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MBA in business analytic refers to the study of big data by using statistical and operational analysis, forming predicted models, and communicating the results to the stakeholders like employees, customers, etc. It helps in data-driven decision-making and is based on evidence-based and quantitative methods.
This blog lets the reader get an in-depth knowledge of the course to help them make informed decisions for themselves.
MBA in Business Analytics is a postgraduate course spanning two years. The course educates students in the skills and techniques involved in analytics and focuses on the development of managerial skills in a candidate, making them an asset for any firm.
You must hold your matriculation degree from an accredited institution in order to be qualified for this program in any subject with a minimum of 50 percent mark. Apart from that, you must also pass any one of the National Eligibility Tests.
Business analytics primarily includes the processes and techniques that translate data into information and insights that in turn in an effective guide and promote strategic business decisions. Due to Business Analytics' success in the business sector, the same specialisations are common in MBA too.
An MBA in Business Analytics lets applicants acquire knowledge and skills in various methods for analysis and eventually uses them to collect and analysis of the data for business analytics generation as well as to serve various functional fields in an enterprise. The course of MBA in Business Analytics extensively utilises explanatory and predictive modelling, statistical and quantitative analysis, fact-based management, and much more.
Some other aspects that are taught in the two years-long programs of MBA in Business Analytics include getting to learn about business delivery, data visualisation, performance management, etc. Predictive and explanatory modelling, statistical and quantitative analysis, fact-based management, and much more are widely used as MBA in Business Analytics. Today, Business Analytics is applied to anything, whether it is to solve complicated business problems or to simulate sports competitions or even in simple decisions, simply to maximise costs and benefit.
Business analysis is a framework consisting of 2 forms of analytics: corporate intelligence and advanced analytics.
The scope of an MBA in Business Analytics is growing as we speak and looks very promising. It is a promising career to proceed with and provides a variety of career opportunities. It lets the candidate learn a lot more than just an MBA. An MBA assists them in specialises in the field of business analytics.
In the ever-evolving world where technology is always evolving, the collection of data has been made easier and therefore enables the firms to collect big data sets. Which indeed makes candidates pursuing this degree of utmost importance to the firms.
Also, after pursuing an MBA in Business Analytics, one can get into these three fundamental Analytical domains:
Using descriptive analysis, one will have to analyse and interpret data to find solutions to past business problems and design future business solutions as per the forecasts.
Predictive analysis uses the information to evaluate a company/past organisation’s business success. A study of past business results is conducted in order to find weaknesses in past business solutions and techniques to avoid them in future.
The emphasis of the prescriptive analysis is on formulating optimisation and specialisation strategies to improve the efficiency and performance of the current and future market. This contributes to can an enterprise's annual returns.
70% of the companies either have a digital transformation strategy or are planning to implement one soon or have had one already.
MBAs with the knowledge of Business Analytics are requested by a majority of MBA recruiters, including Amazon, Google and Microsoft drive the education trends in training and expertise. Also, according to a study by the McKinsey Global Institute, 1.5 million analysts are missing in making even more requested data-driven corporate decisions.
You will receive additional job titles following your MBA in Business Analytics:
Freshers who join work positions such as a data analyst, business analyst, big data analyst and market researcher will, to name only a few, receive initial wages ranging from RS 2.50 thousand – 5.00 thousand LPA.
The wage package covers about Rs. 7,00,000 – 15,00,000 LPA for practitioners with approximately 5-8 years of business experience and mid-scale management positions. The median package is much higher for senior citizens who have about 10-15 years of work experience. These managerial professionals gain an annual package of Rs 18,00,000 to 30,00,000
An MBA is not concerned with information; it needs strategic thinking, business sense, and the ability to interfere with technical expertise on the points of different departmental and industry figures. These skills help companies turn data into insights and use these insights to achieve results.
To answer the question, yes, MBA in Business Analytics is worth it. The reason being modern companies are looking for purposeful, quantifiable knowledge for business decisions, and data analysis is a valuable source of this data. Computing developments have been accelerating business analytics' capacity and speed. In 2017, about 11.5 million jobs will be generated by 2026, according to the American Labor Statistical Office.
To conclude, MBA in Business Analytics is an up-and-coming area of expertise that is gaining increasing traction in all sectors of the industry day by day. For those of you who have been doubtful for a long time to take this career path, you can continue your MBA tour of Business Analytics with the Birla Management School. The specialisation shows an optimistic and promising view.
Birla School of Management (BSM), Birla Global University offers a two-year full-time MBA in Business Analytics program with an intake of 60 students from the academic year 2021-22. The program is designed to have four semesters in two academic years. The course covers basic topics such as management concepts and approaches, finance, marketing, managing human resources, operations. Subjects such as business analysis statistics, decision-making analysis, machine learning, retail analytics and marketing, big data, financial analytics, economics, HR analysis, supply chain analytics, are a part of the curriculum. Lab sessions are also included in the course.
The minimum eligibility criteria to apply for the course with the university is that The applicant should have
(i) bachelor’s degree from a recognised university having Statistics/Mathematics/Computer Science/IT as a subject with at least 50% aggregate marks, and
(ii) scores of one of the National Eligibility Tests, like (CAT/ MAT/ XAT/CMAT/BET-BGU Entrance Test), etc.
When a candidate studies in the university, the benefit a lot. A few of the highlights are listed below for the post-graduate program provided by the Birla school of management.
Also, at the end of this two-year program, the management School facilitates placements at the end of two-year program through the Centre for Corporate Relation (CCR). Placement activity is also strengthened by the support of Senior Faculty members having strong industry backgrounds and experience.
So, Birla school of management is a place where the candidate shall learn and benefit a lot while pursuing the two-year MBA in business analytics post-graduate program. It provides a learning environment best suitable for the candidates along with lucrative placement opportunities at the end of the two years.
