With data and technology proving effective in crafting smart business strategies, the focus of the business world has shifted to analytics experts, often referred to as business analysts.

Amidst the abundance of data across various business domains like marketing, sales, finance, and social media, the critical need arises to analyze and interpret this data effectively. This analysis is instrumental in enhancing business decisions and fostering market growth, setting the stage for contemplating the future of business analytics.

According to industry statistics, the leading authority on career outlooks, business analysts are projected to experience a growth rate of up to 25% by 2030.

However, the future is not set in stone, but predictions heavily favour business analysts. It won’t be an overstatement to envision your future in business analytics. Even so, the question remains for many: how to enter? The answer lies in completing an MBA in business analytics.

The Rising Demand for Business Analysts

Utilizing data and statistical techniques to generate insights and influence corporate decision-making, a business analyst digs out trends and patterns to optimize operations.

As data actively engages in every facet of business operations, there’s a growing trend across all sectors towards embracing data-driven practices. Business analysts aim to make the most out of data—comprising sales data, market analysis, and driving factors—to improve efficiency, identify new opportunities, mitigate risks, and enhance overall business performance.

Businesses seek individuals who can understand the staggering amount of available data and transform it to identify issues and foster growth—individuals like you.

Key Skillset for a Business Analytics MBA

An MBA in business analytics demands a multidimensional skill set. If you possess multifaceted skills, you have a kick-start to navigate the complex realm of data-driven decision-making.

Proficiency in data analysis tops the priority skill list for students to learn. You learn to collect, analyze, and interpret databases to derive valuable insights. Developing strong quantitative skills to evaluate data and make informed decisions is another step towards adding quantitative analysis to your skillset. Predictive modelling is crucial to building models and forecasting future trends based on historical data. Additionally, possessing business intelligence and leadership qualities are dominant features for those paving their paths towards becoming business analysts.

Career Aspect in Business Analytics

The surge in digitization has significantly increased the demand for business analysts. Studies revealing that over 6 billion interconnected devices generate gigabytes of data per hour have led to a shortage of professionals in this field.

Upon mastering skills such as business intelligence, predictive modelling, database design, critical thinking, and problem-solving, individuals become well-equipped for a wide array of job opportunities. Careers in business analytics span across various domains, offering prominent roles such as data analyst, supply chain analyst, big data analyst, business analyst, marketing analyst, finance analyst, HR analyst, and more.

Multiverse of Business Analytics

Business analytics is integral across diverse industries, impacting finance, healthcare, e-commerce, and marketing. For instance, predictive analytics aids in finance by managing risks and optimizing investment strategies. Healthcare uses predictive models to forecast patient outcomes and streamline resource management. E-commerce platforms leverage analytics for personalized marketing and efficient supply chain logistics. Marketing relies on analytics for customer segmentation and campaign performance analysis, empowering decision-making, efficiency, and customer experiences.

Future in Business Analytics is Green

MBA graduates specializing in business analytics often command competitive salaries and lucrative compensation packages due to their unique skill set and high demand in the job market.

In the realm of Business Analytics, possessing an MBA degree can substantially boost prospects for employment and potentially secure an average salary ranging from Rs 8 to 16 lakh per annum. This field highly values the combination of business acumen and analytical skills that an MBA often provides, leading to enhanced opportunities and competitive compensation packages.

Leading Companies Are in Search of You

According to the McKinsey World Institute report, there’s an anticipated shortage of 1.5 million analysts, underscoring the high demand for skilled professionals in Business Analytics. Holding an MBA in Business Analytics qualifies individuals for diverse career paths, including esteemed C-suite positions.

The demand for these professionals spans various sectors, encompassing multinational corporations, retail, manufacturing, IT firms, e-commerce enterprises, consultancies, telecommunications companies, as well as specialized business analytics and intelligence firms.

Startups, alongside established multinational corporations, actively seek out MBAs in Business Analytics, emphasizing the broad spectrum of opportunities available across both emerging and established business landscapes.

Summing Up!

The MBA in Business Analytics stands as a burgeoning field gaining traction across diverse industry sectors. If you are contemplating this career path, now marks an opportune moment to embark on the journey.

The specialization exhibits promising prospects, showcasing a favourable and optimistic future. As businesses increasingly prioritize data-driven decision-making, the demand for skilled professionals in Business Analytics continues to surge, making this field an appealing and dynamic domain offering abundant opportunities for growth and advancement.

Nakul Basani, Executive Director – Operations, Acharya Bangalore B-School (ABBS)