Overview
With the world entering into the “digital era”, it has become impossible for individuals and entities to function in the absence of business analytics. Speaking of its importance, business analytics helps organisations make smarter, data-backed decisions and improve efficiency and customer experiences by transforming raw data into actionable insights. A great example in this regard is Netflix. This OTT platform has been tapping into the best of business analytics to personalise recommendations, optimise content creation, and boost viewer engagement. In fact, the platform has been able to bag hits such as Stranger Things and The Witcher by prioritising business analytics.
In view of the rising demand for business analytics and professionals proficient in this field, we at the Indian School of Business and Finance (ISBF) have designed a highly industry-oriented B.Sc. (Hons) Data Science and Business Analytics program as one of our flagship undergraduate programs in association with the University of London. We are proud to state that because of the worth the course adds to its pursuers’ profile, this has become the most sought-after business analytics course in Delhi.
Before we delve into how pursuing a business analytics program can present a secured future to its pursuers, let us first look into what exactly business analytics is and what role AI and ML play in the niche of business analytics.
What is Business Analytics?
Business Analytics is a process that utilises data, statistical methods, and technology to:
Analyse Business Performance
Identify On-going Trends
Support Decision-making
In fact, a recent piece in the Times of India even hinted at India leading the charts with the creation of 17.4% of job postings where business analytical skills are a prerequisite.
Does AI and Machine Learning Have a Role to Play in Business Analytics? Even though AI and Machine Learning have become buzzwords in today’s day and age, their significance and contribution to business analytics cannot be diminished. Primarily, the AI and Machine Learning algorithms are built in such a manner that they can enhance data processing by converting vast amounts of complex data quickly, eventually deriving patterns and insights that usually fall out of the purview of traditional methods.
Secondly, for the survival and success of any business, it becomes crucial for the entity in question to make well-informed, data-backed decisions. This is where AI and Machine Learning come in handy to forecast trends, customer behaviours, and market shifts.
Thirdly, the market is dominated by cutthroat competition. In such a scenario, it is becoming increasingly difficult for brands to maintain their leadership position in the market. This is why most brands are placing their bet on marketing to win over customers. Here again, AI and Machine Learning step in to analyse customer data and come up with personalised marketing strategies. This helps brands align product recommendations and user experiences while improving overall engagement and satisfaction.
Also, there’s no denying that business analytics will lose its charm and fail to produce desired results in the absence of task automation. Here again, AI and Machine Learning come to the rescue by streamlining repetitive processes like data entry, reporting, anomaly detection, and error reduction. Last but not least, we cannot overlook the contribution of AI and Machine Learning in forwarding strategic decision-making by working on offering real-time insights and advanced analytics.
Summing Up:
We have all heard about FedEx, a global courier and logistics company that works with millions of packages globally. To drive operational efficiency, optimise logistics, and improve customer service, this company has to forecast demand, optimise shipping routes, and work
on reducing fuel costs.
FedEx has been increasingly using business analytics in the form of predictive analytics and customer data analysis to streamline the above and sustain its position as one of the leading international courier and logistics companies. This is just one example of successful business analytics in play.
With an increasing number of companies now looking for business analytics professionals seeking strong analytical skills, we at ISBF feel this is the right time for ambitious students to increase their employability quotient by grabbing a business analytics degree that not only showcases their skills on paper but also provides them with valuable hands-on know-how and crucial industry insights. This is exactly what we are aiming to do through our B.Sc. (Hons) in Data Science and Business Analytics program, which is unarguably the most industry-centric business analytics course in Delhi. For more details, you may check out our brochure here.