Business analytics at Unirazak
ARE Data Analytics and Data Science the same? Why is business analytics in trend now? Universiti Tun Abdul Razak (UniRazak) Graduate School of Business dean Assistant Professor Dr Johari Mat said these questions always complicate government agencies, policy makers and educators in understanding how business analytics drives digital data policy and designing educational programmes to meet the current market demand for business analytics talents.
He said the assumption of data analytics and data science being the same is arbitrary. Data analytics involves business process analysis and Data Design, Business Intelligence and Data Warehousing; as well as Managerial Decision Modelling as it is skewed to business “language”.
“Whereas, data science focuses on Data Mining and Machine Learning, Programming for analytics and Statistical programming; and it is skewed to computer ‘language’,” he said.
Although both areas involve data “business”, the functionality is totally different.
However, both are equally important in planning, developing and strengthening the business analytics field in Malaysia. These areas complement each other.
Johari said business analytics consists of four major areas, which are Marketing Analytics (MA), People Analytics (PA), Financial and Accounting Analytics (FAA); and Operations Analytics (OA).
“A business analyst uses data analytics for business or commercial decisions and data science for framework, data mining, programming and statistical programming,” he said.
Johari said business analytics is a methodology or tool to make a sound commercial decision. Hence it impacts the functioning of the whole organisation.
According to the 2016 Global Talent Competitiveness Index, business service is predicted to contribute to 30 per cent of job demands in the United Kingdom by 2025. A similar pattern is forecasted in Malaysia, too. It shows the global talent landscape is pillared by business and customer awareness, problem solving, application of numeracy, application of information technology, entrepreneurship skills as well as communication and literacy.
“In this landscape, graduates must possess desired skill sets to make them more marketable.”
All business graduates are expected to have business analytics skills and knowledge for them to be able to assume critical position in the organisation.
In realising the significance of business analytics towards nationbuilding, GSB in UniRazak is designing comprehensive syllabus for business analytics and Financial Technology (FinTech) to be added as programme majors in its current Master of Business Administration (MBA) programme. Business analytics consists of four major areas, which are Marketing Analytics (MA), People Analytics (PA), Financial and Accounting Analytics (FAA); and Operations Analytics (OA).
The business analytics and FinTech enriched MBA programme is expected to be launched by October this year for the January 2018 intake.
Assistant Professor Dr Johari Mat