MBA Business Analytics: An Important Guide In 2021

Introduction

MBA business analytics allows you to explore several business analytics career options. Business analytics has become an important part of an association’s everyday functions, and therefore, MBA business analytics jobs are increasing. There is an increase in demand for MBA graduates with analytical abilities. Hence, analytics has become a generally new and famous specialization in the management field.

In this article let us look at:

1. The Chronicles of Analytics
2. Evolution of 21^st-century Business Analytics
3. MBA in Business Analytics Basics
4. Job Market Trends
5. Analytical Skills Preferred by Employers
6. Career Options After MBA Business Analytics
7. Some Leading Recruiters
8. Scope of MBA in Business Analytics

1. The Chronicles of Analytics

Analytics has been almost for longer than we can recall. Probably the most punctual application was for record-keeping. During the 1800s, one of the world’s first management experts F.W. Taylor & an American mechanical engineer, implemented analytics to business tasks.

The standards brought about by him expected to increase industrial productivity, procuring him the title Father of Scientific Management.

2. Evolution of 21^st century Business Analytics

Here’s a time series of how business analytics developed to incorporate the high-level tools that we utilise in the modern technology-led business circles. 

• Ancient Times: Application of sticks and rocks to keep a tab on the inventions occurring worldwide.
• During the 1880s and 1890s:  The scientific management theory was introduced by Frederick Winslow Taylor and giving a huge lift to manufacturing and the general field of business management.
• The 1913s: The principal assembly line for mass-creating vehicles was introduced by Henry Ford. Back in 1908s, he had estimated an opportunity to assemble every segment of the Model T vehicle in an assembly line.
• The 1990s: Gartner acquainted Enterprise Resource Planning frameworks with conveying start to finish operational cycles across different businesses.
• The 2000s: Google Analytics launched to build site effect and improve digital marketing.
• The 2010s: The revolution of Big data prodded the cost-efficiency of organisations.
• Current Situation: Artificial intelligence, predictive analytics, behaviour analytics, etc., are being frequently employed in various businesses.

3. MBA in Business Analytics Basics

MBA Business analytics incorporates the use of three fundamental things: 

• Operations Research (techniques like linear programming)
• Statistical Techniques (standard deviation, mean, etc.)
• Information System Software (sorting, data mining, etc.)

With the assistance of the above functions, analytics helps in communicating, detecting, visualising, and exploring patterns in data.

4. Job Market Trends

Almost 1.5 million new candidates with analytical skills will be needed for various administrative positions as per the report of McKinsey Global Institute. For new B-school graduates, data analysis has arisen as one of the essential abilities for the recruiters. In this way, acquiring business analytics specialisation assists you with consolidating your critical thinking capacities with specialised aptitude.

5. Analytical Skills Preferred by Employers

An MBA degree with a business analytics specialization expects to settle on you to comprehend the science behind decision-making, in the interim consoling higher perspective reasoning. Let us perceive how these subjects match working environment prerequisites. There are three different ways to apply your data analytics training:

• Predictive Analysis: Assessing future execution dependent on historical data.
• Descriptive Analysis: Understanding the over a significant time span business circumstance.
• Prescriptive Analysis: Formulating streamlining technique to accomplish better business execution. 

According to an examination done by PwC in the year 2017, the accompanying specialised abilities are appreciated by employers:

• Domain knowledge about research and business
• Business solutions
• Data governance and risk management
• Visualization skills
• Data warehousing
• Business intelligence

6. Career Options After MBA Business Analytics

With an MBA in business analytics, you are open to a wide scope of lucrative entry-level candidates and administrative roles. These roles are explained in detail below:

• Marketing Manager
• Data Analyst
• Financial Analyst
• Big Data Analyst
• Management Consultant
• Personal Financial Advisor
• Market Research Analyst
• Operations Analyst
• Predictive Modeller
• Supply Chain Analyst
• Technical Team Lead
• Business Analytics Specialist

The MBA business analytics salary for various classes is given below:

Level of Experience	Job Title	Average Salary p.a.
Fresher	Big Data Analyst, Market Researcher, Business Analyst, etc.	Rs. 5 Lakhs
Mid Management Level	Predictive Modeller, Qualitative Analyst, Data Scientist, etc.	Rs.14 Lakhs
Leadership Role	Big Data Manager, Technical Team Leader, Project Manager, Senior/Lead Data Scientist, etc.	Rs. 25 Lakhs

7. Some Leading Recruiters

The MBA recruiting patterns reveal that numerous industry leaders select and employ business analytics experts. These include;

Financial Services Corporations Like:

• American Express
• Morgan Stanley

Technology Giants Like:

• HCL
• Infosys
• Wipro
• Amazon
• Microsoft
• Facebook
• Google

Multinationals Like:

• Deloitte
• Accenture
• KPMG

Management Consulting Firms Like:

• McKinsey and Company
• Boston Consulting Group

Conglomerates Like:

• Larsen & Toubro
• Reliance
• Tata Group

8. Scope of MBA in Business Analytics

The scope of an MBA in business analytics is rising, and in this way, taking up a management course alongside learning analytical abilities can help you advance in your profession. 

• SQL databases
• Industry knowledge
• Python and R
• Creative Thinking
• Database design
• Survey/query software
• Effective communication
• Business intelligence and reporting software
• Problem-solving skills
• Data visualisation

Conclusion

In this article, we learned about the advancement of business analytics, its interest in the business, and the abilities required by top recruiters. We likewise looked at the diverse career opportunities after the MBA business analytics. With every one of these details, you can make a decision on pursuing a data-focused degree.

If you are interested in making it big in the world of data and evolve as a Future Leader, you may consider our Integrated Program in Business Analytics, a 10-month online program, in collaboration with IIM Indore!

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• Applications of Business Analytics