A Global MBA is an internationally acclaimed variant of the regular MBA program that specializes in international business management. The curriculum includes globally relevant subjects that give you some much-needed perspective on international businesses. Global MBA teaches international business management, with special regard towards the infusion of technology and Internet connectivity in the way we conduct our business.
If you look carefully, business is a dominant industry in the world. Today, you can see all kinds of businesses, small, medium, and large. However, the internet has given wings to small and medium businesses so that they can grow and increase their reach to a great extent.
Running a business is not an easy job. There are many areas of a business that need to be assessed and worked upon to grow. While there are different departments to carry on the day-to-day processes, there is one area that can make or break the company, i.e., business analytics.
There must be a lot of questions in your mind regarding a career in business analytics, so here’s all about the field and how it is here to change the future of businesses. Explore MS in Business Analytics Program.
What Is Business Analytics?
Business analytics can be called a set of technologies and disciplines used to solve problems related to business. This is done by using statistical models, data analysis, and other quantitative methods, which drive a business process of decision-making.
If used properly, the data of companies can be a big asset to companies. It can also be turned into a competitive advantage. The working of business analytics depends on the quality of the data and the analyst who can understand business and technology.
There are 3 types of business analytics. These are as follows:
This type of business analytics tracks the Key Performance Indicators (KPIs) to understand the present state of the business.
This type of business analytics analyzes trend data to assess the likelihood of the future outcomes of the company.
This type of business analytics uses the company’s past performance as a base to come up with recommendations for handling similar situations in the future.
How Does Business Analytics Work?
No matter how good a business analyst is, it is important for them to have a strong foundation. Here are some basic processes of a good business analyst:
- Understand the business goal of the analysis
- Choose an analysis methodology and work on the basis of it
- Get data of the concerned business to support the analysis from various sources and systems
- Organize and collect data in a repository
A business analyst works on a smaller set or sample of data initially. However, with time, they use basic analytics tools, like spreadsheets comprising statistical, and then complex applications for predictive modeling and data mining. An analysis of raw data helps the business analyst understand the relationships and patterns. Based on this, new questions arise, and the analysis goes on until the set business goal is met.
Also Read: Is Business analytics the right fit for you?
Importance Of Business Analytics
Many people may ask why is business analytics important for business today. The answer lies in the benefits of the same. Here are some major benefits of business analytics:
Offers Data-Driven Decision Making
If a business wants accuracy in its decision-making process, it should have access to crucial data as it allows them to make accurate decisions and give the best results. Business analytics gives a company relevant and meaningful data that results in better decisions.
Helps Measure A Business’ Progress
The growth of a business depends on its planning, strategies, and development. All this can be measured with the help of data analysis. Mission statements can be prepared that allows companies to hire, retain, and also promote their employees. It is very important to know who and what is helping the business succeed and use the resources in the right manner.
Gives A Clear Insight Of The Business
This is another major benefit of business analytics. Using and maintaining data on the whereabouts of a business can help give a clear insight into them. This helps in realizing the business’ goal and making decisions based on it. All this is done through data visualization.
Future Of Business Analytics
Looking at the business analytics trends 2022, the future of business analytics in India seems to be full of opportunities. Many businesses have realized the importance of business analysis in their growth and proper working. Here’s how business analytics will change the future of businesses:
Decision intelligence is a discipline that is rapidly growing popular among businesses. A lot of companies have started to depend on automation to organize and analyze their data with increased accuracy and speed. Decision intelligence helps businesses understand issues and come up with strategies to deal with them.
Big Data Automation
Companies are now looking to automate their data as they are large and lengthy to comprehend. Big data automation will help businesses organize, comprehend, and store data in a comparatively easy and faster way.
It will store different data from various sources in a single storage platform and help the company access and analyze it in an easy way.
Scope And Career In Business Analytics
Business analytics has a wide scope and will serve as a great career path if you are planning to take it up. At least 2 quintillion bytes of data are generated by companies on a daily basis proving that they cannot function without business analytics. This means that business analytics is high in demand and will never go out of it as it plays a vital role in the planning, strategizing, and decision-making of a company.
More than 50% of companies have incorporated data analytics in their day-to-day operations, and even small-scale companies have started using analytics after COVID-19 hit the world.
The demand for skilled business analytics is high, offering an excellent future. To make a career in business analytics, you must possess a degree in the same. You can opt for an MS in Business Analytics. Many colleges are offering the course with the support of excellent faculty. Choose a suitable college from a range of best colleges and kickstart your career in business analytics.
As businesses are growing at a fast speed, their responsibilities, production, and planning are also increasing. As a company grows, it requires segregation of departments and proper functioning of the same. However, the bigger the company, the more responsibilities there are. While companies function, they produce huge amounts of data on a daily basis, which becomes difficult to manage. Herein, the role of a business analyst is vital.
A business analyst is responsible for analyzing and organizing the concerned company’s data from different sources and helping them in planning, strategizing, and decision-making to reach the desired goal. There are a lot of benefits of business analytics, like it offers data-driven decision making, helps measure a business’ growth, and gives a clear insight of the business.
There are three types of business analytics, namely, predictive analytics, prescriptive analytics, and descriptive analytics. Each analytics assesses different data of the company to help them in the decision-making process.
The future of business analytics is bright. More than 50% of companies are now relying on business analytics for their smooth functioning and decision-making to reach their goal. According to the future trend of 2022, business analytics will play a crucial role in the running of a business. Many companies have already started incorporating big data automation, decision intelligence, and embedded analytics into their systems and are benefitting from them. This means that business analytics has made its way into the most important role of a business.
If you are planning to make a career in business analytics, you must possess a degree in the same. You can pursue an MS in Business Analytics from UBS (Universal Business School), Maharashtra. There are many good colleges offering the course, and you can shortlist and choose the college that suits your needs the best. Enroll in the course now and kickstart your career in business analytics.