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“What’s in a name?” Well, nothing! If you can’t sell it. In the constantly developing world that we’re a part of, there a hundred of new inventions and brands coming up every day but not all achieve the same success as others. A major part of this success is determined by the business procedures applied to sell it. In the lack of an ultimate business designed catered to sell a product, the product cannot always speak for itself.
The study of business analytics provides you the skills, tech, and practice for the exploration of business practices to gain further insight and drive business planning.
To explain it further, it is the use of all available numerical and statistical data to analyze situations, make more informed decisions, and take a step toward automating the use of this data for all other dependent functions.
The growth of companies attempting to build intrapreneurs (leaders within the organization) has also paved a way for the rise of business analytics. The smarter the analysis, the more effective is the decision. Businesses around the world are enabling their employees to make decisions and lead markets by basing their judgments on data.
The landscape of economies around the world is changing with the advent and continuous refinement of technology. Gargantuan amounts of data are now available to entrepreneurs and executives across the world that can change the way they see or conduct their businesses. They have access to competitor information and extensive market research. However, the requirement is to analyze this data and make it reliable for businesses. Unless this data is given meaning, these remain sheer numbers. With the advent of automation, a huge amount of data is being processed to derive insights about every step of the business. Regardless of sectors, business analytics has a pivotal role to play in all of them.
A risk analyst, an accountant, quality control or process improvement manager, or an international banker are the various role you see yourself fitting in with a degree in MS in Business Analytics. With Big Data (huge sets of data that are computationally derived) analysis is in your hands, the sky is your limit!
People who can take up these jobs are in demand now, more than ever. And this would only increase in the coming years. From large to small, all organizations have a robust in-house team of analysts who drive their businesses forward. These positions come with handsome salaries and invite thousands of applications. Giants like Amazon and Google, for example, can drive their business forward, with rigor, by making use of modern analytics.
Larger organizations may sometimes also prefer to outsource their work in data analytics to firms who do the number tabulation and crunching and draw objective results from them which are easy-to-understand and can play a major role in forming invaluable strategies for organizations. These firms, in turn, are hiring business analysts with meaty job roles and meatier pay packages. Business analytics is one the most well-paying roles in the world today and the lure of studying it as a course is only increasing.
Business Analytics as the name suggests is a program that combines your analytics with the knowledge of the business. With expertise in this domain, people can use data to derive significant insights and drive business decision-making. Some of the core courses that you would study in a Business Analytics program are:
The study of Big Data involves the study of applications that involve the elements of predictive models, statistical algorithms and what-if analysis which is powered by high-performance analytics systems. The study involves the analysis of structures transaction data done by big data analysts, data scientists, statisticians, and other analytics professionals.
Predictive analysis involves the usage of data historical data and analytics methods such as statistical modeling and machine learning to make future business predictions. Institutions use past and current data to predict trends and behaviors for the future.
With the increasing reliability of tech a newer issue is of safeguarding the data and managing its privacy. Business intelligence deals with the organization of data to keep them securely. Fundamentals of database modeling and design; setting up a data warehouse; data pre-processing; advances in database and storage technologies, etc. are a few topics the course deals with.
