In today's fast-paced digital era, companies are expanding their business operations at a rapid pace by equipping themselves with advanced technological solutions to meet their organizational needs. Additionally, business analytics is one of the most important factors, driving businesses toward success; there is no doubt about it. Previously, companies used business analytics to fetch facts and figures. But, in the present time, the role of business analytics is much more than just fetching facts and figures as it helps businesses to predict the future demand of their products and assists them in making effective decision-making.
Do you want to help businesses improve their processes and systems? If yes, Chandigarh University offers a Master of Business Administration (Business Analytics) in association with IBM program that will help you master the use of data and analytics to decode business problems. In this article, we will help you understand What Business Analytics is all about, its scope, benefits of business analytics, and career opportunities after pursuing a Master of Business Administration (Business Analytics) in association with the IBM program from Chandigarh University — India's No.1 Private University.
What is Business Analytics?
Business Analytics can be defined as the method of using data, facts, and figures to help businesses make informed decisions by identifying business trends, changes in demand, and other business scenarios. Moreover, a general Business Analytics process may include Data Collection, Data Mining, Sequence Identification, Text Mining, Forecasting, Predictive Analytics, Optimization, and Data Visualization.
Types of Business Analytics Techniques
Now, if we talk about the types of business analytics techniques, it can be segmented in the following ways:
- Descriptive Analytics - This method defines the past or present situation of the organization's activities.
- Diagnostic Analytics - This practice uncovers factors or reasons for past or current performance.
- Predictive Analytics - This approach helps to predict figures and outcomes using a combination of business analytics tools.
- Prescriptive Analytics - This technique suggests specific solutions for businesses to drive their growth forward.
Furthermore, a complete business analytics life cycle begins with raw data acquired from the devices or services. The next step is to collect data in an unstructured type. The final step is to process and analyze data to draw actionable insights. Lastly, the outcome is integrated into business procedures to deliver better outcomes for the future.
Future Scope, Career Opportunities & Benefits of Business Analytics
In this tech-savvy world, competition among businesses is spreading like wildfire, and companies leave no stone unturned in leveraging data to meet the evolving demands of their target audience. So, there is nothing wrong with saying that business analytics is one of the leading career choices, as businesses will continuously seek professionals skilled in this field. On the contrary, business analytics helps companies enhance operational efficiency, gain deeper customer insights, predict future outcomes, uncover hidden trends, generate leads, and scale their business in the right direction.
After pursuing a Master of Business Administration (Business Analytics) in association with the IBM program from Chandigarh University, also known as India's No.1 Private University, you can be eligible for various job roles, such as Data Scientist, Hadoop Developer, Business Intelligence Analyst, Cognos Report Developer, Advanced Analytics Analyst, Business Intelligence Analyst, System Analyst, Cost Analyst, Market Research Analyst, Big Data Software Architect, Business Intelligence Solutions, Data Visualization Analyst, Information Security Analyst, and more.
Conclusion
After reading this article, we hope now you can understand the role of business analytics in the growth of a business. Therefore, if you want to build a robust career in this captivating field, enroll in the Master of Business Administration (Business Analytics) in association with the IBM program at Chandigarh University. Register via CUCET and get up to 100% scholarship! Admissions Open! Apply Now!
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