Analytics is one topic which I am very interested in. I recently graduated with a bachelor’s degree in Business Analytics from Nanyang Business School, Nanyang Technological University.
What is Analytics?
While I graduated in business analytics, I am certainly not the strongest authority in this field. Instead, let me quote some definitions:
English Dictionary Definition
The systematic computational analysis of data or statistics.
Lexico, Powered by Oxford
Definition from an Information Systems Provider
Business analytics is the process of discovering, interpreting, and communicating significant patterns in data and using tools to empower your entire organization to ask any question of any data in any environment on any device.
Oracle
Definition from a Statistical Analysis Software Provider
Analytics uses data and math to answer business questions, discover relationships, predict unknown outcomes and automate decisions. This diverse field of computer science is used to find meaningful patterns in data and uncover new knowledge based on applied mathematics, statistics, predictive modelling and machine learning techniques.
SAS
As we can see, analytics is a computational method of using data to answer business questions and more.
Why Analytics?
In my post of 3 Reasons to pick Business Analytics at Nanyang Business School, I shared my top 3 reasons to pick up analytics:
- Management Science and Problem Solving Skills
- Classroom Diversity and Versatility
- Relevance of Business Analytics in Industry 4.0
Initially, I was choosing between two majors, Business Analytics vs Marketing. Do read more to understand the career prospects, content, classmates, and teaching pedagogy!
What Can Analytics Do?
Unsurprisingly, Analytics can be applied in a variety of contexts.
For instance, Google Analytics can be used to analyse user behaviour, and also to analyse our best performing posts.
Next, Pricing Analytics can Maximise the Value of Your Ramen Order.
Thirdly, Descriptive Analytics can be done through Pivot Tables and Visualisations on your choice of university in Singapore!
Fourthly, Tableau provides a quick and easy drag and drop to analyse Fortune Global 500 Companies.
Lastly, Text Mining on R can create spam comment insights, or even break down why your favourite Christmas Songs are so catchy!
The list is non-exhaustive and stay tuned for more!
How to Learn Analytics?
There are many places to learn Analytics.
University Students
For Students, the best way to learn analytics is in university. I have put together a module selection guide for Business Analytics Students from Nanyang Technological University.
In addition, here are some of the electives from school which I feel is beneficial for Business Analytics Students.
I also did a light-hearted video to determine the Tiers of Business Analytics and Entrepreneurship Courses at NBS and NTU on Youtube so do take a look here
Working Professionals
As a fresh or seasoned management professional, the best way to learn analytics is to integrate analytics into your management style:
- Establishing Project Goals
- Determining the Project Nature
- Visualising and Modelling
- Preparing Insights and Recommendations
On top of that, I have also prepared a full post on building skills for the digitally transformed economy, which includes analytics & computing, innovation and social media marketing.
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Image credits: Photo by Luke Chesser on Unsplash