MBA in Business Analytics: A Ticket to Corporate Success

Life is a journey where we encounter and take diverse roads. A person passes through numerous stages of life that are inevitable for him to transcend from his birth to old age.  ‘CAREER’ is one of the crucial phases of this complex journey. We at Manav Rachna University always consider this important when approaching or already at the ‘career stage.’ One stays preoccupied with thoughts about career which ultimately impact every action during the day – from news consumed to the articles read to the videos watched on YouTube; and from time spent on learning something new to disciplining oneself to do more. All this while a person wonders if they are on the right track or if there’s an alternative that could be better. Will I find a job with a good income if I select this…the individual ponders.

The answer in all aspects to the mind-boggling questions is YES, if we have an MBA in Business Analytics, with AI and Data Science. To grasp the demand for AI and data science, we must first comprehend their concepts and demand curves and how management plays a critical part in seizing a golden opportunity.

MBA in Business Analytics 

This post talks about an MBA in Business Analytics that focuses on the use of recent technologies like Data Science and Artificial Intelligence and the excellent job prospects this degree can offer to individuals seeking careers in this industry. 

As per the Grand View Research, the world’s AI market size is likely to attain a valuation of USD 196.6 Billion in 2023 and the forecast further mentions that the market will experience a CAGR of 37.3% from 2023 to 2030, making it one of the fastest growing industries.

Enormous Demand for Qualified Professionals with MBA Analytics especially by use of AI and Data Science Field

Given the rapid growth of India’s AI and data science industries, there is an enormous demand for qualified analytics professionals. India presently boasts being the second-greatest supply of these job opportunities worldwide, behind the United States, based on a survey by Analytics India Magazine. The analysis projects that by 2025, the AI and data science marketplace in India will be worth $16 billion. 

Moreover, after discovering how analytics can boost the nation’s economy, the Indian government launched various projects to foster these fields, notably the National AI Portal and the National Programme on AI. Such efforts are projected to enhance employment accessible to professionals in those fields. All the private and public industries are experiencing an increase in the need for professionals in these two disciplines. 

What are AI and Data Science in analytics?

Data science and AI (artificial intelligence) in analytics are related but separate topics. 

• By using computations that continually gain knowledge from information to improve efficiency, robotics with artificial intelligence (AI) can mimic competent human conduct. It involves developing autonomous machines that can engage in thinking, figuring out solutions, and perceptions, typically using machine learning methods. 
  
  
• On the contrary, data analysis uses computational and statistical methodologies to analyze a large and complex collection to draw conclusions and inferences. It involves obtaining, managing, and evaluating enormous quantities of details to learn and reach informed decisions. 
  
  
• Data science also uses machine learning techniques to build prediction models and automate decision-making procedures. Both fields rely on machine learning techniques; however, while Data Science is concerned with the analysis and interpretation of data to enhance decision-making, AI focuses on encouraging intelligent human behavior.

     By usage of these areas, Business Analytics has become the demand of not only today but future generations as well.

Increased Usage of AI and Data Science in the Analytics field

AI and data science in the Analytics field are increasingly employed across various sectors and businesses to enhance corporate operations and decision-making. It is being utilized in healthcare for drug discovery, patient monitoring, and disease diagnosis and therapy. In finance, these tools of analytics are used for investment analysis, fraud detection, and credit risk assessment. This is utilized in retail for inventory management, supply chain optimization, customer interaction, and customization. 

All the areas of Analytics in Sync

All the areas of analytics are increasingly employed in many companies and sectors to enhance processes and choice-making. For example, AI tracks patients, develops drugs, identifies diseases, and provides therapy in the medical field. Finance uses AI and data science for investment research, fraud detection, and credit risk assessment. AI is used in retail for consumer engagement and customization, inventory management, and supply chain optimization. Their applications will probably increase as these sectors evolve, creating new opportunities and breakthroughs across various businesses.

What does an MBA in Business Analytics entail? Why should one choose it as a profession?

MBA in Business Analytics – A Specialized Program 

• MBA in Business Analytics is a Specialized Program that focuses on applying tool based techniques in the decision-making process in business. This program amalgamates the traditional business management curriculum with new software and technology oriented courses.
• It includes organizational intelligence, presentation of information, neural networks, conversational interpreting, and statistical analysis. 
• In India, obtaining an MBA in Business Analytics gives students an in-depth comprehension of how company operations, technology, and information are intertwined. 
• An MBA in Business Analytics emphasizes acquiring interpersonal qualities like leadership, interaction, collaboration, and academic abilities, which are essential for accomplishment in any corporate context. 

MBA in Business Analytics Differs from Conventional MBA Programmes

A greater emphasis is placed on data-driven decision-making and using analytical tools to address pressing business issues. It gives the students the knowledge to examine enormous amounts of data and draw conclusions that can guide company strategy. 

In addition, MBA in Business Analytics programs concentrate on the moral and sociological ramifications, enabling learners to be conscientious executives who can handle the difficulties presented by the latest innovations. It gives individuals the skills and expertise they need to use the information and cutting-edge technology to promote creativity and corporate expansion. 

• Obtaining an MBA in Business Analytics may provide you with unique talents particularly sought after in the constantly evolving business landscape. Analysis of information, algorithms for learning, predictive modelling, and data visualization are all skills students of this course of study possess. They also study coding languages like Python and R alongside information-handling techniques like Hadoop and SQL. These skills are crucial in various industries, including producing goods, financial services, commerce, and medical services, where decision-making based on data becomes increasingly critical. 
• An MBA in Business Analytics course also gives students a strong foundation in business principles. It allows them to combine technical expertise with strategic thinking to promote organizational innovation and success. With India rapidly embracing digital transformation, an MBA in Business Analytics can help students stay ahead of the curve and gain a competitive edge in the job market.
• MBA in Business Analytics programs are offered only by top management institutes and universities, and the course duration ranges from one to two years. The program includes classroom lectures, hands-on projects, case studies, internships, and industry visits, which help students gain practical experience and industry exposure. 
  
  

Broadening Possibilities for Businesses 

The requirement for experts with knowledge of Business Analytics is on the rise for several reasons, some of which can be traced back to the data crisis triggered by the enormous growth in the volume of statistical information produced by companies and consumers. We create a staggering 2.5 trillion bytes of information daily, which is expected to rise, says IBM. To acquire ideas and make wise choices, companies need experts that may assist them in organizing, archiving, and analyzing this data.

Organizations used to base their choices on knowledge and gut feelings in earlier times. However, due to the data boom, organizations have begun to depend on information-driven decisions to obtain an edge over their competitors. They want experts in analytics to assist them in performing statistical analysis and offer findings that can guide their choice-making process.

Efficiency and output are also increased using AI and machine learning to automate laborious and lengthy tasks. Organizations are actively searching for specialists that can help them develop and implement specialized tools and technologies to streamline processes, reduce expenses, and boost productivity.

Innovative programmes and instruments are continually being created in Business Analytics disciplines. Companies want specialists familiar with the latest advances and can help them use these developments to gain an edge over their competitors. These innovative technologies include deep computing, image recognition, and natural language handling.

All About Internships for MBA Students

Students who enroll in an MBA in Business Analytics programme have many options to complete internships and gain real-world experience. Many prestigious organizations, including Amazon, Google, IBM, and Microsoft, provide AI and data science internships specially designed for MBA students. These internships allow students to work on actual projects, use their knowledge and talents, and acquire priceless business experience. An excellent networking opportunity for students to meet people in the Industry and land career chances after internships.

Career Opportunities Individuals with an MBA in Business Analytics may seek employment as statisticians, automated learning technicians, business information experts, and beyond. The industry is on the lookout for professionals with specialized skills and tools to support business choices, identify market trends, and increase organizational effectiveness. It is a fantastic career option for people interested in the intersection of technology and business since the demand for such workers is predicted to rise dramatically over the next few years. 

Following are a few of the Well-Liked Career Paths that Graduates Can Take:

• Data professionals: They help firms analyze sizable, complex data collections to produce novel findings and increase the efficiency of operations. Such information must be acquired, organized, and examined for recurring patterns and signs. 
• Business Intelligence experts: They examine information to discover market patterns and possibilities. They emphasize the use of data to guide company strategy and judgement. Most of the time, they collaborate with stakeholders from various departments to establish key performance indicators (KPIs) and create dashboards and reports that offer information on the operation of the business.
• Data Scientist: Data scientists analyze and interpret data, create predictive models, and spot patterns and trends using statistical and machine learning approaches. They have more specialized roles requiring them to use machine learning and advanced analytics to create prediction models and generate insights that influence corporate choices. 
• Machine Learning Engineer: Engineers specializing in machine learning create algorithms and models to assess data, make precise predictions independently, and learn from experience to improve over time.
• AI Architect: AI architects create artificial intelligence solutions that can assist businesses in automating various processes and enhancing decision-making.
• Big Data Professionals: These individuals are responsible for designing and constructing networks capable of handling enormous amounts of statistical information while maintaining confidentiality and reliability.
• Artificial intelligence (AI) product executives: They design and lead the administration of AI-based products and offerings.
• Chief Data Officer: A senior statistics administrator controls an organization’s information resources and develops data-driven strategies to improve company efficiency and choice-making. Collaborating with other leaders, they generate data handling, anonymity, and security protocols and regulations and ensure that the business employs data sensibly to achieve its strategic goals.
• Data Security Specialist: Protecting sensitive data and systems inside an organization from hacker assaults and unauthorized access is the responsibility of a data security specialist.
• Business Analyst: A business analyst must analyze and interpret complex data sets to spot business possibilities and enhance decision-making procedures.
  
  

Make the Right Choice: Choose Manav Rachna University Choosing the right educational institution to pursue an MBA in Business Analytics is crucial for shaping a successful and rewarding career. Manav Rachna University stands out as a reputable choice for several compelling reasons:
 

• Growth in the Business Analytics sector.
• Affordable Fee Delhi NCR
• Dual qualification in BBA/MBA degree from MRU and a Certificate in Business Analytics, ISDC, UK, sponsored by the Institute of Analytics (IoA), United Kingdom (only professional body for Analytics and Data Science worldwide).
• Modules of Business Analytics that are Industry-validated.
• 100 % Placement support and assistance.
• Industry-oriented training to make students job ready. 
• Extensive guidance on Live projects, Analytical software, etc for career opportunities and growth
• Industry expert sessions and free software for the students through Live interactive, hands-on sessions.
• 2-year Membership from the Institute of Analytics exclusively for MRU students (Two years cost Registration + Annual Subscription of INR 30,000 approx which is wholly waived off)
• Virtual Career Fair and Networking to keep students updated with Industry and provide networking opportunities.
  
  

Let’s Conclude Obtaining an MBA in Business Analytics assists you in starting a lucrative profession in a rapidly booming field. Owing to the rising need for information-driven choices throughout every Industry, students of this curriculum have access to many employment possibilities with excellent salaries and options for advancing. This course’s unique blend of analytical and administrative abilities, practical training, and sector-specific applicability make it an excellent investment for anybody looking to grow their professional trajectory in Analytics. If you are enthusiastic about the convergence of technologies and data, consider one of the many possibilities for earning an MBA in Business Analytics. An MBA in this sector is a great way to remain on top of the trends as AI and Data Science strive to change the business trajectory. 

Admissions Open 2023-25! Make the Smart Choice- Join Manav Rachna University!

Author: Dr. Yogita Sharma, Associate Professor, School of Management and Commerce, MRU