In the current context, it is a very challenging task for students to choose the right career for their future. The job market is very much volatile and changing its nature very fast. If we look into management studies, it changes the whole shape from its traditional mode to modern mode. With the help of new and updated technology, philosophical ideas converted into fact-finding concepts. There are various dimensions of studies that emerged and offering opportunities to the students to work in diversified fields. Most of the educational institutions are design their program looking into multidisciplinary in nature. In this competitive scenario, after graduation students have a tendency to join in professional courses and MBA in Business Analytics is a program where we noticed a huge demand in the market.
The word analytics has come into the foreground in the last decade or so. The proliferation of the internet and information technology has made analytics very relevant in the current age. Analytics is a field that combines data, information technology, statistical analysis, quantitative methods and computer-based models into one. These all are combined to provide decision-makers with all the possible scenarios to make a well thought and researched decision. The computer-based model ensures that decision-makers are able to see the performance of decisions under various scenarios.
Marketers were firmly dependent on the market information and research outcome from their market for taking their business decision. But in today’s world, there are massive forces of information from different angles and each one has its own potential. It is quite difficult for marketers to look into each area with normal eyes and that lagging behind their failure. Business analytics is a process of using data to make better marketing decisions. It helps business personnel to understand the dynamics of their business, anticipate business market shifts and following risks. When a marketer takes any kind of business decision, the ultimate goal is the outcome of this decision. To do that there is a need for judgment of past activities and if they do certain changes in current and future what could be the outcome. In front of marketers, there is a challenge to match these three and the direct and indirect effects on the market outcomes. There are three types of analytics to understand business functions; these are descriptive, predictive and prescriptive analytics. In descriptive analytics helps the market to understand to what happened in the past and it gives alerts to marketers on the ground what action is needed to minimize the negative bubble. In predictive analytics is the most important tool in front of analysts to identify what will happen next and what if we try this and these two questions solve by predictive models and randomized testing. . This is a very vital part of each and every marketer to predict the outcome and design the marketing plan and policies based on that. Suppose if we reduce the price of a product can it be helpful for increase customer buying habits or else if marketer increase price, promotion through different media or reduction in some content what could be the market effect. The major advantage of analytics is to handle the market data that comes from different sources and it makes a clear distinction between past, current and future trends which help the marketer to forecast consumer behaviour before it takes place and their trends. It directs to predict what customers want, marketers can be much more proactive, upselling products, creating long-term relationships with consumers and determining market shifts before rival brands.
Therefore we can summarise that analytics are.
- Data-driven market prediction and decision.
- Gives alerts marketer based on past records (Descriptive analytics)
- Help to take decision looking into current trend and policy implementation (Predictive analytics)
- Helps to identify best possible opportunities through trial and error ( Randomized effect)
- What the best that can happen (Prescriptive analytics)
- More focused decision making by using different characteristics of market/ consumer data
- Help to do better and prominent business forecasting.
Major Functional areas of Analytics:
As we know day by day the role of analytics is increasing in different parts of the business and large corporate also started to apply their decision-making process by using analytics and it seems that this process is much more efficient than the traditional way of prediction and precautions in business decision. The major areas, where marketers are more focused are the development of branding in terms of brand personality, brand equity and brand architecture because these three elements are very much crucial for the market to continue long-run market surveillance and development and it is a continuous evaluation done by the business houses as they deal with the different product line and most of the large corporate believes in individual branding. The other area where marketers are more concerned is customer management, if we look at all the marketing functions like product design, price strategy, distribution system, promotional development, customer service all are major parts of managing customers and retention of customers. It is a very sensitive issue in front of marketers to take decisions in an effective manner. In this sense, companies are using analytics to enable faster and fact-based decisions making and in the modern-day. Marketers are doing better prediction in their business with modern tools of analytics like artificial intelligence and machine learning. In fact, there are so many researchers who proved that using analytics or data-driven decision making helps the organizations not only make better strategic decisions, but also enjoy high operational efficiency, improved customer satisfaction, and robust profit and revenue levels.
Career options of Analytics for Management Professionals:
Analytics is a course that covers a broader area of operation stating from different programming languages like R, Python, Hadoop, and Text analytics which work as better predictors to identify the market problems and provide justified solutions. It is no doubt to say that there are huge market demands of analytics in each and every section of the business. Presently, industries are running shortage of analytical people. Therefore it is a new domain for business professionals to excel in their careers like as a marketing Manager, Financial Analyst, Personal Financial Advisor, Operations Analyst, Supply Chain Analyst, Business Analytics Specialist and Management Consultant. So we can conclude that Marketing analytics is a prominent field of study where market opportunities are huge.
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