Graduate Studies Blog

MSC BUSINESS ANALYTICS

What is the difference between data analytics and business analytics?

Tremendous changes to the world of work have prompted managers and employers to rethink what they are looking for in the ideal candidate. In a “state of skills” report released Dec. 1 by Wiley, cloud computing, artificial intelligence and machine learning, social media, and product management were named as top skills on employer and manager “wish lists”. Elsewhere, skills such as blockchain, scientific computing, and business analysis have topped lists (like those released by LinkedIn) for years.

Though there is debate about which skills are most sought-out, most agree: in the future, top employees are those that know how to interact with data in meaningful ways to solve real-life problems.

Individuals looking to re-skill, up-skill, or simply update their knowledge are well-served by the variety of programmes available today. Many educational institutions offer short courses and micro-certifications to prepare individuals for fresh new challenges in their chosen industries. One choice that has emerged as a top selection among students in Singapore is the Master of Science in Business Analytics at Nanyang Technological University.

The first cohort of the programme saw 97% of participants employed full-time within 3 months of graduation. Dr Teoh Teik Toe, Senior Lecturer & Academic Director, Nanyang Business School, shares his insights about the future of work, the explosion of data, and how the Masters programme helps to prepare future employees.

Three much-needed skills taught at the MSc

As an experienced researcher with nearly twenty years of experience in big data, AI, machine learning, and quantitative analysis, Dr. Teoh has witnessed how the world has been changed by technology. “The world has always been full of problems that need to be solved,” he says. “The only difference is that in our modern era, technology has made it easier to solve problems quickly, accurately, and efficiently.”

Commenting on the difference between data analytics and business analytics, the professor mentions that the latter tends to be broader, involving numerous types of information — not necessarily just data.

Additionally, business analysts are always in service of a primary goal: making better business decisions. In comparison, data analytics is focused on the more specific analysis of datasets to uncover patterns, trends, and insights.

Because of the complex nature of the field, students pursuing the MSc of Business Analytics will be taught much more than data visualisation or process modelling. At Nanyang Technological University, they’ll be equipped with three much-needed soft skills that will help them succeed no matter which industry they choose to enter.

Three much-needed skills at the MSc Business Analytics

Domain knowledge of the problem being solved
Dr. Teoh mentions that, even upon intake, many of his students in the programme are already strong coders, programmers, and mathematicians.

However, technical prowess alone does not make a business analyst. “It’s not about solving problems the fastest or having the most elegant code, though that’s certainly important to a degree,” he says. His challenge to students, says Dr. Teoh, is whether they can ensure that they’re operating with the correct context when applying statistical analysis to their datasets.

Before increasing their budget for a certain ad campaign, for example, a marketer must know whether the leads they’ll collect are actually useful for the sales department. A programmer at a research facility or hospital may create a powerful illness diagnostic tool, but if the healthcare data is inherently flawed or biased, then the tool will not work correctly.

Ability to prioritise problems

Business analysts must be able to identify strategic opportunities from the patterns in data. On many days, they will serve as the “interpreter”, identifying problems that their business or organisation must solve which the data has revealed.

Cost-benefit analysis is a much-needed skill among analysts, says Dr. Teoh. “Students are sometimes surprised when I say that solving a problem isn’t always good news”. But if a business analyst spends one million dollars on a problem that only costs the business half a million over its lifetime, then they’ve wasted valuable time and money.

Strong decision-making prowess
It is important to refrain from treating analytics as the be-all-end-all solution, says Dr. Teoh. The analyst needs to remember that analytics are tools. Tools can break or work inefficiently. Sometimes, they need to be replaced.

No matter how much new technology is released into the world, humanity is not yet at a point where analytics can replace humans. At best, they can only supplement human decision-making.

Without domain knowledge, good prioritisation skills, and strategic decision-making abilities to inform their problem-solving, business analysts may inadvertently contribute to the creation of new problems.

Who is the MSc Business Analytics for?

NTU’s Master of Science in Business Analytics is intended to be a primer for fledgling business analysts — anyone who seeks a solid foundation to be able to solve many kinds of problems.

Over the course of the programme, students will learn about analytics tools, statistics, AI and automation and combine what they learn to solve many of hundreds of use cases and challenges. In one recent project, students provided assistance to an MNC to facilitate the exchange of paperless documents from Rotterdam to Singapore on a private blockchain network.

Language recognition and live translation is another area that students can explore. Data analytics can be used to bring lost languages back to life, improve the fluidity of smart chatbots, or help people communicate in foreign countries — even if they’re speaking slang.

Contrary to popular belief, data analytics can also be used in the arts and humanities. Incremental improvements in data storage and image analysis have expanded open-source libraries from several hundred-thousand to millions across thousands of categories. In the fields of AI photography and art, creators are now leveraging AI to create brand-new imagery. Image analysis is also behind smart digital assistants, AI photo generators, and even product recognition on online shopping platforms.

The field of business analytics is massive and highly impactful. Organisations of all sizes are moving critical functions and information to the cloud, which means that software and applications are highly-prone to attack. Security is one aspect of business analytics that many analysts ignore until an actual attack happens. Aside from the three skills already mentioned by Dr. Teoh, NTU faculty also take care to instill an appreciation for cybersecurity in their students.

Future of the industry
Machines can see faster than humans, detect patterns faster than humans, and “think” faster than humans. Though some pundits interpret this as a sign of humanity’s impending obsolescence, Dr. Teoh prefers to believe that this is a chance for humanity to showcase creativity and other uniquely human traits.