Scope for business analytics grads in emerging economics

Business analytics’ job in emerging markets is to analyze data and extract insights to enhance business operations, make better decisions, reduce costs, and boost profits. It involves cleaning, collecting, organizing, and visualizing information to draw meaningful conclusions. Businesses employ business analytics across different industries to detect trends, craft strategies, and optimize processes for increased efficiency. 

Analytics in business has seen massive growth over the last several years as companies seek ways to gain an edge. This amazing future of business analytics in emerging markets can be seen through an increasing need for analysts who can convert data sets into actionable information to make better decisions. 

Emerging countries are witnessing an increasing need for business analysts. As more and more companies in these nations adopt data-driven decision-making techniques and processes, there is an increasing demand for qualified specialists in this field.

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Adoption of business analytics in emerging markets

Business analytics is becoming more critical in emerging markets as companies strive to gain an edge over the competition and base decisions on data. A few factors are driving business analytics’ jobs in emerging markets.

• Increased availability of data: The rapid adoption of digital technologies, such as mobile devices and social networks in emerging markets, has resulted in business analytics job opportunities in developing countries. 

• Rising competition: Market segments are becoming increasingly competitive as more companies enter the space. Companies must be able to analyze data quickly and make educated decisions based on that insight to stay ahead of competitors.

• Rising customer expectations: Customers in the emerging market have increasingly high expectations and that’s why the future of business analytics in emerging markets is secure. Business analytics can help companies better understand their customers to offer more pertinent offerings and services.

• Cost savings: Business analytics offers businesses the potential to save money through improved efficiency in their processes and procedures, leading to lower costs and greater profitability.

• Initiatives by Governments: Government agencies in emerging economies encourage businesses to use data analysis to stimulate economic development and growth. They offer incentives and financial assistance to firms that adopt data-based decision-making processes.

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List of emerging economies

Business analytics job opportunities in developing countries are increasing in emerging nations as data analytics becomes increasingly crucial across numerous industries. Here is a list by experts of some of the growing economies that will probably soon need the services of business analysts:

• China: China has become a major force in the international economy. It increasingly turns to data-driven decision-making for the banking, e-commerce, and healthcare sectors.

• India: India boasts an expanding tech sector, and data analysis is finding widespread adoption across various fields, such as healthcare, finance, and eCommerce.

• Indonesia: Indonesia is home to an estimated 700 million citizens and is the 4th largest country globally. As its digital economy blossoms rapidly, Indonesia urgently requires experienced data analysts.

• Brazil: The largest economy in Latin America and is seeing increasing adoption of data analytics across industries like banking, e-commerce, and healthcare.

• Mexico: Mexico’s economy is one of the key components in Latin America, and they see an uptick in analytics-based decision-making across sectors such as manufacturing, finance, and e-commerce.

• Turkey: Turkey’s economy is expanding rapidly, leading to an expansion of data analytics across industries such as finance, retail, and healthcare.

• South Africa: It is one of the biggest economies in Africa and is seeing an exponential rise in data analytics applications across industries like healthcare, finance, and e-commerce.

• The Philippines: The Philippines’ economy is rapidly developing, driven by a rapidly developing digital economy that requires experienced data analysts.

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Sectors that are pioneering business analytics jobs in emerging markets

Graduates in business analytics should look for job opportunities in developing countries, particularly:

• Retail and e-commerce: The rise of e-commerce and its increasing popularity in emerging economies have created a need for specialists who can analyze customer data, sales trends, and market conditions to make informed decisions.

• Finance and banking: Developing economies’ financial and banking sectors are rapidly digitizing. There is an urgent need for professionals with data analytics capabilities to reduce fraud risk, detect it early and improve customer service levels.

• Healthcare: Emerging countries are employing data analytics to enhance patient outcomes, reduce costs and better allocate resources.

• Manufacturing: There is an increasing need for experts who can apply data analytics to enhance supply chains, increase production efficiency and reduce costs.

• Public sector and government: Emerging economies are adopting data-driven decision-making methods for improved service provision, greater transparency, and reduced corruption.

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Demand for business analytics talents

Over the past few years, India’s demand for skilled business analysts has grown rapidly. Here are some factors contributing to this surge:

• Growing digital economy: India is witnessing a meteoric rise in its digital economy, as internet users are predicted to surpass 90 million by 2025. This has created an exponential surge in business data, necessitating data analysts with expertise who can understand it all.

• Increasing adoption of data analytics: As more enterprises in India begin to recognize the power of data analytics for driving growth and improving efficiency, a need has arisen for more experts in business analytics who can assist them with interpreting information and making sense of it.

• Government initiatives: The Indian government is launching several initiatives to promote data analytics. One such program, Digital India, seeks to transform India into an increasingly digitally connected society and knowledge-based economy. 

• Shortage of skilled professionals: India currently faces a shortage of highly competent business analytics specialists, necessitating skilled personnel. This shortage is expected to persist into the foreseeable future, creating fantastic opportunities for those with the right expertise.

Opportunities for business analytics graduates

As a highly sought-after field, business analytics offers many exciting career prospects for graduates with relevant experience and skill sets. Here are some potential career avenues for those in the field of business analytics in India:

• Consulting firms: India boasts an abundance of consulting firms that offer business analytics solutions to clients from various sectors. Graduates trained in business analytics can find employment as analysts or consultants within these organizations, helping their clients make data-driven decisions and enhance operations.

• IT and software companies: Software and IT firms in India now provide business analytics services to their customers. Positions available within these firms include data scientist, data analyst, or business analyst working on projects involving data analysis for their clients.

• Finance: India’s financial sector utilizes data analytics to promote expansion and enhance processes. Business analytics graduates can find positions within this sector as business analysts or data analysts working on projects based on data such as fraud detection, risk management, and customer analytics.

• E-commerce: Online retailers in India rely heavily on data analytics to gain insight into customer behavior and improve business operations. Business analytics graduates often work as business analysts or data analysts at these firms, helping optimize marketing and sales strategies.

• Healthcare: India’s healthcare sector increasingly relies on data analysis to improve patient outcomes and operational efficiency. Business analytics graduates may find employment as business analysts or data analysts who work on projects involving patient outcomes analysis, supply chain optimization, revenue cycle management, etc.

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Salaries in business analytics

Business analytics’ salary in emerging markets is decided on experience, job title, industry, and location. Here is an overview of the typical pay rates for various positions within this field in India:

• Data analysts: In India, data analysts can earn anywhere from INR 300,000 to INR 800,000 annually, with an average salary of around INR 500,000 annually.

• Business analysts: In India, business analysts earn an average wage of approximately INR 800,000.

• Data scientist: Data scientists in India typically earn between INR 600,000 and INR 2,000,000 annually – or an annual salary of up to INR 1,200,000.

Conclusion 

Overall, enterprise analytics across emerging markets has been spurred on by various factors such as increased access to data, increasing competition, rising customer expectations, and cost-saving initiatives from government initiatives. Business analytics’ salary in emerging markets is also growing with their demand in different industries. With data usage set to grow exponentially over the coming years, we expect even greater increases in enterprise analytics use across these emerging markets. 

As business analytics certifications are in high demand, Online Manipal University provides courses like MSc in Business Analytics and PGCP in Business Analytics.For improved business analytics jobs and professional development in emerging markets, consider the Manipal Academy of Higher Education’s (MAHE) online M.Sc in Business Analyst or PGCP in Business Analytics program.