Business Analytics: An overview
The business sector is booming in the era that’s driven by technology. The rise of the start-up culture coupled with advanced technological interventions has led to endless opportunities in this area. And Business Analytics is an integral part of this growth. It’s the future of the business world leading many business ventures on the path to success. But what exactly is Business Analytics? And why do businesses need it in recent times? Let’s find out in this blog!
We all are well aware of the fact that a huge amount of data is generated each day via every mobile app, internet banking transactions, online purchases, website visits and browsing. Each day 2.5 quintillion bytes of data is generated globally! But have you ever wondered what exactly is this data used for? And why corporate giants and big businesses are spending millions of rupees to procure this data? This data helps companies increase their profits exponentially. Businesses are often found procuring this data as it indicates factors like the popularity of their product, customers who are using it, their behavior and buying patterns, and much more. This helps them decide how to enhance their products and services through planned strategies and marketing. Companies also use data to study the market before launching any new products or services. Not just that. Business analytics also helps companies track their progress and determine their sales and profits for the future. This is done by tracking the digital purchases.
What is Business Analytics?
Business Analytics can be simple defined as the businesses that use data for their growth. Business analytics collects, sorts, organizes, and analyzes the relevant data with the help of technology, and uses it for the growth of businesses. It provides accurate business insights and many existing and new-age businesses are incorporating it into their daily functioning.
The massive amount of data that’s collected by companies each day is called Big Data. It can be structured or unstructured and is an extremely important asset of the company. Analyzing this data and generating actionable information is where business analytics comes into the picture. Consider this example, a particular company selling clothing for all ages and both for men and women, decides to make use of business analytics. It can sort its customers on the basis of age, gender, location, purchase history, buying pattern, etc. and determine what products and services work the best. It can also boost sales of products that are most popular through offers and planned strategies. Business analytics also helps in the marketing aspect. By determining the consumer behavior, brands can decide what kind of advertisements or brand communication can draw in more customers and build brand loyalty. Let’s look at some more aspects of this field!
Why companies need Business Analytics?
There’s a growing awareness in the business world about the importance of business analytics. It has already become an integral part of the business world. Business analytics gives companies an edge over their competition through many advantages like:
- Accurate and quick answers to all the business-related queries
- Thorough research to back these answers
- Analyze past mistakes and make amendments
- Planning strategies for growth
- Analyzing the current market trends and scope in the future
- Insights into the buying patterns and customer behavior
- Exploring opportunities for business growth and development
- Making accurate business decisions
- Reports on business performance and profits
MBA Business Analytics
Business and technology are booming beyond imagination in recent times. And their intersection has resulted in mindboggling progress leading to increased career opportunities. MBA Business Analytics trains students to use data analytics along with management skills for the growth of businesses. Thus, in the current business scenario, having an MBA degree in Business Analytics can lead to a lucrative and successful career.
Required skillset for MBA in Business Analytics
Following are the required skills that students of MBA in Business Analytics need to have:
- Strong research skills
- Technical skills
- Analytical skills
- Problem solving and communication skills
- Attention to details
- Knowledge about basic human behavior
- Updated with latest trends in the market
Top 5 Benefits of MBA in Business Analytics
Here are some advantages of choosing MBA Business Analytics program.
- A trending job/field
- Massive scope for career advancement and experimentation
- Help companies start/grow their businesses
- Opportunities to have a global career
- Chance to work with some of the top business organizations around the world
Career Prospects and Scope after MBA in Business Analytics
MBA Business Analytics graduates have a huge scope in the global market. Especially in India, with the growing number of start-ups and new businesses, there’s a huge demand for these graduates. This field has grown almost double the average rate in the past decade. It has helped businesses grow exponentially in recent times and has also helped them save around 20-30% of cost. Companies can determine the popularity of their new products and services before-hand which helps boost sales. Hence, MBA Business Analytics graduates have an extensive scope in the global market. Here are the top 5 career options that you can consider after thisdegree:
- Business Analyst
- Market Research Analyst
- Data Scientist
- IT Analyst
- Healthcare Analyst
Big data and data science have become the buzzwords of today’s business world. The immense amount of data generated is a potential goldmine for business organizations. To operate efficiently and perform better, industries need to employ analytics for decision-making.If solving business problems and implementing data-driven strategies interests an MBA aspirant, a postgraduate business degree focusing on analytics may be the right choice for him/her. The career options after MBA business analytics are diverse and wide-ranging, and have gained huge popularity in recent times.
Birla Global University: Your best choice for seeking MBA Business Analytics degree
Birla School of Management (BSoM), Birla Global University offers a two-year fulltime MBA in Business Analytics with an intake of 60 students. The program spreads over four semesters in two academic years. It includes the basic foundation subjects of Management that include Management Concepts and Approaches, Finance, Marketing, Human Resource Management, Operations and Business Analytics subjects like Statistics for Business Analytics, Business Analytics for Decision Making, Machine Learning, Marketing and Retail Analytics, Big Data, Financial Analytics, Econometrics, HR Analytics, Manufacturing and Supply Chain Analytics etc. Lab sessions are also included in the course. Following are the key features of this program:
- The University offers a dual curriculum approach along with massive industry exposure and distinguished faculty members.
- The course curriculum is developed by seeking inputs from industry professionals and academicians.
- It’s equipped with Self-Awareness and Growth Lab for personal effectiveness.
- 8-10 weeks of summer internship is offered to understand the working environment of the analytics industry.
- The final project is conducted under the supervision of a faculty guide along with an industry expert.
- The University also offers excellent placement options to students.
MBA Business Analytics is a career of tomorrow. We welcome you to join BGU and experience a reformative education that will render a successful career. For more details visit our website: https://www.bgu.ac.in/