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The world of Analytics, Artificial Intelligence (AI) and Machine Learning (ML) is evolving fast, especially in this pandemic period. Post pandemic these domains are expected to progress at a higher rate. Even the small and medium companies may not be in a position to compete at the market place without the use of Analytics, AI and ML. It is likely that we will be in a position to experience significant trends in these domains in this decade. The growth of Analytics, AI and ML is creating demand for skilled professionals. Research show that more than 70% of the global companies would invest in AI and ML. This is due to the realization that Analytics, AI and ML will be valuable resources to make strategic decisions. With the use of Analytics, companies can improve operational efficiency and experience significant financial returns. Taking a data driven approach to business will increase the demand for skilled professionals in these domains, but many companies are reporting that the skilled professionals are in short supply. With the demand for these professionals growing, the number of institutions offering the courses in Business Analytics is also growing very fast. While there are dime a dozen institutions offering PGDM in Business Analytics, one has to be wary of where they are joining for the course.  Among the institutions offering courses in Business Analytics are some of the top business schools like the IIM-Bangalore, the XLRI, Xavier School of Management, NIT-Tiruchirapally, Symbiosis Institute of Business Management, Vivekanand Business School (VBS), Mumbai among others.

In addition to these, there are several other respectable names such as the Great Lakes Institute of Management, Symbiosis Institute of Business Management, L N Welingkar Institute, IIM-Ranchi, Parul University, Vadodara, Symbiosis Centre for Management and HRD, IMI, Kolkata, LIBAS, Chennai and a few others. Being a hot field, many have been starting courses in Business Analytics, but not everyone’s course may be worthwhile or worth the money you pay. Many opportunists see it as a fad, entering the field to make some quick bucks. Many of them do not have qualified faculty or anyone with right training in the subject. An article on LinkedIn, the professional social media site, had said that India today has over 1.2 million business analysts and by 2020 India had the credit of having the highest number of business analysts. Some major sectors that promise to give Business Analysts a promising start are sectors like banking, healthcare, retail, ecommerce, manufacturing, hospitality, among others. Interestingly, there are some good quality PGDM Colleges in Mumbai that are offering the Business Analytics course. They have the people with the right qualifications and credentials to teach the course. You need not fret if you are unable to make it to the institutes that you have shortlisted to join. Several of the MBA Colleges in Mumbai also see a lot of scope in Business Analytics courses and a bright future for those taking up Business Analytics The new-age profession is a much in-demand job. A reason for that is the high salaries that are offered to the professionals, even at the entry level. This is due to a lack of qualified professionals.

To be a business analyst

The chief job of a Business Analyst is to obtain, analyse, and endorse the changes required in the business processes, the information systems, and the policies. This is then communicated to the stakeholders. They hold discussions with the users and the business partners to figure out data-driven changes to the business processes, the products/services, and the software/hardware can enhance efficiencies and add value to the organization. They also work closely with the IT and Financial reporting teams and then design and implement new business models to support the new business decisions and also establish initiatives/policies to improve productivity and optimize costs. They also analyze what’s financially and technologically feasible for the company where they work and for their client, if they are into client servicing..

According to human resources firm Robert Half Technology, the job description of a Business Analyst would include:

  • Doing a detailed business analysis and charting out problems, the opportunities, and the solutions to deal with problems facing a company.
  • Reporting the business needs back to stakeholders after noting them down.
  • Forecasting and Budgeting.
  • Monitoring and Planning.
  • Variance analysis.
  • Pricing
  • Reporting

While a Business Analyst is not compelled to have a training in IT, he/she must surely have a basic understanding of the functioning of the IT systems. They are required to have a strong and in-depth understanding of the business domain. It would be advantageous if they have prior experience in financial analysis, budgeting, and forecasting. Also, it would do them a world of good if they are well-versed with the reporting and regulatory requirements.

If you’re interested in capitalizing on the need for data-minded professionals, taking a course in Business Analytics can help you to broaden your skills set and take your career to the next level.

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– Hetal Palan

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