What is data analytics and why is it so important to business?

0
25
What is data analytics and why is it so important to business?

Data analytics brings together the fields of information technology, statistics, and business strategy, with the ultimate goal of making more informed business decisions.

The sector is experiencing rapid growth — the data analytics market as a whole is expected to be worth over $500billion by 2026. 

We’ve created a microcredential course to teach you how to become a data analyst. The course will provide you with data analytic and data modelling skills, along with the ability to communicate your insights through Tableau data visualisations.

What is data analytics? 

Leveraging and analysing data to find trends, solve problems, and reveal key metrics that might otherwise be lost, is a broad definition of data analytics. 

Data analysis techniques utilise machine learning and algorithms to break down big data into information that can be used in a variety of ways that bring strategic value. 

This ability to optimise efficiency from analysing data is valuable across many different industries.

In the financial sector, data analytics are used to decipher market trends, create credit scores and reduce risk for financial institutions. In healthcare, data analysis is in constant use to help predict patient outcomes, improve diagnostic methods, and aid new drug discoveries. 

The applications of data analytics are present in almost every industry and the opportunities to apply data analytics for business even further are growing year on year. As you would expect, those people who have the skills to deliver these data-driven insights are increasingly in high demand.

According to a recent survey from LinkedIn, analytical reasoning was the third most sought after hard skill in 2019. 

Data Analytics for Business with Tableau 

To give you a platform to take advantage of this booming industry, we’ve created a data analytics for business microcredential, accredited by Coventry University, that focuses on using Tableau, a market-leading data visualisation tool. 

The microcredential will teach you fundamental statistical techniques and how to use them to tackle business-specific problems. You’ll build core quantitative data analysis skills, study big data analytics, and learn how to analyse complex data sets in Excel and SQL.

You’ll also gain analytical modelling skills that will enable you to make business recommendations, whichever industry you’re in. 

In addition to developing your core modelling and analytical skill sets, you’ll also learn how to use Tableau to visualise your findings. Over the last five years, job postings requesting data visualisation skills have grown by 540%, so being equipped to use software like Tableau will give you an advantage. 

What is Tableau and why do you need it?

Tableau specialises in analysing and translating huge volumes of data into business-focused, easily understandable and actionable information. 

Forbes has listed Tableau as one the best data analytics tools available on the market, and demand for Tableau skills in the workplace is growing rapidly, with a 1,165% increase in job postings requesting experience in the software. 

For data analysts or business analysts, Tableau is an incredibly effective tool because it streamlines the process of presenting complex data in an engaging way. 

By learning how to use Tableau, you’ll build your confidence in data visualisation techniques, which will enable you to bring more strategic value to your organisation. 

What data analysis skills will you learn? 

The microcredential will help you develop the analytical, modelling, and visualisation skills needed to thrive in the world of data analytics. 

You’ll learn how to use Excel and SQL, gain a better understanding of forecasting and models and explore dashboard design and descriptive statistics. You’ll also receive a grounding in issues like data ethics and data wrangling.

You’ll explore the latest data visualisation tools on Tableau and how to communicate your findings to colleagues in a way that leads to strategic action. 

This course has been created in collaboration with Tableau and is facilitated by expert practitioners in their fields.

What qualifications will you receive? 

You’ll earn 15 UK academic credits at Postgraduate level from Coventry University, along with an official certification of completion from FutureLearn. You can learn more about how credits work in our FAQs. You’ll also receive an electronic transcript from Coventry University.

Our microcredentials are designed to provide you with the skills to advance in rapidly growing industries, and can be used as a stand-alone credential or you can use the academic credit earned to put towards further education.

What jobs and industries is this course useful for?

The skills you’ll learn on this course will be useful in almost any sector and to any organisation looking to make better data-driven decisions, such as business analysts, product managers, or HR managers. 

Whether you’re an early-stage data professional or an experienced analyst looking to transition into a Tableau focused role, you’ll find this course useful. This course has also been designed to benefit graduates looking to develop skills like data analysis for their first professional role. 

We’ve put together a selection of some of the roles that would benefit from this course below. 

Business Analyst 

What is a business analyst? 

Business analysts use data to help companies make better decisions. Through their in-depth understanding of data analytics, and an ability to communicate clearly, they help bridge the gap between information technology and strategic decisions.

Data visualisation tools like Tableau are a crucial part of business analytics because they allow analysts to present data in diverse and accessible ways. 

How much does a business analyst earn?

£42,000 / $53,000 / AUD 77,000

 

Data Analyst

What is a data analyst? 

In smaller organisations, the role of data and business analysts are often interchangeable due to their similar nature. Larger organisations, however, will usually employ people for each role, as they can perform unique functions. 

Although both roles work with large data sets, a data analyst is primarily focused on capturing and analysing the data, whereas a business analyst is solely interested in how to use the data to make decisions. 

How much does a data analyst earn?

£40,000 / $50,000 / AUD 72,000

Marketing Manager

What is a marketing manager? 

A marketing manager is responsible for the way a brand is presented to the world. This can range from brand identity, to sales strategies and how an organisation communicates with its customers. 

Marketing managers rely on data analytics to help them better understand their customer base, which in turn allows them to create marketing strategies that they know will be effective. 

How much does a marketing manager earn?

£45,000 / $57,000 / AUD 82,000 

Product Manager

What is a product manager? 

A product manager’s primary responsibility is making sure their product works as effectively as possible. This could relate to technical products, like apps or software, or financial products like mortgages and insurance. 

A product manager might be required to conduct substantial research around the requirements for their product, and an understanding of data analytics is vital in order to do that. 

How much does a product manager earn?

£53,000 / $66,000 / AUD 96,000

Find out more about this microcredential