Education

Changing the business landscape

Collecting data To understand the end-user.  

With the recent changes in technology and new challenges that businesses face, organisations are constantly on the lookout for ways that can help them focus on increasing their profits while also cutting down operational costs. Corporations are also focussed on gaining insights into the future to improve their operational structure.

Organisations accumulate a lot of data with the help of research, marketing, sales, customer services and so on. Effectively analysing this data is what helps them identify probable risks the company could face, as well as understand different areas that need to be improved to increase business revenue.

Opportunities

The various sectors that rely on business analytics are banking, telecommunications, outsourcing, and e-commerce.

Banks utilise data mining techniques to identify any potential risks and prepare in advance to overcome such risks. Credit card companies also use it to identify and prevent fraudulent activities.

The global spending on business analytics services is expected to rise to USD 89.6 billion in the year 2018. In India, business analytics is booming and creating huge opportunities. However, there is a serious lack of trained and competent professionals who can take up leadership positions. This sector requires highly skilled people in areas such as big data, analytics, statistics, probability, managing ability, business understanding, and maintaining resources. This is where the course management in business analytics comes into play.

Management in business analytics aims to enhance the analytical, functional, and technical skills required for decision-making. The courses also address a range of problems that occur when taking business decisions. Business schools encourage hands-on training by utilising analytical tools, programming, lectures, case studies, live mini projects, experts interactions, business immersion project work and so on.

This enables students to develop a deeper understanding and knowledge on how to gather and analyse data for driving business decisions in various industry domains such as retail, financial services, manufacturing, healthcare, travel, e-commerce, energy, social media, e-governance, telecom, and more.

Different roles and areas

Some of the top brands and organisations that hire business analytics professionals are business houses like McKinsey and Company, Morgan Stanley, Microsoft, Tata Group, Google, Facebook, Linkedin, American Express, Amazon, Deloitte, Accenture, and Larsen and Toubro (L&T).

They offer various roles in their organisations, namely: Data Analytics Functional Managers (HR, finance, marketing, sales, operations, etc), Business Analyst, Business Analyst with Industry Experts, Business Analyst Project Manager, Business Intelligence Expert, Business Analytics Consultant, Data Analyst, Big Data Analyst, Data Analytics Programmer using R/SAS/Python, Data Mining Expert, Data Warehousing Expert, Predictive Modeller, and Qualitative Analyst.

Business analysts are multi-taskers. They need to be mediators, connectors, or project communicators depending on the project they are working on. To be successful, it is important to have the right education, communication skills, and hands-on experience

Dr. Amit K. Sinha, Director, Kirloskar Institute of Advanced Management Studies, Pune


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Printable version | Jul 27, 2021 5:55:53 AM | https://www.thehindu.com/education/changing-the-business-landscape/article25857997.ece

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