After the introduction of computers, we require computer assistance to make products which are as trivial as hairpins to as gargantuan as geothermal turbines, to address health problems from cold to cancer and from selling vegetables to refrigerators. Computerization and data have changed our world tremendously. Their enchanting power and uses to humankind in every aspect of life and business are worthy of astonishment.
Computerisation, with its advantage of freedom from human error and big data with its power of scalability, can employ thousands of workers in diverse environments and then take crucial decisions, which was a headache for an industrialist. However, set theory and statistics was not enough for decision making due to the huge amount of data. Intuition or vague judgements ruled the roost for a long time.
Now with the help of computers, everything is tested and justified. One can arrive at fruitful conclusions which provides a noticeable boost to businesses. As these businesses require trained administrators to run the business development, administrators also require data for completing day to day tasks quickly. This need of time has given rise to the concept of data analysis and data-driven decision making.
The time has come when industries require more than mere MBA graduates. They need additional skills in data analysis and quick decision making thereof. And so B-schools have begun supplying this demand by churning courses for data learning and its use in business decisions.
Reputed institutions like Stanford University, London Business School and Oxford Business School have started from 12 to 30 courses in data science, data analysis, data for marketing, data analysis for healthcare, information technology, social science, online marketing , creativity, social media customer analytics , applied data ,retail analysis, sport analysis, legal data analysis, healthcare effectiveness and electronic health records.
Studies in data analytics indicate that by 2020, the jobs for data analysts will be to the tune of 2.7 million. By 2018, 4-5 million jobs opportunities will open up for a growth of 19%. The salary for data analysts will be to the tune of 114520$ and the positions for data analysts will be data consultants, statisticians, data engineers, sales operations managers, marketing analysts, information managers, business intelligence managers, business analysts, etc.
So how is data analyzed and used in business? Take the example of medical CRM in hospitals. On the entry of patient, the details are computerized, and data collected on illness, periodical tests, number of patients with the same illness, their treatments, side effects and even death ratio to tailor the patient’s treatment accordingly.
Similarly, in the weather forecast, data on preceding years is most important for forecasting. In marketing, it is the most important and useful skill. However, it is incomplete without analytical intelligence.
When the preceding years’ worth sales data is collected, it is analyzed to decide which items were sold more, or which items have less demand. However, the probability that the same trend will carry on this year too is uncertain.
Handling this uncertainty is also taught in core courses of top B-schools. Managers should apply logic to choose the production of just the right item in real time.
Share market is another field where data use is a top priority. Fluctuation, share value, profit and loss, and balance sheets of all concerned companies are studied before any purchase of shares is carried out by fund managers. Their role in mutual funds is crucial in this way.
There is a vast scope for data analysis and its use in business. Since everything is computerized and can be available at the tip of a finger, there is little wonder that computers can also analyze this data effectively by virtue of artificial intelligence. However, managers still take decisions, but with due prudence.
MBA graduates who have analytical skills are highly qualified to get the job. Those who have already studied statistics can pass MBA with flying colours. B-schools take care of the industry and its increasing demand by graduating managers fully equipped with new and innovative knowledge. It is a great time to dig in and start mining.