Today, data is emanating as the new “gold” for several business organizations across the globe. As per big tech giant NASSCOM, the data industry will likely upsurge to $16 billion by 2025. But what are the driving forces behind this massive increase? Why do business firms depend on data and tools like business analytics to extract market trends, business information, examine self-performance and, check pricing etc.?
The stationing of business analytics is crucial for businesses to create new ambitious strategies and offer unparalleled services. From credit-lending organizations using smart digital processes to safeguard numerous accounts from double-dealing to banks segregating customers on loan history and dubious profiles, the advantages of business analytics are limitless and vital for surviving in today’s competitive marketplace.
Business analytics is also being used by voguish e-commerce websites like Myntra, Flipkart, Amazon, etc., to organize and maintain operational data, regulate supply chains, examine deliverables, and evaluate their business & performance compared to their contenders. The usage does not restrict to these firms only. Services industries like food delivery apps, hospitality, taxi, railways, car rentals, etc., also use business analytics tools to analyze consumer behaviour and psyche, the pricing offered by their competitors and collate availability.
Factors responsible for business analytics growth
The growing competence of modern tools dealing with data mechanics is a key reason behind the swelling of business analytics. There was a time when complex tasks took months to finish successfully. Now, these tasks can be accomplished easily with the development of Artificial Intelligence (AI), machine learning, and deep learning algorithms. As a result, there are scores of analytical software today, and experts are working hard to create more, thanks to technology and science.
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Today, corporate firms are also pioneering in-house business analytics tools for particular data extraction purposes. For example, Myntra applies ultra-modern analytics and machine learning by developing and centralizing its data platform on Azure to accurately understand consumers, highly personalized products, and marketing and services for them.
There are other factors as well. According to media reports, the Indian e-commerce sector has risen to a tremendous growth rate of 85 percent. And in the upcoming decade, the emerging niche will dominate 6.5 percent of the total retail market in the country. Thanks to virtual shopping.
The rapid expansion of e-commerce and increasing social media consumption, virtual blogging, and e-mail swapping have multiplied data from various sources. This is where business analytics comes in. Enterprises are brainstorming ways to extract delicate insights from this data using business analytics.
Great employment prospects
The use of business analytics is transcending not only in our country but all over the globe. As per the International Data Corporation, data production soared by 50 times between 2010 and 2020. This also tells us another essential fact. Students can surely invest in this sector as statistics suggest our country will have 40,000 new business analytics jobs in the next five years.
So, suppose you want to significantly transmute the way of working by enabling new ways of doing and understanding business. In that case, an MBA in Business Analytics course should be your ideal course. The postgraduate course offers valuable insights and techniques related to analytics. It also trains students to attain vivid experience and knowledge of multiple analytical tools. MBA in Business Analytics syllabus includes mostly industry-relevant topics that will help students thoroughly understand market-driven forces. These are:
- Quantitative/Statistical Methods
- Data Management & Data Science
- Finance, Marketing, and Operations
- Marketing and HR Management
- Economics and Accounts
- Predictive Analytics
Do not limit yourself to generic jobs.
Doing a non-professional course from a mediocre university or business school restricts your potential when entering a competitive workplace. A “mundane vanilla” degree will only offer you generic employment roles in modest or below-average firms. On the other hand, a quality degree from a good-ranking university will provide you with lucrative positions in the market. You could also start something of your own after doing MBA in Business Analytics from a reputed university like BML Munjal University.
BML Munjal University, a well-recognized name in the Indian education sector, offers a unique MBA in Business Analytics. The two-year course’s primary objective is to provide students with the best tools and training for a promising career in this newly-emerging field by covering topics like:
- Joy of Management
- Business Statistics
- Marketing and Consumer Behaviour
- Excel Spreadsheet Modelling
Apart from gaining tools, students will also polish their soft skills while pursuing the postgraduate program from BML Munjal University, and they can for job roles in sectors like:
- Medical health
What are the advantages of studying the MBA in Business Analytics course at BML Munjal University?
- BML Munjal University’s academic partner is Imperial College London which has a tremendous ranking (d 9th in the latest QS World Ranking of global universities). Therefore, students will receive excellent international exposure here.
- Unlike the traditional MBA curriculum, MBA in Business Analytics students are trained to ingrain a slew of values, how to enter the professional world, and life skills.
- Visiting faculty members at BML Munjal University are from the globe’s finest varsities: London Imperial College, Rotterdam School of Management, Singapore Management University, and IIMs, to name a few.
- The varsity also pays heed to soft skills necessary to enter the real world: practical communication skills, inculcation of the art of negotiation, creating problem-solving capabilities, building exceptional presentation skills, and building superior leadership abilities.
In today’s world, getting an MBA degree is the most logical step to building a lucrative career. The advantages of an MBA course are useless irrespective of your profession or industry. However, some may think pursuing an MBA is the best choice, given the determination and involvement of money. So, if you have the vigour, and passion for business management with a particular interest in business analytics, go for the MBA in Business Analytics course and see how it changes your life and future career possibilities.