MBA in Business Analytics – How does it Meet the Modern-Day Business Demands
Data is probably the most vital asset in business today. 94% of organisations say data and analytics are essential to their business growth strategies. So why MBA in Business Analytics, and what is its relevance in business? If you want to be an integral part of the digital revolution, data literacy is the key. Additionally, an MBA in Business Analytics equips you with the essential management skills you’ll need to be in the domain’s leadership roles. Specialising in business analytics is a great way to understand how business can influence big data and future-proof your career.
MBA in Business Analytics is a two-year programme that deals with the process of collecting, combining, processing, sorting and using statistical models and methodologies to transform data into business insights. It enables the students to determine which dataset is useful and how it can be leveraged to resolve problems and increase efficiency, productivity and revenue.
Moreover, an MBA in Business Analytics course curriculum incorporates topics such as Data Mining, Decision Models, data acquisition and preparation, Visualisation and Customer analytics that will help you acquire both technical and management skills. Additionally, this article talks about what you will study in the course, reasons to study the course, and its career prospects?
What Do You Study In An MBA In Business Analytics Programme?
Business analytics is an umbrella term that incorporates two distinct areas of practice:
- Business Intelligence
- Advanced analytics
Business Intelligence is typically descriptive and focuses on the tools and strategies that will help the graduates to identify, acquire, and categorise raw data on past or current events. It is a process of analysing and evaluating previous data to understand how a product line or department has performed over a particular time. Some of the operations under Business Intelligence include:
- Online analytical processing (OLAP)
Advanced analytics is a more recent advancement and involves detailed statistical analysis, such as performing predictive analytics by implementing statistical algorithms to historical data. It assists the professionals to predict how new services or products will impact sales. Some of the operations under advanced analytics include:
- Cluster analysis
- Data mining
- Simulation algorithms
Why MBA In Business Analytics, And What Can You Do With It?
Why MBA in Business Analytics is important today for individuals who wish to make a successful career in the domain is because people today are generating a massive amount of digital data every day. In 2020, people consumed 64.2 zettabytes of data, according to Statista. To put these figures in perspective, just 1 zettabyte provides enough storage for 30 billion 4K movies, 7.5 trillion songs in MP3 format or 60 billion video games. And these numbers have continued to grow every year. Furthermore, it is projected that by 2025 the data consumed globally will reach approximately 181 zettabytes.
Consequently, with the increasing amount of data consumed by people, the demand for skilled professionals in the domain is also escalating, creating an abundance of job opportunities. Moreover, the global data analytics market is expected to grow by 25% by 2030. From Microsoft to McKinsey, the huge industry giants are employing business analytics graduates for the role like:
- Business intelligence analyst
- Big data analyst
- Management analyst/consultant
- Market research analyst
- Data scientist
- Marketing manager
As per the U.S. Bureau of Labor Statistics, the employment of market research analysts is expanding much faster than average globally by an anticipated 22% between 2020 and 2030. Additionally, the future of business analytics seemed bright. With an MBA in Business Analytics course, you will open yourself up to an extensive range of high-level management jobs across global industries.
Moreover, this level of personalisation to transform data into business insights requires a high degree of specific information, which can be acquired by pursuing an MBA in Business Analytics from a renowned university like BML Munjal University (BMU). The university trains its students to analyse data using explanatory and predictive modelling to derive insights from a huge amount of data available.
Unlike a conventional MBA in Business Management, the MBA in Business Analytics course from BML Munjal University has been designed in association with industry experts to impart specialised skills sets and knowledge to students in a number of areas, including Marketing, Operations Research, Machine Learning, Statistics, Computer Science and Data Mining. In addition, BMU’s unique MBA programme in Business Analytics expands the best tools and training for a lucrative career in any of these areas and the all-around development of innumerable skills to make a difference.