PGDM in Business Analytics is a specialised program that trains students in the latest data analysis techniques and business intelligence practices. Due to availability of data on a torrential level, more and more businesses are seeking to use this data to make informed decisions, increase efficiency, and remain competitive in their respective field by rapidly growing,
Organizations today are collecting more data than ever before, resulting in a growing demand for professionals with a strong foundation in Business Analytics to deal with the same. Graduates of PGDM in Business Analytics programs are equipped with the knowledge and skills necessary to play a crucial role in acquiring best possible perception from the data and contribute to the data-driven decision-making process of businesses.
This article will explore what you can expect after completing a PGDM in Business Analytics, including job opportunities, the skills you will acquire, and their real-world applications. Whether you are considering pursuing a PGDM in Business Analytics or have recently graduated, this article will provide valuable insights into the exciting and dynamic world of Business Analytics.
This section provides an overview of the job market for professionals with a PGDM in Data Analytics or also known as Business Analytics, including the in-demand roles and salary expectations. Whether you are just starting your career or looking to make a change, a PGDM in Business Analytics opens up a wealth of job opportunities in a rapidly growing field.
The job market for professionals with a PGDM in Data Analytics/Business Analytics is broadening expeditiously. Companies across various domains are recognizing the merit of data-driven decision-making and are seeking to hire individuals who can help them make the most sense of their data and turn it into actionable and profitable insights. Here are the most sought roles for candidates holding PGDM in Data Analytics/Business Analytics:
1. Data Analyst
Data Analysts are responsible for collecting, cleaning, and organizing data, as well as analyzing and presenting the insights generated from the data. They are typically the first line of defense when it comes to data analysis because the rate at which the economy is changing. Organizations need their data to be as current as possible so that the decision-making process is nimble. They are responsible for creating reports, visualizations, and dashboards in cognizance with the organization’s domain.
2. Business Intelligence Analyst
Business Intelligence Analysts help organizations turn data into actionable insights. They work with data analysts to develop reports, dashboards, and visualizations and communicate the insights to stakeholders within the organization. A crucial role of an Business Intelligence Analyst is to apply augmented intelligence and machine learning models in order to help automate various steps in the BI/analytics processes
3. Data Scientist
Data Scientists are responsible for building predictive models, conducting advanced data analysis, and developing algorithms to help organizations make informed decisions. They often work with large, complex data sets and are tasked with discovering hidden patterns and relationships in the data to effectively strike a balance between risk management and optimized decisions, thus shrinking decision-making cycles, and design a model of micro-decision-making at scale.
The salary for professionals with a PGDM in Business Analytics varies depending on their experience level, the size of the organization they work for, and the region in which they are located. According to Glassdoor, the average salary for a Data Analyst in India is ₹5,00,000 per year, while the average salary for a Data Scientist is ₹9,00,000 per year. Business Intelligence Analysts typically earn salaries that are somewhere in between those of Data Analysts and Data Scientists.
This section provides an overview of the skills that students acquire through a PGDM in Business Analytics, including data collection and preparation through Exploratory Data Analysis (EDA), DataAnalytics, Visual Analytics, Predictive Modeling, and problem-solving and decision-making. These skills are need of the day for every data-driven business world and are highly valued by organizations across a range of industries. Here are skills that you will acquire after completing PGDM in Business Analytics.
1. Data Collection & Preparation
A PGDM in Business Analytics provides students with the skills necessary to collect, clean, and prepare data for analysis. This includes understanding how to identify and obtain relevant data, as well as techniques for cleaning and transforming the data into a usable format.
2. Data Analytics & Visualization
Students learn how to use various tools and techniques to analyze data, including descriptive statistics, regression analysis, and time series analysis. They also learn how to create meaningful visualizations that communicate insights and help stakeholders understand complex data.
3. Predictive Modeling
Predictive modeling is a key component of Business Analytics and involves building models to make predictions about future events or trends. Students learn how to use machine learning algorithms and statistical techniques to build predictive models and evaluate their accuracy.
4. Problem Solving & Decision Making
A PGDM in Business Analytics trains students in the art of problem-solving and decision-making. They learn how to use data to identify business problems, develop hypotheses, and make informed decisions based on the data.
The skills acquired through a PGDM in Business Analytics can be applied in a wide range of real-world situations. Here are the different sectors you could explore after completing PGDM in Business Analytics.
In the retail industry, Business Analytics can be used for price optimization, understanding customer behavior and preferences and improving the supply chain. Retailers can use data to analyze sales patterns, customer demographics, and product popularity, and make informed decisions about inventory management and store operations.
In the healthcare industry, Business Analytics can be used to improve patient outcomes, reduce costs, and optimize clinical and operational processes. Healthcare organizations can use data to track patient vaccinations, predict outbreaks and their localization, develop practitioners for required ailments, identify areas for improvement for hospital management and develop targeted interventions to improve care.
3. Banking and Finance
In the banking and finance industry, Business Analytics can be used to recognize fraudulent activity at the correct time, improve risk management, and refine customer interactions. Banks and financial institutions can use data to scrutinize customer behaviour and develop targeted marketing campaigns, as well as monitor their own financial performance and identify areas for adding profitability.
In the manufacturing industry, Business Analytics can be used to optimize production processes, improve quality control, and reduce waste. Manufacturers can predict future demand for the product and design their production plan with the help of real-time market data. Manufacturers identify inefficiencies and make necessary modifications to elevate their production processes and escalate productivity and keep up with their competitors.
In conclusion, Business Analytics is one of the fastest-growing fields in the business world and has the potential to revolutionize the way that businesses operate. A PGDM in Business Analytics provides students with the skills necessary to turn data into insights and make a real difference in their organizations. Whether you are looking to start a new career or advance in your current role, a PGDM in Business Analytics is an investment in your future and a pathway to success.