Table of Contents
Since 2011 companies in India have been analyzing publicly available data and that generated in their business for better insight and planning. The analysis is done for various functions such as Human Resources, Finance, Accounting, Marketing, and management of Operations. Different Statistical tools and computer models are used in the process of this analysis. A career and scope of business analytics in India , therefore, sound exciting and worth looking into.
What is Business Analytics ?
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Business Analytics takes its principles from those of Data Analytics. However, the processes adopted are only in the context of a business and are useful to gain important insights. The steps are simple to understand and logical. These are –
- Framing the business problem that needs to be analyzed and the related analytics problem
- Gathering and processing the relevant business data
- Building relevant models and programs to address the business analytics problem
- Deploying these models for analyzing the processed data to find obvious (and not so obvious) root causes, trends, and patterns
The results of this analysis are used for making insightful business and strategy decisions
Over time it has been found that effective business and strategic decisions involve multiple functional areas or divisions in any organization. Accordingly, the sscope of business analytics in India is also a multi-disciplinary process.
Descriptive Analytics and Predictive Analytics are important tools in the overall Business Analytics scope process. Data Visualization and reporting techniques help to communicate the findings and solutions effectively.
Descriptive Analytics
Descriptive Analytics is the use of statistical tools to process historical data in a manner that provides relevant information on patterns and trends. It is often considered to be the most basic form of Business Analytics.
The analytics usually involves processing the data for comparison with a set of metrics that have been identified. For example, the first metric to be used could be the year-on-year increase in sales of a company. Historical information would provide the results of this change over time. This metric could then be benchmarked to get an understanding of how the sales have fared. If this is found to be lagging the benchmark, further metrics could be used to search deeper and identify the causes. The new metrics could be multifunctional (e.g. the manufacturing and sales process) or relate to only one function (e.g. distribution). At each stage, further metrics could be identified to finally arrive at the root cause of the problem.
Therefore descriptive analytics helps to identify trends and the root cause of problems using historical information and comparing the identified metrics with suitable benchmarks.
Predictive Analytics
On the other hand, predictive analytics is that part of scope of business analytics in India that uses the available data to make predictions about future outcomes. This is done with the use of techniques involving statistical modeling, data mining, and machine learning.
The statistical models used in Predictive Analytics involve complex statistical and mathematical formulae. These are usually developed by knowledgeable mathematicians and economists thereby making the life of the analyst simpler. Many experienced analysts feel that the quality of these statistical predictive models has improved over time. This leads to greater accuracy and efficiency in the predictions.
Some of the predictive models commonly used in Business Analytics are –
- Linear Regression
- Text Mining
- Optimal Estimation
- Cluster Modelling
- Neural Networks
- Decision Trees
- Logistic Regression
- Random Forests
- Bayesian Models
Companies today are relying more and more on predictive analytics to mitigate risk and make more informed data-driven decisions. For example, a life insurance company can determine the level of risk before issuing a policy to a new applicant based on her age, health records, and lifestyle. This helps the insurance company to determine the appropriate level of premium to be charged for the policy.
Similarly, a retail company can predict and better assess the success of a brand or a product based on data on similar products and related trends.
Data Visualization and Reporting
To communicate information clearly and effectively, data visualization takes the help of statistical representation in the form of graphs, trend lines, histograms, and charts. Data visualization, therefore, helps make sense of information that is replete with numbers and difficult to understand. For example, a lot of data in scope of mba in business analytics relates to numbers which could be represented in tables. However, it would be difficult for the reader to understand and interpret these results. But when represented in the form of a diagram, the visual impact itself is such that it makes comparison easy. Also one can see fluctuations in trend lines and yet understand that the long-term trend is rising or falling.
Data visualization is commonly used to represent:
- Change in data over time
- How frequently does a relevant event occurs
- The correlation between two variables
- The correlation between multiple variables
- A timeline for events in a project plan or in other words, a Schedule
- Some of the graphics used in data visualization are –
- Line charts
- Two-dimensional area charts
- Three-dimensional volume charts
- Pie charts
- Bar charts
- Histograms
- Scatter diagram
- Bubble chart
- Gauge
- Heat map
- Maps
Infographics and dashboards are also used in data visualization. Dashboards are used to monitor a variable in real-time over a certain period.
Skills required for Business Analytics in India
Business Analytics is a multidisciplinary function that depends on formulating the problem in mathematical terms. Therefore a good acumen in Mathematics and Statistics is an essential skill that helps in Business Analytics in India. Although the computer programs and tools related to problem-solving are written and developed by qualified people, the analyst is also expected to have a good understanding of mathematics and statistics. This would enable the analyst to take advantage of the nuances of the tools and programs used in scope of mba in business analytics.
The solutions of any Business Analytics scope program are to be applied in the commercial operations of the concerned business. This calls for a good understanding of the business. An acute sense of business and the ability to think strategically are also essential skills for Business Analytics. These skills can be applied right from the stage of learning to a career in Business Analytics in India.
In addition to the above knowledge and skills, the analyst is also expected to have a firm grip on software programming languages such as SAS, R, and Python. While there are many similar programming languages, these three are commonly used in the scope of MBA in business analytics in India.
SAS Programming Language
Statistical Analysis System or SAS is a programming language written in the C language and is specifically used for Statistical analysis. The program reads data from popularly used databases and spreadsheets, interprets the data statistically, and provides the results in easily understandable forms. The output is mainly in the form of documents, graphs, and tables. The compilers of the SAS language can be run on Microsoft Windows, Linux, and other mainframes.
The SAS software package is used for business intelligence, advanced analytics, predictive analytics, criminal investigations, multivariate analysis, and data management. Modules are widely used in social media, web, and marketing analytics. Businesses use this software to profile customers, predict their behaviors and assist in targeted communication to these customers.
There are over 200 components in the SAS software suit. The important ones for Business Analytics are –
- Statistical analysis
- Econometrics and Time Series analysis
- Business Intelligence
- Operations Research
- Data mining
- Quality Control
Learning SAS for Business Analytics in India
There are several courses available for the scope of MBA in business analytics in India. Henry Harvin Analytics Academy provides a Business Analytics with SAS course which is ranked No. 2 in India. This course is an instructor-led course for 24 hours, provides 24 hours of brush-up sessions, and also over 50 hours of E-learning. It covers the essentials of Business Analytics using SAS and Advanced Excel and useful knowledge of over 50 tools is provided. The trainers are experienced industry professionals with sufficient experience in Business Analytics in India.
After the formal training course, students get to work on more than12 projects to gain practical and hands-on experience. The projects are in diverse fields such as E-commerce, Retail, Finance, Web and Social media, Banking, Insurance, Supply Chain, etc. An internship opportunity is also available to those who so desire.
R Programming Language
The R programming language, or simply R, is an Open Source programming language for statistical computing and Graphical representation. It is supported by the R Core team and by the R Foundation for Statistical Computing.
R provides statistical capabilities such as –
- Time series analysis
- Linear progression
- Linear and non-linear programming
- Clustering and classification
The environment for R is an integrated suite of software for different functions such as data manipulation, calculation, and graphic display. This suite includes –
- Effective data handling and storage
- Numerous Operators for complex calculations, including calculations involving matrices
- A large collection of tools for data analysis
- A simple yet effective programming language
The capabilities of the R language are enhanced through a plethora of packages created by the many users of R. These packages have enabled R to be used in numerous fields such as genetics, finance, machine learning, medical imaging, and spatial statistics.
Learning R for Business Analytics in India
In August 2021, R is listed at number 14 on the TIOBE Index, which measures the online popularity of the programming languages. The popularity of R is mainly because it is open-source software and therefore free to download and use. It also permits users to create a package that is easily integrated with the main package, so making it highly flexible. Besides that R users find it convenient to use the language as it processes the data very quickly. It can do so since it breaks down the problem into multiple parts and allows multiple servers to process small components and then re-integrate the results logically.
There are several courses available for Business Analytics in India. Henry Harvin Analytics Academy also provides a “Business Analytics Certification Training with R” which is recommended by IIM Ahmedabad and the IIT Bombay Alumni. This course is an instructor-led course for 32 hours, provides 24 hours of brush-up sessions, and also over 50 hours of E-learning. It covers the essentials of Business Analytics using R and Advanced Excel. The trainers are industry professionals with sufficient experience in scope of mba in business analytics in India.
As part of this course, students get to work on 5 projects to gain practical and hands-on experience.
Python Programming language
Python is a high-level and general-purpose programming language. Its unique feature is its comprehensive library of sub-routines, macro definitions, templates, etc. which can be used across different implementations of the language.
This language is considered to be a “multi-paradigm programming language” since it supports object-oriented programming, structured programming, and functional programming among others. The syntax of this language is simple and uncluttered making it an easily readable programming language. As an interpreted language it does not have a compilation step. This makes it easier and quicker to carry out the edit-test-debug cycle while programming in Python.
Learning Python for Business Analytics Course in India
The TIOBE Index listed Python at number 2 for August 2021. This means that Python is a very popular program worldwide. Its popularity is mainly attributed to the ease of understanding the programming language and its versatile usage.
Henry Harvin Analytics Academy also provides a Business Analytics Certification Training with Python that enables its students to explore, analyze and solve business problems using Python and Advanced Excel. This course is recommended by more than 13 IIM’s across India including IIM Ahmedabad and by more than 7 IIT’s including the IIT Bombay students. This course is an instructor-led course for 32 hours, provides 24 hours of brush-up sessions, and also over 50 hours of E-learning. It covers the essentials of Business Analytics using Python and Advanced Excel and provides knowledge of more than 50 useful tools. The trainers are industry professionals with sufficient experience in Business Analytics in India.
Students of this course also get to work on 5 or 6 projects in different fields. In HR the project relates to Analysing the Attrition rate of Employees. For Sales, the project is about predicting the Sales by Department. Business Analytics Optimization is a multi-domain project while in Marketing the project is about Website Trend analysis. In Finance there are two projects namely, Stock market Prediction, and Analysis of ETF Trends.
Through this course, the student learns about –
- The nuances of Data Collection
- Data measurement and analysis and the related Industry best practices
- Communicating the problems, objectives, and results of analysis, more effectively
- Developing goal-oriented strategies
- Analytics-based financial decision making
The course enables a student to enhance his career prospects or get promoted in his current job.
Career Prospects
Today almost every large company in India and many Medium and small enterprises are dependent on the Internet in some way or the other. The internet is an ocean of information and data that needs to be refined to be meaningful for focused analysis and finding solutions to a business problem. Business Analytics in India plays a role in the functioning and decision-making process in almost every company.
The use of Business Analytics in India varies in degrees at e-commerce operators, PC manufacturers, Retailers, environment matters, finance, supply chain, and logistics, operations management, marketing, and advertising, and almost every function or operation in a business establishment. Almost all companies, therefore, need trained and knowledgeable people in the field of Business Analytics in India. In other words, the demand exists. As the Indian economy thrives, competition will become stronger in this capitalist economy. Consequently, there will be a need for deeper analysis and more well-defined strategies through the use of available data. Those involved in Business Analytics will therefore thrive – in other words, there are good prospects in the field of Business Analytics in India.
Roles and Salaries
Every organization has its structure of designations and reporting requirements. For example, one company could have a designation of “Manager” and the person who fits that role could be someone with a Graduation degree and 5 years of work experience. Another person could also have the designation of “Manager”. However here the position must be filled by someone who holds a Master’s Degree and has more than 10 years of work experience. Rather than the designation, the role is important to consider. In scope of mba in business analytics the following roles are common:
- Data Analyst
- Analytics Consultant
- Data Visualization Analyst
- Business Intelligence Consultant
- Customer Insights Analyst
- Sales Analyst
- Marketing Analyst
- Analytics Metrics Associate
- Analytics Specialist Database Administrator
- Financial Analyst
- Fraud Analyst
- Statistical Analyst
- Data Scientist
- Pricing and Revenue Analyst
- Operations Research Analyst
Salaries in the domain of Business Analytics vary from organization to organization depending on the importance of the role to the management. Invariably, the larger companies are better paymasters than smaller companies. This may not always be true. Some of the smaller organizations which specialize in Business Analytics may offer better salaries than some of the larger and better-known companies. This makes it difficult to assess what is the appropriate salary level for each role. However, there are a few research companies that conduct salary surveys on a real-time basis and share the results with the public.
According to Payscale, a Senior Business Analyst in India earns an average salary of INR 995,180 per annum. However, according to Glassdoor, a Business Analyst earns an average of INR 800,000 per annum.
Conclusion
According to various research carried out by interested companies, the field of Business Analytics in India is growing at an annual rate of 28% per annum. This rate is predicted to increase before it slows down and will likely double in a few years. It is predicted that the shortage of good and knowledgeable analysts will also increase over time. In other words, there is and there will be more demand than supply. In 2021, Business Analytics is considered among the favourite domains to be in.
The scope of a Business Analytics course is great and a career in this domain is phenomenal. So what are you waiting for – go join a good course now!! All the best for your future endeavours!!
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