31 Jan 18
09 Mar 18 7:57 am
Why Learning Business Analytics is a MUST for MBAs?
Here is an opportunity for you, if you are an MBA. We want to introduce you to Business Analytics for MBA, and let you know how it would help you gain an edge with your existing MBA qualification.
The concerns raised come as there is a growing divide between supply and demand for managers with big data skills.
KPMG found that 36% of executives it surveyed admitted that they lack big data specialists; McKinsey forecasts that 1.5 million more managers and analysts with analytical skills will be required by 2018; the UK will create 56,000 big data jobs a year until 2020, according to business analytics group SAS.
Business Analytics: Making sense to both Business and IT
A Business Analyst typically uses tools like R to spot trends, manage a reporting dashboard and ensure that data is presented in a personalized, meaningful manner for consumption by the business and IT departments of an organization. Today, this is an integral skill that is expected from MBA degree holders. According to KPMG, MBA holders need to be technical enough to speak the language of data science, and also need to know how to use data to solve business problems and deliver results.
MBA graduates with a focus on data analytics have the ability to work in a wide range of industries and functions. For example, MBA graduates can work in marketing, given their ability to use data to understand advertising and consumer behaviour. Or they can work for a management consulting firm or financial services firm using their skills to analyze risk and incorporated uncertainty to identify profitable customers and determine strategies.
In contrast, MS Business Analytics graduates will be typically working on more technical roles along with assisting in the business cases, making specific IT recommendations, and finding data-driven solutions. More often than not, the MBA grads are going to be the decision-makers; but, they need to understand the data for making those data-driven decisions.