Data analytics is the application of statistical analysis and data technologies to identify trends and address problems. In the enterprise, data analytics has grown in importance as a tool for analyzing and influencing business processes, as well as for improving decision-making and commercial results. MBA in Data Analytics is a two-year postgraduate degree that covers all aspects of data analytics. MBA programs are classified into several kinds. A Master of Business Administration degree may provide specializations in sales, marketing, finance, human resource management, Operations and Supply Chain management, International Business and business analytics.
The MBA Data Analytics program builds a candidate's framework in data research and management, allowing them to perform better and meet value-based understanding. In this course, focus is on the academic and practical aspects of data processing and analysis. Management students can specialize in Data Analytics in addition to Business Accounts, which is the major topic of the MBA data analytics.
Data Analytics Applications
1. Safety and Security
Data analytics technologies, notably predictive analysis, have also aided in the reduction of crime rates in certain places. Historical and geographical data have been used in a few large cities to identify certain locations where crime rates may rise. While arrests could not be made on the spur of the moment, police patrols may be intensified. As a result of applying data analytics technologies, crime rates in certain areas have decreased.
2. Risk identification
One of the first data analytics uses may have been in the uncovering of fraud. Many firms were in debt and were looking for a solution to this dilemma. They already had a large amount of client data, so they used data analytics. They employed 'divide and conquer' policy with the data, examining recent expenditure, profiles, and any other key information to grasp any probability of a client defaulting. It eventually resulted in decreased risks and fraud.
3. Shipping
Several leading logistics businesses, including DHL and FedEx, use data analysis to analyse acquired data and improve overall efficiency. Using data analytics technologies, the organizations were able to determine the optimal shipping routes, delivery times, and most cost-effective transportation modes. Using GPS and collecting data from it provides them a significant advantage in data analytics.
4. Healthcare Sector
Big data analysis has caused a paradigm shift in healthcare as a result of the growing availability of healthcare data. The examination of links between patient outcomes and the chosen therapy or preventative measure is the main objective of big data analytics in the healthcare sector. Artificial intelligence programs based on big data analysis have been effectively developed for patient diagnosis, creating treatment protocols, developing new drugs, and providing patient care and monitoring. Massive amounts of clinical data may be sorted through by the potent AI approaches, which can then help reveal clinically pertinent facts to aid in decision-making.
5. Advertising and marketing
A big data-driven machine learning system can be quickly trained using texts, still images, and video segments as data sources. It may then extract items and concepts from various sources and make recommendations for effective marketing and advertising solutions.
Key Learnings from Management Courses
The internet has made it simple for everyone to acquire information whenever and wherever they need it in this information era. Here are five reasons why data analytics jobs are the next big thing. If you want to succeed in this digital age that is converting society into a knowledge-based civilization, you must conduct trend research. Everyone, from multinational companies (MNCs) to start-ups, rely on data to design better strategies for the future of their company. Consider yourself as the person on whom these businesses rely before making any important business decisions. That is why you should pursue a degree in data science or big data analytics.
Here are a few strong reasons to pursue an MBA in Data Analytics.
1. Top Organizations Need Data Analysts
2. Job Opportunities are Increasing
3. Helps in Decision Making
4. More Effective Marketing
5. Enhanced and More Customized Customer Experience
