VESIM Blog

Opportunity of Analytics in Business World

User Rating: 0 / 5

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 

Dr. Debjani Banerjee

Business and related subjects are among the most popular fields of study at universities worldwide, particularly as a professional course to make one’s career. You might have some vague ideas about why this is the case – business graduates are in high demand worldwide, business touches on pretty much every aspect of modern human society, careers with a business degree are diverse and often highly paid – and these assumptions are likely to be largely true.

Since ages there had been specialisation in Marketing, Finance, Operations, Human Resource, International business etc. But the new buzz of “ Business Analytics”is created with the world becoming one global business platform, taking business decision based on huge data base. Larger the data, higher is the precision of business prediction.

“Not everything that can be counted counts, and not everything that counts can be counted,” explains the purpose of business analytics perfectly.  Today the world is becoming a huge data house and We are living in an age of bigger and bigger data—and businesses need ways to sift through it all, to figure out which combinations of data count—and which ones don’t.  The success of business in today’s global economy depends on it. 

Just how big is big data?  Really big, and getting bigger all the time.  The EMC Digital Universe Study predicts that by the year 2020, 1.7 megabytes of new data will be created every second for every human on the planet.  What does that mean?  There will be 44 trillion gigabytes (44 zettabytes) of data in the digital universe.  Where does the data come from?  Just about everywhere—1.2 trillion searches per year on Google alone, over 1 billion people using Facebook every day, trillions of photos taken, and billions shared.  By 2020, there will be over 6.1 billion smartphone users, and at least 1/3 of all data will be transmitted through the cloud. We haven’t even talked about online banking, business, movies, television, music, and games. McKinsey Global Institute (2013) stated long back that “Big data promises big things—but only if organizations have the right people in place who know what to do with it. A recurring theme among senior leadership across all sectors is a shortage of professionals trained and experienced at the intersection of disciplines necessary to capture, analyse, and generate meaningful business insights from big data. In addition to deep analytics talent, organisations  need management with the right balance of business judgment and statistical skills to translate analysis into action.”

There has been an ever increasing need for effective and efficient business analytics. The business leaders need to know how they want to use analytics to retrieve its benefit—thus use that data to inform their decisions across the board. The business houses need to identify the source of gleaning that data information that they need to gain advantage in market. So what’s the final piece?  Business Analytics shall facilitate  to distill that information into actionable insights. Once businesses have  the idea of organising and analysing the desired captured data they are in a position to develop plans to stay competitive.

This new buzz word of “Business Analytics” and its significance been well understood at “VESIM”. The farsighted visionary leaders of this Institute decided to create this opportunity to the new age business leaders. Thus associating itself with “SAS” it has created a world class course in Business Analytics. The interface of analytics has been imbibed in every area of functional specialisation, so as to give edge to the new generation create competitive advantage in their world of work.

Search

Get In TouchX