Business analytics course can be defined as a combination of skills, technologies, and practices for continuously exploring and investigating past business performances. It helps in gaining insight into the business world and driving business planning.
When we talk about business analytics as a profession, it won’t be easy to believe that businesses have existed among us almost since the time humans have existed. But this specific profession came into the business world much later. We are not even talking about ages before; it’s only a few decades before that an evolution of business analytics has taken place. Business analytics and technology have improved exponentially and will likely continue to do so as we look to the future. Candidates who want to get into the nitty-gritty of business planning and execution can look for business analytics courses in India.
What is MBA in Business Analytics?
This program explores the data analytics component of running a business. This course teaches how to leverage statistics and tools dealing with data analytics. Nowadays, companies look for candidates who have business analytical skills and an MBA along with it. This separates them from the crowd, and at the same time, a shortage of qualified business analysts also adds value to this degree.
Let’s look at the evolution of business analytics; how it entered the business industry?
Business Analytics in a Barter Economy: If we go way back, we will realize how trade and business happened without involving the currency. The barter system existed among humans for a long time, as the numerical markings on cave-dwelling walls or with wood and stones are the first glimpse at the evolution of business analytics. It was a tracking system for who would have been needed to trace who had what and when. This system is the first stepping stone to the evolution of business analytics.
Business Analytics in the Industrial Era: With the development of the industrial sector, new manufacturing systems
The industrial revolution brought new manufacturing processes, which created the need for the application of various business strategies. The evolution of new kinds of facilities such as water and steam procedure, followed by railroads, steel, and oil, quickly made the complex industries grow. A need for a formalized system of business analytics was felt to manage the complex industries that quickly grew out of their local storefronts into nationwide companies,
Operational Reporting: This branch used to operate in a very traditional procedure. They used to gather information and store it in typical informational silos. This information was hard to spread among all the members of the company, and thus it was quite challenging to carry on with this procedure.
Business Analytics in the Digital & Information Ages: When computers began to be in regular use, they opened up opportunities to digitally transform business analytics. A specific new system emerged known as Decision Support Systems (DSS).
It soon became very popular as it helped the companies to sort their data and filter it more significantly. The quantities of data that assisted executives in data-driven business decision-making started to improve.
Microsoft Excel: Then Microsoft excel came ad changed the game. It was built upon the DDS-type platform; excel enabled its users to sort and filter data and program formulas that splice and display the data as specifically instructed. The old days were gone just like that once the excel sheets entered the market.
Now let’s look at the various career opportunities available for MBA degree holders in business analytics:
Marketing Manager: This profession allows candidates to promote a business, product, or service. They often plan and oversee a broad range of activities, including launches, advertising, email campaigns, events, and social media.
Financial Analyst: These professionals work in banks, pension funds, insurance companies, and other businesses. They guide companies and individuals in decisions about spending money to attain a profit.
Operations Analyst: In this profession, candidates who like to solve problems should get involved. This involves solving problems internally and implementing goal-oriented strategies in companies, apart from other responsibilities like managing data, client reporting, and trade processes.
Supply Chain Analyst: They ensure the company’s supply meets the customers’ demand. They are trained to oversee its supply chains, ensuring timely delivery and keeping the company on a budget.
People who are already into the business profession and want to grow more can opt for distance learning courses in business analytics. Various colleges offer online business analytics courses for working professionals and students as well. Hence, candidates who want to build a career in business analytics should take up this course.