a springboard to other rewarding careers in the fields of project management, business architecture, strategy, and program management.
Q2: Is Business Analyst an IT job?
Unless a business analyst chooses to concentrate on the information technology sector, a business analyst role is not an IT career. IT business analyst would then be the title. Business analysts in other industries will be expected to have some familiarity with IT and other important business applications that will help improve workflow. You may have a look at the various business analytics courses offered in Vietnam that we have mentioned above to get a general idea about the various industries that use business analytics.
Q3: What are the eligibility criteria for a Business Analyst?
To work as an entry-level business analyst, you typically need to have a bachelor’s degree. A job in business analytics at the management level or higher may require you to complete an advanced degree. A master’s degree, which is necessary for business analytics or business administration, could help your business analyst credentials stand out in a crowded industry.
Additional skills include knowledge of Microsoft Excel, SQL, and programming languages like R, and Python and good analytical, negotiation, and communication skills. If you wish to expand your business analytics and learn courses in Vietnam, we suggest you opt for any of the above-mentioned business analytics courses, depending on your skill set and skill gaps.
Q4: What is the salary of a Business Analyst?
In the US, a business analyst gets an average income of 68,346 USD per year. In India, it is 7 lakh rupees per year. In the UK, it is 40,000 GBP per year and in Australia, it is 90,000 AUD. In Vietnam, the average salary is 20,800,000 VND per year. To enhance your business analytics skills, and that too in Vietnam, you can opt for any of the business analytics courses that we have mentioned above.
Q5: Are business analytics and data analytics the same?
Data analytics is the process of examining databases to find insights and trends which are then applied to decision-making within organizations. Business analytics is concerned with examining various forms of data to create useful, data-driven business choices and then putting those conclusions into practice. Insights from data analysis are frequently used in business analytics to pinpoint issues and come up with remedies.