Day by day the industry structures are changing. In the same way markets are also changing and markets become more customized focus than mass focus. If we look into the promotional aspects of marketers, their objective is not to inform the consumers but they try to develop attention and convert the attention into addiction. With the help of new technology like artificial intelligence, machine learning, internet of things and big data analytics, marketers are evaluating prospects needs and wants and designing their products or services which is more inclined to satisfaction of customer desires. So, the ultimate goal of the current marketer not to understand their requirement from the retailers rather develop the market plan which is fit to customers. Therefore, it is important for business professional for redesign market policy and predict the market situation in regular basis. Looking into this thought in mind, we also observed that job of marketing manager become market forecast professionals which help them to understand market rhythm and changing market prospect in very faster way. Design their offering in such way which is more addiction nature than seasonal buying. If customers become addicted towards a company offering, then repeat purchase happens easily. This concept now going to be the mantra in market in post pandemic era where customers are more preferring digital buying than physical buying pattern. In this connection, it is concern for business professionals to develop their skill which is more on analytical base rather simple selling methods. Therefore, business analytics is a program which give all round development of analytical skills which helps business professionals to understand, to predict and to solve customer problem in better and accurate manner.
Conceptual framework of business analytics
Analytics have been classified into three parts descriptive, predictive and prescriptive. Descriptive analytics analyze the past event of the firm in various domain which help marketers to understand the business situation. Predictive analytics create detailed forecast of business situation and point out the area where business system fails. It helps marketer to take proper actions on those area where business process needs to develop for getting better sustainability. Prescriptive analytics give an insight regarding the possible action which can be appropriate for different business situation. It helps firms to make a better decision by optimizing result comes from descriptive and predictive and also recommend the associated risk involved in the process. It develops a sustainable model that can be applied to decision making in business. Therefore, it is obvious to understand a business problem, analytics become most necessary methods in current context where switch over tendency of the consumers are high as because variety of market offering. In the new normal situation, the urge and need of marketer to analytics professionals are very high because in normal eyes, it is very difficult for marketers to reach into actual business problem and operational process of marketing is not limited to few routes.
Importance of Business Analytics program
Business analytics program covers a wide area of analytical application. It starts with maintain database of clients, vendors, employees, inventory, suppliers, product orders and service requests of the firm which is in unstructured fashion and make it structure. It also gives the desire methods for analyzing data. Business analytics helps professionals to make proper representation of data using visualization tools, analyze the data using various software like R, Python, Excel, SPSS, Hadoop. This program also helps professionals to understand the problem with proper logic and what tools should be appropriate to make proper prediction of business problem. This analytical tool helps marketer to design their products offering, seasonal offering, promotional methods, sales forecast, inventory management, forecasting of the firms. The analytics also help to select possible methods for sustainable business practices using modern tools like artificial intelligence, machine learning etc. This program makes students more logical based decision mind which help the to dragonize business in faster way and give some immediate solution to business which is more needed in the current situation. Uses of social media analytics, web analytics is being done through the program.
Opportunities for Analytics Professionals in Market
The demand for business analysts is very high among companies, small-scale options, and enterprises. Different sources estimates reveal that the job market for business analytics will grow at a CAGR of 14.3% by 2026. Companies are willing to pay higher salaries to analysts, especially certified expert-level professionals like MBA in Business Analytics or Executive Analytical Program. There is study by Mckinsey which mentioned a huge requirement of data scientist in India in next few years and companies are ready to offering a good package for the data analyst. As the figure near about 200000, therefore, most corporates are staring at a talent crunch and provide training to the workforce to manage their industry issues. In India, the analytics industry is predicted to grow in huge volume and industry is predicting that marketer size can increase by $111.7 billion by 2026 which is good signal for the professionals who are on the way to build their career as a data scientist.
These demand covers diversified area of business operations and few areas of business where business people need more analyst and opportunities. Therefore, an analyst professional can explore their career as a
- Data scientist in bond market
- Agriculture business analyst
- Medical methodology (Health care analytics)
- Human Resource Analytics
- Stock Marketing
- Finance Marketing
- Manufacturing industry
- Supply chain analytics in logistics firm and more.
The above discussion gives us a clear picture that there is huge demand of data analytics/ data scientist peoples as because most of the firms design their business decision based on data driven rather traditional approach. So, if students select a program like MBA in Business Analytics, it will surely give them competitive advantage in their career growth and opportunities.
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