Today’s businesses use data science and analytics to make crucial decisions. Analytics is becoming essential for decision-makers because of the amount of data that is now available. As more companies adopt data-driven decision-making, organizations will need business analysts who are trained and qualified to help them obtain data and develop strategies to make the best judgments. Hence, the demand for business analysts is increasing exponentially.
Why Do Companies Prefer PGDM Students FOR BUSINESS ANALYTICS?
Analytics is a vital part of the functioning of industries. Business Analytics means collecting, interpreting, and using quantitative data driven by numbers.
PGDM students have a range of skills that are highly sought after. Business analysts are trained in critical thinking, problem solving and analysis. They are well-equipped and trained in data interpretation and analysis. They can utilize the data, make projections with the data in sync with trends and patterns and make profound business decisions for the organization.
Alongside, communication skills and leadership skills are thoroughly brushed up for PGDM Business Analytics students, which helps them communicate effectively with various stakeholders, including managers, developers, and end-users. They translate technical information into simple language for everybody to understand.
Advantages of an MBA/PGDM in Business Analytics
Practical Approach of an MBA/PGDM in Business Analytics
A PGDM certified in business analytics has real-time experience in predictive analytics, which helps in planning future events such as supply chain disruptions and changes in customer demand, enabling organizations to stay ahead of time and carry out thoughtful decisions working in favor of the company.
Management students are well versed in leveraging analytics tools to visualize data and create visuals helping businesses to generate reports, identify correlations, and better understand their customers’ needs and preferences.
PGDM/ MBA students can develop algorithms using big data technology to enable automated decision-making processes within an organization, ensuring saving both time and money for the company
Intelligent Strategy Development For The Company
PGDM Graduates are resources for the organization who carry out smart medium and long-term strategies to enhance every part of their business operations and ensure continuous development within the company. With the help of appropriate quantitative data, analysts can identify regions that are prepared for change.
Business Analysts analyze similar businesses in multiple sectors and watch out for breakthroughs which lead to a boom within the company, and try to distinguish similar services or more advanced ones to ensure the company stays ahead of the curve.
They are also well-equipped to design marketing campaigns by analyzing customer behavior on different platforms, such as social media. The abundance of data, right from online customer behavior to the best practices within the industry, helps in problem-solving and directs the creation of models for better decision-making.
Commanding Communication Skills
The enormous analytical volume of data produced may be confusing and complex. But this is where a PGDM Business Analytics graduate will be able to transform such figures into clear, convincing data and convey the entire data to a range of audiences, including the stakeholders and upper management, using both words and graphics.
Communication is quite important for a business analyst as it brings fruitful cooperation within teams, and the entire organization is on the same page.
Improving Efficiency
Efficiency is improved with the help of Analytics as it puts across possibilities in order to simplify the process, allocate resources, manage budgets, etc. PGDM-certified students as business analysts because of their communication skills and leadership qualities, can tour around and communicate with numerous departments. Big data and good operations management are coupled with business analysts.
Industries That Are Ideal for MBA/PGDM Graduates in Business Analytics
There are several industries ideal for MBA/PGDM graduates in business analytics, but the core ones are the banking and finance industries. They use business analytics to analyze customer spending habits, understand trends, and track financial data.
Subsequently, technology-based companies rely heavily on business analytics to create new products. In contrast, retail companies also use business analytics to track sales performance, develop growth strategies and optimize operational performance.
Finally, healthcare organizations utilize business analytics to understand patient behavior and predict treatment outcomes. These organizations employ MBA/PGDM graduates with expertise in analytics to analyze data from various sources and interpret it into valuable insights that can be used for marketing, operations and strategy development purposes.
PGDM Business Analytics At VJIM
Data comes in the form of numbers, text, images, sounds, videos and so on. The world is progressing towards an Artificial Intelligence (AI)/ Machine Learning(ML) based economy. AI is being used heavily in many industries (Healthcare, Agriculture, Oil and Gas, Service and delivery etc.) for both critical and mundane activities. Also, unprecedented research is being conducted in many fields which are currently not using AI or ML.
Such data, when captured, can be examined by various tools, people, and processes. Business Analytics is all about learning those processes and tools.
PGDM Business Analytics students in the process of time after they learn the skills, will fit into one of the roles like Analytics Manager, Data Scientist, Data Analyst, Data Engineer, and Data Architect, to name a few.
We at VJIM teach a gamut of courses that add these skills to one’s mainstream functional area (ex: Marketing, Finance, HR, Operations) to ensure students are ascribed to these roles. A few other courses we offer are MS Excel for Managers, RDBMS and data warehousing, Tableau for data visualization, Big data, R programming, Machine Learning, and function-specific analytics courses.
Conclusion
Analytics assure organizations with information security, organizing unstructured data, improving information accuracy, and protecting information privacy. Business Analysts work to remove all kinds of hindrances that affect the growth of an enterprise; thus, this role is of high priority in any industry sector.
MBA/PGDM graduates are preferred for business analytics roles because of the comprehensive nature of the business education they receive.
The courses offered in business schools provide a strong foundation in business fundamentals, which is why industries rely on MBA/PGDM graduates for business analytics roles.
In the near future, it would be tough to imagine a person working in any field without the knowledge of Business Analytics!