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Maximize your Career Opportunities with an MBA in Business Analytics
The business world has become incredibly fast-paced and competitive in recent decades. New tools and techniques have arisen which enable businesses and organizations to react at lightning speed to changes in the field and overtake their competitors. In this jungle of survival of the fittest, every little tweak and every little gain matters and can result in the making or breaking of a company's product launch or service popularity. This landscape is discussed thoroughly in the MBA in Business Analytics course.
In the middle of this hypercompetitive scenario, it is not surprising that businesses in the corporate world have started turning to mathematicians and programmers to optimize their activities so that they can extract every last bit of output from their processes. This brings us to the discussion of Business Analytics.
Business Analytics is a new field that consists of creating mathematical models to represent a business' processes and analyzing and optimizing those models so that the higher management can make the best decisions possible. These mathematical models are created using data generated by the business itself, which is first recorded and then formatted to be suitable for use in the creation of these mathematical models. This data and its representation help the higher management to take the company in a direction that brings the most value to it or which aligns with the management's best interests.
Data is the most important part of the field of Business Analytics because it is data that makes the modeling and representation of the company's terrain possible. Data is objective and is grounded in facts and reality. Therefore, businesses value data highly because it helps them make decisions that are strongly rooted in the actual situation in the business landscape at the time. Business Analytics expands on the data to give descriptive, predictive, and prescriptive analysis with which companies can get real-time solutions to the problems they are facing.
What is Business Analytics?
In one small line, Business Analytics can be defined to be the methodical exploration of data to facilitate the maximum return on investment for the business. Business Analytics is really an umbrella term that includes within it two distinct and separate fields of knowledge - Business Intelligence and Advanced Analytics. Both of them are fields aiming at predicting future outcomes and guiding company decisions to keep it on the right track.
Business Intelligence is the process of studying and analyzing historical data to determine how well a department or a product line in a company has performed over a certain period of time. This review of historical data enables a business to understand which of its processes are doing well and which require to be updated or adjusted. The first recorded use of Business Intelligence was by Henry Ford, who revolutionized manufacturing with his assembly line techniques. Mr. Ford used to measure the time taken by his staff to complete each and every step in the assembly line so that he could understand which parts of the process needed to be optimized further and how he could rearrange the overall assembly line to be more efficient.
Business Intelligence practices include -
- Querying
- Reporting
- Online analytical processing (OLAP)
Advanced Analytics is also a practice that involves studying and analyzing historical data, but where Business Intelligence reviews historical data to determine the performance of current parts of the company's product chain, Advanced Analytics reviews historical data to predict the performance of future additions. That is, it is used to predict how a new service or a new website design update, or any other new addition or innovation will affect the sales output.
Advanced Analytics is a very specialized and recent field, and that is why companies are necessitated to rely upon skilled individuals with MBA in Business Analytics degrees to perform the analytical functions. Advanced Analytics encompasses all the analytical steps such as deep statistical analysis of a company's historical data or predictive analytics through the application of mathematical and statistical algorithms etc.
Advanced Analytics practices include -
- Cluster analysis
- Data mining
- Simulation algorithms
Business Analytics as a whole can also be divided into several processes based on the purpose the company is trying to achieve. They are -
- Descriptive analytics - It is used to glean insights from historical data through scorecards, reporting, clustering etc. This practice tells businesses what is currently happening in their companies and enables them to visualize trends. By making use of descriptive analytics, companies can answer the question - "What has happened?" This practice involves "slicing and dicing" of data and "drilling down."
- Predictive analytics - Makes use of machine learning and statistical techniques to create predictive models. It enables companies to project current trends to find out how they are going to play out over time. This practice answers the question - "What is going to happen next in all likelihood?" It involves data mining and forecasting.
- Prescriptive analytics - It gives recommendations on business decisions based on simulations and optimizations. It enables companies to make critical business plans based on potential scenarios that have been generated by modeling past and current information. It answers the question - "What should be done now that this has happened?" It involves risk management and resource reallocation.
- Optimization of supply chains
- Forecasting revenue
- Pinpointing reasons for employee attrition
- Fraud detection
- Recommendation systems
- Finding out the number of cabs required in a region
- Price point comparison
Benefits of getting an MBA in Business Analytics -
There are quintillions of bytes of data being generated by businesses and organizations on a daily basis. All of this data actually constitutes a veritable mountain pile of gold, but the company management is not able to utilize all of this data for their benefit because they lack the technical know-how and domain expertise. With an MBA in Business Analytics degree, you will be able to assist companies in converting their raw data into actionable information. You will learn how to explore and study the collections of data thoroughly, detect relevant patterns in it, present the patterns and insights you glean through colorful and comprehensible visualizations, and communicate all the trends and insights in data to the top management. It is a very prestigious and important business data role, and you will be able to be a part of it all and act right on the frontline. By this, we can easily conclude that the career opportunity after Business Analytics is huge.
To be a successful business analyst and data scientist, you will be required to learn many assorted skills which will help you in all areas of life, both professional and personal. You will need to have business acumen tuned finely enough that you will be able to deeply understand the industry that you are working in, the domain that you are studying and analyzing, and all the performance metrics which your team considers to be important and relevant. You will also have to be well-versed enough in data science that you will be able to assess the field and set accurate objectives for your team to focus on. So you will need to have both business acumen as well as communication skills for leading and managing your team.
These assorted skills, which are separate from mere theoretical and technical knowledge, will be taught to you in the MBA in Business Analytics course. The career opportunity after Business Analytics is so big mostly because of the valuable skills one learns in the degree.
You will grow immensely in your time working in the Business Analytics field. You will see great amounts of rapid professional development. This is because the Business Analytics field requires you to face new challenges every day and adapt to changing client needs. You will have to think creatively and improvise rapidly and make split-second decisions with lightning-quick reaction speed.
You will also have to stay in contact with people from many different fields and departments, all of whom will bring their own unique skillsets and technical expertise to the table. So, working in synergy with all of them, you will pick up a lot of new skills and information, and your domain knowledge will expand very fast.
There is a good chance that you will find work in a startup venture because all startups these days incorporate Business Analytics in their operations. This will mean that you will learn how to work in a small and tightly-knit unit composed of people from many diverse backgrounds. This will lead to even quicker professional growth as well as the development of teamwork and communication skills, and you will gain a lot of practical exposure to projects from multifarious departments. Even if you get placed in a big consultancy, you will get a similar experience of working in a team with people from different backgrounds.
You will have access to a wide variety of career options if you choose an MBA in Business Analytics course. All of these career options lead to a rapid and dynamic upwards career graph as well as highly rewarding compensation. Let us take a look at the career opportunity after Business Analytics.
Some of the career options are -
- Management Analyst/Consultant
- Data Analyst/Scientist
- Business Intelligence Analyst
- Market research Analyst
- Operations Research Analyst
- Business Analyst
- Business Analyst Industry Expert
- Business Analyst Project Manager
- Data Analyst
- Data Scientist
- Predictive Modeller
- Qualitative Analyst
- Market Research Analyst
- Technical Team Leader
- Data Analyst SAS Programmer
- Big Data Analyst
- Data Warehousing Expert
- Business Intelligence Expert
- Data Warehousing and BA Architecture
- Data Mining Expert
- Chief Data Officer
- Business Analytics Specialist
- Vice President of Business Analytics
- Manager of Business Analytics
- Business Intelligence Analyst
- Marketing Manager
- Marketing Analyst
- Operations Analyst
- Financial Analyst
- Supply Chain Analyst
- Research Analyst
and many more.
As companies are producing more and more data as a byproduct of their operations and transactions, the need to collect, store, process, analyze, and manage this data is also increasing as a consequence. Also, since most companies nowadays choose to rely on data for accurate and effective decision-making, there is a pressing need for skilled and trained professionals who can put the data through the necessary algorithms and extract meaningful patterns out of it.
However, there is a huge shortage of such professionals in the industry, and because of this, anyone who takes an MBA in Business Analytics course will find that the field of opportunities is wide open for them. They will easily find employment in any sector or industry, and their future prospects will be very bright. The field of Business Analytics is relatively new, and it is changing and growing at a fast pace with new technological advances and developments being made every year. So anyone who joins the field at this promising time is sure to have a bright and successful career in the future because this field is going to be ripe for a long time to come.
The national average salary in the field of Business Analytics is Rs. 11,00,000 per year in India, according to Glassdoor. This is a very large figure compared to other fields in the corporate sector. We should also remember that this salary has been calculated after taking into account all the newcomers in the field who join entry-level positions. This means that as one gets promoted to higher positions, especially managerial positions, the salary will increase much more. So we can easily see that the field of Business Analytics provides very high salaries. You can also get access to these high salaries by taking an MBA in Business Analytics course.
Data is not restricted to one particular country, locality, or geographical territory. The need to process and manage data is a global need, just as most digital platforms in the world today, the users of whom number in the billions, are global platforms having a reach that transcends nationalities and borders. So when you will enter the field of Business Analytics, you will be entering a career where you will have the opportunity to be employed anywhere, globally. You will find leading national and multinational companies clamouring to hire you for your skills and qualifications, and your profile will have a global appeal. You will even get the chance to explore the world in the course of your work.
In the business sector, you will have to interact with a multitude of professionals from a diverse variety of fields and backgrounds. As a result, your network of contacts in the corporate world will grow exponentially, and you will form new acquaintances who will be able to help you professionally. Your career will grow by leaps and bounds as you collect references, recommendations, and information about new job opportunities from your rapidly expanding network. You will benefit a lot from these strong and everlasting connections.
Business Analytics is an interdisciplinary field, and to top that, it is also quite new. This means that you will be able to work in a wide range of fields and domains and will be able to get a healthy amount of exposure and experience before you choose to settle into one particular domain. So you will be able to experiment with what you like and what you are most comfortable with before you finalize the area that suits you the best or that matches your preferences the most.
Anyone who enters the field of Business Analytics will find that they have entered a lucrative and everlasting career with a high amount of job security. This is because the field of Business Analytics will always remain relevant and in demand. No matter whether a recession takes place, the COVID-19 pandemic strikes, or any other unforeseen circumstances arise, companies will always have competitors, and they will always need professionals who can help them study their and their competitors' activities and help them get an edge over them. So once you enter this field, you never have to leave.
You will be able to help companies build, strengthen, enhance, and grow their businesses through smarter strategies and efficient solutions. By taking the MBA in Business Analytics course, you will gain the technical skills and domain knowledge which will enable you to analyze company business processes and give companies the power of introspection. They will be able to better understand which steps they are following and where exactly they are going wrong or what the flaws in their plans are. With your help, companies will be able to understand the market, predict the risks, get additional knowledge about their customers - eg. their buying patterns, preferences, demographic information etc., and enhance their own products and services with this data.
They will be able to do all this only because of the help you will provide with the intelligent and targeted business strategies you will devise that will all be in tandem with the current market requirements. With this degree, you will be able to help companies enhance their overall operations and growth.
Business Analytics is a rapidly evolving field that witnesses several innovations and developments daily. So to keep abreast of all the changes taking place, you will need the MBA in Business Analytics degree, the contemporary curriculum of which will help you to keep yourself updated with all the latest market changes and trends. This way, you will be able to help your organizations serve their customers better.
About BML Munjal University's MBA in Business Analytics -All the above points only point to one irrevocable fact - that it is great for a student to take an MBA in Business Analytics course because it secures bright future prospects for them forever. So with this in mind, we at BML Munjal University would like to tell you about our MBA in Business Analytics 2-year postgraduate on-campus course.
This is a world-class course designed in collaboration with many seasoned and experienced faculty from international universities as well as industry experts with decades of experience in the field of Business Analytics and Data Science. It has a very flexible and modern curriculum which will bring our students in contact with all the most relevant and current topics in the field so that they will enter the professional world battle-ready and confident about tackling and solving real-world business problems.
Program outcomes -- Students will learn a diverse range of statistical techniques with the help of which they will be able to process and analyze data and represent it with accurate visual representations such as graphs, charts, diagrams, histograms etc.
- Students will learn how to use the right Business Analytics and data science tools and software to extract usable data from massive datasets and run pre-configured scans and tests on them.
- Students will learn how to increase the efficiency of the company they are working for with the help of the data they record, collect, and gather into usable pieces of information.
- Students will learn how to use artificial intelligence algorithms to study and analyze data so that they can extract meaningful insights from them and pinpoint useful trends which will help their companies make the right business decisions.
- Students will learn extensive predictive modeling, with the help of which they will be able to predict market trends and inform the higher management of their company about what will the best step to take for any particular situation.
- Students will get massive industry exposure in the form of trips to manufacturing units, real corporate offices, and guest lectures at the university by known industry experts.
- In this course, students will be taught by distinguished and renowned faculty members who have many sterling qualifications from prestigious universities and are very well-equipped to guide the class gradually from the basic to the advanced concepts in Business Analytics.
- Students will be able to participate in self-awareness and growth labs for their personal growth and increased effectiveness in handling real-world projects.
- Students will be taught a number of different quantitative methods, which they will be able to apply to large data sets to extract useful information from them.
- Students will be led by faculty guides and industry experts and will participate in completing practical projects from a wide range of sectors and industries under their supervision. This will help them gain practical hands-on experience.
- Students will be given access to many placement opportunities through BMU's unique career services.
Here is a small overview of the complete MBA in Business Analytics syllabus. Some MBA Business Analytics subjects are -
- Accounting
- Finance
- Marketing
- Ethics
- Operations
- Macroeconomics
- International Business
- Microeconomics
- Human Resources
- Leadership
- Management
- Spreadsheet Modeling
- Accounting Analytics
- Marketing Analytics
- Financial Analytics
- Business Statistics
- Applied Regression
- Principles of Management Science
- Data Mining
- Forecasting and Modeling
- Business Analytics Strategy
- Quantitative Methods
- Managerial Economics
- Management Information Systems
- Data Modeling
- Computational Methods
- Strategic Management
- Operations and Supply Chain Analytics
- HR Analytics
- Big Data Analytics
- Ethical and Legal Aspects of Analytics
- Simulation Modeling
- Analytics Systems Analysis & Design
- Business acumen
- Leadership
- Technological aptitude
- Facility with statistics
- Decision making
- Strategic mindset
- Big picture thinking
- SQL (mandatory)
- MS Excel
- Statistical expertise
- Strong analytical skills
- Business acumen
- Python coding (preferred by a lot of companies)
- Proficiency in R (preferred by a lot of companies)
- Data visualization skills (preferably in Tableau and Power BI)
- Business Analyst
- Business Analyst Industry Expert
- Business Analyst Project Manager
- Data Analyst
- Data Scientist
- Predictive Modeller
- Qualitative Analyst
- Market Research Analyst
- Technical Team Leader
- Data Analyst SAS Programmer
- Big Data Analyst
- Data Warehousing Expert
- Business Intelligence Expert
- Data Warehousing and BA Architecture
- Data Mining Expert
- Chief Data Officer
- Business Analytics Specialist
- Vice President of Business Analytics
- Manager of Business Analytics
- Business Intelligence Analyst
- Marketing Manager
- Marketing Analyst
- Operations Analyst
- Financial Analyst
- Supply Chain Analyst
- Research Analyst
FAQs -
How long does it take to complete an MBA in Business Analytics?The MBA in Business Analytics course is a 2-year-long course.
Which companies hire graduates of MBA in Business Analytics?- McKinsey and Company
- Boston Consulting Group
- Morgan Stanley
- Microsoft
- KPMG
- Wipro
- Infosys
- Adani Group
- Larsen and Toubro (L&T)
- Tata Group
- American Express
- Capital IQ
If we consider the huge impact the MBA in Business Analytics degree can have on a professional's career, it is more than worth it. It will lead to increased salaries and job opportunities, along with giving the professional skills and knowledge that will only grow more and more valuable with time as the demand for Business Analytics grows more and more in companies. The degree will also help individuals deepen their understanding of data and analytics, with the help of which they will be able to contribute to businesses and organizations in a more significant and rich manner. They will be able to deliver a seamless experience to both company employees as well as customers. All things considered, this degree gives a very strong return on investment for any career-oriented professional.
Which areas come under Business Analytics?- Business Intelligence
- Decision Support Systems
- Data Warehouses
- Enterprise Resource Planning (ERP systems)
- Data Mining
- Experimental Design
- Factor Analysis
- Linear Optimization
- Meta-Analysis
- Regression Analysis
- Recruitment events - Frequently organized recruitment presentations and panel discussions on campus made up of industry experts. Students can build healthy relationships with potential employers from the beginning by connecting with them in these recruitment events.
- Networking - There exist many platforms at BMU through which its students can form connections with corporate partners and industry leaders, interact constructively with them, and gain valuable insights.
- Internships - BMU's Practice School is one of the highlights of its college facilities. It is a mandatory 8-week graded internship through which students can gain a lot of valuable practical hands-on experience.
- Incubation center - Many students aspire to become startup founders and start their own ventures. These enterprising entrepreneurs-would-be are given all the tools, skills, infrastructure, and guidance they need to make their dreams come true, and more importantly, test out the viability of their ideas before starting for good.
- Career skills workshop - These workshops provide the students with industry-specific interview clinics, assessment center simulations, personal grooming advice, and soft skills training, all of which prove to be crucial when it comes to cracking the on-campus interviews in recruitment drives.
- Career advisory - BMU's career advisory assists the students in carrying out self-assessment, market research, engaging in cover letter and resume writing, and gives them the guidance they need to formulate their personal goals and career plans.
