Exploring New Career Opportunities with MBA in Business Analytics

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MBA in Analytics : Exploring New Career Opportunities in the Modern Business World

8 Apr 2021
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Technology and telecom advancements along with omnipresent computing is leading to a huge volume of data being generated in today’s world. It is now an accepted fact that all spheres, whether it be business or science, banking, education, transportation, medicine, construction etc., need to utilize data effectively in decision making. Data management has thus become important and finds a growing interest amongst decision makers. Making an informed decision has the potential to change the scope of future decision making in all spheres of life. Little surprise then, that Data Science and Analytics has not left any functional area in business untouched. The scope going forward is huge as can be gauged from the following data:
- IBM estimates that worldwide, people are generating about 2.5 quintillion bytes of data each day.
- Wikibon has estimated that Big Data market revenues for analytics software and services are to increase from $42B in 2018 to $103B in 2027, attaining a Compound Annual Growth Rate (CAGR) of 10.48%.
- Data science and the analytics industry in India is growing at a rate of 33.5% CAGR.
- By 2025, the industry in India has the potential to grow exponentially by 7 times to reach1,30,000 crore.
Successful organizations require an integrated approach between various data sources and multiple software are required to carry out detailed & useful analysis. Keeping everything up and running in a successful environment requires one to deal with multiple software technologies while also integrating new data sources. Organizations are thus, looking at a synergistic and seamless approach to reduce the complexity in their IT infrastructure.

Consequently, we are noticing an exponential growth in professionals across industries, working to make sense of all this data using various analytics tools and techniques.

Difference between Data Analytics and Data Science

As the industry grows by leaps and bounds, there exists some confusion between the role of a Data Scientist and a Data Analyst. In an evolving scenario, both are often used interchangeably. While there are overlapping areas, there exists a difference between the two and one needs to make a choice that would be aligned to one’s career objectives.
- Data science is a much wider field, which includes collection of data by creation of pipelines and integrating them for analysis in organizations. Data scientists are involved more on the front end of the data cycle and also creation of programs that would collect and deploy the data for analysis. Data science involves sifting through raw data, identifying trends, and finding the reasons responsible for the trends.
- Data Analytics is more on the applications side. It involves finding solutions to common business problems through the use of data. Data Analytics can help in guiding decisions for a business through data. It is, therefore, more focused on use of information derived from data trends to assist in competitive decision making and operational efficiency. A synergy exists with a conventional role in management as Data Analytics looks to offer insights and use of management tools to guide businesses/ organizations.
A managerial role in Analytics offers study in critical thinking and problem solving. Aligning the organization’s objectives and working towards performance improvement through solutions that are driven by data is the key role of the Analytics professional.

It may be said that an Analysts’ role is evolving in management and business with the shift to data driven decision making. This role is much in demand and offers career opportunity, growth and progression.

MBA in Analytics: Exploring the programme

An MBA in Analytics is designed to train aspirants to become business leaders. It exposes one to the core functional areas of management and learning to handle business operations. The core management studies could typically include a study of functional areas like Finance, Accounting, Marketing, Managerial Economics and Organizational Behaviour. It also offers the student a foundation to the concepts of data analytics including statistical and optimization techniques, business research and exposure to analytics software like R & Python. Students are also introduced to application of business concepts in the Digital arena like innovation, transformation and cutting edge modern advanced analytics tools like Cloud computing, Artificial intelligence, Internet of Things, and machine learning. Core business subjects and Analytics are merged in an effort to give the student a holistic understanding of how to apply these in business situations. Simulated and live industry projects are key to a successful understanding of any concept and are key to the course as well.

Career Opportunities

An Analytics MBA graduate looks at learning to interpret and use data, spearhead initiatives and optimize organizational decision making. This is primarily a business degree, and thus would open up data-focused business positions for any graduate.

The scope of analytics is evolving rapidly and companies of all sizes and hues look at acquiring analytics skills to take advantage of data to scale up businesses. In fact, large IT and consulting firms like IBM, PwC, Accenture and Deloitte are increasingly using analytics tools in decision making.

The growth and scope of Analytics is mind-boggling and India with its literate and English speaking population has a definite edge. Almost 64% of analytics revenues in India come from exports to the USA.. the Indian domestic market is significant and growing rapidly, with almost 5% of revenues of the total. As of March 2020, the analytics industry in India had revenues of $35.9 billion, a growth of almost 20% over 2019.

There is a growing demand for qualified Data Analytics professionals, something that has led to unfilled positions in organizations. A.N. Mishra, President, staffing at the Indian unit of global recruiting firm, Randstad says that “Up to 20% of analytics jobs are going unfilled or are being filled with difficulty”. Annual pay hikes for Analytics professionals in India average 50% more than other IT workers.

Thus, there is a scope of opportunities that exists across diverse industries and functional areas like consulting, banking and financial services, telecom, healthcare, manufacturing, human resources and more for an Analytics major.

To conclude

Analytics cannot look to exist without qualified people with the ability to understand data and think from a business perspective. Professionals with Analytics skills are finding themselves in high demand as businesses look to harness the power of Big Data into actionable decision making.

An MBA with knowledge in Analytics can be an asset to any organization, besides looking at a rewarding career.

Given the scope of this rapidly emerging area, SOIL Institute of Management has an exclusive Analytics cohort in their Post Graduate Program in Management – Business Leadership. The graduate will learn to use modern analytical tools such as Python, R, Hadoop etc., and their business applications. The program also looks to impart advanced analytical and digital skills like AI, IoT, Data Sciences etc. A hands-on learning experience on digital tools powered by Microsoft Intelligent Cloud Hub awaits you in this journey.

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