How Analytics is Redefining the DNA of Business Education?

Analytics played a major role in the evolution of Industry 4.0, can we expect the same impact in business education, the answer is YES. Analysis has a significant impact on the evolution of Business Education 4.0 as well.  Leading Business Schools in the world have started embracing business analytics as a mandatory subject for their students. Right from curriculum design to live project allocation, analytics has impacted the fundamentals of business education.

Almost all businesses are impacted by analytics. Technology which was once viewed as a supporting service has now become an essential dimension for business sustainability. 

The triangular model of business operation with three touchpoints namely customers, company and employees have now transformed into a quadrangle with the fourth touch point- technology. The technology aspect of the business can be well handled by an individual who is well-versed with technology, can understand business problems and provide actionable insights - branded as a Business Analyst. Therefore, there exists a huge demand for a business analyst who can understand the business problem and provide analytical solutions. According to William Edwards Deming, “In-God We Trust- For the Rest show us the DATA”, business firms are now loaded with an enormous amount of data, there is a huge requirement for a business analyst who can derive information, intelligence and wisdom from the existing data. If there is a demand from the end-user (corporate-world), there is a need for change in the business education curriculum.

Stephen Hawking says, “The intelligence is the ability to adapt to change, the business schools in India have started adapting to meet the industry needs.”

Ninety per cent of the existing data in the world is generated just a few years back. Analytics is a contemporary subject that derives its roots from the subjects like statistics, quantitative methods and computer-based models. Therefore, Business analytics is comparatively a young subject that deals with providing actionable insights and recommendations to the business problems. In simple terms, business analytics can be viewed as an application of analytical techniques in business problem-solving.

Leading B-schools in India are now carefully including business analytics subjects as a part of their curriculum. Classroom discussions in these B-schools are now happening with real-time data-based business cases. Analytics professors are exposing the students with structured, semi-structured and unstructured data so that the students will get exposed to the required analytical and problem-solving skills and master them. Some of the business school professors are providing Live Projects to the students. These Live Projects or consultancy assignments make the students experience the business world before they work in the industry.

Game-changing technologies like Artificial Intelligence, BlockChain, Internet of Things have influenced the future of the business industry. These technologies have already made their footprints in the business education as well.

Leading B-Schools in India have started offering these technology-oriented subjects as elective courses. Students who opted for these technology-oriented courses can have a cutting-edge advantage and have maximum chances of getting employment during on-campus interviews. 

Note: The views expressed in this article are solely author’s own and do not reflect/represent those of Shiksha