“Information is the oil of the 21st century, and analytics is the combustion engine.”
– Peter Sondergaard, Gartner
An Introduction To Business Analytics
Before deciding on pursuing an MBA in Business Analytics and learn what recruiters demand MBA graduates, we must understand ‘what is MBA in business analytics all about?’. It’s no secret that every click on the internet generates data, be it a mobile application or browser. People all over the world kindle a baffling 2.5 quintillion bytes of data daily.
This data is worth a fortune for businesses around the globe. Analysing data helps businesses understand the economic and social status of people buying their products, how different sections of society make their decisions, and how companies can expand their business by other products and strategies.
This task would have to be done in the pre-internet era by going through companies’ ledgers and projecting quarterly performance. However, nowadays, people have a vast amount of data to work with generated every second worldwide.
The data, both organized and unorganized, generated every day is termed as big data and is a great asset for every business. Generating and collecting this data is only a part of the picture.
Analyzing the data to get an actual workable strategy is another thing that is where business analytics come in and for a person with an MBA in business analytics scope.
Having business analytical skills allows us to uncover trends and design in the data. These trends and patterns help businesses determine the age, location, social setting, purchase history of the customer and come up with products or perks that companies need to offer to boost sales and come up with strategies to build brand loyalty.
Business analytics jobs require technical skills, analytical thinking, and business acuity to turn data into insight and insight into a business’s action plan and why choose an MBA in business analytics for the perfect career boost and ‘what next after MBA in business analytics?’.
What Is Business Analytics?
In simple terms, business analytics are the processes used to exploit past data to make informed decisions. The processes rely heavily on statistical analysis and simulations. Businesses use a lot of resources to employ business analytics and make informed decisions.
Companies also use this analysis to quantify their past performances and rectify their past mistakes, which gives them a competitive edge over other companies. MBA in Business analytics job opportunities are many because of this particular industry need, Business analytics can also be used to optimize the business and automatize the processes.
Business analytics is an umbrella term that incorporates two well-defined disciplines: Business intelligence and advanced analytics.
Business analytics is a process that uses previous data to evaluate the companies’ or products’ performance over a definite period. This practice is archaic and has existed since Henry Ford’s era.
Jobs in Advanced business analytics have developed more recently leading to numerous aspirants pursuing an MBA in Business Analytics. This process uses pioneering statistical tools which use historical data to gain insight. For example, predictive analysis applies statistical algorithms to forecast the acceptance and penetration of new products or services.
Why Do An MBA in Business Analytics?
People talented in statistics, critical mindset, and business astute can opt to dive into this arduous and coveted field. An MBA in business analytics should be sought if the candidate’s interest is in applied aspects of business administration, that is, leading business operations through data-based analytical decisions.
Also read: What are the qualifications to do an MBA in India
MBA in business analytics scope is such that it will make you a business administration professional with an advanced understanding of the data analysis tools and teach you how to turn data-driven insights into informed decisions. An MBA specialization adds to the competitive edge over peers.
It indicates to the companies that the candidates have acquired a specialized set of skills and can implement those techniques to their jobs. This is one of the reasons why the question – What is MBA in Business Analytics often pops up in a students’ mind.
MBA in business analytics scope is a lot and as it’s a multidisciplinary degree and specialisation. It not only provides students with skills about business analytics but also includes training in technical skills, basics of business administration, management, leadership, and communication skills. This is one of the reasons why many students sit for an MBA in business analytics placements. This answering the question, “What are the careers with MBA in business analytics?”
MBA with specialization in business analytics is designed to make students into business leaders, including executive-level managers. The primary focus of the instruction is on business management and operations. A student should definitely know this before they appear for MBA in business analytics placements.
A means providing the student with a concrete hold on both hard and soft business administration skills. Core courses cover this part of the pedagogy; these are the required courses that need to be taken to complete the course offered by different MBA in business analytics colleges. These courses include subjects such as:
- Human Resources
- International Business
The specialization in business analytics will have secondary courses or electives. This varies for different MBA in business analytics colleges. The electives tap into specific business analytics and data analytics and teach the candidate to use this developed insight into business issues. Students go through practical training in the most advanced business analytics tools, case studies, and executive projects involving real-world clients or data.
The teachers have a lot of infield experience and instruct using real-world examples and insights. These pedagogy elements provide a methodical exploration of an organization’s data, emphasizing statistical analysis to gain understanding. These insights drive the business further through data-driven decisions.
Some of the electives that students have to take to specialize in business analytics are in different MBA in business analytics colleges are:
- Business Statistics
- Applied Regression
- Principles of Management Science
- Data Mining
- Predictive Modeling
- Business Analytics Strategy
- Spreadsheet Modeling
- Accounting Analytics
- Marketing Analytics
- Financial Analytics
- Decision analysis
- Artificial Intelligence
Scope of MBA In Business Analytics In India
To understand the MBA in business analytics scope in India, we need first to understand why companies need business analytics?
Earlier, the use of business analytics was limited to forecasting companies’ performance. However, after the rise of big data and data analysis tools, business analytics started to gain popularity. Business analytics are now used to impact consumer decisions in real-time. For example, using the data generated by a particular customer, the company can change the product presentation or the marketing strategy that is more in sync with its buying patterns. This degree of customization involves a lot of generated data, and it’s minute analysis.
Making data-driven decisions and evaluating the performance are core components of any business. However, large corporations use big data to determine their marketing strategies. Thus, companies put particular emphasis on not just a massive volume of data but also the high quality of the data and develop insights. And this is where MBA professionals with specialization in business analytics come into play.
Thus, to summarize, business analytics help companies in:
Importance Of MBA In Business Analytics In India
With a whopping population of 1.35 billion, the scope of MBA in Business analytics in India is high as India is a potential goldmine for the companies. However, due to the diversity in the populace, every business decision needs to be carefully analyzed in terms of religion, caste, spoken language, and economic status. Tailoring different strategies to different economic and social classes is a necessity for businesses to survive. The business analytics tools using the data generated are crucial in making those decisions and strategies.
Former is evident considering the rise in demand for professionals with MBA specialization in Business analytics (figure.2). Analytics of Labor Statistics estimates the need for business analysts to increase by 14% by 2024. This is one of the highest average percentages among growing occupations. New opportunities are still developing for business analysts with the evolution of big data. MBA in business analytics in India scope is ever-increasing and will continue to remain so in the coming years.
Why Recruiters Are Looking for MBA in Business Analytics In India?
There are several reasons why recruiters are looking for MBA personals with specialization in business analytics. MBA in business analytics job roles are niche and their demand is very high.
- Decision Making: Decision making is an integral part of any business. Whether at the subordinate or executive level, not only do these decisions have to be correct with a diminishing margin of error, they also need to be information-driven. A leader with business analysis prowess can enhance and speed up this process by using various tools available at his disposal.
- Faster response to changing customer demands: Business analysis tools allow the professionals to adopt marketing strategies and products to the ever-changing market. This becomes important with the advent of new industries. Clients prefer corporations which are willing to change or launch products more suited to their needs.
- Synchronizing financial and operational strategies: Business intelligence allows the use of tools, such as portfolio optimization, innovative planning, and process management, to help synchronise financial and operational strategies.
- Gaining a competitive edge: Data in itself doesn’t have any value, value is assigned based on the insight it can generate. MBA professionals can develop insights using the business analysis tools and use them to take decisions which gives them a competitive edge over peers.
We can see why the specialization in business analysis has become a popular specialization in MBA candidates. MBA in business analytics job roles hence offers a vast range of choices when it comes to MBA in business career options, including the most sought c-suite jobs. These careers are not limited to multinational corporations but every sector in the industry. Some of the MBA in Business Analytics job roles are:
- Data Analyst
- Data Scientist
- Big Data Analyst
- Business Analyst
- Qualitative Analyst
- Predictive Modeller
- Technical Team Lead
- Market Research Analyst
- Data Mining Expert
- Data Warehousing Expert
- Business Intelligence Expert
- Data Analyst SAS Programmer
- Business Analyst (Industry Expert)
- Operations analyst
- Supply chain analyst
- Personal financial advisor, and many more
This demand for professionals with specialization in business analysis can be seen in the salary figures. MBA in business analytics jobs are such that the median starting salary of a fresh MBA graduate with specialization in business analysis is about ₹6.00,000.in India, and about 100,000$ in the United States.
What’s The Difference Between An MBA In Business Analytics And An MS In Business Analytics?
One question asked by many students is MBA in business analytics is worth it or not. Although both of the degrees are terminal degrees with the same specialization, there is a major difference. MBA started as a professional course designed for industries who needed people with practical skills in scientific management. Thus, MBA focuses on applied aspects of business analytics while an MS focuses on theoretical aspects Is mba in business analytics a good choice? The answer is yes, it definitely is!
In the MBA, students learn how to use various statistical and analytical tools in the business. The focus of the course is on how to use those insights into the business.. This is what the MBA in business analytics jobs primarily caters to. However, in MS, the focus is on understanding the working of analytical and statistical tools. The focus is on how to generate or use the data. In simple terms, MBA focuses on the use of the tools while an MS focuses on the creation of these tools.
Jobs After MBA In Business Analytics
What to do after MBA in business analytics? We have already seen the scope and types of jobs offered to an MBA graduate with Business Analytics specialization. However, the jobs after MBA in business analytics can be diversified into these major categories:
Descriptive analysis: Descriptive analysis focuses on “What has happened?”. The descriptive use of historical data to find out what is going on in the company or with a specific product.
This involves pulling out patterns from data and visualising past trends. Descriptive analysis is important to evaluate the performances of existing investments and strategies of the business and is one of the most important aspects of several jobs after MBA in business analytics.
Predictive analysis: This is one of the jobs after MBA in business analytics which answers the question “What is likely to happen next?”. Predictive analysis uses tools such as statistics and machine learning to form predictive models, this involves data mining and forecasting, Predictive analysis allows companies to view how their current strategies will play out in future. This process can also be used to determine how beneficial particular strategies/products/investments will be in future.
Prescriptive analysis: Prescriptive analysis answers the question “What should we do now?”. The prescriptive analysis uses simulations and optimizations to recommend courses of action to businesses. This process uses past and current data to provide recommendations based on risk management and resource allocation. A prescriptive analysis is important in determining which strategies or products to invest in.
After reading the above article it’s irrefutable that MBA in business analytics career options are plenty. This is why you should choose MBA in business analytics. Big data has transformed business analytics from just being a tool to measure and predict companies performance. It can now be used to drive businesses with scientific insights.
These tools are not only needed in Multinational corporations(MNCs) but all sectors of the market ranging from agriculture to innovative entrepreneurship projects. Business analytics tools are even being used by government agencies to formulate and strategies their policies. This boost opens up a lot of career paths for fresh MBA graduates with specialization in business analysis.
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