Companies and organisations are increasingly adopting both Business Analytics and Business Intelligence as the value of Big Data grows across all industries. Data is useless until it is evaluated and interpreted to reveal significant insights. This is when Business Analytics comes in handy.
MBA in Business analytics is the study of Big Data using statistical and operations analysis, prediction models, optimization approaches, and reporting to all stakeholders - business partners, team members, and customers. For business modelling and data-driven decision making, it emphasises quantitative approaches and evidence-based data.
Every business has three main objectives: cost reduction and optimization, customer satisfaction enhancement, and profit maximisation.
Business Analytics, when used appropriately, can assist firms in achieving not only these three goals, but also many others::
Improving and expediting decision-making.
Making business decisions that are in line with the company's goals.
Real-time response to client/customer needs.
Financial and operational strategies should be coordinated.
To maintain a competitive edge, keep up with current industry trends.
Business Analytics is a relatively recent and popular concentration in the management sphere, owing to the increasing demand for MBAs with analytical skills. Professionals who pursue an MBA in Business Analytics are trained in data analysis and taught how to use the insights to increase profits and revenues. Jobs in this field of specialisation are experiencing great development, with long-term promise, thanks to the social media, Internet, and the rapid proliferation of smart devices and IoT.
MBA in Business Analytics: What Can It Help You With?
MBA in Business Analytics is a postgraduate management education programme that lasts two years. You must have a Bachelor's degree in any discipline from a recognised college or university, as well as a minimum of 50% on the qualifying examination. In addition, you must pass one of the National Eligibility Tests, such as the CAT, ATMA, MAT, CMAT, XAT, GMAT, SNAP, and others.
As previously stated, the MBA in Business Analytics is expanding rapidly and appears to be very promising. An MBA in Business Analytics requires knowledge of the following topics:
Data programming techniques,
Mathematical and Statistical techniques/tools
Linear programming using the various methods of operational research.
Symbiosis Centre for Management and Human Resource Development (SCMHRD Pune) is the business school to study business analytics.