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Why I Chose A Business Analytics Specialisation

29 Aug 2022
- admin
- Industry Insights
B School, Big Data

One of the many good reasons to choose the PGPM program from SOIL is its diversified specialization in Business Analytics, which is presently found very few in Indian B-Schools. In the present time, it is one of the most remunerative and lucrative specialisations under MBA. Business Analytics is about accessing and exploring an entity’s data with a clear vision to find out about the business performance and enhance decision-making, to create effective and efficient plans. Nowadays many companies in every industry are relying more and more on data science, so they require business administration professionals to understand business analytics. Therefore, MBA graduates in Analytics must be able to interpret and use big data to make better business decisions that improve performance.

If we dive into more detail about the definition of Business Analytics, then BA is a set of disciplines and technologies for solving business problems using data analysis, statistical models, and other quantitative methods. It involves an iterative, methodical exploration of an organisation’s data, with an emphasis on statistical analysis, to drive decision-making. Data-driven companies treat their data as a business asset and actively look for ways to turn it into a competitive advantage. Success with business analytics depends on data quality, skilled analysts who understand the technologies and the business, and a commitment to using data to gain insights that inform business decisions.

There are several good reasons to do major in Business Analytics such as:
- You Love Numbers: If you want to be a Business Analytic worker, you must enjoy working with numbers.
- You must not be scared of data: You need the ability to look through vast rafts of pure data and draw meaningful conclusions about the moves a business should make.
- You can identify patterns well: Business Analytics is all about using that data to identify the patterns and make the best use of them.
- You enjoy leadership roles: As a Business Analyst, many people will turn to you for insight and guidance. Therefore, it’s a big responsibility telling the whole company what to do to increase the bottom line or develop new products or partner with others.
- You like technology: A business analytics professional does more than simply analyze business using written reports or instinct. They rely heavily on numbers, extracted from raw data by algorithms or programs, some of which they may get from others and some of which they may write themselves.
- You want to work with others: You can interact with people on daily basis, consulting on decisions, explaining what the data means, and making and modifying courses of action.
Different types of Business Analytics:
- Descriptive analytics: which tracks key performance indicators (KPIs) to understand the present state of a business.
- Predictive analytics: which analyses trend data to assess the likelihood of future outcomes.
- Prescriptive analytics: which uses past performance to generate recommendations for handling similar situations in the future.
Capabilities that one must have for working in the role of Business analytics are as follows:
- Ability to perform cost-benefit analysis
- Familiarity with process modelling
- Understanding stakeholder analysis
- Analytical problem solving
- Oral and written communication skills
- A basic understanding of IT systems, including databases
- Detail oriented
- Experience with BA tools and softwares
- Ability to create visual representation of data
SOIL has a carefully designed curriculum delivered through globally renowned faculty – academicians and Industry practitioners. After you understand the basics of business & management in Term 1, you’ll start to specialise in Analytics. Designing your own academic schedule of analytics electives starting in the second Term gives you great flexibility. Being a Harvard publishing partner, SOIL uses the Harvard case study approach extensively in class along with a mix of pedagogy involving multiple technologies, tools and techniques in analytics.