What is the scope of MBA degree in Business Analytics?

Business analytics and business intelligence are two of the top trending factors in recent times. With the help of business analytics, organizations have been successful to get an insight into user behavior. Studying user behavior and predicting their likes and dislikes about products could help organizations boost their revenue.

However, all the user data generated are in raw format and only data analytics could extract out the information from such raw data. As several universities are offering MBA in business analytics, it should be considered as an option to widen the array of opportunities for potential MBA candidates.

Business analytics and it uses

Business analytics is a collective term used to refer to studying and extracting data which could make business sense. People worldwide use smart devices (laptops, smartphones, tabs) which collect the user data in a raw and encrypted format.

These data could contain valuable insights into user behaviors, their shopping patterns, their likes/ dislikes for particular brands, their views on financial matters, etc. If the user data is studied for the good cause, business organizations could boost up their revenues fast. And that’s where the business analytic professionals come into the picture.

Now, let’s take an in-depth look into the business analytics domain.

  • Data collection: The first step of business analysis is to collect data from various sources and decrypt them.
  • Storage: Data storing, warehousing, and mining are the next stage.
  • Estimation and decision making: Once the data is studied, business analytics are tasked to make business decisions based on the data gathered. Here, the estimation is done based on the user’s usage patterns.

While the main aim of business analytics is to study user behavior and pattern, their personal information is never touched upon as it could lead to violation of privacy.

Benefits of business analytics

Organizations use business and data analytics for the following purposes:

  • Studying user data helps organizations to capture the early trend amongst the users. This helps them thrive in the market.
  • Data analysis speeds up the decision-making time, which in turn leads to cost-cutting.
  • Organizations can come up with the right approach and strategies for the future.

Degree and scope

There is a growth in demand for business analytics professionals, but the supply is always low. As business analytics involve computational/statistical/ mathematical and algorithmic skills, not many candidates are comfortable pursuing this course. However, despite being a tough subject, the job market for business analytics is extremely high in demand and a potential candidate should never think twice before enrolling himself in an MBA course.

Listed below are some of the domains which an MBA degree on analytics could provide you with:

  • Computational knowledge to help you sharpen your mathematical skills. Statistics is the most important area in mathematics where you would be focusing largely on.
  • Programming skills: Statistical programming and algorithmic training are provided, which acts as a vital part of studying user data.
  • Three main forms of analysis- descriptive, predictive, and prescriptive analysis are taught to help candidates leverage their potential.

Once a graduate, the door to the corporate world opens up wide for the candidates and the packages offered are always on the higher side.

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