MBA in Business Analytics
In a world where technology is growing rapidly and innovations are happening daily, we find ourselves strapped with huge amounts of data, popularly known as 'big data' these days. This data is basically useless if one does not know how to make sense of it. While machines help us in maintaining this data and providing a numerical analysis of it, they are unable to provide an economical interpretation of it and its applications in various lines of business. This is where humans come into play, where they use their machine learning and reasoning skills to give meaning to these numbers. Business Analytics is a field that deals with this.
Business Analytics allows businesses to make use of these machine learning technologies and various statistical methods associated to it to optimise their strategies and improve their decision making with the new insights they gain from analysing the data.
Due to its growing popularity, thanks to the glamour of the word ‘big data’, various universities and institutions are now providing certification courses in this field. Business Analytics is no longer just limited to the professionals involved in this field but has now been made widely available for newcomers and students alike. These courses are well designed, intended to help even those who have no prior programming skills. Even professionals from other related fields are now testing the waters by trying out these courses to see whether it suits them well or not, and further expand their career. All this demand has made an MBA in Business Analytics one of the most sought-after courses globally.
Importance of an MBA in Business Analytics:
- Helps studying the consumer consumption patterns, thereby allowing better predictions for future consumption behaviour
- Supply side analytics such as Operating, and Accounting Analytics helps in optimising the cost structure of the business and predict future financial behaviour of the firm itself
- Makes managerial tasks easier by using Employee Analytics
- Allows businesses to strategize efficiently and make the best data-driven decisions suitable for them
- Helps the firms in managing the various risks associated to their business by helping them gain essential business insights which they might overlook otherwise
Topics Covered in an MBA in Business Analytics:
Management Related Topics:- It comprises of studying and understanding business organizations. It provides specific knowledge in the areas of strategy making, business policies, communication, along with management and managerial skills.
- Principles of Management
- Economics for Business Decisions (mainly composed of Microeconomics)
- Organizational Behaviour
Accounting and Finance Related Topics:- It focuses on the concepts of numbers. It teaches how to read the balance sheets and find out the good and bad from it. It also teaches how to use these numbers for the maximum benefit of the organization.
- Accounting for Analytics
- IFRS & Financial Statement Analysis
- Security Analysis and Portfolio Management
- Financial Derivatives and Investment Analysis
- Risk Management
Statistics and Analytics Related Topics:- It's focus is how to extract useful from the number in the data and predict future behaviour of the firm and the consumer with precision and accuracy.
- Statistical Analysis with Probability Models
- Basic Econometrics
- Financial Econometrics with Time Series Analysis
- Decision and Risk Analytics
- Prescriptive Analytics
- Big Data Analytics
- Web Analytics
Data Analytics Skills and Topics:- This teaches the practical use of what has been done in theory and how to interpret the result for maximum and long-term benefits.
- Marketing Metrics
- Business Analytics using MS-Excel
- Business Research using MS-Excel and SPSS
- Business Forecasting using R
- Optimization Techniques using MS-Excel
- Data Warehousing using R
- Time Series Analysis with MS-Excel and R
- Cloud Computing
- Data Scientist
- Quantitative Analyst and Modeler
- Data Business Analyst
- Business Analyst Consultant