How Business Schools Are Tweaking Their Analytics Curriculum to Meet Explosive Demand
Some decades ago, business management was becoming big business, but who could have predicted what really happened down the line today? Some recently established universities and institutions like Global Institute of Business Management in Bangalore are lucky that they did not experience the old order of things. Having been born in the midst of the data explosion that nowadays is characteristic of big business, they understand the new business analytics better. They could be compared to the new generation born these days that handles smartphones and tablets at a very young age compared to those who were born fifty years ago.
The booming Business Analytics curriculum
Dealing with statistics in the form of facts and figures has always been a part of study and business dealings, even before the coming of the internet and the digital age. The difference lay in the primitive methods, then employed, of manual typewriters and hard copies that could have been misplaced or destroyed. With software, copies are still subject to security risks but could be stored in the cloud or exchanged across the planet in a moment.As compared to the mighty hard copy files of the past that still exist in most offices, software like Excel and the website dashboard provide all the statistics at a glance with links that branch out to whatever data you need to consult or gather.
Sheer volume and complexity
As the Information Technology progressed, faster software with incredible volumes was born. Can you imagine the sheer volume of data that a MNC might possess? What about the health or education ministries of the government, compiling all their facts and figures and storing them safely? Storage and communication is not all. Research is facilitated through all that information that can nowadays be sifted with a few clicks. Qualify staff would be required, of course, who can make sense and meaning of all the data crunching.
Business Schools are certainly making many a fast buck
The number and variety of business management schools in a country as diverse as India can well be imagined. Management is studied at different levels like Certificate, Diploma, Bachelors and Masters besides the online courses and distance education. Durations may extend from 6 months to 23 years or more if they are integrated courses, like BA/BBA that may be 5 years long.
Business Analytics helps to process data
The gathering of appropriate data may be laborious enough! Companies would not survive without compiling customer data, likes and dislikes, in surveys across the country and perhaps globally too. That would all add up to vast quantities of information. The mighty stats would help for future designing and model making in order to cater to the ever changing tastes of consumers. Companies would thus remain ahead of the competition in a terrible rat race that knows the future better.
Vast business data would help with:
- Market basket analysis that deals with customer purchase patterns.
- Inventory management and forecasting trends would help to better understand customer demands of the future, based on the present business patterns.
- Human Resources Managers maintain profiles of trusted employees that would be a boon in companies that employ thousands of workers.
- Analytical customer relationship management helps in terms of maintaining relationships, acquiring and retaining their loyalty.
- Fighting fraud is immensely facilitated by security systems that work with sensitive data and filters all the evil and dangerous practices in high risk areas.
- Underwriting, in financial terms, assigns values to all assets for insurance processing for items like machinery.
Business Schools need to cope up!
While many clever business schools would have already made their millions in the management boom across the last few decades in India and across the world, Business analytics teaching and practice provides immense new challenges. Firstly, the need of capable faculty with enough practical experience and research knowledge would be required. Business schools are usually rich at the expense of students and importing faculty would not be beyond them either if the need is felt. Foreign faculty is one more trick to attract high paying students, many of whom are lured by false promises of excellent internships and placements. Students need to prove that they are meritorious and dedicated in order to fulfill their mighty professional dreams.
Business Analytics has a wide range of applications:
Descriptive analytics gathers information from stored data.Prescriptive analytics can forecast likely future trends based on current data. Decision analytics uses the visual to support thinking and decision making.
Numerous domains are supported by analytics:
Behavior, collections, financial and fraud, pricing and retail, risk and credit are some of the domains supported by analytics. The range is as infinite as the business world of the 21st century.Institutions and individuals need to labor on.