There is unprecedented hype around how data is the new 0il of the current century. The way in which oil-rich nations found themselves in a commanding position in the 18th century, similarly in today’s era of digital economies, data is the new valuable commodity. Simply put, data analytics means acquiring and analyzing data thus enabling better decision-making. In this article we shall delve deeper to understand this field, the kind of work opportunities that exist in this arena, and the best courses to undergo in Wales to be job ready.
The analysis helps in identifying any patterns, relationships, trends, etc. which facilitates better decisions. However, Business Analytics, used interchangeably with Data Analytics, has a more precise application in the field of business. Wales, a country in Great Britain is a hotspot for job opportunities in this field of Business Analytics.
Understanding Business Analytics:
Have you ever noticed how Amazon throws up options for buying certain products basis your past purchases? Or after searching for a particular product you keep seeing their ads on various other portals, or even how Facebook or Instagram suggest pages or groups basis your search and like history. All this is done after recording and analyzing the consumers’ behaviors.
Every business requires constant decision-making. The quality of decisions taken decides the profitability and future growth of the business. Hence every business looks at investing in technologies that make this decision-making process more precise and relevant.
Business Analytics (BA) Includes:
- Gathering and analyzing historical data from various sources.
- Attempt to identify the trends, patterns, and relationships.
- Taking informed and well-researched decisions.
Business Analytics is all about converting raw data into sensible patterns which can be used to predict the results of various actions. Deciding upon a new product line, productivity from each department, predicting hiring needs, and projecting customer behavior are some situations where insights from the data analysis are used.
Different Types of Business Analytics:
There are four kinds of methods employed for Business Analytics, Descriptive, Diagnostic, Predictive, and Prescriptive.
1. Descriptive Analysis –
This method utilizes historical data to understand past trends. It is used for representing what has already transpired in the past. It does not predict future outcomes. Bars, Lines, and Pie charts are used to showcase past information. This acts as a premise to build for further analysis for future predictions. A company’s annual report is a good example of Descriptive Analysis.
2. Diagnostic Analysis: This is utilized for finding the root cause of a problem.
3. Predictive Analysis: This form of analysis uses machine learning, data mining, and statistical modeling to predict outcomes basis past data. Based on previous data it tries to make calculated guesses. For instance, it is used to predict customers who are more likely to default or to study and foretell cross-sell opportunities to existing customers.
4. Prescriptive Method: This particular analysis, is dependent on statistical models which rely heavily on Mathematics and computer science. Predictive Analysis throws up the expected results of proposed actions, Prescriptive analysis tells the best option available.
After taking into account the results from various action plans possible, it predicts the one which delivers the best results. This sort of analysis helps companies to take the best decisions with available resources.
Benefits of Business Analytics:
As per a report published by McKinsey, a company using data is 23 times more likely to garner new clients versus ones that don’t utilize data. Also, this data also helps companies with customer retention as well. The possibility of client retention is six times higher for these companies.
Those who mine data are nineteen times more likely to be profitable than their peers who don’t. Correct analysis and usage of data give these corporations an edge over their competitors.
Business Analyst Job Role
A Business analyst’s role requires a thorough understanding of the business, identifying gaps, and suggesting ways to improve current processes or introduce new ones. They are entrusted with the job of improving the efficacy of business processes. A business analyst needs a mix of technical and non-technical skill sets. Their role is to derive meaning from the data available and optimize it to find the best solutions.
Essential Skills Required for Data Analysts:
- Understanding of the business: A BA must have a thorough knowledge of the business they are associated with. This will help them to understand their challenges and anticipated solutions in the best manner possible.
- Critical Thinking: It is essential for an Analyst to critically analyze their options and narrow on the best solution possible. This helps them to anticipate the consequences of the alternatives being considered.
- Interpersonal skills: Good interpersonal skills can help a BA to present their findings and solutions in the most understandable format.
- Programming Languages: It is imperative for Analysts to possess domain knowledge. They are expected to be well versed in R and Python, and statistical software like SAS and SPSS.
- Mathematical Abilities: A good understanding of statistics is a much-required skill for a BA.
- MS Excel: The most basic and essential tool required for any data processing.
- Database and SQL: Since massive amounts of data are used, it is important to know about these.
Top Business Analytics Courses in Wales
Wales, a country in the United Kingdom is well known for its higher education. It’s a hub for world-class and internationally acclaimed universities. Wales has some of the top universities in the world, with four of their eight featuring in the top 1000 QS and Times Higher Education World University Rankings 2022. A lot of students opt for Business Analytics courses in Wales. Let’s explore the various options to study Business Analytics in Wales:
Rank #1. Business Analytics Courses in Wales
1. Cardiff Metropolitan University:
Known for its strong research and innovation, Cardiff Metropolitan University offers various courses in Business, Technologies, Engineering, Arts, etc. Students looking at studying Business Analytics Courses in Wales can undergo MBA in Business Analytics at the Llandaff Campus of Cardiff School of Management.
About: Cardiff Metropolitan University, formerly known as the University of Wales Institute, Cardiff (UWIC) or commonly known as Cardiff Met was established in the year 1865. Times Higher Education has bestowed on it the title of UK and Ireland University of the Year 2021.
Course Duration: The course duration is between 12 – 16 months depending upon the start date. Sessions usually start in September and January.
Content Delivery: The course is taught through lectures and seminars. Students are allocated a supervisor to guide them through their learning.
Eligibility: The International Aspirants should meet one of the following criteria-
Students whose first language is not English need an IELTS 6.5 standard or equivalent. International applicants can apply directly to the university using their International Student Application Form. This form needs to be accompanied by various documents like copies of certificates and transcripts, Statements of Purpose, etc.
Indian Students are to have a bachelor’s degree from any recognized institution and an IELTS score of 6.5 and above. The selection process is the basis of the application form and, in some cases, interviews. Upon successful completion of the course, the students are awarded the degree of MBA – Business Analytics.
Fee Structure: Full-Time Post Graduate courses cost around £ 12,500 and Part-time courses are usually about £ 1370.
Employability: The Alumni team along with the MBA team have strong networks which help them to place their students with various organizations.
Rank #2. Business Analytics Courses in Wales
2. Swansea University –
Swansea University was established in 1920 and is a research-led university that promotes exploration and research. It offers MSc Management (Business Analytics) for applicants who aspire to make a career in data analytics. Such professionals are in great demand across all sectors like Finance, Pharma, Marketing, Education, etc.
About the course: Aspirants eager to pursue Business Analytics Courses in Wales should certainly consider Swansea’s MSc Management) Business Analytics). This course imparts an understanding of how “Big Data “works and how can it be efficiently utilized in the corporate world.
The course entails modules on Operations Management, Financial Resources Management, Human Resource Management, Marketing Management, and International businesses. This prepares a solid ground for the candidates to understand the working of the corporates and identify opportunities in how data analytics can add value in each segment of the business.
Why Swansea University? -It is a great choice for candidates who have no prior exposure to business or management-related subjects. The course is taught by experts who have relevant industrial and academic experience. The Business and Management studies have been ranked in the Top 150 in the QS World University Rankings Subject, 2023.
Eligibility: Students from India must possess a Bachelor’s Degree with at least 55% or CGPA of 6.1 out of 10 or 4.5 out of 7, 2.0 out of 4.0, 2.4 out of 5.0, or 3.0 out of 7.0. Along with this an IELTS score of 6.0 overall with no component less than 5.5. Aspiring students can apply through the University’s central application system.
Fee: One Year of Full-Time MSc Management costs around £ 20,600- and Two-Year Part Time MSc Management costs about £ 10,300.
Employment Opportunities: The University boasts of excellent track record of placement at various Multinational companies. After the completion of the course, one can opt for any of mentioned roles:
- Business Intelligence Analyst
- HR Business Partner
- Management Consultant
- Researcher
- Data Scientist.
Rank #3. Business Analytics Courses in Wales
3. Cardiff University:
Founded in the year 1883 as the University College of South Wales and Monmouth Shire, it has been one of the three founding colleges that constituted the University of Wales. It adopted its current name Cardiff University in the year 1999. In the year 2005, it became independent of the University of Wales. The university boasts of high-profile alumni including Nobel Laureates, members of the Royal Society, etc.
About the course: Cardiff University’s Data Science and Analytics (MSc) is a great choice for candidates willing to pursue Business Analytics Courses in Wales. This program equips the students with knowledge about data extraction and implementation.
Why Cardiff University: The faculty includes experts from interdisciplinary fields like Statistics, Computer Science, and Operational Research. The courses not only offer theoretical knowledge but also helps in providing a hands-on learning experience to the candidates, they gain valuable experience by working on projects with leading data science experts in the UK and abroad.
The case studies and projects involve real-life datasets and issues faced. The course also entitles the students to get a laptop that remains with them throughout the course.
Eligibility: A candidate should have either of the following:
A 2:2 Honours degree (Lower Second-Class Honours,50-60%) in relevant subjects like mathematics, science, engineering, or an equivalent international degree. OR
A university-recognized equivalent academic qualification.
Along with the above, an IELTS score of 6.5 with 6.0 in all subskills or equivalent is required. The selection process is based on the application and if the candidate meets all eligibility criteria.
Course Duration: The course is offered as Full Time and Part-time. In the Full-Time option, it is taught over one year, whereas in the Part-Time option, its taught over three years. It is taught in two stages over this span, including the summer project.
Fees: The fee for overseas students who wish to pursue it full-time is £ 28,000 and for those who wish to opt for part-time the fee is £ 14,000 per year with an initial deposit of £ 2000 (one time).
Employment Opportunities: Upon successful completion of the course the students get placed in various companies and Government organizations like the Office for National Statistics, Lloyd Banking Group, Nationwide, British Airways, Network Rail, The Financial Times, UK Government, Welsh Water, Admiral Insurance, Virgin Media etc.
Must Check:
Rank #4. Business Analytics Courses in Wales
4. University of South Wales:
With three campuses in Cardiff, Newport, and Pontypridd, the University of South Wales (USW) is one of the leading universities in Britain. Post the merger of the University of Glamorgan and the University of Wales, Newport, USW came into existence in April 2013. It is the second biggest university in Wales in terms of the number of students and the number of undergrad and postgrad courses offered.
About the course: USW offers MSc Data Science. The course prepares the candidate for job roles like Data Scientist, Data Analyst, and programmer which are in great demand in today’s digital world. The students learn to apply expert-level analytical skills to solve a range of problems that the organizations of today face.
Why University of South Wales:
The university offers joint certification with SAS as SAS Joint Certificate in Applied Statistics and Data Mining. The university works on building the skills that the employers of the future will need. This certification validates the candidate’s ability to work on SAS software’s, thus providing an edge to them.
Irrespective of the course, the students get access to state-of-art facilities packed with software and equipment. A range of societies and clubs where one gets to interact with like-minded people. There are a host of seminars, events, and masterclasses led by industry veterans which help students gain an insight into the working of the corporate world.
Eligibility: A suitable candidate is a graduate with a minimum of 2:2 Honours degree or equivalent in any quant-heavy subject. Appropriate work experience is also considered. For international applicants an IELTS score of 6.0 with at least a minimum of 5.5 in each component is essential.
Course Duration: Candidates can pursue this course Full time or Part-time. The duration of a Full-Time course is one year and the duration of a Part-Time course is two years. Each year the course starts in September.
Fees: Once enrolled the fee remains the same throughout the length of the course. Full-time fees are per year, whereas a part-time fee is per 20 credits.
-
- August 2023 – July 2024 Fees:
International students (Full Time): £ 15100
Part-Time UK: £ 1055 per 20 credits.
Employment Opportunities: Successful candidates can find work opportunities as Data Scientists, Statistics Officers, Predictive Modelers, and Business Analysts.
Rank #5. Business Analytics Courses in Wales
5. Bangor University:
Established in 1884 Bangor University is a public university in Bangor, Wales. Earlier known as the University College of North Wales, in 2007 it was re-christened as Bangor University. Bangor University is 135 years old institution dedicated to academic excellence. It is one of the oldest and most prestigious institutions in the UK.
About the Course: Bangor’s Business School’s MSc Business Data Analytics is an excellent choice for candidates looking for Business analytics courses in Wales. Bangor University’s established strength in areas like Finance, Banking, Investment, and marketing is well integrated with this program.
Moreover, this degree course provides candidates with an opportunity to pursue CFA (Chartered Financial Analyst). This program equips them with the skills required to complete CFA Level 1 examinations.
Eligibility: Prospective candidates must have a good first Honours degree of 2 (ii) or higher or an equivalent degree from an approved university. Alternatively, if a candidate possesses an approved qualification with relevant work experience can also be considered.
Prospects who do not have formal degrees or professional qualifications, but possess 3 years of management experience can also apply. An IELTS score of 6.0 and above, with no component less than 5.5, or equivalent is essential.
Course Duration: For this course, the intakes happen in January and September. The full-time course takes about 12 months with the part-time option lasting for 24 months.
Fees: The fee for a full-time MSc in Business Data Analytics at Bangor University is £ 18,300.
Employment Opportunities: Upon successful completion of the course the candidates can opt for roles like Data Analyst, Data Scientist, Business System Analyst, Financial Analyst, Political Data Analyst, Marketing Analyst, etc.
Average Salary After Completion of Business Analytics Courses in Wales:
With the level of competition inching up in the business world, there is an increasing dependency of companies on data analysis, and the demand for business analysts is growing by the day. There are several job options available for candidates after pursuing Business Analytics courses in Wales. After completion of the Business Analytics course the average salary, a candidate can expect in Wales is £ 34,882 per year.
Frequently Asked Questions:
Q1. Is Business Analytics and Data Analytics the same?
Ans: Though used interchangeably at times, Business Analytics refers to the application of Data Analytics in the business domain. It is used to solve various issues faced by businesses and helps in increasing the efficiency of each segment of the business.
Q2. Is Business Analytics a good choice career?
Ans: The field of business analytics is growing by the day and there is a plethora of opportunities available in this field. With data becoming increasingly crucial and the future of organizations and Governments depending on the quality of data analysis, one can be completely assured of the opportunities and rewards available to professionals in this field.
Q3. What is the average salary one can earn after completion of a Business Analytics course?
Ans: One of the most sought-after professionals, a business analyst can easily make anything around £ 34,882 per year or so. A lot depends on the location of the job, the skill set of the candidates, and the work experience he has.
Q4. What is the eligibility for business analytics courses?
Ans: Any graduate with Science, Commerce, or Mathematics background can apply for Business Analytics courses in Wales. Along with this an IELTS score of 6.0 and above is also a requirement. It is suggested to visit the websites of particular universities to understand the eligibility requirements for these.
Q5. What skills are required for Business Analyst?
Ans: Some of the key skills that a Business Analyst must possess are:
- Analytical & Critical Thinking
- Industry Knowledge
- Knowledge about businesses in general
- Problem-solving ability
- Good Communication skills
Conclusion
Business Analytics is a new-age career choice that offers great learning as well as excellent earning opportunities to the candidates. I hope this article on Business Analytics Courses in Wales can help you get some clarity on the options available.