Business analysis is not new because even in 2018, 1.5 million MBA graduates with expertise in business analytics were worldwide. So, the need for business analysis skills for MBA graduates is an obvious message in 2023. If you don’t make an effort to learn the basics of business analytics when you are studying MBA, you might be left behind.

Recently, companies posted job openings throughout the world for recent MBA graduates with a background in finance or marketing and an understanding of decision science. Some companies directly look for business analytics specialists. They look for individuals who are knowledgeable about data science ideas and could use analytical tools. To learn more about the important skills required for MBA grads, continue reading.

Business Analytics, Business and IT

In order to identify trends, a business analyst oversees a reporting dashboard and makes sure that data is presented well. It should be presented in a way that is both personalized and understandable for the business and IT departments of a company.

A business analyst usually employs programming languages and these days, you should also have these analysis skills as an MBA graduate. If you have an MBA in business analytics, you should be sufficiently technical to understand the language of data science. You should also understand how to apply data to produce outcomes and solve business challenges.

Business analyst vs. data scientist

A business analyst’s job is to investigate and extract useful information from data sources to explain the company’s performance, both now and in the future. Additionally, a business analyst chooses the best course of action to move the company forward.

Business analysts may not know statistical skills but should know domain knowledge. Advanced statisticians called Data Scientists who have completed business analytics courses in India fill this gap in companies.

Using statistical programming, a data scientist creates and implements algorithms to assist the business analyst’s plans. To help the business increase productivity and performance, a data scientist automates the plans and models created by the data analyst.

Expanding roles in Business Analytics

Proficiency in fundamental analytics and statistics is crucial for individuals with MBAs, particularly those with backgrounds in finance and marketing. This can include having extensive spreadsheet expertise or proficiency with R and SPSS.

A basic knowledge of visualization tools will be very beneficial. Notwithstanding this, the function of a business analyst is rapidly evolving, and the distinctions between a business analyst and a data scientist are becoming increasingly hazy.

The primary focus of a typical business analyst’s job description was on extracting data and presenting it to the business via one or more platforms. These days, they can move into the IT field by picking up the necessary knowledge to develop sophisticated algorithms and comprehend regression and modelling ideas.

A business analyst with a tech bent and a foundation in math and statistics can become proficient in data science with experience. So, join business analytics courses in India with placements and start earning your dream salary.

Final thoughts

Management careers relying on analytics will only grow more lucrative, so join MBA at ITM Business School and start your dream management career. Many high-paid management professionals in MNCs are alumni of ITM Business School.