Importance of business analytics and Why MBA in Business Analytics is crucial for all Market Analysts
1st June 2021
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If solving business problems and implementing data-driven strategies interests you, a postgraduate business degree focusing on analytics may be the right choice for you. The career options after MBA business analytics are diverse and wide-ranging. So, let us explore the advantages of pursuing this course and why it has gained such popularity in recent times. 

Importance of Business Analytics

Business analytics is a process that includes the utilization of statistical techniques which include measures of central tendency, graphs, etc. It also involves managing information system software like data mining and sorting routines. The vertical also deals with the implementation of operations research methodologies.

The sector pertains to exploring, visualizing, discovering and communicating patterns or trends in datasets.

  • Why Business Analytics – Keeping in view the importance of business analytics, it can be defined as a procedure that starts with the gathering of business-related data and comprises successive utilization of descriptive, predictive, and prescriptive major analytic components.
  • It helps in decision making in business and upgrades organizational performance.
  • MBA offers a chance to explore different frontiers for career advancement and development. Business analytics can resolve problem-related areas which cause deterrents in the development of a venture.
  • The importance of business analytics is very significantly visible in organizational functions. Analytics help the association by guaranteeing information security, enhancing information accuracy, structuring the unstructured information and ensuring the privacy of information.

Scope For MBA Students in Business Analytics           

Business analytics has a wide scope of application:

1. It can be utilized for descriptive analysis in which information is used to understand the past and present situation.

2. It is utilized for predictive analysis, which is commonly used to examine business execution in the past.

3. It is additionally utilized for prescriptive examination, which helps in defining advancement systems for more stronger business execution.

Business Analytics finds relevance in every industry since it provides a real-time solution to problems. This field is of great importance and is a take-off platform for a dream career. With the advent and entrance of the internet in every field, data analytics has become a base which quickens the pace of development in each business and industry.

Now that you are aware of the importance of business analytics field and its application in business functions, let us explore how an MBA in the field increases chances of a better future. Let us first see the eligibility criteria for the programme.

Expanding roles in Business Analytics

 

For MBA holders, specifically from Finance and Marketing backgrounds, having familiarity with basic analytics and statistics is a must.

This can range from advanced knowledge of Excel to skills around tools like R and SPSS.

An overview of visualization tools like Tableau will be of great help. Having said that, the role of a Business Analyst is fast changing and the lines between a Business Analyst and Data Scientist are blurring, day by day.

A traditional Business Analyst job description was more focused around using a system or a set of systems to derive data and present to the Business. Today, they have the opportunity to shift towards the Tech side by learning the requisite skills to create advanced algorithms, and understand concepts of Regression and Modelling.

Career Options after in Business Analytics

After an MBA in Business Analytics, one can also easily land a job as:

 

  1. Business Analyst
  2. Business Analyst Industry Expert
  3. Business Analyst Project Manager
  4. Data Analyst
  5. Data Scientist
  6. Predictive Modeller
  7. Qualitative Analyst
  8. Market Research Analyst
  9. Technical Team Leader
  10. Data Analyst SAS Programmer
  11. Big Data Analyst
  12. Data Warehousing Expert
  13. Business Intelligence Expert
  14. Data Warehousing and BA Architecture
  15. Data Mining Expert

Top Recruiters in Business Analytics

In each industry, there is a huge scope for people who have successfully completed their degree in MBA and gained enough skills. Business Analytics degree is in great demand, and some of the renowned brands which are keen on employing business analytics experts are:

  1. McKinsey and Company
  2. Boston Consulting Group
  3. Morgan Stanley
  4. Microsoft
  5. KPMG
  6. Wipro
  7. Infosys
  8. Adani Group
  9. Larsen and Toubro (L&T)
  10. Tata Group
  11. Google
  12. Facebook
  13. Linkedin
  14. American Express
  15. Capital IQ

Hence, a degree in MBA Business Analytics opens up frontiers of a bright future.

Future of Business Analytics For MBA Students

Business analytics is expected to significantly impact marketing, sales, customer experience, finance, risk management, HR, and social media practices, among others. 

Business professionals with an in-depth understanding of business analytics are better positioned to be industry leaders

A business-focused approach to analytics has allowed companies to update the relevance of their product offerings, helping them maximize reach, discover business opportunities and tap into new revenue streams. It has also helped businesses provide optimized solutions to consumers, thereby enhancing customer experience