In recent times, Business Analytics has been booming. It has made its way into each area and vertical of business such as Marketing, Finance, Media, Human Resources, E-Commerce, etc. It has become imperative to understand and analyze the information and data available for better decision-making and development.
With the massive transformation, development, change in technology, and the way of doing things, many businesses, small and large scale, are turning to analytics to focus on increasing their earnings and making work easier.
The scope of Business Analytics in the future is vast and will only continue to grow. In India, many big firms have opened doors and are offering a broad spectrum of jobs in this field like data analyst, business analyst, business architect, etc.
Client Relationship Management: Client service and experience are the most important part of consumer relationships. An organization's task becomes very easy when it can monitor and analyze customer service and satisfaction metrics. It will help the organization retain customers and manage them efficiently. Also, understand buying behavior, customer profiles, products, and services will become simpler and more organized.
Inventory Management: Inventory management is a quintessential need for any business to have a smooth supply network. It is vital to efficiently manage the inventory system to deliver more than satisfactory services to the customers. The tools can help companies observe inventory levels and make decisions to optimize inventory accordingly.
Market Analysis: Performance-based data is used for market basket analysis and helped in recognizing purchase models of users having bulk consumption. Companies are now able to predict the purchasing patterns of the customers and provide options for the same to them. This has led to an increase in customer engagement with the brand.
HR Professionals: HR professionals can utilize, find, and review data about the educational background of applicants, employee reduction and retention rate, appraisal systems, etc. It plays a crucial role in the election procedure of applicants.
It can also help in testing the effectiveness of the HR policies in place.
Banking: In Banking Industry, it helps understand and analyze the buying and investing patterns of customers which also helps in framing policies. It examines past data and predicts how valuable a candidate’s asset will likely be in the future. Also, predictive analytics can help the company understand what the customer expects next and what they are interested in.
Apart from the ones mentioned above, there is a lot more scope in Business Analytics.
PGDM Colleges in India have realized the need and scope of analytics and providing students with the opportunity to explore this field by offering specializations. Many MBA colleges in Mumbai offer Business Analytics and, Vivekanand Business School is listed among the top 10 colleges that offer this course.
My personal experience in Vivekanand Business School can speak for it when I say how the college is trying to include analytics in various fields as a part of the curriculum. Vivekanand Business School not only offers Business Analytics as a specialization but also offers domain-specific analytics as electives for students who opt for specializations other than Business Analytics.
There is a constant effort from the college to introduce and include analytics in the syllabus by conducting webinars by industry professionals who belong to the analytics world.
To excel in this field, one needs to acquire and gain proper knowledge and skill set. MBA colleges have realized the magnitude of the field of Business Analytics and helping students gain the right knowledge to pave their way in this world.
- Anjali Nair