What is Business Analytics?

What Is Business Analytics & what do Business Analysts do? 

Business analytics is an umbrella term that consists of two notable areas, namely:

• Business Intelligence
• Advanced analytics

Business Intelligence

Business Intelligence is also known as BI. It is a set of tools and strategies capable of identifying, acquiring, and segregating accurate data about events on the past or current. A few of the steps involved in BI are reporting, querying, and online analytical processing (OLAP).

Also Read – IIM Ahmedabad Launches Advanced Business Analytics (PGP-ABA) Program for Executives 

Advanced analytics

This is similar to BI but provides you with an in-depth analysis of data related to history. It offers predictive analytics with the help of statistical algorithms. Businesses can learn about the performance of a new product or service with simulation algorithms, cluster analysis, and data mining.

ALSO READ

Why Analytics

Why Pursue an MBA in Business Analytics?

The global pandemic has not affected the demand for MBA among professionals. The hiring projection for MBA graduates is bound to get back this year in 2021. Students who have obtained MBA in Business Analytics understand vital concepts that are needed in today’s gloomy market.

The concepts include data and text mining, econometrics, predictive analysis, data visualization, marketing intelligence, etc.

Data plays a crucial role in the market. Marketing managers want vital data about potential clients, and financial analysts need it for making investment decisions.

MBA in Business Analytics professionals are sought after because of their sublime understanding of analytical tools and data science concepts.

An E.Y. report has shown that for big data analytics to be implemented, a business must understand its clients, develop reliable products and services, and properly manage the available data.

Hiring Projection for MBA Graduates in Business Analytics 

According to a Corporate Recruiters Survey done in 2019 by GMAC, close to 40% of the responding companies want to hire professionals for data analytics/intelligence job functions.

You will be delighted to know that the scope for MBA in Business Analytics is at its peak in the Asia Pacific region (50%), the United States (40%), and Europe (36%).

A Global Institute report by McKinsey found that 4 million positions are needed in America. Employers are particular about professionals having analytical skills. The study also pointed out that a drastic need for more than 1.5 million tech-skilled analysts and managers.

Business schools are realizing the importance of having an MBA in Business Analytics in their curriculum.

It is safe to say that registering for an MBA in Business Analytics is worth your time and money. The ROI stands second to none. Besides, as a graduate, you stand to use your Big Data knowledge for the benefit of the market.

ALSO READ