Business Analytics – an important learning in Management Studies

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Business Analytics (BA) has become a buzzword in the corporate world as business analysts are equipped with the required knowledge and skills to take the business to new heights. In broader terms, Business Analytics is a subset of Business Intelligence (BI), which is related to the collection of data and is further sorted, processed, collated and transformed into business insights to measure business performance and to produce valuable conclusions. This facilitates companies to predict future trends of business indicators using various statistical tools and techniques.

Business Analytics connects the technical side of the business with decision making. It helps to identify useful datasets and how these datasets can be leveraged to solve business problems such as profit maximization, risk minimization, higher efficiency, sales maximization, cost minimization, etc.

Everybody talks about “data” and there is an immense flow of information in this era of digitalization (estimated 2.5 quintillion bytes of data are now produced every day)[1] but we need processing of data as well to reach concrete results of business models. The raw form of data or any information is not valuable as it does not support any decision of the company. Hence, business analytics is focused on the data organization and data analysis to help companies to improve, grow and overcome challenges.

Recent trend on labor market indicates that business analytics including data scientist, data analyst, financial analyst, market analyst etc. are currently among the highest in-demand roles in the labor market, which are all a part of the curriculum for a management student. It has been estimated by the World Economic Forum that data analysts will be high in demand globally by 2020. Also, IBM stated that “the annual demand for data scientists, data developers, and data engineers will lead to 700,000 new recruitments by 2020.”[2] Further, IBM reported that 2,350,000 jobs for Data analytics listed in 2015 and it is estimated that 364,000 of additional job listing in 2020 (projected growth of 15% by 2020).[3]

Considering the huge potential of the domain, Amity University offers 2 years full-time Master of Business Administration (MBA) program in Business Analytics. This program has been designed in consultation with industry experts to cover crucial elements of business analytics that have been blended with the management education.

[1]http://reports.weforum.org/digital-transformation/big-data-analytics-and-the-cloud-a-smarter-more-connected-future-ahead/

[2]https://www.morningfuture.com/en/article/2018/02/21/data-analyst-data-scientist-big-data-work/235/

[3]https://www.forbes.com/sites/louiscolumbus/2017/05/13/ibm-predicts-demand-for-data-scientists-will-soar-28-by-2020/#2ba171bb7e3b

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