India is projected to stay the fastest growing economy in the world for the next 5 years. This trend is expected to continue as more and more Indians join the middle class. Currently, the year-on-year GDP growth rate of India is around 8%.
The business prospects in India also grew significantly with the improvement of the ‘ease of doing business’ ranking. As the Indian business scene breaks out of the bureaucratic shackles, more and more foreign direct investment is pouring into the country. Recently, Vedanta Ltd., an Indian metal and mining company, partnered with the Taiwanese technology giant Foxconn to set up a semiconductor factory in Gujarat. They have pledged a 20 billion dollar investment. Singapore and the USA are leading the chart for foreign direct investment in India. The improvements in logistics capabilities through the flagship projects like dedicated freight corridors and the Sagarmala project will also boost the business prospects of India. It is rightly said that the golden age of India has started.
All the major companies in India use some form of data analysis to make their operations more efficient. This is why the demand for business analysts has grown significantly over the past decade. Therefore taking up a business analyst course will yield incredible career opportunity growth for mid-career managers and freshers alike. In this article, we will discuss,
- What is business analytics?
- Importance of business analytics and how a business analyst helps a company.
- Career opportunities
- Course structure and fees
- How to find a suitable course?
What is business analytics?
Business analysis is a form of result-driven data analysis. A business analyst will analyze a company’s past data and find insights. This insight will be used to improve various aspects of the company. Like, as improving the supply chain or gauging the health of a product. The possibilities are limitless.
The job of a business analyst can be broken down into 4 distinct categories:
- Descriptive analysis
- Diagnostic analysis
- Predictive analysis
- Prescriptive analysis
All of these stages try to give answers to various questions. The descriptive analysis looks to answer the question, what happened? A diagnostic study answers the question How it happened? Predictive analysis will answer what will happen. And prescriptive analysis will answer what should be done next.
Answering all four questions is vital for a company’s health and well-being. Let’s discuss these 4 types of analysis in detail.
In the descriptive analysis, the business analyst will scour through the past performance data of the company to track its key performance indicators. It will give insights into the general health of the company. Descriptive analysis data is used as the baseline, and a company will try to perform better than it in the upcoming years.
The diagnostic analysis will help the business analyst understand what drove the performance of a company over some time. This is very important for any business as it will help define what worked and what did not.
Predictive analysis uses data science and a.i technology to process all the relevant data and find the company’s projected performance. The predictive analysis gives a company goals to aim for, and if the forecast is terrible, the company can work to fix the problem.
The prescriptive analysis is the most advanced form of business analytics. In it, the analyst will try to chalk out a plan according to the insight gained from analyzing vast amounts of data using machine learning or deep learning technology. Most companies would like to use it but don’t have the technical know-how or willingness to invest in developing a dedicated analysis team across all the departments.
How does a business analyst help a company?
The business analyst is one of the most critical posts in a company. An analyst must undertake many duties and guide the company’s overall performance. The general responsibilities of a business analyst are
- Business analysts will gather data that could yield critical insights. Data usually comes in an unstructured format. It has to be cleaned out of inconsistencies.
- They will run the data through various technologies and extract relevant insights.
- They will present the data before the managing board in an understandable manner.
- The business analyst’s job is to find problems in the company’s operations. They will also provide practical solutions to the problem. This, in turn, will increase the overall efficiency of the business.
Business analysts are one of the most highly sought-after and well-paid professionals. Having an experienced and skilled business analyst could yield great results for a company. In India, data science as a career is comparatively new. Data science was only reserved for companies that could afford to spend much money on high-end technologies. With the advancement of the overall computing power of devices, one could now do extensive data processing work from their laptops. This wasn’t a reality even a few years back. This is why most managers in the field never really got the chance to explore data analyst opportunities in business. But now, this is not the case. Every small and big company can now afford to use data analysis to some extent. It resulted in a surge in demand for business analysts. But business analysis is not an easy venture. Data analyst teams can gather insights, but they are not capable of understanding the actual workings that manifest themselves in the form of wisdom. And this is where the importance of a business analytics course comes into play. If a manager undertakes a business analytics course, he could either
- Become an irreplaceable asset to his company
- Find a better opportunity somewhere else.
Business analytics course structure and fees
In a business analytics course, the student will learn
- For complete beginners, there will be classes on the basics of analytics.
- They will learn to use programs like excel, SQL, and tableau.
- They will learn a programming language. Most of the courses offer a curriculum in python. Because of the availability of many resources, python has become the preferred programming language. They will learn to use python for data visualization and data analysis.
- They will learn the process of predictive analysis.
In India, business analytics courses can cost anywhere between 25000 to 50000, depending on the geographical location and the type of course.
How to find a suitable course?
Most institutes offer courses that do not have any depth or value in them. They are just money-making machines for the owners. In this situation, it is vital to scrutinize the curriculum and see
- If they have a basics course or not.
- Will the student be able to clear their doubts?
- Are there classes available on python?
- Will they provide personal guidance?
- Are there any placement opportunities?
- Will they teach practical applications?
- Is the course industry aligned or not?
- Is it reasonably priced?
If the answer to these questions comes out positive, one can be assured that the course will be a worthwhile investment of their money and time.
Business analytics as a career in India will keep on growing. The vast improvements it brings to the table can not be ignored by the companies. 2022 is the perfect time to join a course because the course fees are only expected to rise as business analytics courses become more popular amongst the masses.