— Written by Anurag Bansal
Business Analytics (BA) is the most powerful data tool in today’s corporate world as every organisation is using it for decision-making. It is the science of organising, arranging, processing, and reviewing the past performance data by using analytical modeling and numerical approach. It converts the data into business intelligence to drive business planning.
It provides insights on how to solve complex problems and increase productivity, efficiency, and scalability of the business. It works as a combination of three outputs: analyse, predict, and optimise. Business Analytics decodes customer data to predict future trends. This data-based business intelligence provides key insights for businesses to grow in the future.
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The modern developments in Business Analytics’ tools and technology are playing an essential role in the development of cutting-edge analysis process. It is enabling businesses to interpret data in an effective way and inputs that can help in better business planning. Business analytics and Data Intelligence is the main distinguisher, which offers a competitive advantage to corporates over various companies across industries.
According to a Gartner study, by 2023 globally, Business Analytics domain is expected to grow up to $13 Billion in revenues. Powered by technologies like artificial intelligence and machine learning, business analytics tools will allow even average users to build and analyse complex data models and easily derive deeper insights from their own understanding.
Opportunities and career paths
Exploring business analytics requires the right focus on a future growth plan, right knowledge, right individuals, and commitment of top management. India is believed to be amongst the leaders in the talent markets. Its accomplishments in the IT segment for the last two decades and robust entrepreneurship culture have simplified India’s path to stay ahead of China and Eastern Europe in the domain of analytics.
Many multinational companies that are setting up operations in India are fulfiling their analytical requirements from the Indian workforce. Companies such as IBM, Accenture, and Deloitte are using business analytics tools and with these inputs planning for the future through the right decisions.
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One needs to obtain a particular skill set to start a business analytics career. Thirst for knowledge, interpretation skills, a detailed understanding of tools analytics and the ability to do in-depth research are extremely important to excel in this domain. Recognising the necessity to create a workforce that knows the field and is well-trained to tackle the difficult problems related to business analytics.
Indian institutes, in association with several premium colleges, are offering regular as well as executive business analytics courses.
Similarly, one of India’s most prestigious institutes, IIM Calcutta, also trains working professionals to obtain the required management ability – one of the core skills of business analyst professionals. Its Executive Program in Business Analytics (EPBA) program covers Business Analytics with modules such as Data Mining, Business Intelligence, Statistical Decision Modelling, Spreadsheet Modelling, Financial Analytics, Marketing Analytics, and Operations Analytics, Big Data, Cloud Computing, Data Visualization and Descriptive Analytics. The program provider’s state that the value gained at the end of the program is expected to build a solid foundation of business analytics for learners.
Business analytics is a growing field for professionals who have a strong interest in data and how it can resolve emerging business challenges. In addition, the ability to generate, monitor, and examine data has opened new business opportunities that simply did not exist before.
Businesses now recognise the role that data plays in the operation and growth of their organisations. To stay competitive, companies are trying their best to unite data managing, controlling and innovation to compete with digital disruptors. By placing data at the core of their digital revolution, businesses will not only define their own future but possibly direct the future of their industry and beyond.
— The author is senior director, Hughes Global Education