9,August 2021
There was an article in Times of India which talks about the data scientist earns more than chartered accountants and engineers, Bloomberg did mention that starting salaries for data scientists have gone $200,000. Business Analytics in essence is talking about how do you use data, how do you use information technology and how would you use conceptual layers in business logic to understand how the problem would be resolved right so that in a nutshell would say that this is Business Analytics.
This field of management and analytics is not restricted to any specific domain, for instance, a student from a music background can pursue management analytics program reason being if music has creativity the same exists in data patterns, the main focus is on the interest in exploring data to fetch meaningful insights. Analytics can be applied in Pharmacy,manufacturing and consulting etc.
The student should have attributes like agile and ready to learn can make a career in business analytics. Most of the MNCs and corporates incorporate analytics in every decision making.Typically Data Analytics deals with extracting, cleaning the data, reading patterns within the data. For example, a company which is in retail, thinks of doing campaigns based on the buying pattern of the customer, if analytics adopted then it is a win-win situation for data analytics as well as customer it will help in reducing the cost of marketing and increase the efficiency of marketing.Another example covering an individual work in credit card company, could analyze data regarding customers to determine who might subscribe to a credit card offer that would allow to spend more time and energy on targeting those specific group of customers.Analytics can be used to understand the pattern of employee attrition in Technology based company, working in banking sector reviewing customers for loans, through the help of analytics to predict customers who likely to default.
Alongwith Management Analytics, terminology like Data Science, Business Intelligence, Data mining, the goal of these terms is converting data into useful insight.The four types of analytics covering Descriptive Analytics reviewing the past or historical data, Diagnostic Analytics why business problem happened, Predictive analytics what might happen in the future and prescriptive analytics what should be done.
Analytics lifecycle another word for CRISP-DM i.e. Cross Industry Standard Process for Data Mining, first step is with a business understanding which means business problem and ext step is data understanding then data preparation after that data modeling then evaluating the respective model, and deploying as per the solution to the business problem.
The tools which are popular with respect to analytics, MS-Excel allows to explore and analyze smaller dataset, Tableau Desktop & Microsoft Power BI allows to visualize data with dashboards, Python allows build statistical models that can make predictions,R allows to statistically analyze and visualize data and Structured Query Language allows to communicate and interact with data.
With respect to career in business analytics, it is divided into few disciplines, understanding of management along with statistics and Technology. The job roles related to Business Analyst, Market Research Analyst, Data Analyst, Process Analyst, Data Scientist etc.
Combining management and analytical skills increase potential of thinking creative increasing capability of problem solving, using statistical models analytical assessing large datasets adopting R or Python tool, develop communication and presentation skills, Technical skills applied while resolving business problems and managing timely as working on real time data and providing decision making as per the timeframes.
The students who apply for the Post Graduate Diploma in Business Analytics program from Lloyd Business School in academic collaboration with IBM will have an edge as they will be IBM master certified in descriptive analytics, predictive analytics and artificial intelligence.After the completion of the course, students are in position to guide database administrators regarding the database, delivering presentation through power BI dashboards.
The biggest asset for career success is the growth mindset, it is not only related to increasing success in a resume but also growing as a person.
Prof. Neha IssarAssistant Professor,Lloyd Business School
