Masters In Business Intelligence – You’re probably well aware that every use of a mobile app, purchase of a debit card, and visit to a website generates data. Worldwide, we generate a staggering amount every day: a cool 2.5 quintillion bytes. All of this data is a potential gold mine for companies. Companies have always sought to understand who uses their services, how they make purchasing decisions, and how companies can better understand their business through new products and strategies.
This used to mean studying the company’s ledger and forecasting the next quarter’s results. Companies today have vast amounts of data to work with, and today’s digital purchases are tracked down to the penny. The data (both structured and unstructured) that companies collect every day is called big data, and it is as corporate as a company’s equipment or securities. But it’s one thing to collect raw data, and another to analyze it for useful information. This is where business analytics comes to the rescue.
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Using business intelligence, companies can discover trends and patterns underlying their data. For example, by sorting customers by age, location, and purchase history, companies can pinpoint which products or benefits to offer to increase sales, or which ads to run to increase brand loyalty. Business intelligence requires technical skills, strategic thinking and business acumen to turn data into insights and insights into business decisions. For those with this special combination of abilities, a master’s degree in business intelligence can provide the training you need to succeed in this fast-growing field.
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Business analytics (BA) is defined as an iterative process of methodical data verification of a company or other organization. This practice relies heavily on statistical analysis and is used by organizations to facilitate informed decision making. Business intelligence helps companies gain insight into their operations, which is a corporate asset, giving them a competitive advantage. Business analytics also allows companies to optimize and even automate business processes.
Business analytics used to be done after the fact. Companies estimate their sales over a period of time and use this information to forecast sales for the same period in the future. But today, business intelligence can be used to influence consumer actions in real time. For example, a company can use business intelligence to change the product selection offered to a consumer based on browsing patterns while shopping. This level of personalization requires a high level of specific information and a flexible way of using it.
All companies want to measure their performance and make informed decisions. But large corporations that sell to consumers especially value their big data. Their business decisions can involve huge sums of money, little margin of error, fierce competition, and fast turnover. Companies in this role identify themselves as “data-driven” and place a strong emphasis on making decisions based on reliable information. Data-driven companies strive to collect not only large volumes of data, but also high-quality data, and rely on professionals with business intelligence degrees to help them make sense of it.
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Business intelligence is really an umbrella term that encompasses two distinct areas of practice: business intelligence and advanced analytics. Both are valuable ways of predicting future outcomes and making decisions.
Business intelligence is the process of looking at historical data to understand how a company’s division or product line performed over a period of time. Business Intelligence has been around for some time and is an established practice. In fact, when Henry Ford revolutionized manufacturing by introducing the assembly line, he tried to measure the time his workers spent at each stage of the car’s construction and adjusted his processes accordingly.
Advanced Analytics is a new development and a more specialized practice. This includes in-depth statistical analysis, such as performing predictive analysis using statistical algorithms on historical data to predict how a new service or website design will affect sales. Because advanced analytics is a specialized field that has recently begun to transform business intelligence, companies are particularly dependent on skilled professionals with business intelligence degrees to perform these tasks.
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Business analysis can also be divided into several types of processes by purpose. Although these areas vary, most professionals agree on the following categories:
Both data science and business intelligence involve sorting through big data to find insights and make informed predictions. Both are hot fields, with high job demand and career growth, and both have high salaries. Both data scientists and business intelligence professionals must possess strong statistical and computing skills, mathematical and statistical abilities, and analytical thinking. There is a lot of overlap between the fields of business intelligence and data science, and in fact job titles can include both, such as “data scientist with a specialization in analytics.”
However, there are some important differences between the two fields, and the two terms should never be used interchangeably. The main difference is that data science, as the name suggests, is a broader academic field that includes not only the collection and analysis of data for organizations, but also scientific research in topics such as algorithm development. In this field, scientists typically work at the beginning of the data mining process, creating customized algorithms that will collect, analyze, and deploy data. Data scientists are deeply involved in math and coding and must have a thorough understanding of many programming languages and machine learning.
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On the other hand, business analytics is a more applied field that is related to solving specific problems and making decisions in an organization. A data scientist typically sorts through a corporation’s raw data, looks for patterns, and determines what is driving those trends. A business analyst is also responsible for analyzing trends, but focuses more on using this information to improve the company’s competitiveness and optimize its operations. While data scientists work with large amounts of unstructured data and work on writing algorithms, business analysts tend to work with more structured data and work more with business intelligence software.
If you have an analytical mind, statistical acumen and business acumen, you may be interested in this challenging and demanding field. An MBA in Business Intelligence is an ideal way to start your career as a business analyst, especially if you are interested in the practical aspects of the field, namely managing business practices through data-driven decision-making.
Simply put, an MBA is a traditional Master of Business Administration (MBA) degree that specializes (mostly) in business analytics. This means that upon graduation you will be primarily a business administration professional, but with a better understanding of data analysis tools and how to use data analysis to make business decisions. According to US News and World Report, the MBA concentration gives graduates a competitive advantage over their peers, and data and technology fields are among the hottest new majors. The MSc in Business Intelligence is an interdisciplinary degree that includes training in both technical skills and business fundamentals, management techniques, leadership and communication, as well as skills specific to business intelligence.
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The MBA degree is designed to train business leaders, including executives, and your main area of study will be business and management. Your MBA program will give you a solid understanding of business fundamentals, including hard and soft business skills. They are taught through a certain sequence of required courses or “core classes”.
The business intelligence concentration will allow you to learn specific business analysis and data skills and will teach you to look at business problems through a data-driven lens. You’ll get hands-on practice using the latest business analysis tools, comprehensive examples and complete projects, some of which may include real-world data. Your business intelligence classes will likely be taught by professors with hands-on experience who can provide real-world insight and advice.
In addition to your MBA core classes and business intelligence concentration, you will complete an internship, practicum, or other experiential learning component. This will give you real-world experience and show employers that you know how to apply what you’ve learned in the classroom to the field.
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A full-time MBA in Business Analytics typically takes 2 years. Those looking to start a new career or change careers are good candidates for full-time study. Mid-career professionals looking to advance their careers may want to study part-time, which can last up to 3 years or more. Accelerated programs are also available, combining the same curriculum into a rigorous program lasting only 18 months.
Do a quick search for business intelligence-related education or work, and you’ll likely see two degrees: an MBA in Business Intelligence and an MS in Business Intelligence. Both degrees include training in data collection and analysis and their application in a business environment. Both are two-year degrees with the same study and entry requirements. And both include courses
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