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Business analytics is a multidisciplinary field that involves the collection, organization, and analysis of large data sets to identify patterns, trends, and correlations. It involves using quantitative and qualitative techniques to extract insights from large and complex data sets, which can help organizations optimize their performance, improve customer experiences, and reduce risks.
Business analytics is today a crucial part of the modern business landscape. Involving data analysis, statistical methods and information technology, business analytics provides insights and supports decision-making processes for a wide range of industries including finance, marketing, healthcare, and many others.
Who should pursue Business Analytics?
Anyone with a passion for data and keen to face challenges in solving complex business problems can pursue a career in business analytics. A background in mathematics, statistics, economics or computer science with a strong foundation in quantitative methods, data analysis, and business principles can be beneficial, but it is not necessary. Many business analytics programs are designed to be accessible to students from a variety of academic backgrounds.
Students can pursue BBA in Business Analytics after successfully completing their 10+2 schooling with a minimum of 60% of marks. Students can directly opt for MBA in Business Analytics after their graduation. But for that purpose, they have to secure a minimum of 60% of marks in their graduation and have to crack the Entrance Tests like CAT, GMAT, MH-CET, etc.
Business Analytics vs. Data Analytics
The job of both business analysts and data analysts involves working with data, but their roles differ based on how they use it. While business analysts concentrate on utilizing data for operational statistics and internal analytics to inform strategic business decisions, data analysts collect and manipulate data, extract valuable insights from it, and present their findings in a manner that is easy to understand. In doing so, they contextualize operational data within the broader industry and market data landscape.
Growing demand for Business Analytics
Organizations in industries such as retail, healthcare, finance, manufacturing, and technology are increasingly adopting business analytics to optimize their performance and gain a competitive advantage. As the demand for data-driven insights continues to grow, so too does the demand for professionals with expertise in business analytics.
With this growing demand comes an attractive pay package ranging from Rs.1.6 lakhs to Rs.12 lakhs per annum with an average annual salary of Rs.4.2 LPA. However, navigating a successful career in business analytics requires a comprehensive understanding of the field and an ongoing commitment to professional development.
Career pathways in Business Analytics
There are various career pathways in business analytics, each with different job roles and skill requirements. Some of the most popular roles in business analytics are:
Data Analyst: Data analysts collect and analyze large amounts of data to identify trends, patterns, and insights. They use statistical tools and programming languages such as R and Python to extract meaning from data sets and present their findings in a meaningful way to stakeholders.
Business Intelligence Analyst: Business intelligence analysts focus on using data to help organizations make informed decisions. They gather data from various sources, analyze it, and develop reports and dashboards that can be used by managers to make decisions.
Data Scientist: Data scientists use advanced statistical and machine-learning techniques to extract insights from data. They work with large and complex data sets and use programming languages such as Python and SQL to build models and algorithms that can be used to make predictions or solve problems.
Analytics Manager: Analytics managers are responsible for managing a team of analysts and data scientists. They oversee data projects, provide guidance and support to their team, and communicate insights to stakeholders.
Marketing Analyst: Marketing analysts use data to help organizations understand their customers and develop marketing strategies. They analyze customer behaviour, market trends, and competitor data to identify opportunities and risks.
Operations Analyst: Operations analysts use data to help organizations optimize their processes and improve efficiency. They analyze data on operations, supply chain, and logistics to identify bottlenecks and inefficiencies.
At the CXO level is the Chief Analytics Officer (CAO) who is responsible for developing and implementing the organization’s business analytics strategy. The CAO oversees the data collection, analysis, and reporting for the organization. To become a CAO, you will need to have a strong background in business analytics, data science, and machine learning.
Business analytics is an exciting and rapidly growing field that offers numerous career opportunities. With the demand for skilled professionals in this field expected to continue growing, pursuing a career in business analytics can be a rewarding and lucrative choice.
-Written By Reshmi Manna, Associate Professor, School Of Business, MIT – WPU
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