MBA in Business Analytics - Your Pathway to Corporate Success

Due to the digital literacy and the availability of infrastructure of high internet speed, people have transferred themselves from offline mode to online mode specifically in the service sector. People like and prefer to get online services for their banking transactions, bill payments, booking of various transportation services, getting health updates, and specifically shopping for daily needs. This in turn has opened up a new function in businesses – Data Analysis – thereby increasing the demand of data analysts in most industries and also giving rise to education programs that fulfill the need of skilled employees for this, e.g. MBA in Business Analytics.

The growing need for Data Analytics & MBA Programs

Consider shopping - nowadays online shopping is not only a metropolitan phenomenon, significant impact of online shopping is also observed in small towns and villages. As per the reports of The Economic Times, 60-65 % of people from cities shop online for clothes, cosmetics, and daily essentials like groceries and vegetables. As per the data, the e-commerce worldwide market in 2023 was 5.8 trillion US dollars, and worldwide online shoppers in 2023 were 2.77 Billion.  As per the reports of the International Trade Administration, India's e-commerce market was 46.2 Billion US dollars which will be 136.7 US Billion dollars by 2026. Online shoppers in India were 105 million in 2019 which becomes 250 million in 2023. Total smartphone users in India in 2023 were more than one billion.

The above scenario shows the importance of data analysis in effective business decision-making, and hence one can observe the surge in individuals pursuing an MBA in Business Analytics because the scope has widened drastically. The use of smartphones and online services in India and worldwide generates big data in each sector of the industry. Data analytics is not only limited to collecting the data of the consumers but also considers huge data of political,  social, and environmental conditions to find the trends and patterns to make effective policies for the better being of human life.  For each organization whether government or private, it is necessary to get insights from the data by representing and analyzing the data using statistical tools. This scientific approach to analyzing the data enables organizations to understand their operational activities and market trends to make effective strategies. In today’s world data analytics is taking center stage in each sector of life. A data-driven approach using various data-driven and statistical techniques is supporting businesses and governments to improve the business and make life easier for the people by providing them best facilities available in the market. Individuals who wish to make a career in the corporate, especially if they are fascinated by numbers and analysis, an MBA in business analytics provides a sure pathway to professional success.

Is Data Analytics changing lives?

Governments and private service providers are making human life better by using various data analytics techniques like machine learning models and the use of artificial intelligence. Data analytics is changing human life by providing personalized services in fields such as healthcare, shopping, daily needs, traveling, public policies, education, etc.  We get suggestions on YouTube, OTT, and other entertainment platforms to search the content of our own choice based on search history. We can get all health updates in a very short span. Online shopping platforms provide notifications and suggestions to improve the buying behavior of customers and provide the best deals for customer benefits. Real-time analysis of public data captured by mobiles, GPS, and cameras provides support to security agencies to make effective public policies to secure their lives. Big data is also supporting youth to get quality education and the best suitable jobs.  With the help of big data, governments make effective policies for the nation and public interest. Students pursuing MBA in Business Analytics undergo specialized training to understand the amount and variation of data available and the usage of different tools that help with analyses and reporting that’s useful for the management.

Is there a downside?

We cannot neglect that somewhere people are also losing their privacy.  Whenever we download any app or use any social media platform, they ask or force us to access all contacts and personal data. This data is analyzed to conduct research and to promote and provide personalized advertisements. This data is also sold to other platforms which may be misused. Social media platforms are controlling people’s lives by luring them into buying products and services recommended based on user history. A big impact of social media platforms was also observed in the past when they controlled people by manipulating them to vote in favor of a particular political party to form governments. One of the cases was found in 2008 when Facebook misused the data of 87 million users to influence them politically. Twitter also accepted that they were using the personal data of users for marketing campaigns.  Personal data was also stolen and misused by the Morgan Stanley Data Breach, a financial advisor.

How does MBA in Business Analytics enter the picture?

An MBA degree, especially specializing in Business Analytics like the one offered at the Manav Rachna University ensures training in tools like Python, R, Table along with exposure to case studies, industry insights and opportunities to intern with leading organizations. Slightly different from a conventional MBA degree, an MBA in Business Analytics emphasizes skills like predictive modeling and data visualization and covers aspects like machine learning, statistics, ethical data handling and problem solving.

Conclusion

Data analytics is beneficial for both consumers and the industry. A consumer will get personalized effective services to fulfill their needs and industries can get more market share and increase their profit by providing the best product and services according to customer's needs. Companies and service providers should ethically use the data of people, and governments should make laws to control the misuse of the data to make human life better. Considering the increasing opportunities in the domain, students eyeing a career in the corporate sector should consider getting an MBA in Business Analytics.

Author : Shiv Kumar Singh Pundhir, Assistant Professor, School of Management and Commerce, Manav Rachna University