MBA as a course began in the early 20th century to fulfill companies’ needs for scientific approaches to management. Since then the course has evolved to include many specializations. As new areas in businesses got integrated, the MBA curriculum was updated to match the industry requirements by institutions that were offering this course. Traditional MBA specializations such as Marketing, Human Resource Management, Finance, etc., have become too mainstream these days due to automation. Today, businesses have become more data-driven and are looking for professionals who can analyse data effectively. Hence, to produce more professionals with an analytical mindset and a data science skillset, KSOM has integrated MBA with Business Analytics.
Career in Business Analytics:
The world is filled with data and any person who can harness this data to benefit enterprises is highly sought after. Organizations these days equip their staff with Business Analytics skillset. Prediction is made by IBM that by 2022, there will be a 28% increase in demand for data scientists. So definitely, specialization in analytics can be an advantage for the need of the hour.
- Business Analyst: Business Analysts are hired in sectors like Banking, Healthcare, Retail, Textile, Automotive, etc. Professionals in this role can go up to the leadership and consultant’s level in an organization. Business Analysts professionals can take up roles like Big Data Analytics Architect, Big Data Engineer, Business Intelligence and Analytics Consultant, Metrics and Analytics Specialist.
Some of the techniques, Business Analyst applies in the project to ensure the requirements are Data Modelling, Data Visualisation.
- Data Modelling: Data modelling is a set of tools and techniques used to understand and analyse how an organisation should collect, update, and store data.
- Data Visualisation: Data visualization is a general term that describes any effort to help people understand the significance of data by placing it in a visual context. Patterns, trends, and correlations that might go undetected in text-based data can be exposed and recognized easier with data visualization software.
Business Analytics at KSOM:
New age Business Schools in India like Kalinga Institute of Industrial Technology School of Management [KSOM], Bhubaneswar has started offering Business Analytics specialization in MBA as there is a huge demand for Business Analysts and Data Scientists in the industry.
Traditional MBA is losing its edge these days. The MBA graduates or professionals in the majority of the companies are trained on Business Analytics which cost time and money for the companies. So, companies have started looking for graduates or professionals who have in-depth knowledge in Business Analytics. This is the reason for Business Schools have started offering Business Analytics specialization. This program will help students in getting placed in various sectors of reputed MNCs for Business Analysts position.
Scope of Business Analytics & Highlights:
- Moreover, close to 78,000 positions related to analytics are currently available to be filled in India.
- From April 2017 to April 2018, the number of new analytics jobs advertised per month increased by almost 76%.
- India contributes 10% of open job openings currently compared to worldwide estimates.
- In the banking sector, 41% of all jobs posted were for analytics.
- 8% of analytics jobs were in the e-commerce sector.
- Energy and utilities sector have the highest uptick in analytics jobs, contributing to 15% of all analytics jobs.
- Out of all job openings, 18% of analytics job openings are looking for a postgraduate degree.
- An MBA/PGDM degree is required for 8% of analytics jobs.
- Average salaries offered for analytics jobs in India are INR 10.8 Lakh per annum.
- 27% of all analytics jobs offer a salary range of INR 6-10 Lakh, and 23% of jobs offers INR 3-6 Lakh.
Benefits of Business Analytics at KSOM:
- Business Analytics Course at KSOM has a suitable mix of core and elective papers in line with industry requirements
- All 2-credit courses (30 hours) are designed by experienced professors with collaboration with industry experts
- Live projects in R\Python to help students work on real-life applications of business analytics
- Students can attend a number of seminars/workshops on data analytics which happens in KIIT University throughout the year
- Regular and visiting faculties have rich industry experience to guide students throughout the business analytics curriculum
- KSOM library have access to online databases (ex: PROWESSIQ, INDUSTRY OUTLOOK, INDIASTAT INSTITUTION PLUS etc.)
- As per National Institution Ranking Framework, MHRD, Government of India, 2018 B-School Rankings, KSOM is ranked 30th in all India and 5th in Eastern India.
- KSOM has been recently awarded Life Membership by Association of Management Development Institutions in South Asia (AMDISA).
Business Analytics Elective Papers at KSOM:
- Business Analytics Fundamentals
- Business Data Mining
- Introduction to R programming for analytics
- Big Data Analytics
- Financial Risk Management and Analytics
- Supply Chain Analytics
- Basics of Marketing and social media Analytics
- Consumer Analytics
- Categorical Data Analytics
- Text mining and Analytics
- Human Resource Analytics
- Advanced Business Analytics
Eligibility for Business Analytics at KSOM:
- Candidates must be engineering graduates (B.Tech/ BE in any stream) with at least three papers of Maths/Statistics.
Students who are looking for a complete package of a Business Analytics course can opt for the course at KSOM, as this institute is best known for making students industry-ready.