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According to International Data Corp., worldwide revenue for Big Data and Business Analytics solutions today stands at $166 billion. The revenue is expected to rise to a staggering $260 billion by 2022. The CAGR for the sector is pegged at 11.9%, making it one of the fastest growing in the world of business. Banking, manufacturing, as well as government bodies are investing heavily in Business Analytics solutions. Others are not far behind. Business Analytics has gone from being the latest buzzword to a burgeoning reality that has taken the industry by storm.
With its influence expected to grow exponentially in the near future, it’s obvious that companies will invest in skilled and trained manpower in the field. Basic understanding of Business Analytics will be crucial for all managers, irrespective of the domain they choose to work in. Gaining expertise in the field will offer them cutting-edge advantage. But before we delve deeper into the myriad opportunities, let’s understand what Business Analytics is all about.
What is Business Analytics?
Simply put, it is the powerful blend of skills, technologies, applications, and processes that are used by companies to gain insights into their businesses. Business Analytics relies on data and statistics for decision-making and planning. With the use of fact-based data and quantitative analysis, it measures a company’s past performance to drive its future planning and strategy. Business Analytics can be employed in every department, from sales to finance and customer service.
Benefits and Applications of Business Analytics
Business Analytics offers organizations data-driven insights, which can then be used to automate and optimize processes. Companies use it to mine data and understand new patterns. A/B testing and multivariate testing can measure the impact of previous decisions. With statistical analysis and quantitative analysis, businesses can understand the reasons behind certain results. In fact, predictive modeling and predictive analytics can also preempt results in the future.
Given these benefits, it’s not surprising that Business Analytics has found important applications in different domains. Let’s look at some of them:
From sales to CRM, Business Analytics now has a strong presence in practically every area of an organization.
Career opportunities with Business Analytics
With companies, big and small, investing heavily in Business Analytics, career opportunities for professionals with requisite training are growing. Specialized career profiles in the field include:
Besides these lucrative, dedicated careers, understanding of Business Analytics boosts credentials of all managers. It is also useful for future entrepreneurs, who want to stay on top of things for their organizations.
Business Analytics at JKBS
Known to consistently update the curriculum in keeping with industry trends, JKBS has been quick to incorporate Business Analytics learning for students. It begins with the first trimester and continues through the first year of the program. In the second year, Business Analytics is taught across all verticals. The research cell offers insights from industry experts through the Business Analytics Workshop. Last year, the B-School organized an international conference on Performance Analytics, which was an enriching experience for students.
The demand for Business Analytics trained professionals is growing in the corporate world. Led by dynamic initiatives, JKBS remains focused on shaping professionals with the skills required to handle the crucial responsibility across businesses and industries.