How is data analytics enhancing the skills of MBA grads?

With digital transformation under way and businesses realising the relevance of big data in today’s competitive era, more and more companies are looking for MBA graduates with data analytics skills.

With increase in the worldwide usage of internet, businesses are looking to add talented individuals to their team who can help them turn this data into a potentially beneficial decision making process.

Consequently, mastering data analytics can help MBA graduates enhance their skills and make a strong footing in the competitive job market.

Digital transformation

Technology and digitalisation are no longer some side aspects of running a successful business; these aspects are now fully integrated into a plethora of business processes. Whether we look at e-commerce, insurance companies or advertising firms, data-based insights are heavily influencing the end business decisions.

While businesses used consumer data earlier as well to understand their customers, the process was a lot more tedious, where some professionals were required to door-to-door or in-person surveys; however, with digitalisation, the data is readily available on the cloud and the data analysers can speed up the process with the right skills and ultimately strengthen the business decisions with less human error.

If we look at the job posts and their consequent descriptions today, it is evident that all businesses- small, mid-level, large enterprises- are looking for professionals who possess data analytics skills. Even employers who come for campus placement have started asking for graduates with the relevant data analytics background.

As a matter of fact, according to the Bureau of Labor Statistics, the data analysis and related jobs are projected to grow at a rate of 11 % by the year 2024. This potential growth projection is higher and faster than any other occupation.

Furthermore, this growth potential is clearly visible in the current job posts shared by various organisations in the industry, be it tech, transport, marketing, or even oil and gas.

Role of data analytics

Understanding the importance of data analytics in business, today, is a must. It can not only help build a stronger foundation for businesses to grow but also has the potential to streamline the various areas of business ranging from human resources and management to operations and marketing.

It further allows businesses to better handle their data, resources, and materials to ultimately develop more strategic and smarter plans to fulfill their short as well as long term goals.

While data analytics seems confusing and complicated to the laymen, with the right knowledge it can prove to be extremely useful, as it can help recognise and reveal the relevant information for growth and consumer satisfaction.

An elective in data analytics can help prepare the understudies a number of soft and hard skills required for the job before entering the real business world, such as:

● Algorithms and Coding

● Data cleaning and preparation

● Data analysis and exploration

● Statistical knowledge

● Creating data visualisations

● Creating dashboards and/or reports

● Writing and Communication skills

● Domain knowledge

● Problem solving

These skills ultimately aid the understudies in comprehending and properly implementing crucial aspects of business in terms of efficiency, productivity, consumer retention, and profit. The apparent benefits along with the increased gap between the available data and its usage further suggests that career longevity in data analytics is over the top.

(The author is with Sri Balaji University, Pune)