Rapid advancements in technology have given rise to challenging business scenarios for which organizations are looking to cut operational costs. This is possible if organizations have insights about the future using which they can improve their operational structure. Companies have huge amounts of data in sectors such as research, marketing, sales, customer service, production, and so on. Analyzing this data helps identify potential risks faced by the company, and to identify areas for improvement and increased revenues.
Business analytics in India is booming creating opportunities in this field.
Careers in business analytics are seeing fast growth making them ideal for young business analytics graduates. The study of business analytics equips you with a deep understanding of statistical methods, quantitative ability, logical thinking, business knowledge, and big data.
Business analytics empowers you to:
1. Make sound commercial decisions by improving profitability of a business, increasing market share and revenue, thus enhancing overall functioning of the company.
2. Strengthen operational efficiency of various departments owing to better understanding of available primary and secondary data.
3. Provide a competitive advantage to companies. In a time of mass digitization with the information flow being nearly equal for all players, business analytics is tremendously useful. It helps to direct use of information to facilitate better decision making and maintaining competitive relevancy in the market.
4. Transform present business by observing huge lumps in past data, and enhance the business scenario of a company. Using this understanding, new sets of business models can be fleshed out and more innovative processes can be employed to speed up the growth of a company.
5. Serve customers better by using valuable insights about them with the help of modern tools, analytics, software, and management. A strong knowledge into customer behavior patterns can be the primary source of any company’s competitive advantage.
Popular business sectors that employ business analytics in India are banking, telecommunications, outsourcing companies, and e-commerce companies. Even startup companies across India are shifting towards analytics to pull out the important and useful information to improve their bottom line and make available a greater number of employment opportunities.
Cognizant of the eminent advantages of business analytics skills to industry and employers, SCMHRD offers an MBA Analytics programme. The programme includes active participation by industry experts working with Analytics and Big Data. The course is designed and taught to build an appreciation for various functions encountered in real life analytics situations such as the interplay between Marketing, Risk, Operations, HR, and Finance in students.