MBA in Business Analytics: What You Need to Know

The growing dependency on technology has armed businesses with artificial intelligence. But business analysts are sought after to make intelligent business decisions. The U.S. Bureau of Labor Statistics predicts an 11% growth in the market for business analysts by 2030. But what exactly is business analytics, and why get a degree in it?

Business analytics involves making data-driven business decisions with the help of statistics, data mining and machine learning. It establishes patterns in previously collected data that enable us to foresee future trends, consumer behaviour and general business outcomes. Business analysis involves qualitative and quantitative analysis and is a part of the umbrella term ‘Data Analytics.’

The scope of business analytics as a career

Business analytics is emerging as a popular career choice driven by next-generation technology. An MBA in Business Analytics in India can be beneficial in the long run.

Business analytics hits the right spot with the increasing number of data-driven market opportunities. Data is invaluable for businesses, but leveraging its potential lies in the dexterity of business analysts. As of 2020, 20% of businesses worldwide have experienced a massive change while incorporating artificial intelligence. Addressing this change requires experts like business analysts who understand how the system works and provide solutions.

According to Gartner, by 2023, all major organisations using AI will achieve at least a 25% increase in revenue, cost reduction and customer satisfaction. So, the change is leaning on the brighter side.

What is MBA in Business Analytics?

With all the buzz around business and data analysis, what is business analytics, and where does it stand?

Business analytics is also gaining gradual importance in the IT sector. There are crucial overlaps in both disciplines in terms of data mining, machine learning, artificial intelligence and the use of statistics. An MBA in Business Analytics nurtures these skills along with statistical methods, management and computer science that helps in business optimisation.

The MBA in Business Analytics syllabus includes management and data analysis. The data analysis part combines economics, statistics and computer science. A background in machine learning is favourable to putting this course to its maximum use.

The primary aspects of business analysis include:

Data collection

Collecting, organising and refining the data.

Data mining

Gathering data through databases using statistics and machine learning and then attempting to recognise a pattern.

Pattern establishment

Identifying a predictable pattern in the data gathered.

Forecasting

Analysis of data from a specific time frame to forecast future events.

Optimisation

Construction of a plan of action after data analysis and forecasting. This is the culmination of the entire process as it leads to better decision-making in the business.

What is the connection between computer science and an MBA in Business Analytics?

So if MBA in Business Analytics is about management, economics and statistics, then where is computer science coming to play?

Machine learning, programming and data collection are the pillars of business analysis. Nowadays, acquiring data available on the surface does not suffice. Knowing programming and basic computer jargon can make a difference in the quality of work. The very act of data collection is digital, and pattern prediction is dependent on softwares.

• ### Programming language and software utility

R: R is an open-source programming language used for statistical computing and data analysis. This programming language is written for statistics by statisticians.

Apache: Apache Hadoop and Apache Spark are software that works on vast data sets. These are beneficial for business analysis as it involves analysing large sets of data enough to establish a reliable pattern.

SQL: SQL or Structured Query Language is the standard practice to communicate with a relational data stream management system.

• ### Data Visualisation

Tableau: Tableau is a data visualisation software for business analytics. The data is processed, the pattern is identified, and a forecast is issued. The data is charted to make more insightful forecasts, providing a visual perspective of the business situation.

• ### Microsoft

Excel: Microsoft Excel is the preferred software for multi-level calculations of business numbers. It employs a formula, and the spreadsheet acts as a visual guideline for analysis.

What makes an MBA in Business Analytics in India a great career decision?

While an MBA degree is still popular among students, MBA in Business Analytics offers more. It makes you the go-to person for business and technical advice. Getting this degree can keep you a step ahead of other management students in a business setting. With MBA in Business Analytics, you can understand the mechanics of data collection and analysis from a business perspective.

The career paths you can opt for with an MBA in Business Analytics in India include the following:

• Financial analyst

  They combine internal financial information and collected data to provide a precise financial estimate that allows further decision-making.

• Business analytics specialist

  Business analytics specialists investigate the data and use statistical methods to report and analyse business performance.

• Management consultant

  Management consultants lean towards problem-solving job roles that contribute to the business's growth and improvement. They identify areas that need attention and propose a solution.

• Market analyst

  The job of a market analyst is to use marketing data and predict the cost of advertising, consumer behaviour, and so on. They use it to put forth more effective marketing strategies.

• ### Digital market manager

With most businesses shifting to the cloud, MBA in Business Analytics comes in handy to cloud-run firms. Digital market managers identify patterns and trends and create content accordingly.

What is the curriculum of an MBA in Business Analytics?

MBA in Business Analytics in India covers various topics to make you a leader in next-generation business analytics. From management and economics to IT, business analytics covers it all.

Let us explore MBA in Business Analytics syllabus for some more clarity.

MBA in Business Analytics syllabus in each semester

MBA in Business Analytics in India is a 2-year course spanning four semesters. It covers five topics in the first year and three in the next. Each topic is an essential aspect of business analytics that forms the foundation of the course.

Semester 1

• Managerial Economics
• Statistics for Management
• Professional communication
• Accounting for Managers
• Marketing Management

Semester 2

• Legal Aspects of Business
• Business Research Methods
• Financial Management
• Human Resource Management
• Conflict Resolution and Management

Semester 3

• Strategic Management
• Minor Project
• Professional Ethics

Semester 4

• Major Project
• Management in Action - Social Economic and Ethical Issues
• Digital Marketing

Eligibility criteria for MBA in Business Analytics in India

To know the art of business analytics, you must first understand if the course fits your academic and professional profile.

Who can apply?

MBA in Business Analytics is best suited for the following individuals:

• Working professionals in IT/finance/statistics.
• Entrepreneurs looking to enhance their skills in analytics.
• Final-year students completing their graduation on or before the start of the programme.
• Fresh graduates with engineering/mathematics background.

Academic requirements

The following educational requirements are mandatory to enrol in an MBA degree in business analytics:

• Candidates must have completed their graduation.
• Applicant must possess sufficient knowledge and understanding of the English Language.
• Candidates must have the zeal to learn about entrepreneurship.

Conclusion

Business analysts do provide business optimisation while identifying and resolving market threats. Thus, business analysts are an asset and a safety net for companies.

Amity University Online offers MBA in Business Analytics programs taught by world-class faculty and industry leaders. It provides a holistic global approach that covers the a-z of business analytics for bright prospects. Amity University Online offers a global education with a record of 50,000+ placements in top companies and a global ranking among the top 3% of universities. The university assures dedicated career support and Student Relationship Managers' assistance to ensure you get the best.