What is Business Analytics Management?
The process of turning data into insights to enhance the business’s decisions is known as business analytics. Some methods used for collecting insights from data are data management, data visualisation, predictive modelling, data mining, forecasting, simulation, and optimisation. Business Analytics Management relies on quantitative and statistical skills. Business Analytics helps to maintain the data of the company for growth, trends and operational analysis.
Business Analytics Management identifies new patterns and relationships through data mining. It has a greater hand in forecasting future business needs, performance, and industry trends with predictive modelling.
At its foundation, Business Analytics is still about making accurate decisions based on past performance and factual information.
Scope of MBA in Business Analytics Management
The scope of an MBA in Business Analytics Management is wide. You can follow many career routes after getting an MBA in Business Analytics. The field of Business Analytics has witnessed growth in job opportunities due to its growing significance in an organisation’s daily operations. Analytics has become a relatively new and well-liked management specialisation as a result of the growing demand for MBA graduates with analytical abilities.
According to the International Journal of Research Publication and Reviews, on Future Scope of Business Analytics in India by Kumar, Dakua, and Kumar, the need for Business Analysts (BAs) who can analyse data, see trends, and offer actionable insights is rising as more Indian companies recognise the benefits of making decisions based on statistics.
According to Kumar, Dakua, and Kumar in May 2023, International Research Publications and Reviews in May 2023:
- The Indian Business Analytics Market is projected to reach $29.8 billion by 2025, highlighting a significant surge in demand for BA professionals.
- NASSCOM predicts the need for 1.5 lakh Analytics Professionals by 2021, creating ample job opportunities for qualified individuals.
Skills Required for Business Analytics Management
There are many skills which make a good business analyst. To become a successful business analyst you require a set of both technical skills and soft skills. Some of the skills are listed below:
|Active Listening Skills
|Negotiation and Persuasion Skills
|Critical Thinking Skills
List of Top Jobs after Business Analytics Management Degree with Salaries
There are endless opportunities in India for Business Analysts. After you get an MBA in Business Analytics, you can grow your role, salary and enhance your skills. Here is the list of all the roles you can explore after an MBA in Business Analytics:
|Supply Chain Analyst
|Technical Team Lead
|Big Data Analyst
|Business Intelligence Expert
The above-mentioned are generic positions you can pitch. Depending upon your experience and skills you can grab a senior or managerial position in these niche roles. Thus, the salary range also increases accordingly.
Let’s discuss these job roles in detail:
1. Business Analyst
Business Analysts complete several tasks, including developing and analysing requirements, documenting and promoting communication among all stakeholders, understanding changing business demands and evaluating the impact of these changes.
The use of Business Analytics is becoming popular in the corporate and IT industries. As a Business Analyst, you will use data analysis to enhance operations, goods, services, and software while also assisting in the direction of business within your company.
- Average Salary: ₹9,50,000
- Highest Salary: ₹16,40,000
2. Data Analyst
As a Data Analyst, you will be responsible for collecting, cleaning, and interpreting data sets to answer a question or solve a problem. You can work in many industries, including business, finance, criminal justice, science, medicine, and government. You will collaborate with Project Managers to get insights into their analytics requirements, including key performance indicators & metrics, and to stay focused on them while providing pertinent decision-makers with actionable information.
- Average Salary: ₹6,30,000
- Highest Salary: ₹13,00,000
3. Supply Chain Analyst
As a Supply Chain Analyst, it will be your responsibility to collect and evaluate data to increase the performance of supply chain operations. As a Supply Chain Analyst, you will be required to have excellent attention to detail, a thorough comprehension of the delivery process, and outstanding analytics abilities.
- Average Salary: ₹6,50,000
- Highest Salary: ₹13,00,000
4. Technical Team Lead
As a Technical Lead, you will be supervising how the team works individually and collectively. You will be assigning tasks and ensure that everyone carries out their duty according to the requirements. Technical Leads also help individuals who may struggle with some aspects of a project. They handle technical difficulties connected with software development, engineering activities, and product releases in addition to leading teams in software engineering or development.
- Average Salary: ₹18,50,000
- Highest Salary: ₹28,90,000
5. Big Data Analyst
A Data Analyst typically examines data to find important customer insights and how the data might be applied to address issues for a company. Big Data Analysts usually use data analysis to gather information from data using statistical and computational methods. These insights can be used in many types of industries, including marketing, finance, healthcare, and more.
A Big Data Analyst’s work is multilayered. You will need to learn skills in a broad range of information frameworks and technologies, including basic tools like SQL and Excel and more complex ones like Hadoop, MapReduce, Spark, Storm, SPSS, Cognos, SAS, and MATLAB.
- Average Salary: ₹7,60,000
- Highest Salary: ₹17,00,000
6. Business Intelligence Expert
You will manage data retrieval and analysis inside an organisation as a Business Intelligence Analyst. Organising data points, improving communication between upper management and the IT department, and performing data analysis to identify a company’s requirements are the other job roles of a Business Intelligence Analyst. Your job role has an important impact on supervising the data of the company and improving through the data insights gathered.
- Average Salary: ₹14,00,000
- Highest Salary: ₹26,80,000
Best Institute for MBA in Business Analytics Management & Related Programmes
|Regular Colleges MBA Colleges
|Name of the College
|Indian Institute of Foreign Trade
|Lovely Professional University
|INR 2,50,000 per semester
|INR 3,23,500 annual
|INR 1,55,000 per semester
|INR 17,51,400 full course
|Online/Distance MBA Colleges
|Name of the College
|INR 1,50,000 full course
|INR 2,34,000 full course
|INR 2,00,000 full course
|INR 1,79,000 full course
|INR 80,000 full course
|Dr. D.Y. Patil Vidyapeeth
|INR 1,40,200 full course
|INR 47,250 per semester
|Lovely Professional University
|INR 54,000 full course
In today’s world, we need data-driven decisions and a skillset to access and apply data analysis to the everyday growth of a company. There is a high demand for Business Analytics job roles. An MBA in the field of Business Analysis opens doors for a brighter future and a bigger career path than you have imagined. Explore your potential through an online MBA in Business Analytics. Update your skills and learn the right tools. Step into the future of a data-driven world with an Online MBA in Business Analytics. Explore the fields of Business Analyst, Data Analyst, Big Data Guru, the list goes on. Each role promises not just a rewarding salary but also the thrill of intellectual challenges and the satisfaction of driving impactful change.
Aayushi is an avid reader, writer and travel enthusiast. She has been working as a Content Creator for 8 years and has been employed in the Education industry for the last two years. She has worked in multiple niches. She is always looking for opportunities to learn new things and grow; and wants to contribute maximum to the cause of education, upholding the Sustainable Development Goal 4.