Since 5000BC, the use of analytics has been in practice to maintain records. Although, business analytics is an emerging field offering lucrative prospects to its seekers but it was in 1800 BC for the first time that Frederick Winslow Taylor, "Father" of the scientific management applied business analytics into business operations. Since then, this branch of data management has been evolving with the availability of newer and better technologies. Data analytics was extensively applied in the World War II as well. Adding to it, when the global economies started flourishing and progressing then the companies operating in those continents showcased a competitive spirit.
Further, the need of functions such as business intelligence, decision support systems, and many more operations cropped up. To manage these operations enterprise resource planning (ERP) systems, data warehouses, and a large number of other software tools were also invented and developed in the 1990s.
In this light, we have presented a timeline to make you understand the evolution of business analytics and the present state of this specialization in 21st century.
Figure: Evolution of Business Analytics
What is MBA in Business Analytics?
As a potential pursuant of this specialization, you must first understand the meaning of Business Analytics. Business analytics word comprises of two terms i.e. business and analytics. Both these terms are highly significant. Analytics is defined as a process that involves the use of:
- Statistical techniques (measures of central tendency, graphs, and so on),
- Information system software (data mining, sorting routines), and
- Operations research methodologies (linear programming)
Analytics serves functions such as:
- Discovering and
- Communicating patterns or trends in data
Keeping in view the significant role of analytics, business analytics (BA) can be defined as a process that initiates with business-related data collection and consisting of sequential application of descriptive, predictive, and prescriptive major analytic components.
Outcome of Business Analytics: It supports business decision-making and enhances organizational performance.
MBA in business analytics would aid you in becoming expert in the aforementioned functions which seem complex but are vital to simplify the obstacles faced by the organizations.
Why MBA in Business Analytics?
MBA in Business Analytics offers you an opportunity to explore all avenues which are promising for your career development and growth. In a survey that was conducted by Computer World, the respondents gave following responses towards the use of business analytics in their organization.
Figure: Industry-wise demand of business analytics
With the above statistics and the participants’ responses, you can easily gauge the relevance of business analytics for an Industry and its importance. Business analytics has the potential to resolve all the problem areas which are causing hindrances in the growth of an enterprise. The facts and figures are based on the trends which the industry witnessed in past. These facts aids in smooth and effective decision making. Further, the respondents who participated in the survey were also probed on the relevance of business analytics in streamlining organizational function. The results are presented below:
Figure: Areas in which business analytics is implemented
The above statistics makes it evident that business analytics plays a critical role in the success of an organization. Further, in another research the benefits of implementing data analytics were identified in order to drive growth and profitability in the organization. Given below are the findings of the research survey.
Source: Business Analytics Principles, Concepts, and Applications: What, Why, and How, Marc J. Schniederjans, Pearson
Other than these, analytics have some crucial roles to support the organization. They help an enterprise in the following manner.
If these benefits have grabbed your attention then don’t give a second though to this course specialization and grab the chance to pursue your career in it.
Eligibility for pursuing career in Business Analytics
Any candidate who has a recognized Bachelor’s degree in any discipline with at least 50% marks in the qualifying examination is eligible to register for this programme. In addition, the candidate should also achieve required merit in the National Eligibility Tests i.e. CAT/MAT/CMAT meant for taking admission in the MBA programme.
The duration of the course is 2 years or might also depend on the discretion of the college in which you take admission.
Personal Skill Requirement
- Do you have an analytical mind to detect and solve the problems around you?
- Are you are problem-resolver?
- Do you have excellent communication skills to justify yourself?
- Are you interested in conducting and analyzing survey findings?
- Are you organized and possess the capability to manage the huge data?
- Ate you inquisitiveness to find answers to the questions to mysteries?
- Do you have refined interpretation skills to interpret the situations around you?
- Are you interested in gaining a thorough understanding of technology used to analyse information?
- Do you have an inclination for in-depth research and quantitative skills?
- Are you a team player and self-driven person?
Scope of MBA in Business Analytics
Business analytics has a wide range of application and usages. Some important applications of this specialization are:
- It can be used for descriptive analysis in which data is utilized to understand past and present situation.
- It is used for predictive analysis, which is typical used to asses’ previous business performance.
- It is also used for prescriptive analysis, helps in formulating optimization techniques for stronger business performance.
Business Analytics can be implemented in any industry to find real-time solution to problems mentioned below. This field is the need of the hour and is a launching pad for the career that you dream for. With the advent and sheer penetration of internet in every field, data analytics is the foundation which accelerates the pace of growth for every business and industry.
Figure: Scope of Business Analytics
MBA in Business Analytics Syllabus
Some subjects that you will get to study in this course specialization are as follows:
Data mining and visualization
Spreadsheet modeling and simulation
Six Sigma and Total Quality Management
Advanced Business Analytics
Big Data Analytics
Ethical and Legal Aspects of Analytics
Analytics System Analysis and Design
Career Options after MBA in Business Analytics
Here, we have presented a list of potential business titles that you can attain after successful completion of your MBA course in Business Analytics. The companies would offer you these profiles on the basis of the knowledge, skills and experience that you possess to perform the tasks.
- Business Analyst
- Business Analyst Industry Expert
- Business Analyst Project Manager
- Data Analyst
- Data Scientist
- Predictive Modeller
- Qualitative Analyst
- Market Research Analyst
- Technical Team Leader
- Data Analyst SAS Programmer
- Big Data Analyst
- Data Warehousing Expert
- Business Intelligence Expert
- Data Warehousing and BA Architecture
- Data Mining Expert
Pay Packages Offered after MBA in Business Analytics
Business Analyst, Data Analyst, Big Data Analyst, Market Researcher
Data Scientist, Qualitative Analyst, Predictive Modeller, Data Mining Expert, Business Intelligence Expert, Data Analyst SAS Programmer
Senior/Lead Data Scientist, Technical Team Leader, Business Analyst Project Manager, Big Data Manager
Top Colleges for pursing MBA in Business Analytics
Considering the high demand of business analytics professionals in market, these colleges provide a sound base for the potential candidates in terms of imparting excellent Knowledge, Skills and Ability which is required by the industry. You can apply to these colleges to seek bright career prospects.
- IIM Bangalore
- Bharati Vidyapeeth, Pune
- Great Lakes Institute of Management, Gurgaon
- Praxis business school
- College of Management and Economic Studies, UPES, Dehradhun
- Institute of Management and Entrepreneurial Development, Pune
- Siva Institute of Frontier Technology
- Alliance School of Business, Bangalore
- Ansal University, Gurgaon
- Chandigarh University, Chandigarh
Top Recruiters for MBA in Business Analytics Course
In every industry there is a huge demand and scope for the professionals who have successfully completed their degree. MBA in Business Analytics course is in high demand and some of the prestigious brands which are keen on hiring the business analytics professionals are:
- McKinsey and Company
- Boston Consulting Group
- Morgan Stanley
- Adani Group
- Larsen and Toubro (L&T)
- Tata Group
- American Express
- Capital IQ