17,February 2021
Business Analytics has become a need for many budding and existing businesses in contemporary times. This change is driven by the increased volume, velocity and variety of data. The requirement of professionals with enhanced capabilities of handling and maintaining big chunks of data has led to popularity of ,Business Analytics courses as a preferred academic choice for many aspiring managers. Sensing this shift in the industry requirements many big universities and colleges have come up with under-graduate and post-graduate courses in the said field.
Why does the industry need analysts anyway? Any organization is driven by its clients and the revenue generated through them. The exposure of internet has brought these clients in proximity with multiple options to choose from amongst product offerings and educate themselves with regard to their features. Analytics helps businesses to remain at the top of their game. Three branches of Business Analytics includes “Identification of trends: Descriptive Analytics”, “Future forecast: Predictive Analytics” and “Testing data patterns to identify best possible situations: Prescriptive Analytics”.
A Business Analytics course helps an aspiring managers management skills by enabling him to think clearly and base interpretations on factual evidence rather than basing it on a hunch and going with their gut. Such clarity helps build on skills like:
Data Analytics plays a critical role in research. Given the volume of data collected by the minute by intelligence systems related to any industry the judicious research of the same helps management to take informed decisions by segregating the data relevant to them.
Analytics has become the facilitator for businesses to drive change, identify effective strategies and implement them, assess financials and monitor progress, incorporate effective processes and enhance overall profitability.
Apart from the sheer volume of data that any business is confounded with, the most challenging factor is that this data is always changing. In order to take the right decisions eventually leading to improving the bottom line of companies’ managers need to be able to effectively sort, study and analyze the data. This is where training in Data Analytics gives the additional edge to a student studying management.
Every company and every industry has a set of ever changing and unique challenges. The use of Data Analytics helps a manager to segregate relevant data and identify the past trends and thereby predict future trends. A manager should not only be able to collect and use such information but should primarily be equipped to evaluate what data should be collected in the first place.
The other factor greatly aided by Business Analytics is the pace in which decision making can happen by the correct use of Big Data and Artificial Intelligence. Quicker decision making helps rise to the challenges of an existing market and penetrate new markets faster.
Businesses are using predictive analytics to spot and correct loop holes in their processes or changing trend towards ease of usage and integration before it becomes an emergent issue. By doing this industry giants are able to ensure a stronghold in the market.
All these factors starting with the correct use of research data, addressing change quickly and effectively, using predictive analysis, taking faster decisions and an overall enhanced efficiency of all operations of a company leads to higher sales, better profitability and improved shareholder value.
Business Analysts are trained on a variety of tools to accomplish such ability focus on data and extract valuable and relevant information. These tools include SQL, statistical languages like R and Python and Statistical soft-wares like SPSS, SAS etc.
While many academic institutions are extending full time, part time and certification courses to such aspirants, Lloyd Business School located in the heart of Greater Noida, Knowledge Park offers an industry integrated Post Graduate Diploma in Management in Business Analytics specialization with IBM as its industry partner. The course offers holistic training in management education and analytical tools including SPSS, IBM Cognos, IBM Watson, Python and SQL among others.
