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Business Analytics: A Peek Into Future Of Business
Total Articles: 7
By the year 2020, it is estimated that the total amount of digital data we will have worldwide is to be up to 44 zettabytes. That’s around a tenfold development in the data statistics across the globe. Such an extreme upsurge in the amount of information that will roam around us in form of digital data packets. This begs the question, what is the source of this data influx? Since the advent of the internet, the world has witnessed a plethora of changes and the sector which has undergone a massive transformation is the business world. Digital age has changed the way we conduct business, share & store information and communicate altogether. The hike in the quantity of data is to be accredited with the impact internet has caused on business world. It has become a bridge between the consumers and the industry through which all the data flows. This has triggered the volume of information to grow rapidly, which essentially is called as the Big Data.
These large packets of data hold a very crucial participation in the process of data driven decision making for businesses. The study of this data through statistical & operations analysis is called as business analytics. In today’s marketplace, companies have a huge demand for the people who have secured an MBA in Business Analytics. Considering the sheer importance of accurate data in the business sector, corporations value greatly the individuals who can analyze the data and build predicative models, apply optimization techniques and communicate results to the customers and business partners in a relatable manner. This helps the companies in making data-driven decisions and automate & optimize their business processes. The invaluable insights gained by the business analysts is also important for the company in terms of doing marketing, financial management, branding and penetrating the specific market segment. Business analytics helps in connoting that the funds flow is directed in-line with some management plan. This is an inextricable dimension on business conduct and requires skilled personal who hold an MBA in Financial Management.
With the current ongoing shifts in the market and evolving analytical processing technologies, new data management systems with improved analytical capabilities are emerging. For an efficient business analysis, it is important that the technology infrastructure and the personnel must be able to handle the data and the analytics process. An efficient project management combined with precise statistical models to support the projected results is the key to business growth. These skills are required to be incorporated within the upcoming managers, business executives and professionals during the period of their training. Any management course, may it be MBA in HR or MBA in Marketing, management skills are cultivated and nurtured within the students. What changes is the specific approach toward a certain sector such as analytics, IT, HR, so forth and so on. Since masters course introduces the students to these higher concepts and strengthens the foundations, it is of crucial importance to get into a credible institute.
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