The technological advances in the last decade have impacted our world, and the business world in particular, in significant ways. An extensive amount of data today is being gathered and stored. Furthermore, ever faster computers and optimization methods are now available to transform this data into information for better business decision-making.
The evolution of data analytics makes it possible to implement advanced methods to solve business problems for multiple sectors & industries — ranging from detailed supply chain optimization to health care applications and service industries.
The methodology that refers to the skills and technologies to explore business data is called Business Analytics (B.A.). It uses statistical and quantitative analysis, data, and predictive modelling to make businesses work better. Through business analytics, organizations can tap on trends and patterns underlying their data.
For instance, by figuring out data of their customers (age, location, and shopping history), firms can precisely determine what products or services can be offered to boost sales or build brand loyalty.
Business analytics, as a profession, demands technical skills, strategic thinking, and business acumen to turn data into insights and insights into active business decisions.
What is Business Analytics Management?
Business Analytics Management is defined as a process of methodical exploration and management of business data.
The methods in Business Analytics rely on statistical analysis and encourage organizations to make informed decisions. It also empowers companies to optimize and automate their business processes. Business analytics helps firms get insights about their performance, giving them a competitive edge.
Why Do Companies Need Business Analytics?
According to a recent report published in Global News Wire by Reportlinker.com, “the Global Big Data & Business Analytics Market is bound to grow from USD 192.24 Billion in 2019 to USD 446.42 Billion at a Compound Annual Growth Rate of 15.07% by 2025.”
Moreover, “the analytics software application and business intelligence market is expected to reach around 14.5 billion U.S. dollars in 2022”, published in a report by Statista in January 2020.
The data above clearly speaks volumes about the growing demand for Business Analytics as a profession in the coming years.
Today, businesses that market to customers give exceptional value to the Big Data. Their business decisions involve vast sums of money, stiff competition, and require a quick turnaround. Such companies identify themselves as “data-driven” and place a particular focus on making decisions powered by reliable information.
Data-driven companies aim to gather high-volume and high-quality data. They rely on professionals with specialization in business analytics to help them make sense of it.
Here are some industries with a high demand for business analytics:
E-commerce is the most relevant industry that requires data analysis at the highest level. The efficient implementation of data analysis helps the e-commerce organizations to predict the sales, profits, losses and tracking the behaviour of their customers.
Banking & Finance
Business analytics is helping the financial institutions to engage with customers in a meaningful manner by learning about their transactional patterns. The transaction data is being used in risk and fraud management.
Business analytics offers a relevant opportunity for healthcare providers to ensure better patient care supported by actionable insights from previous data. From improving care delivery to achieving operational experience, the data & analytics are helping in optimizing every aspect of healthcare operation by unlocking the data potential.
The use of analytics contains the potential to transform insights into planning and managing transportation networks. Insights from the captured data are being used to achieve a competitive advantage, improve service reliability, and mitigate risks.
Business Analytics Management- Right or Wrong Choice for You?
If you have a flair of statistics with an analytic and strategic mindset, you might be interested in tapping into this challenging and in-demand field.
A Post-Graduate Diploma (PGDM) in business analytics management is a perfect way to launch a business analytics career, specifically if your primary interest is in the applied aspects of the field i.e. guiding business practices through data-driven decision-making.
A PGDM in Business Analytics Management is a multidisciplinary course and covers training in technical skills, business management practices, leadership, in addition to those skills specific to business analytics.
Jobs you could Bag with your Business Analytics Management Degree
With a PGDM in Business Analytics Management, you’ll be eligible for a broad range of careers, including coveted c-suite jobs ( the executive level positions in an organization). This is primarily because postgraduates are qualified for leadership roles in a variety of business settings.
You will be eligible for data-focused business positions with a background in analytics along with getting a distinctive edge for more general positions in business management.
A typical job role for business analytics includes obtaining data from multiple sources, running it through the analytics platform, and creating visualizations of the same.
They then proceed to spend hours analyzing the data from various perspectives, looking for trends that may reveal problems or opportunities. These insights are then communicated to business and technology leaders with recommendations to adapt to existing/new business strategies.
The business analytics role might come with a lot of accountability, but the rewards are worth all the toil & hard work. The field will continue to evolve in the coming years, and the businesses will be heavily relying on the insights from the analysis (rather than instinct).
So, if you have it in you what it takes to be the one, NOW is the chance to make a breakthrough career in Business Analytics. Give it a thought and aim a great shot!