May 22, 2014,
Are you a details person with ability to interpret graphs, charts, algorithms ? Are you an alternative solution provider ? Are you a person who has analytical mind and has the capability to work on analytical and statistical tools like SPSS, SAS, Hadoop, and techniques like correlation , regression, calculus? May be Business Analytics is the right field for you. You can check your suitability here
With the advancements in Information technology there is very large amount of data generated every day, Businesses on the other hand are not able to fully utilize this data for better decision making and also for improving the revenues. This is where Business Analytics and Business Intelligence come into picture.
What is Business Analytics :
Business Analytics is qualitative and statistical analysis and predictive modelling used to make business strategies and improve operational efficiencies around the insights driven from the DATA. The objective, of course, is getting better results for the future. Examples of Business analytics are… using new tools to identify the most profitable customers and offering them right price, identifying the source/ pool from where the customers are coming to a website, improvements in the products based on data generated from the users and customers, optimize supply chains, and identify the true drivers of financial performance. Big companies like Pepsi co, Amazon etc have illustrated how to use power of analytics.
In which industries it can be used:
The use of analytics is not restricted to any specific industry and there are results from many industries like Education, Logistics, Manufacturing, Marketing, Finance, Travel, E Commerce etc.
What are the courses available in Business Analytics:
There are many good courses offered by Top Management colleges in India that offer short/ I year course in analytics and business intelligence. Some of the programs offered are
1. IIM Calcutta
IIM C offers Business analytics program with inputs from Boston University. IIMC program covers Data Mining, soft computing, Design of experiments, survey sampling, Statistical inference, Investment management, financial modeling and advanced marketing research. It is a 1 year program and the fee is Rs 2.5 lakhs.
2. Indian Institute of management, lucknow
IIM L in association with Kelley school of business, Indiana University, USA conducts a one-year certificate programme in business analytics for executives. The course is aimed at providing analytics knowledge through online and in-class education. The certificate programme combines business strategy, business analytical tools and applications of analytics in selected business areas, namely finance, marketing and operations. The purpose of this programme is to develop skills and a mindset for participants that will allow executives to identify and seize business opportunities using business analytics tools. The training on enterprise miner by SAS Institute. This is a 1 year part time certificate program.
3. ISB Hyderabad
ISB Hyderabad offers Certificate programme in Business Analytics. The program is a combination of classroom and Technology aided learning platform with 430 contact hours. The program also has a component on Business Analysis & Predictive modeling by SAS. Another key element embedded is the Action learning project whose duration varies between 3- 6 months focused on real subject from the organization .
4. IIM Bangalore
IIM B offers Business Analytics and Intelligence course . The programme is conducted live in the classroom at IIMB. The sessions are beamed instantaneously across selected cities in India through Reliance Web World outlets using video conferencing facilities that allow a large number of geographically dispersed participants to participate in highly interactive sessions with the faculty.
5. Praxis Business School
Praxis offers 1 year full time PG program in Business Analytics designed and delivered in collaboration with ICICI Bank and PwC. This unique Praxis Business Analytics Program is spread over 12 months. The program is divided into 4 trimesters:Three trimesters of three months each comprise classroom training on campus. One trimester of three months is assigned for internship in an organization. The program offers an equivalent of 16 courses of 3-credits each. This translates into 480 hours of classroom training including projects, presentations and assignments. Some of these assignments may be ‘live’ industry assignments.
Students will be offered a 3-month internship with organizations of repute. They will be required to work on live assignments in the domain of Business Analysis.
6. IIT Bombay
IIT B offers Advanced Certificate program in Business Analytics. Jointly designed by the Shailesh J Mehta School Of Management at IIT Bombay and HughesNet Global Education, the program is spread over one year and covers both the theoretical and practical aspects of the discipline. Industry experts also contribute to the course by giving lectures and presenting real-life consultancy projects. Completing the program will ensure that the participant demonstrates to their potential or current employer that they understand and appreciate the various approaches of analytics to deliver real benefits.The program has been designed for those who are new to business analysis and who work with business analysts, including application developers, systems analysts, business managers, and anyone involved in solution development. For analysts who need to develop the skills and competencies and desire an in-depth understanding and grasp of key techniques such as behavior and data modeling, this program takes the practitioners to the next level.
7. IIM Ahmedabad
IIM A offers Advanced Analytics for Management. This programme is intended for enabling practitioners, managers, and decision-makers to use advanced analytics for better decision-making and in-depth understanding of these concepts using hands-on technique(s) and relating to business cases. The programme may also be of interest to participants from various analytics organizations to better understand the underlying concepts of these advanced techniques. An aptitude for quantitative modeling and some prior experience in use of analytics is desirable.
The teaching methodology for this programme will be an appropriate mixture of classroom teaching, hands-on experiments, case discussion, identification of best practices, in-class participation, group reading and presentations, guest lectures, and panel discussion.
8. IIIT Bangalore
IIIT B offers Analytics Essentials program. The program is designed to provide participants with a comprehensive understanding of the concepts of business analytics – the data, the approach, the technology and its day-to-day business decision applications. Inputs from decision makers, practitioners and academicians to ensure that the skill development is aligned to the industry expectations with focus on ready-to-apply solutions in real world.
9. IIM Ranchi
IIM Ranchi offers Executive programme in Business Analytics and Business Intelligence. The course duration is 3 months Classes will be conducted by eminent professors and industry experts in the weekends (SAT & SUN) in Mumbai/ Kolkata /Delhi /Bengaluru and in addition to these, there will be one-week learning in IIM Ranchi. While staying in Ranchi for one-week learning, the students will be provided accommodation by IIM Ranchi.
9. Institute of Systems Science, National University of Singapore
Institute of Systems Science, National University of Singapore offers M Tech in Enterprise Business Analytics.
10. MICA Ahmedabad
MICA Ahmedabad offers MBA with specialization in Marketing Research and Business Analytics. The institute also offers 4 months online PG Certificate course in market Research and Data Analytics.
11. Mukesh Patel School of Technology Management and Enginnering, NMIMS University
Mukesh Patel School of Technology Management and Enginnering, NMIMS University offers 2 years M Tech in Data Sciences ( Business Analytics). Students with B Tech IT / CS or M Sc Mathematics / Statistics / Computer Science are eligible.
### If you are looking for an undergraduate program in Business Analytics then national University of Singapore offers Bachelor of Science ( Business Analytics ) program. The course if offered by the school of computig with participation from Business School and Faculty of engineering and other schools. This is a four-year direct honours programme which offers a common two-year broad-based inter-disciplinary curriculum where all students will read modules in Mathematics, Statistics, Economics, Accounting, Marketing, Decision Science, Industrial and Systems Engineering, Computer Science and Information Systems. Students in their third and fourth years of study may choose elective modules from two lists of either functional or methodological elective modules. Functional elective modules span business functions or sectors of marketing, retailing, logistics, healthcare, etc. Methodological elective modules include those related to big data techniques, statistics, text mining, data mining, social network analysis, econometrics, forecasting, operations research, etc. In sum, these elective modules span the most exciting and challenging areas of business analytics practice in the industry.
What will you study ?
Here are some details about the course offered at IIML
Module 1: Introduction to Business Analytics
Introduction to probability including probability distributions and random variables.
Sampling techniques including simple random sampling and determining sample size for means and proportions.
Tests of hypotheses including type I and type II errors.
Simple and multiple regression: assumptions, diagnostics, interpretation.
Introduction to forecasting.
Overview of the analytics process: problem definition, data preparation, modeling, evaluation of results, and deployment.
Problem definition and scoping an analytics project.
Design of experiments and performing basic statistical analysis of data from experiments (both field and laboratory) to investigate business issues.
Understanding of some of the issues during deployment including employment of data visualization for decision making.
Review and appraisal of the ethical, legal, and privacy issues associated with applications of analytics.
Tools for conducting basic statistics (for example, SPSS, SAS), analytics (for example, SAS JMP KNIME), and visualization (for example, Tableau) would be employed to demonstrate application of concepts covered in the module.
Module 2: Data Mining and Predictive Analytics
Introduction to data mining and predictive analytics
Getting started with predictive modeling
Getting started with predictive analytics models
Predictive modeling with decision trees using SAS Enterprise Miner
Predictive modeling with regression using SAS Enterprise Miner
Predictive modeling with neural networks using SAS Enterprise Miner
Assessing predictive models and model comparison
Improving predictive models
Scoring new data and model implementation
Tutorial on SAS JMP
Further models for supervised learning
Introduction to unsupervised models in data mining
Data reduction using principal components analysis
Association and market basket analysis
Advanced regression models: concepts and applications
Conjoint and discrete choice analysis
Design and analysis of experiments
Software: SAS JMP, Excel 2010, SAS Enterprise Miner
Module 3: Simulation and Optimization for Business Analytics
Introduction to Linear Programming, Graphical Method, and Formulating Linear Programs.
Review of the Simplex Algorithm. Introduction to Shadow Prices and Reduced Costs
LP applications, case studies, software packages and their usage.
Introduction to Duality Theory.
The Transportation Problem, and the Assignment Problem
Integer Programming and IP Formulations.
Introduction to solution techniques. Cutting Planes, and the Branch and Bound algorithm.
Heuristic Approaches: Knapsack, Bin Packing, Vehicle Routing.
Introduction to Networks: Shortest Paths, Spanning Trees
Networks: Maximum Flow, Minimum Cost Flow, Multi-commodity Flows.
Quadratic Programming and an application in portfolio optimization.
Overview of Probability and Statistics. Modeling Uncertainty
Introduction to Simulation Modeling using Excel
More Advanced Simulation Models using Excel
Simulation Modeling and @RISK
Experimental Design and Optimization with Simulation
Simulation Models for Business Applications
Introduction to Forecasting and the Forecasting Process
Time Series and Extrapolation Models
Exponential Smoothing Models
Explanatory Forecasting Models
Software: @RISK, WinQSB, GAMS and Palisades Decision Models
Module 4: Developing Value through Business Analytics Applications
Operations and Supply Chain Analytics
Market Segmentation & Targeting
Product Development & Positioning
Customer Value Assessment
Market / Basket Analysis
Hedging Commodity and Foreign Exchange Risk
Option Valuation and Real Options
Excel Financial Functions and Portfolio Optimization
Option Valuation and Real Options
Valuing Companies by Simulation
Immunizing Fixed Income Risk
Revenue Management in Travel Industry and Its Extensions
Demand Models & Estimation
Customized Pricing in B2B
Markdown Management in Retailing
Software: Excel 2010 and Decision Tools Suite (a set of Excel add-ins developed by Palisade) will be used.
So whether you are attracted to E commerce or financial sector these courses can benefit you immensely. But do not forget to check your suitability and fitness for a career in Business Analytics by taking the My Talent program.
Good Luck !!