In this era of big data, talented professionals are needed to extract, process and analyse enormous data to provide invaluable hidden insight for business opportunities of all types. Neha Sehgal tells you how there has been an increase in data scientist jobs by 400 per cent in the last years
The business analytics is an interdisciplinary programme that combines statistics, operation research and computer science to gain insight for business decision-making. This technically-oriented course hones quantitative and computer techniques in students to assist them in exploring hidden patterns in big data and supports decision-making.
The business analytics programme is uniquely designed to equip students with advanced analytical training including information management, data modeling, data warehousing and data mining to produce business intelligent models that help predict and evaluate best business practices. Retailors can gain sales growth, optimise the merchandise mix at stores by deploying volume of customer buying data using analytics. Companies can capture consumer data from social media sites like Facebook, Twitter or linkedIn to understand their attitudes, opinions and trends.
In today’s digital world, consumers unveil a facet of data while simply living their lives from clicking social networking sites, browsing their smartphones, texting or purchasing on credit card. Data production is expected to grow greater than 40 times by 2020 compared to 2009. Companies across globe have realised that careful analysis of this big data can help to acquire, grow and retain customers, create innovative business models, manage risks, optimise operations and reduce frauds.
World-wide, MBA programmes focus on enhancement of problem identification and problem solving skills through integration of analytical modules in their curriculum to achieve strategic goals of an organisation. But traditional MBA programmes still tend to emphasis on a formalistic and function-oriented model of management and undervalue the importance of business analytics. The importance of offering courses tailored to meet the needs of analytics industry is something that should not be underestimated. It is the responsibility of every business school to evolve and innovate its curriculum in response to industry needs.
According to McKinsey & Company, a consulting company, there is a critical shortage of Data Geek talent having cutting edge analytics and information skills with applied business methods to gain insight from a growing surge of available data. A shortage of approximately 1,40,000 to 1,90,000 data analyst experts and 1.5 million managers and analysts who have the ability to analyse and make business decisions is predicated in the US alone by 2018.
There has been an increase in data scientist job positions by 400 per cent in the last three years but there is not enough talent in the industry to meet the growing demand. This immediate need for business analytics professionals is fueled by the explosion of floods of market datasets being created in last three years that were never before imagined. By employing the latest data mining tools, algorithms and techniques, business analytics can crunch countless figures to deliver business-critical solutions and achieve competitive advantage of modern organisation.
In this era of big data, talented professionals are needed to extract, process and analyses enormous data to provide invaluable hidden insight for business opportunities of all sizes and types.
To overcome this demand-supply gap, more than 50 universities in the US alone and approx 33 universities in Europe, Asia (excluding India) and Australia have started with master programmes (full-time, part-time or online) in analytics post 2007. The degree programme for business analytics is also known as data science or predictive analytics. This programme attracts students from Information Systems, Engineering, Mathematics, Economics, Science and Computing background, including some with prior practical experience looking to further their career.
There is severe shortage of good analytical courses in India to meet the growing demand. Business analytics courses in India are either run separately as masters’ (or certificate) programme or exist as specialisation of a MBA curriculum. ISB, IIM lucknow, IIT Bombay are offering certificate programme in Business analytics while IIM Ranchi, IIM Calcutta, IIM Bangalore and IIM Ahmedabad are offering executive courses for working professional. Instead of a separate programme, some schools offer courses that provide specialisation in analytics to add value to their business degrees. For instance five-years integrated BBA-MBA and two-years MBA Programme to meet industry demand in India.
Some US universities have collaborated with SAS (Statistical Analysis System) or IBM (International Business Machines Corporation) to provide valuable professional certifications while studying. The duration of master degree programmes range from 10 to 24 months. The internships combined with capstone projects provide access to career networks and employment networks upon graduation. Given the demand for data scientists, University of California at Berkley is offering an online degree to reach students all over the world.
Most of the business analyst positions are concentrated to Bangalore, Hyderabad and Gurgaon and their salaries range from Rs 5 lakh to Rs 23 lakh per annum. Graduates are able to strategically position themselves as data scientist, business analyst, marketing analyst, business intelligent engineers, risk analyst and consultants in wide variety of industries.
The writer is senior research associate at OP Jindal Global University.