How can you adapt to the worldwide dynamic trends of Technology with a degree in MBA-Business Analytics?
Did you know that the ever-increasing use of Internet of Things (IoT), Artificial Intelligence (AI), esp., Machine Learning (ML), cloud computing and other frontiers of Technology in the industrial, commercial, governmental and personal space is creating 2.5 quintillion bytes (2.5 billion GB) of raw data every day! This vast amount of data (Big Data), which is going to grow exponentially, is of no value if they cannot be analysed for informed and profitable decisions. Needless to point out there is a need to have a large pool of Data Analytics specialists world-wide who also have business insights to make profitable use of this Big data.
Clearly, in order to adapt to the worldwide dynamic trends of Technology for your career, you must have the best of the two worlds – MBA and expertise in Data Analytics. A Degree in MBA in Business Analytics gives leverage on both the career tracks in one single PG Degree.
What is MBA in Business Analytics?
As I just mentioned, MBA in Business Analytics combines the business insights from MBA and data analytics expertise from Business Analytics (BA) in a single 2-year PG Degree that is much sought after by the students. While you may be familiar with the MBA Degree, BA may be relatively new for you. Let me explain.
Business analytics (BA) is an iterative and methodical study of data through statistical and operational analysis. It utilizes data aggregation, data mining, text mining, data visualization, data association and sequence identification and some more processes. Using these processes, Business Analysts make sense of complex data sets, understand the underlying patterns and micro-segment the data, do query reporting, predictive analysis, location intelligence, content analysis, speech analysis and the like. They use technologies such as deep learning and artificial intelligence to provide accurate analysis and predictions. Based on these predictions, innovative solutions to business problems are formulated and data-driven decisions are made to give organizations a competitive edge.
Why would anyone require an MBA in Business Analytics?
If you are firm about a career in the business world and the terms like computer programming and data are interesting for you and make you curious, then MBA in Business Analytics is the right choice for you. In the organizations, decisions are no longer taken based on experience, hunch, gut-instinct or any such qualitative techniques only. Decisions are taken base on scientific data analysis and predictions. And these data-driven decisions are at all the levels of an organisation – operational, tactical and strategic. Top management consulting firm PwC reports that data-driven organisations are likely to be 3-times more profitable than those which rely less on data. Clearly, it is anybody’s guess that in the years to come, data analysis and data-driven decision-making will be an essential high-level managerial skill at all levels of any organisation. Such a trend is going to put a heavy demand for Business Analysts making the career recession-proof. In fact, The Economic Times reported in January last year that In India, the analytics industry is predicted to grow to a market size of $98.0 billion by 2025 and $118.7 billion by 2026. Needles to emphasize you need a Degree in MBA-Business Analytics to take advantage of such windfall growth in the industry.
In fact, a report by LinkedIn mentions that data analytics is among the fastest-growing in-demand jobs since 2019 and would continue for years to come with an increase in hiring by up to 46 per cent. However, while there is a massive growth potential for analytics, there is a dearth of qualified personnel in the industry.
What is the difference between MBA and MBA in Business Analytics?
Well, while MBA focuses on business operations and management, MBA in Business Analytics focuses on data trends and data analytics with an insight into the business operations and management. As I have already mentioned, MBA in Business Analytics combines the best of a general MBA degree and a certificate or diploma course in Business Analytics. So it is apparent that MBA in Business Analytics has an edge over the general MBA.
What Job Roles are available for Business Analysts?
Since it is an emerging and important field, various companies like Accenture, TCS, IBM, Google, and many more are looking for the specialists in this field. Apart from the Tech and Consulting companies, large companies in the banking and financial services (BFSI), retailing, EduTech, manufacturing, healthcare, supply chain and logistics and many more sectors also need Business Analysts. Moreover, there are CRM (customer relationship management) firms and specializing in providing data analytics solutions.
Typical job roles available are:
- Business architect
- Business process analyst
- IT Business Analyst
- Technical Business Analyst
- Functional Business Analyst
- Business intelligence analyst
- Requirements engineer
- Systems analyst
- Data analyst
- Functional architect
- Usability/UX (User eXperience) analyst
End Note:
Information Technology is now becoming dominant. We are living in a society surrounded by data and information. With such a demanding need, the call for its professionals is also acing up. MBA in Business Analytics is an emerging field and a good fit for you to explore if you are looking to step up in the world of Artificial Intelligence and Machine Learning.
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