Business Analytics: A dominant force in the field of Management

By Prof. VS Rao

The onset of digital transformation has highlighted the need and the ability to analyze and act on data, revolutionizing the business practices and processes.

Data has been driving business transformation across the globe, giving competitive advantage through its predictive nature. To make the most of this data revolution, analyzing this data to attain optimum results is driving organizations towards adopting business analytics.  

Business Analytics (BA), commonly known as the practice of statistical, systematic and logical evaluation of an organizations data, has assumed strategic importance in an organization’s plan of growth. And that makes the field of Business Analytics a dominant force in the field of management education as well.

Insights gained with the help of BA help businesses optimize and automate their performances. Technologies like machine learning, artificial intelligence, block chain and predictive analytics have no significance without analytics. By using BA, proactive tactical decision-making becomes conceivable. With able support and use of Business Intelligence, BA collates the rationale behind a business decision and its probability of getting repeated. Therefore, implementing the right big data analytics infrastructure is vital for the success of data driven companies, making them scout for skilled workforce in this domain. ‘Big demand for Big Data’ is challenging and transforming the education space as well with MBA in Business Analytics turning into a prerequisite for the present and future workforce.

Jobs for future

Organizations are being forced to align and adapt to a rapidly evolving business environment. The ones that are slow to react and innovate are at a risk of losing their market share and gradually dwindle away. In a fast-paced business scenario, BA is even more relevant than ever before, making it one of the most in demand career for the future.

The massive data explosion and the growing need of data analytics in business, education and government agencies have created the need for a new breed of professionals. Data Scientists who have expertise in such specialized areas such as machine learning, statistical modelling, data warehousing, predictive modelling and large-scale database architecture and management are much sought after with handsome pay packages.

When it comes to big data and analytics, Indian enterprises are adopting the technologies to improve operations and enhance customer experience. However, higher education institutions are not able to keep pace with this rapid technological evolution, which is leading to acute shortage of skilled professionals in data science.

While the general and accepted norm in the industry considered a regular or general Master of Business Administration (MBA) as the standard career advancement tool, now its Business Analytics (BA) that is redefining this trend. More and more organizations are now looking for specialized graduate-level degrees in subjects like analytics and data sciences on a priority. And it comes with a well-thought of futuristic view as organizations require executives to convert the growing data bank into business opportunities than just have employees with general management training.

For students who have a highly analytical mind and those who enjoy finding patterns and solving problems, an MBA in BA will give them ample opportunities for growth. A number of institutes in the country have recognized this burgeoning need and have been partnering with industry leaders to offer futuristic programmes in data science and business analytics with an eye on the future.

A recent study by Gartner indicates that the Business Intelligence market is expected to grow to US$22.8 Billion by 2020. An industry study had indicated how the median salary for analytics professionals in India in 2017 increased by 8 per cent from the previous year to Rs 12.7 lakh per annum across experience levels and skill sets. According to National Association of Software and Services Companies (NASSCOM), of the projected 3,00,000 professionals in the global big data analytics industry, India alone would need 50,000 of those professionals. So, an MBA in Business Analytics will put you right up there to make the most of the data explosion akin to the information and technology boom of the early 2000’s.

The first step

A strategic mindset with a logical one becomes the primary requisite to begin a career in Business Analytics in the country. With job roles converging between analytics and project management, a background in Mathematics and Engineering is a must along with good communication and analytical skills to kick start a career in BA.

Along with that, deep knowledge in Programming, Communication, Statistics, Management, Economics and Commerce are some of the primary prerequisites for a candidate to begin their career on a sound footing. With such an industry requirement, students who have an aptitude for both analytics and management are taking up MBA in Analytics. 

Post completion of this programme, one can begin working as a business analyst having focus on collating, examining, communicating and recording requirements. Beginning as an industry or domain experts, developer, one can excel to become a Subject Matter Expert (SME) in a short spam of few years. Cloud is definitely the limit for those who know how to analyse and turn data into reality. 

 

About the Author:

Prof. VS Rao is the President of NIIT University.

 

 

 

 

 

 

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