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The Growing Influence and Possibilities of Business Analytics

 

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:

  • Finance companies have large amounts of financial data, which can be used to decide a product’s price; past information can also predict performance of certain stocks, and bring valuable insights to clients
  • From the number of years of service to employee attrition rate, Business Analytics can offer valuable information to Human Resource professionals; they can predict employee retention rate with the available data
  • One of the most widely noticed influences of Business Analytics is in marketing; it can help you understand vital consumer behavior and market trends and, accordingly, develop data-driven strategies to impress the target audience
  • In manufacturing, it can be applied to various tasks including supply chain management, inventory management, and measuring performance of targets; overall, it can enhance the efficiency of production processes

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:

  • Data Analyst / Data Scientist
  • Big Data Analytics Specialist
  • Management Analyst / Management Consultant
  • Business Intelligence Analyst
  • Market Research Analyst
  • Operations Research Analyst

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.

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