What is Business Analytics: An overview

Over the decades, the demand for business analytics has increased as Big Data, artificial intelligence, and machine learning prepare to take over the world. With its manual, time-consuming analysis techniques, the old database management no longer exists. Therefore, a data analysis career has brought a new domain known as business analytics with a combination of data science and intelligence. It entails transforming data into insights for efficiently controlling business operations.

Managers use this insight to deliver strategic decisions regarding the resource allocation process and achieving goals. Pursuing an MBA or MSc in Business Analytics offers the required guidance to managers to grow their businesses and boost productivity. MBA or MSc graduates are equipped with business management and analytical expertise, an essential asset for any business. Let’s explore the scope of business analytics and how you can complete the course!

What is the scope of business analytics?

A business analyst’s job role and salary varies across sectors as they work for thriving technology innovations and digital transformation methods that is different for every industry. Let’s understand the scope of business analysts who help companies analyze complex business problems:

• Automation: Business analysts use tools and techniques to identify opportunities, maintain workflow automation, and reduce costs.
• Big Data Analytics: It leverages data analytics to extract valuable company insights and utilize advanced analytical techniques, including datasets, uncover patterns, and business insights.
• Visualization Expert: Using visualization tools, business analysts specialize in complex data to make data visually appealing and easy to understand.
• Artificial Intelligence (AI): It revolutionizes business processes by identifying opportunities to replace manual tasks with human-like AI processes, bots, and generative AI. Business analysts help companies adopt AI solutions to improve customer experiences.
• Cloud Computing: It refers to the timely availability of all computer system resources, including data storage systems, analyzing them from connected devices to improve overall efficiency.

Latest trends in business analytics in 2023

Business analytics has become a game changer in the digital world, allowing companies to adapt to fast-changing technologies. It helps professionals understand technological changes and their impact on the future of several companies. Let’s explore the latest trends in business analytics in the following section:

1. Increased Data Security

Account breaching is increasing rapidly in several business areas, including intellectual property, HR records, and business secrets. As businesses use analytics to boost their operations using digitization and cloud storage, the risk of cyber breaching gets bigger and bigger. Consequently, companies are shifting toward defensive AI systems and developments to protect their data.

2. Business Intelligence (BI) Integration

Companies try to analyze maximum data for accurate predictions and intelligence by integrating BI with their ERP (enterprise resource planning) system and CRM (customer relationship management) software. The intelligence systems enable companies to spend less time on separate manual systems and reap the fruits of integration to thrive in the competitive market.

3. More Real-Time Data

The digital age comes with opting for real-time data rather than depending on historical data for business analytics. It helps source essential information for sophisticated analytics, like analyzing real-time website clickstream data for on-point, customizable promotions for each target market. It also helps monitor financial transactions to reduce fraud.

Also read: Future in GCC: Master’s in Business Analytics is the way

Which degrees to pursue to make a career in business analytics?

Manipal Academy of Higher Education (MAHE) offers three business analytics courses for students and professionals with a business, finance, or analytics background. Let’s see the course details here:

1. M.Sc. in Business Analytics (MSC-BA)

The online MSc in Business Analytics from the Manipal Academy of Higher Education (MAHE) equips professionals with the essential skills to excel in their career in business analytics. It helps them use data-driven decision-making solutions and in-depth knowledge in data visualization (PowerBI, Tableau, etc.), machine learning algorithms, and technical skills for a competitive job market.

2. PGCP in Business Analytics (PGCP-BA)

This online PGCP in Business Analytics from Manipal Academy of Higher Education (MAHE) helps professionals study business analytics within one year. Though this is a certificate program, the latest curriculum and experienced faculty members teach every aspect meticulously. It helps students solve organizational patterns and plan business strategies using real-time data.

3. MBA – Business Analytics

The MBA course from Manipal Academy of Higher Education (MAHE) helps professionals learn about the latest tools and skills in the data science and analytics industry. It includes lectures on big data analytics, R & Python, digital and web analytics, HR analytics, etc. Professionals require at least one year of prior work experience to join the course.

Skills you learn with business analytics 

Having a strong skill set is crucial for gaining success in the business analytics field. The role is based on technical skills professionals must learn before working, like the following:

Statistics and Probability	Permutation and combination, Probability distribution, Bayes’ theorem, Regression analysis, Sampling techniques, Hypothesis testing, T-distribution testing
Programming Skills	Python, R, Oracle, Mongo, DBSQ, Lite and MySQL
Data Visualization	Power BI, Tableau, Qlik Sense
Microsoft Excel	Spread sheet Reports, Budget analyses
Documentation	MS Power Point, MS Word

Also read: A business analyst’s role in the education sector

Top jobs in business analytics

As organizations embrace the power of data-driven solutions and insights, the demand for professionals qualified in business analytics continues to grow. Let’s explore the different job opportunities in business analytics:

1. Data Scientist

These professionals use different algorithms of machine learning and AI with predictive modeling to analyze organizational data, identify trends, and deliver actionable insights. As more companies utilize and analyze real-time data to predict patterns and strategies, the demand for data scientists will increase soon.

2. Machine Learning Engineer/Data Engineer

Companies nowadays rely entirely on machine learning algorithms for their performances, which is why the demand for subject matter experts in this field is also high. Organizations need professionals having in-depth knowledge of coding languages like R and Python.

3. Business Intelligence Analyst

These analysts collect, organize, and analyze data using tools like SQL and Tableau. They understand the market trends and customer behavior patterns to deliver effective results.

4. Visualization Expert

When data visualization tools like PowerBI and Tableau are available, companies need professionals to utilize the tools and create understandable visualizations. It helps in transforming complex data into simple languages.

Designation	Salary
Data Scientist	INR 11,00,000 per annum
Business Analysts	INR 7,00,000 per annum
Data Engineer	INR 10,00,000 per annum
Business Intelligence Analysts	INR 7,00,000 per annum
Visualization Expert	INR 14,00,000 per annum

Source

Conclusion 

In conclusion, business analytics is one of the most powerful tools for driving growth and innovation in a company. Companies use business analytics to become more competitive in the corporate world and maximize their profits with the right tools and resources.

The online MSc in Business Analytics offered by Manipal Academy of Higher Education’s (MAHE) is an excellent option for succeeding in this domain. These programs help professionals and students fuel innovations, meet industry demands, and develop technical skills. Enroll in our exceptional Business Analytics courses today with Online Manipal and take your career on a whole new trajectory!