The business analytics course is among the most sought-after courses in the professional education industry today. Many institutes provide various long-term and short-term business analytics courses through online and offline media. While most people preferred long-term studies until some time back, short-term courses have now taken the pace because of the vast gap created in the demand and skill available in the industry. In this article, we discuss what could be more beneficial for you, short-term business analytics courses or long-term one.
This article will discuss business analytics and its types in detail, how it helps various organizations, how it can benefit your career, the pros and cons of long-term and short-term business analytics courses, and how to choose among them.
Before we dive deep into further details, please know that this article is for you if you are:
- an aspiring business analyst
- a student looking for trending career options
- a professional looking for a career growth
- someone who wants to have an informative read
In this modern era of high competition and innovation, businesses use various tools and tactics to win customers. Two such essential tools to achieve business goals are “data” and “technology”. Hence, they employ business analytics, a combination of data and technology, to improve their performance in the industry. First, let us know what business analytics is and how it helps businesses get the upper hand over their competition.
What is Business Analytics?
Business Analytics is a discipline that uses data, statistics, technology, and business acumen to gain insights into business operations and make better decisions. The domain employs various tools, techniques, and methodologies to study historical data, identify patterns and trends, predict future opportunities or risks, and take the best course of action per the situation.
To achieve the objectives, organizations require a combination of technical skills such as data mining, data visualization, statistical analysis, machine learning, and a sense of business operations.
In short, business analytics is all about:
- Gathering existing data
- Processing historical data
- Analyzing data to identify trends and patterns
- Taking better decisions based on the insights obtained from data analysis
Business analytics is categorized into four primary types based on its functions and objectives.
This type of analysis involves the compilation of existing data for easy access by the stakeholders. The research uses basic analytic techniques, such as data mining and aggregation. The outcome of this analysis helps organizations understand their strengths and weaknesses.
As the name suggests, the diagnostic analysis examines data to spot problems or potential risks in an organizational system. This analysis also aims to discover the root cause behind those issues. Based on the diagnosis of these problems, business analysts suggest ways to improve the systems and processes within an organization.
Predictive analysis refers to analyzing existing and historical data to identify trends and patterns to predict future outcomes. This analysis utilizes data mining, statistical analysis, and machine learning techniques. As a result of this analysis, organizations get an insight into future events to take timely steps to handle potential risks or make the best out of upcoming opportunities.
The prescriptive analysis is the most advanced type of analytics involving data, statistical algorithms, machine learning, and more. The analysis mainly focuses on devising solutions and recommendations to achieve the desired outcomes. With the help of various optimization techniques, analysts come up with the best solution among possible options and thus help organizations take the appropriate course of action.
What is the Role of a Business Analyst?
Business analysts help businesses make higher returns by improving processes, systems, and operations and identifying potential problems and ideas. They act as a bridge between the technology and the company by analyzing data to develop solutions for existing or potential business problems. Some of the essential responsibilities of a business analyst involve the following:
Requirement analysis: Business analysts help various stakeholders by understanding their requirements and developing strategies so that they can achieve their targets.
Process enhancement: Business analysts understand the processes and identify the gaps to streamline operations and formulate cost-effective and efficient methods.
Data analysis: Business analysts analyze business data with the help of various tools to identify trends and patterns, providing insights to businesses to make data-driven decisions.
Project management: Business analysts play a vital role in project management as they help define the project scope, milestones, and timelines, ensuring that projects finish on time.
Stakeholder management: Business analysts work with stakeholders to manage their expectations and gather feedback, ensuring their requirements are fulfilled.
While the abovementioned responsibilities are the main tasks a business analyst has to perform, a few skills such as business knowledge, communication skills, problem-solving attitude, and decision-making abilities also play a vital role in becoming a good business analyst.
Who Requires Business Analysts?
As discussed above, business analytics is about understanding businesses, analyzing data, and making decisions that help companies to grow and outperform the competition. And any business that you can think of, be it a large corporation, mid-size or small organization, a government agency, a financial institution, or a business consulting firm, would always require a business analyst to do the job.
Generally speaking, any organization or business that aspires to succeed in operations, efficiency, cost-effectiveness, and business outcomes will always require a business analyst. So, business analysts have scope in every industry, which means you also have the choice to go into the sector of your interest.
That is, you can also combine this skill with other skills or qualifications to make it beneficial for yourself and the hiring organization. For example, a finance student who goes for a business analytics course can help banks, stocks & fund managing companies improve their operations.
In contrast, a person with medical background could contribute to a hospital or pathology system. That gives you another reason to acquire this in-demand skill and give yourself a quick career boost. Especially if you are a working professional, the short-term business analytics courses could be the best for you as they can get you going in almost no time.
To further add on, the section below describes a few more reasons to justify why business analytics is the course you should go for.
Why Become a Business Analyst?
The world’s population is increasing with every passing day, and so are human needs and desires. In today’s high-flying lifestyle, things that were once wishes are also becoming requirements. No wonder that is why products and services are available for anything and everything you name.
And, hence the competition. As there is a boost in demand for various commodities or even services, there is a sharp rise in the number of businesses that want to provide them. This makes data all the more important. With so much data in hand, every business in every industry wants to take full advantage of the same to reach new heights and win over the competition.
So, they exploit data to its maximum limits and make decisions that give them an edge over their competitor. And, of course, this is possible with the help of an expert business analyst only.
Highly In-Demand Skill
In these times, an enormous amount of data is being generated and leveraged like never before, which is true for technology as well. Hence, data-related technologies such as artificial intelligence, big data, blockchain, quantum computing, and data mining are booming.
As a result, demand for any professions that involve data and technology is also increasing at an overwhelming pace. This development has been so fast that the education industry and candidates have been facing a tough time absorbing the change.
So, the speed of generating the required skill is still far from what it should have been. Due to this, a huge gap is created between the demand and supply of good business analysts in the industry.
The void has made a lot of scope for institutes providing short-term business analytics courses as the number of business analyst aspirants who want to take quick advantage of this supply deficit has also increased.
Business analytics is one course that can be learned at any point in your career and will always upgrade your profile. It could be a beginner stage where you have just graduated or are in the middle of your career path.
While on the one hand, the course teaches you about data analysis tools and technology, it also grooms you with better problem-solving and decision-making abilities. With these skills, you can add more value to your organization which helps you stand out in your job and enables growth in your career.
As business analytics is in high demand, organizations are ready to pay high salaries to business analyst professionals as they contribute directly to their success. Furthermore, as you gain more experience in the field and develop a good track record of success for your organization, you open up more opportunities for yourself inside and outside the company. Needless to say, the growth comes with more perks and financial benefits.
Which Business Analytics Course to Choose? – Long-term Vs Short-term Business Analytics Courses
While on the one hand, the demand for this highly required skill of business analysis is rising, the number of institutes providing these courses in different formats is also on the rise. Many universities and institutes are providing long-term and short-term business analytics courses through online and offline platforms.
Even though it is favorable to have so many options, it also gets confusing at times to decide which one you should settle for. Hence, this article weighs long-term and short-term courses on various factors so that you can choose the best suited for your needs.
Goals and Objectives
The first and foremost point in selecting a course should be your objective to acquire the skill. If you want to learn business analytics to enhance your existing profile or qualify for a job, a short-term course might be the one for you.
However, if your goal is to understand the domain more deeply and want to be an expert in the field, a more structured learning offered by the long-term programs could be more suitable.
Among many courses available in the market, the duration can be a key basis to choose, depending on the availability of time in hand. Short-term business analytics courses can range from a week’s duration to several months, depending on the depth of the course content.
Some short-term programs are offered as workshops or boot camps and generally focus on a particular aspect of business analytics. In contrast, many institutes offer courses spanning several months in the form of a certificate or diploma covering a broader range of topics.
The duration of a long-term business analytics course can go up from 2 to 4 years. These courses are generally available in universities as undergraduate or post-graduate programs. So, you can choose a long-term or short-term course according to the time you want to commit to learning.
Depending on the stage of your career, the kind of credentials you need for the course might make a lot of difference. If you are a student who just graduated from school or an under-graduation program, you might want to go for higher education and earn a degree from a reputed university. That implies a long-term course could be suitable in such cases.
Sometimes, even students who want to go for a long-term course might also want to try short-term business analytics courses to get a taste of the course content and understand if the field is apt for them. A short-term program can give them a fair idea about the subject and help them decide better about taking the long-term course, which requires more time and cost commitment.
While for professionals, it could be more important to add another skill to their resume, or they might want career growth by showcasing better results to their organization. In such cases, a short-term certificate or a diploma course would also suffice, rather than getting a degree.
Another critical criterion could be the depth of the course content. Long-term programs cover a more comprehensive range of topics and go into a deeper understanding of the concepts and principles behind them. Such courses are generally more focused on theoretical knowledge than their real-time application.
So, candidates who want to study the subject in its breadth and depth should only go for the long-term courses. However, short-term business analytics courses are more focused on teaching concepts used in the industry and how to implement them in a practical scenario.
These courses might skip some concepts or their details, which are often not used in the industry. Hence, it is essential to research the course offerings to know which program best suits you and your goals.
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In this post-covid era, online learning has advanced a lot and offers almost the same learning outcome as the offline mode. Hence, many short-term courses have adopted this mode. Online mode eliminates the location barrier, and students can attend classes from anywhere in the world per their convenient schedule.
Another additional benefit online courses offer is saving time and the hassle that goes into commuting to an institute. The online mode gives you a great opportunity and brings education from the best institutes of the world to your doorstep.
Despite the flexibility offered by the short-term online courses, many people still like to learn in conventional offline mode as it has its advantages, such as group learning, networking, and personal touch, or it could be just a fun feel of the campus full of students engaged in several activities.
Some institutes also offer part-time courses for working professionals who want to attend classes offline without leaving their jobs. So, how you want to acquire the skill is another factor that can help you finalize the course.
With so much variation in duration, depth, and mode of courses, it is evident that the cost involved also gets impacted. And hence, without any doubt, short-term business analytics courses are more cost-effective than long-term courses.
On the contrary, long-term courses give you a structured learning experience and credentials for the cost they charge. That said, if you want to earn a new skill and budget is a concern for you, short-term business analytics courses are there to rescue you.
The kind of growth you seek in your career is another crucial aspect to consider while choosing between long-term and short-term business analytics courses. Short-term courses can add that quick skill to your profile in a short period if you are looking for a sharp jump in your career path.
But, if you are looking for a detailed course and want to get the domain expertise, the long-term business analytics course may be a better choice as it will open up more career opportunities once you finish the course.
Apart from the above pointers, a few more factors can help you choose the right course for you, such as:
- The course should provide a proper balance of theoretical and practical knowledge so that it helps you adapt to the industry’s needs sooner.
- The course should provide knowledge of all the essential tools and techniques required to become a good business analyst.
- The course should include generating effective reports for presenting solutions to business requirements.
As we get to the end of this article, the pros and cons of long-term and short-term business analytics courses are now evident. And this article will help you narrow down your search for good institutes offering business analytics courses, and you will be able to conclude what is the most suitable approach for you. You can choose a course based on your needs and circumstances, as long-term and short-term courses have their own benefits and offerings.
What are the career choices available after a business analytics course?
A business analytics course opens up a lot of opportunities for you. You can not only become a business analyst, but the study also opens your prospects to other roles such as project manager, product manager, data analyst, business intelligence analyst, systems analyst, and management consultant. While short-term courses quickly put you on the career growth path, long-term studies take some more time and gradually provide you with many more stable options in your career.
What is the salary of a business analyst?
The salary of a business analyst might vary depending on the location, industry, experience, and skill level. Let us consider a general trend in India. Entry-level business analysts in India fetch a salary package of Rs. 300,000 – Rs 600,000 annually. The scale keeps increasing with the experience and gets you more money as you grow. Moreover, business analysts having additional skills, such as data analytics or project management experience, may earn higher salaries.
How can aspiring entrepreneurs benefit from short-term business analytics courses?
A short-term course can give you a quick booster dose if you plan to establish a start-up. In a short span, you can learn much about market research, financial planning, data analytics, etc. Short-term courses can help you develop a strong foundation by helping you understand market trends, finances, and competition better. The course also enables you to make informed data-based decisions that can give a great kick-start to your successful entrepreneurial journey.
Do business analysts require programming skills?
A business analyst generally deals with data and many data-related tools and techniques, so one should be good with numbers and statistics. Programming is optional for business analysts. However, it could make a big difference if you have knowledge of basic programming. As a business analyst, you must operate vast amounts of data daily. And the best and most efficient way of handling significant volumes of data is coding. So, it is a good-to-have skill that will make your tasks easier as a business analyst, but it is not a requirement.