What is Business Analytics – Importance, Facts, And Benefits
What is Business Analytics?
Business Analytics may be a new word in your dictionary! But you might know about it if you are planning to do an MBA in Business Analytics, Right? First of all, let us know what is Business Analytics? – It is the practice, via which a business uses data analysis to drive the business strategy and its performance in the corporate sector. The power of business analytics is the exponential data growth related to the current dynamics of business. This digital technology-driven modulation is most disturbing and disruptive. However, it has already impacted different businesses and industries. Some businesses are at a hurdle, as they have to radically change the way they were planning their supply chains to get in collaboration with their suppliers and they have to plan how they can reach their customers if they have to stay in a present business environment. Today, business decision-makers are working with business analytics and investing their time, money, efforts to come out with timely, insightful, and better business decisions.
How and where to get a Business Analytics specialization?
For doing specialization in Business Analytics, one must require pre-requisite skills. You should be comfortable with statistics and mathematics. Beyond that, you must have a love for numbers, plus must possess good analytical learning, and must have a hard-working mindset. There are varied short-term courses available for Business Analytics. Few institutes provide MBA specialization in Business Analytics streams. A list that presently coming to our mind is IIMA, IIMB, NMIMS, KIIT, Great Lakes and Taxila, and more.
Business Analytics in MBA Curriculum
By taking business Analytics as a specialization, you will get hands-on experience and will get the latest updates on business analytics tools, real-life projects and case studies, and real-world projects and data. Business analytics is a professional course, which is taught by experienced professionals with field experience. The professors are great at delivering real-world insights and professional advice. The Business Analytics for an MBA/PGDM is of two years. For those aspirants who are looking forward to building a career in the business analytics field, this is the right time to build your career.
The subjects are as follows:
- Accounting Analytics
- Marketing Analytics
- Financial Analytics
- Business Statistics
- Principles of Management Science
- Applied Regression
- Data Mining
- Business Analytics Strategy
- Forecasting and Modelling
Look around and you will go to check out:
A simple question that you have in mind will get an answer from Alexa or Siri.
- WhatsApp, Gmail, and Yahoo have changed the way, how we communicate.
- Google is a great platform that has redefined our search and provides great knowledge.
- Google Maps is an innovative technology for showing the route to a destination.
- A health app is their suggest you good medicine and exercises based on your health conditions.
- Amazon and Flipkart are doing an amazing task by throwing shopping choices that you have never come through. Just with one click, and easy return you can shop. Both the platforms have changed the buying procedure.
- Your mobile has a hub of applications, that has made our life easy, at one click, you can edit your file, do bank transactions, do shopping, or listen to music.
- Anything that you must be searching on the internet, will surely trigger an advertisement on Facebook, Instagram, Google platforms.
- Today there is an ease at one click, you can book airline tickets, rail tickets, movie tickets, cabs, sports events, talk shows, and more, which was unfathomable before.
Do you know about the power behind the above? Data analytics and digital communication technology are powered by communication and computing devices ( laptops/computers). Now you must understand the past with business analytics and predict the future too.
How does business analytics predict the future?
Business analytics will let you predict endless predictions. You can predict more conviction on upcoming events. You can even predict the odds of the IPL team you love, like MI winning the IPL match once again. It is predicted on past events. Even, your mock tests and exercises will let you know in which subject you need more practice. Based on your current preparations, you can predict your CAT score. You can do predictions oncoming monsoon season and even would know that it will rain today or not. You will get to know about your heart rate and your present condition. Plus, you will get to know the weather forecast at a hill station which you are visiting tomorrow.
The Future Of Business Analytics
There is no doubt that Business Analytics is a powerful decision-making tool at present. Harvard University has predicted that the future with business analytics is better. Gartner’s research has predicted that Business Analytics is one of the important technology trends in the coming years. People who want to seek jobs in Business Analytics must have the ability to understand data, using tools, building models, deciphering results. Business Analytics in every domain demands some skills. Now at present, there is a demand for MBA/PGDM in business analytics.
Now, those candidates who want to do MBA in Business Analytics must understand the subject and its relevance in today’s business. Today Business Analytics is the need for today’s business. Future is of business analytics, the above words have showcased that we need more business analysts and data analysts.
Truly, we can say that Business Analytics specialization is a road to a great career ahead. And, it will enhance your profile and CVs