Business analytics skills are required to analyze and interpret data so that informed decisions can be made both at the personal and professional levels. This primarily involves the use of statistical analysis, predictive modeling, data mining, and other analytical techniques to extract valuable insights from data. Once the data is collected and thereafter shifted and analyzed, certain inputs from the data help us make informed decisions that help the business grow and gain a competitive advantage in the marketplace. Thus the creativity in the method itself by blending with the data is a great innovative tactic to build or augment business. Despite the value proposition, very few colleges offer specialisation in Business analytics, within an MBA Program.
Key components of a Business Analytics program
Before one digs deeper into Business Analytics, it is essential to learn founding principles of Business, namely, Financial Management, Marketing, Operations, Organization Behavuous etc. Such knowledge needs to be topped up with Statistics, Mathematics and Analytical tools to develop quantitative skills which is extremely important for Business Analytics.
Blending Creativity with Data
A. Curriculum Design
MBA analytics programs require to be interdisciplinary, combining business, data science, and technology courses. Some programs incorporate courses in creativity, design thinking, or innovation to foster a well-rounded skill set. Design thinking and creativity form an integral part of the course curriculum. Approaching Data with a creative mindset helps one understand the course much better. Due to ethical considerations of data use, privacy in its usage is critical, and therefore curriculum that addresses this dimension helps students to stay guided in their business analytics.
B. Invigorating Soft Skillset
To achieve a certain level of competency it is extremely important to develop communication skillsenabling students to convey complex analytical findings compellingly and understandably. Equally important is critical thinking skills so as to analyse data with an open mind, lateral perspective and extrapolation into future, that is unseen and unpredictable.
C. Core vs. Elective format:
Business Analytics may become core to certain sectors and roles, such as retail and telecom. It is essential to look for such courses as part of core curriculum, if one is aspiring for roles and careers in such industries. On the other hand, a few other industries are just warming up to the power of data analytics and Business Analytics could be a top up / elective learning for MBA programs tailored to support such sectors. The elective courses or specialized tracks build up the foundation of Business Analytics through creative applications such as data visualization, storytelling or mind mapping.
There are booming opportunities for data scientists and MBA (Business Analytics) profiles in both Public abnd Private sector, seeking insights in Finance, Health care, Retail and Information Technology.
Conclusion
Demand for a Postgraduate Management program in Business Analytics is steadfastly growing as Businesses value and recognizes the importance of data-driven decision-making processes in today’s world. The NorthCap University offers an MBA in Business Analytics, which is a 2-year program with an industry-aligned curriculum and immersive pedagogy. This is a highly focused program prepared to help students excel in the current business milieu, leveraging a multi-disciplinary apporach combining Data Science, Business, and Technology courses. The Program requires students to complete a Capstone project in analytics.
