Business Analytics

Hi,
There was a time when businesses looking for analytic professionals would primarily focus on candidates with a Master's degree in quantitative fields such as Maths, Statistics, Economics and Computer Science. PhDs were in great demand too. A couple of things have happened in the last few years. Firstly, the analytic tools have become more user friendly. A lot of the latest tools are GUI based. Instead of learning a coding language one now needs to just master the graphical user interface of the tool, which is a lot easier. Secondly, experience has taught businesses that effective analytics exists only in the context of a business and a business problem. Those who have strong technical and quantitative skills but a poor understanding of the application of analytics in a business context, are likely be weak performers. Even experienced statisticians sometimes get caught up in the technique and accuracy of their predictive models and forget to pay sufficient attention to common sense and business logic. So a combination of more user friendly analytic tools and a need for higher business understanding to leverage the analytic insights better, has forced businesses to reverse their hiring philosophy. Instead of trying to find business-savvy mathematicians and statisticians, companies are now looking to hire data-savvy, business professionals. Companies like Genpact, WNS, Infosys, Accenture, Target etc. Are all hiring from business schools. B schools like the Iims, FMS, SP Jain and XIM have always been happy hunting grounds for analytic companies. Now even other institutes like MDI, SIOM, GIM, NIT and IMT are being targeted by these companies. With starting salaries ranging from 5 lacs to 12 lacs even for non IIM MBAs, analytics has become a coveted field in business schools around the country. Good luck.

Hi Navneet,
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The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of business information. The purpose of Business Intelligence is to support better business decision making. Essentially, Business Intelligence systems are data-driven Decision Support Systems (DSS). Business Intelligence is sometimes used interchangeably with briefing books, report and query tools and executive information systems. Business Intelligence systems provide historical, current, and predictive views of business operations, most often using data that has been gathered into a data warehouse or a data mart and occasionally working from operational data. Business intelligence analysts use data to figure out market and business trends for companies to increase profits and efficiency. They may work directly for a company or as a consultant. Business intelligence analysts gather this data through a number of ways, from mining a company's computer data through software, looking at competitor data and industry trends to help develop a picture of where the company stands in the industry, where they can improve and where they can reduce costs. Business intelligence analysts spend most of their time analyzing data, Past trends, current conditions, etc. They are able to look at large chunks of data and understand trends and then communicate those trends to the company for efficient decisions.