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  • Business Analytics is New Career Opportunity for Management Students

    Dr. RakshitaPuranik, Associate Professor,IIMR

     

    Business Analyticshas brought the paradigm shift in management education.  It is a subject that is fast-gaining momentum owing to its relevance and scope in the professional world.Businessanalytics is technical-based skill and strategic thinking area. Students get to learn about analytics and data, and how to use thebusiness insights data into decision to improve business. Skills based education is not a choice anymore but a need that could answer India’s unemployment crisis.

    Business Analytics is a stream which works on data and flow of data in organization. It allows the organization to optimize and automate business process.The task of business analytics is to process the varied data concerning the customers, the products, or the performances of the company, to release indicators useful for the decision-makers. Thus, the information provided by the data analyst enables companies to define the products to be offered to customers according to their needs, the marketing strategy to adopt, or the improvements to be made to the production process.Nowadays, business receives a tremendous amount of information due to digitalization; Business analytics gives company following advantages.

    • Analysis Consumer behavior insight
    • Cost-effective solutions
    • Improve decision-making power
    • On demand business metric reports
    • Faster answer to business question
    • Real time data

    Scope of MBA in Business Analytics

    Companies are in desperate need of skilled analysts to meet the demand presented by the ever-growing amount of data they produce and acquire. According to Forbes, worldwide Big Data market revenues for software and services are projected growth from $42 billion in 2018 to $103 billion in 2027. 

    Business analytics has a wide scope of application:

    • Descriptive analysis is used to understand the past and present situation.
    • Predictive analysis is commonly used to examine business execution in the past.
    • Prescriptive examination helps in defining systems for more business implication.

     

    Analysts expected to be proficient with concepts like data mining, statistical analysis, predictive modeling, and multivariate testing. They are also expected to work closely with the management of the company and provide logical and data-driven insights to make business decisions, right from product development to marketing. Management students shouldconsider making a career shift toanalytics. Many companies are recognizing the importance of Business Analytics as a source to gain insights and make informed decisions. Analytics is future of all business process there are many job opportunities for MBA in Business Analytics, we will highlight few careers optionsas follows

    1. Business Analyst

    The role of business analysts isto provide the understanding on the various departments involve in business.Every company works in coordination with Marketing and Sales, Production, finance, CRM and more logistic department, it is a task of analyst to use the data and helps in generating a meaningful report. Big firms demanded for such skilled persons, who help them to do efficient and effective decision making task.

    1. Market Research Analyst

    Market research is an initiator for all the innovation and modification happen in the company. The primary role of analysts’ job is to provide details about the market environment where company executives, competitorsand customers are operating. To build the understanding on competitors and customers are prime task. On the basis of Analyst the competitor strategies can be framed.

    1. Data Analyst

    Gathering and analyzing data for the betterment of the organisations business is the main job of the data analyst. They are experts in collecting data through various methods. They also devise methods to collect data and create parameters to arrange and quantify that data. Post analysis, they provide insightful reports and suggestions to the organisation of improving business and profits.

    In the current market as the demand for analytics, skills have increased exceptionally. It is considered to be the most crucial skill.  Business analytics opens doors to many industries as business analytics is relevant and useful to almost all industries. If you want experiential learning than join the management education of Indore Institute of Management and Research (IIMR) offers specialization in MBA Business Analytics. Institution with excellent infrastructure and world-class education help in the overall development of students. IIMR is industry centric and work for holistic development of students. Well qualified faculty under the guidance of Director General encompasses wide range of skill-building in students through SIGs and industry readiness certificate through NPTEL, MOOC etc. Teaching pedagogy help students to learn to grow and inspire others.

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