If you love math, know how to process data and are inclined towards tracking down changing trends, you ought to consider a career in business analytics says Jayadev Calamur
Big Data Matters Because...
We’re living in a world of information overload. According to former Google CEO Eric Schmidt, the amount of data generated every two days is approximately equal to all the data from the dawn of time until 2003. In our world, there is always a need to have the right information. Data science, big data and business analytics are thus the primary tool for any organisation, society or government to seek a competitive advantage and optimise their existing ecosystems.
A search on business networking portal LinkedIn threw up 9,750 matches for a career in business analytics, a subset of data analytics. Similarly, job portals Naukri.com and monsterindia.com showed 7,992 and 21,601 jobs respectively, indicating that there are plenty of vacancies, but not enough people. These careers were across the job spectrum; with credit-card firms, media houses, e-tail stores and online booking companies amongst those offering jobs.
The World Economic Forum has also acknowledged this trend, referring to big data as, ‘a new class of economic asset, much like oil.’ “Researchers and policymakers are beginning to realise the potential for channelling these torrents of data into actionable information that can be used to identify needs, provide services, and predict and prevent crises for the benefit of low-income populations. Concerted action is needed by governments, development organisations and companies to ensure that this data helps the individuals and communities who create it,” says the report titled Personal Data: The “New Oil” of the 21st Century.
Realising the demand for experts in business analytics, a number of universities in India and abroad have started programmes to train students in the subject. “Our programme addresses considerable skill gaps in the emerging ‘big data’ phenomenon and should help students benefit,” says Professor Paul Mather, Head of Melbourne’s La Trobe Business School, which is launching its Masters in Business Analytics next year.
We’re living in a world of information overload. According to former Google CEO Eric Schmidt, the amount of data generated every two days is approximately equal to all the data from the dawn of time until 2003. In our world, there is always a need to have the right information. Data science, big data and business analytics are thus the primary tool for any organisation, society or government to seek a competitive advantage and optimise their existing ecosystems.
A search on business networking portal LinkedIn threw up 9,750 matches for a career in business analytics, a subset of data analytics. Similarly, job portals Naukri.com and monsterindia.com showed 7,992 and 21,601 jobs respectively, indicating that there are plenty of vacancies, but not enough people. These careers were across the job spectrum; with credit-card firms, media houses, e-tail stores and online booking companies amongst those offering jobs.
The World Economic Forum has also acknowledged this trend, referring to big data as, ‘a new class of economic asset, much like oil.’ “Researchers and policymakers are beginning to realise the potential for channelling these torrents of data into actionable information that can be used to identify needs, provide services, and predict and prevent crises for the benefit of low-income populations. Concerted action is needed by governments, development organisations and companies to ensure that this data helps the individuals and communities who create it,” says the report titled Personal Data: The “New Oil” of the 21st Century.
Realising the demand for experts in business analytics, a number of universities in India and abroad have started programmes to train students in the subject. “Our programme addresses considerable skill gaps in the emerging ‘big data’ phenomenon and should help students benefit,” says Professor Paul Mather, Head of Melbourne’s La Trobe Business School, which is launching its Masters in Business Analytics next year.
Eligibility
Even though it’s primarily engineering, mathematics and information technology students that tend to look at big data as the next big thing, to enrol in a master’s programme, all you need is a bachelor’s degree in any discipline. Indian Business Analytics programmes require a minimum
of 50% in the discipline you are graduating in.
If you intend to study abroad, the test you will have to take will vary with the country you are applying to. For example: If you’re enrolling in a master’s programme in the United States, you will have to take the GRE/GMAT and TOEFL. You’ll need to appear for the GRE if you’re planning on a master’s degree, or the GMAT if it’s an MBA you’re gunning for. For other countries, you will have to appear for the IELTS to prove your English-speaking proficiency.
“Data-driven decision making has undeniably become the order of the day. For young managers and future leaders, choosing analytics is a wise decision–it is intellectually fulfilling and undoubtedly offers one of the brightest career prospects is this age of big data,” says Noshin Kagalwalla, Managing Director, SAS Institute (India) Pvt. Ltd.
Even though it’s primarily engineering, mathematics and information technology students that tend to look at big data as the next big thing, to enrol in a master’s programme, all you need is a bachelor’s degree in any discipline. Indian Business Analytics programmes require a minimum
of 50% in the discipline you are graduating in.
If you intend to study abroad, the test you will have to take will vary with the country you are applying to. For example: If you’re enrolling in a master’s programme in the United States, you will have to take the GRE/GMAT and TOEFL. You’ll need to appear for the GRE if you’re planning on a master’s degree, or the GMAT if it’s an MBA you’re gunning for. For other countries, you will have to appear for the IELTS to prove your English-speaking proficiency.
“Data-driven decision making has undeniably become the order of the day. For young managers and future leaders, choosing analytics is a wise decision–it is intellectually fulfilling and undoubtedly offers one of the brightest career prospects is this age of big data,” says Noshin Kagalwalla, Managing Director, SAS Institute (India) Pvt. Ltd.
The Job Profile
According to Noshin, business analytics is the broad use of data analysis and quantitative techniques to empower organisations to transform their data into actionable intelligence, helping them drive better decisions and ultimately, better business outcomes.
“We are witnessing a very high demand for data scientists and data analysts, who are equipped with problem-solving skills and can identify creative ways of incorporating analytics into the DNA of a business or the product/service that the organisation has to offer,” he says.
According to Noshin, business analytics is the broad use of data analysis and quantitative techniques to empower organisations to transform their data into actionable intelligence, helping them drive better decisions and ultimately, better business outcomes.
“We are witnessing a very high demand for data scientists and data analysts, who are equipped with problem-solving skills and can identify creative ways of incorporating analytics into the DNA of a business or the product/service that the organisation has to offer,” he says.
Earnings
According to Kok-Leong Ong, Associate Professor in Business Analytics, La Trobe University, the amount one can earn as a business analyst is usually double what another MBA professional makes. Kok-Leong said that this figure can go up to Australian $200,000 per annum.
According to Kok-Leong Ong, Associate Professor in Business Analytics, La Trobe University, the amount one can earn as a business analyst is usually double what another MBA professional makes. Kok-Leong said that this figure can go up to Australian $200,000 per annum.
For those who want to pursue a Business Analytics programme in India, a list of SAS-accredited programmes you can apply to follow:
UPES Dehradun (www.upes.ac.in)
Indian School of Business (www.isb.edu)
ISB Biocon Certificate Program in Business Analytics (CBA)
IIM Lucknow, India & Kelley School of Business, Indiana University (iiml.ac.in,
kelley.iu.edu)
Certificate Program in Business Analytics for Executives
IIM Bangalore (iimb.ernet.in)
Certificate Program on Business Analytics and Intelligence
Calcutta Business School (calcuttabusinessschool.org)
Certificate Programme in Business Analytics
NMIMS (nmims.edu)Certificate Programme in Business Analytics
Aegis School of Business and Telecommunication, in association with IBM (aegis.edu.org)
Postgraduate Programme in Business Analytics and Big Data
BML Munjal University, in association with Imperial College, London (bml.edu.in, imperial.ac.uk)
MBA in Business Analytics
Great Lakes Institute of Management, Gurgaon (greatlakes.edu.in)
Post Graduate
Program in
Business Analytics
Indian School of Business (www.isb.edu)
ISB Biocon Certificate Program in Business Analytics (CBA)
IIM Lucknow, India & Kelley School of Business, Indiana University (iiml.ac.in,
kelley.iu.edu)
Certificate Program in Business Analytics for Executives
IIM Bangalore (iimb.ernet.in)
Certificate Program on Business Analytics and Intelligence
Calcutta Business School (calcuttabusinessschool.org)
Certificate Programme in Business Analytics
NMIMS (nmims.edu)Certificate Programme in Business Analytics
Aegis School of Business and Telecommunication, in association with IBM (aegis.edu.org)
Postgraduate Programme in Business Analytics and Big Data
BML Munjal University, in association with Imperial College, London (bml.edu.in, imperial.ac.uk)
MBA in Business Analytics
Great Lakes Institute of Management, Gurgaon (greatlakes.edu.in)
Post Graduate
Program in
Business Analytics
Skillset of a Business Analyst
Inquisitiveness
Interpretation skills
Understanding tools and methods i.e. understanding SAS and SPSS (the leading software in statistics and analytics) and Microsoft Excel
Detail Oriented
Quantitative Reasoning
Inquisitiveness
Interpretation skills
Understanding tools and methods i.e. understanding SAS and SPSS (the leading software in statistics and analytics) and Microsoft Excel
Detail Oriented
Quantitative Reasoning
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