Opportunities Post MBA in Analytics
The specialized MBA program in Analytics, which has generated significant intrigue and discussion, is paving the way for fresh business opportunities. While many mistakenly view MBA Analytics as primarily focused on data analysis skills, the program is firmly rooted in real-world business applications.
The Business Rationale for Pursuing an MBA in Analytics
This business rationale is grounded in the idea that any organizational process that brings a product or service closer to the point of consumption inherently generates a wealth of quantitative and qualitative data. It emphasizes that organizations should not remain oblivious to the vast amount of data produced throughout their processes until the final consumption stage.
Professor Vivek Roy, Assistant Professor and Chairperson of Experiential Learning at IIM Kashipur, has provided insights into the career prospects for MBA programs in analytics.
Exploring the Role of Analytical Administration
For instance, consider a scenario involving a raw material batch supplied by a specific vendor. It’s crucial to understand where the inputs originate, who interacted with various input components and when, the production conditions under which processing occurred, the entities responsible for handling the finished product downstream, and ultimately, the resulting influence on consumer consumption behavior.
This influence could take the form of a consumer’s decision to repurchase, share positive feedback, or potentially impact a competitor’s offerings. In either case, it becomes a critical concern for the organization to identify the most effective processing conditions to enhance positive outcomes and mitigate negative ones.
Shifting Organizational Priorities
The business rationale presented in the discussion above is rooted in understanding the ‘A’ of MBA, which stands for ‘administration.’ As a result, an analytical administrator is tasked with establishing organizational policies related to the data domains that the organization should prioritize.
In pursuit of this goal, several critical questions must be addressed: Is the current focus on data domains sufficient? How can an unexplored or overlooked data category be formally evaluated?
The objective is to create a data analytics ecosystem that delivers actionable insights and predictive intelligence to all stakeholders in the production chain, enhancing their understanding of the impacts at the point of consumption.
Analytics in Various Industry Sectors
This also serves as a response to the escalating market competition and narrowing profit margins, with the ultimate aim of captivating consumers with the firm’s offerings. Consequently, an MBA in Analytics transcends mere data analysis; it represents a new-age administrative agenda aimed at transforming businesses that rely on data vigilance and data-driven decision-making, replacing arbitrary choices.
Analytics has begun to gain recognition in a wide range of established and emerging industrial sectors. Consequently, a product expert’s role now involves crafting a detailed narrative of consumption, ensuring alignment with the firm’s initial conceptualization. A marketing expert must pinpoint the precise product attributes that hold value for consumers and assess their alignment with the initial concept. Finance experts must redefine focus areas to enhance the firm’s profitability, while value chain experts need to assess if organizational partners are equipped to meet consumption targets and cater to consumer preferences.
In sum, an MBA in analytics is poised to revolutionize businesses, starting from the very foundation where data is generated, extending to the highest echelons where organizational strategy is devised.
